40k plus miles 360's

Dont be scared of miles. Get PPI with compression test . Negotiate price .

 

Ask "Mikeyr" for his opinion. He will tell you that a "higher" mileage example can be an EXCELLENT choice. And he'll tell you specific things to look for on the car, technically. Like before I went to look at a 2001 with >50k miles, he told me to ask questions about the front suspension components, cam seals, and motor mounts. This stuff wouldn't have been at the top of my list when talking to the seller before he educated me. Hell, it wouldn't have even been on my list of dialogue!

So, for me personally, I am willing to overlook higher mileage if two conditons are met:
1. Price is correct
2. The service history is recorded and up-to-date, if not "ahead" in service. Some of this will be part of the PPI, some not. Of course, the PPI is mandatory.

It's up to you to do the background check with PPI, AutoCheck, CarFax, whatever. If you like the car and the numbers and history check out, then don't let the odometer be the reason you pass a great car at the correct price!!!! I was in your shoes man - I was hesitant about the miles. Now, provided my conditions are met, I'm NOT hesitant anymore.

Would I like an example with <10k miles? Probably. But, is it worth the extra purchase price? That's a question only you can answer.

 

+1, I bought mine with 47k , I knew previous owner , records and the price right ...


Go for it ! and dont be scared to drive it !

 

Bought mine at 50k, am at 53,2XX as of yesterday cruising around town.

As many know from my raving.. I haven't had any major problems. Starts every day, no CEL's. Just like any other car, with respect to key areas like belts and camshaft seals, updates, etc.

There are ALOT of deals on ebay right now.. surprised at the number of 40k mile and up cars. Do it, they can be a great experience at a reasonable price. Euro's, unless you live in the Republic of Kalifornia aren't any diffferent to register than a US model and don't have the emissions junk to give you CEL headaches.

What mattered to me was.. was the car loved? If yes then pull that trigger!

 

my 360 had 52k miles on it when I bought it.
Best Ferrari Ive ever owned...........except for my Stradale LOL

 

No fears at all - I think my 03 Spider has improved in performance and the mileage is not even a concern. Preventative maintenance is a must - like any other mechanical device.

Find the one you like - do your homework - then get out of the garage and drive the crap of it!

 

It is all about how the car was treated and serviced. At that price, its a good buy, and I would definitely buy one like that if it were local (there is only one dealer locally and I dont like to bother with finding financing since many places wont let you buy a car >5 years out.... silly...)

Test drive it, get a PPI, get all the papers and CarFax... if it looks good, buy it... or send me the info

 

I think 40K would be just as good if not better than 4k. Ultralow mile cars have been sitting, where as the 40K as been driven and apparently serviced. 40K means maybe 4K a year or < 100 a week which is still very low miles.

63K price seems o.k., for the miles.

 

Oh yeah, thats a good point on the garage queen cars. My friend bought his last porsche from a guy who sold him a 10 year old car with 2000 miles. Within a few weeks there were all kinds of issues from dried and cracking belts, issues with the tyre walls cracking, and bearings being "sludgy" (i'm not sure what that means but it sounds like a lubricant issue).

Cars are meant to drive, pictures are meant to be put on the wall

 

A driven car that has been maintained is way better than a car that has sat unused through its waranty period. I know these cars will run a long time based on others input and experience.

That said, you are buying an older car that will start to need some restoration of parts other than those specified by maintenance such as suspension, motor mounts, steering, transmission, ABS.....etc.

I have an almost 20K mile 2005 F430 and I know that I will need to start replacing older parts just to keep the car tight and running as if new........Steve

 

For a data point, I bought my 360 with 28k miles a year ago, at almost 32k miles now. I couldn't be happier with it. FWIW, I paid $70k, which is more than a hell of a deal in my eyes as it came with a ridiculous list of modifications and options that make the car seem extremely modern and beautiful. Specs/Pics/Details at http://www.ferrarichat.com/forum/showthread.php?t=345524

My only complaints/issues have been the very common 360/430 rough cold start that kinda putters for a few seconds (unless you clear ECU adaptive values with SD2 every 6-8 months it seems) and the brake fluid on my car had solidified in part during prior owners' tenure to some gel BS that required 2 flushes and still the braking is underperforming a bit what I expect of the car. Otherwise, the feel, sound, looks, performance, beauty, and soul of the car has been perfect and it's been a true pleasure owning this thing. It's an event every single time I start it. One day I'll probalby upgrade to a 458, but I'll be patiently waiting for 458 values to depreciate while the 360 more or less holds it's value completely (although owning a Ferrari still has it's maintainence/insurance/repair potential costs).

All in all, I would not let 50k miles scare you. I fully expect to drive mine past 50k and from the reviews I have read, expect few problems along the way. My only regret so to speak is not driving more than ~4k miles in the past year I've owned it, but it is my 3rd car and I work at home, so those are just "joy" miles . All and all, it's been a hell of an experience owning this thing and I have zero regrets.

 

What i find amazing is all the people who keep posting about ferrari's with high milage.

First: the average 10 year old car will have over 100,000 miles on it. The ferrari's that people keep talking about dont come close.

second: this is a ferrari, not a toy made in china. the price tag in 03 was around $ 200,000.00, not 40,000 for a american performance car.

third: when you hear or see a ferrari, you dont think of a piece of junk (no matter what the year), so why do people think they will fall apart after 30,000 mile. most cars are just getting broken in at that point.

forth: i have never been asked how many miles on my car

finally: when i am looking for a classic, the last thing on my mind is milage (spedo's can be changed or rolled back and after a certain year the miles are no longer on the title). I look at the condition, history, and how it runs..................

 

^^^ True

 

You can say this until you're blue in the face: "it's just like any other car with mileage", "yes it is reliable", " yes it does start every time when I turn the key", "no I actually don't get any CEL lights", etc. etc. But the buyer in this marque has this two sided mentality. When they're buying the car they state "I've worked for years and years and I want a car with less than 5000 miles on it!"

They get the car and then then a short while later there is a post (any it WILL appear here on fchat): "OMG the check engine light went on.. (alternatively: The car just stopped on the road and my F1 light came on) I can't believe this, the car has no miles and the check engine light went on (or "it stopped working").. I paid so much money for this 10 year old car with no miles on it and it's already broken, yaddity yaddity"
Like the seasons and the tides it repeats itself.

 

I had this argument with my friend who does (finances/leases/finds) a lot of my cars (and those for my other family members as well) yesterday.
My point was that I'm not afraid of a "higher" mileage car if the service history is good (either up-to-date or ahead) and the price is correct. He told me he's never sold a Ferrari with more than 20k miles on it, and he's done several in recent years (incl. 3 360's). His argument back at me was that, at the end of my term, he's going to have to sell it, and he thinks that the higher mileage (for instance, if it starts with 50k miles and I put on 3k miles per year, it'll probably have about 62k miles at the end of my 4-year term) will be a hard sell. He might NOT be wrong about that because of the dual-mentality that Curt has explained.

My counter was that the market inventory for used 360's right now seems heavily tipped towards lower mileage cars, with somewhat "unreasonable" premiums (*NOTE: my experience is limited to Red/Tan 360 Spider F1 cars). I explained to him that this was a "shame" because people bought the cars, and then didn't drive them. Therefore, the car's purpose went unfulfilled. But, if I wanted a 2004-2005 with <10k miles or even <5k miles, the price range would be from the $110k series to the mid $120k series and there are PLENTY to choose from. Folks, at that range, I'm going to up the budget by $20k and get an F430. But, my budget is considerably less, so I'm focusing on 2001-2002 cars, where the asking prices are more like the $80k's, and the sale prices are well into the $70k's. FWIW the Manheim numbers for the 2001 cars range from $66k - $75k. Apparently, color and mileage are significant contributors to the wholesale pricing.

I have no problem with mileage provided the service history and the price both jive. I do have a problem with the current supply of used cars, generally trending towards "low" miles and "high" asking prices. But, guess what? Not much movement on the upper end - the 2004-2005 cars which have very few miles are still for sale, and have been so for the past 6 months - at least. I have only been searching for the past 6 months. Many of the cars are at dealers, so they'll just hold out.

I'm way more interested in a car with a few miles on the odometer which has been well cared for, rather than a "garage queen." I'm not buying a "show car," nor am I naive enough to think that this car will someday become a Collectible Item. I'm buying a car to drive that will put a big grin on my face, so I'm probably in the right ballpark.

For god's sake, I just want a red/tan 360 spider F1 with a decent history in my budget. Is that too much to ask?

EDIT: +1 for Talon30.

 

He is correct, high mileage 360's will be a harder sell when you are done but you will have paid less for that high mileage car and will sell it for less, its not like you paid 100k for a 5,000 mile car and then sell it for 60k when it is a 60,000 mile car, you paid 70k for a 50,000 mile car and sell it for 60k at 60,000 miles so the loss is not that great.

But if you buy a 50,000 mile 360 and sell it in 4 years with only 62,000 miles, you have waisted your money because you did not drive the car. This is a CAR people, its meant to be driven. I am willing to bet I make less money than most people here and yet I own a 360 and I drive it DAILY!

ok, didn't drive it today, its supposed to rain today and I didn't feel like washing the 360 tonight so I am on my motorcycle today and my 360 is parked at home but I have used my 360 daily for the last 4 months. The battery on my S2000 was dead over the weekend (lack of use), so I am going to alter my driving. Motorcycle a day or 2, S2000 a day or 2, 360 rest of the time plus the next week, then back to alternating so my mileage on the 360 will finally start dropping because at the rate I have been driving it, I was going to be a 15,000miles a year.

 

I like the way you think . Drive drive drive ...that's the true joy of these cars

 

So lets say I buy a car with 50,000 miles and drive it to 150,000 (Yes, it is totally possible). How much would the expected lowest value be? What is the floor? If I bought it used for $60,000, I argue it could be sold for $30,000. (USD as of 10/10/12) The parts prices would constitute the floor for the car. So maxiumum loss would be $30,000 or 50%.

If I bought a new Boxster or Cayman and drove it for 5 years, the same numerical loss would occur. My Boxster DD I bought for $25,000 in 2007 (20k miles). Today I could probably sell it for 8k (68k miles). MAXIMUM depreciation on the 360 would still be less than my Boxster.

 

In my defense, it's not going to be for lack of wanting to drive it. I don't believe in wasting money. It's just that I have other cars, and other requirements (like when I need to haul 2 car seats, which happens like 2-3 days per week when the wife can't take the kids) and I won't feel entirely comfortable driving this car around my clients, so I'll avoid that. Plus, living in Ohio, it will have to sit in the garage for about 4 months while it snows outside. Also, I'm not big on driving my "toy" car when it rains. Other than that, I'll drive it absolutely as much as possible wherever it fits into the day's mission and conditions!

 

Speaking of high mile 360's, the red 2003 on the famous auction site with 46K miles on it was just offered to me for $63K .....
I checked up on the dealer selling it- they just got removed as a BBB accredited due to the complaints and googling the dealer found almost all negative stories.

Word to the wise is to use the Internet to check on dealers feedback......

 

I just clicked 39,500 on my 1995 355 GTS - Runs flawlessly - no issues. Annual maintenance, majors every 4 years. 360 is even more reliable and designed to be driven even more as a DD. If I was in the market for a 360 I would RUN AWAY from any car with LESS than 20K miles to be honest. They are mean't to be driven and enjoyed and as many will attest to they are more reliable the more you drive them.

Just my .02

 

Precisely!!

 

Is it a red one from Miami and has a 6 speed gated manual? If so, thats the same exact one I'm planning to get.. lol