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GTA Newbie with questions about 360 ownership in Ont

Discussion in 'Canada' started by Hotshot6120, Jun 17, 2019.

  1. Hotshot6120

    Hotshot6120 Rookie

    Jun 16, 2019
    7
    Full Name:
    Rob
    Hello,

    New to Ferrarichat and to the Ferrari game. Like you folks I’ve always had Ferrari ownership bug as thing yet up until recently, for one reason or another it was off the table.

    Times come where it is not anymore, but realizing I’m only at the primacy of this journey.
    I come here to ask some questions from you guys who are already established. The fact that there’s a Canadian forum is great as I am in the GTA and would require relevant info.

    I fully understand that owning a Ferrari is not like owning a daily driving production car. I have experience owning aircraft, and from what I gather so far, Ferrari’s are more like that, but depreciate a little faster.

    What I “ think “ I’m after is a later model 360 coupe. I have never driven one but love the design. I hear the mtc costs are reasonable vs a 355 and a 458 is not in the budget. 430s seem a little high too at the moment. Basically, a nice car to enjoy leisurely as a hobby on nice days. ATM, F1 tranny is ok and a H is also fine.

    Here goes...

    1. Online and on YouTube you see all these great vids on how 360s are avail for 50-80k USD and are plentiful.. On Autotrade.ca I see very few under 115K cdn, that’s more than just exchange. Is that “ normal “ for my location or are there other places I should be looking...?

    2. Used dealers. Never set foot in one before, any recommends? Will dealers in this field take a little time to show you some cars and let you sit in them to checkout options and such? Not looking for a joyride here but some tactile knowledge on what options are on what car, etc..

    3. Do most CDN guys buying 15 year old Ferrari’s Finance or just buy hem outright?

    4. Insurance, your reg company or a company that deals in exotics? Also, would the costs be outrageous or reasonable?

    5. Do you have to get Ferrari to service older vehicles ( or risk resale costs to plunge) or are there very well trusted specialized ferrari mechanics that people deal with?

    6. Any local meetups or owner groups in the GTA? Again with aircraft, it’s sorta how you get a good start in the hobby, trying that approach here.

    7. Do people seem to keep the same model for years, or flip as time goes by?

    Thx.
     
  2. Mimmo Blue

    Mimmo Blue Karting

    Apr 17, 2018
    202
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom
    Welcome Rob.
    I live in Stoney Creek and checked out 6 to 10 cars in the GTA before I bought my 360 last year. The first thing I learned is that the majority of the cars look good in the Auto Trader or Kijiji but will disappoint you in person. That is the difference in the price range you will see. Ferraris are not normal used cars and the price difference will not be all about how many kms on them, but a lot to do with condition, history of the vehicle and how it was maintained and serviced.
    I wanted a gated 360 and ended up flying to Montreal to purchase from Ferrari of Quebec after checking out Ferrari of Ontario who did not have what I was looking for, explaining to the salesman my disappointmrnt on what I had found at used car dealers in the GTA, the salesman told me I would not be disappointed with what I would find from Ferrari of Quebec.
    I used to have a classic car which I had insured with Lant (now Hagarty) for an agreed value.
    I was able to call up Zehr which would insure my 360 for an agreed value. They specialize in classic and specialty cars.
    Your buying used so the more you know about cars the better you will be at finding a nice one, and filtering out the b#llsh!t. Make sure to get a PPI before purchasing.
     
    MS250 likes this.
  3. Hotshot6120

    Hotshot6120 Rookie

    Jun 16, 2019
    7
    Full Name:
    Rob
    Thank you for the response. I’m going to start popping into dealers and looking at details. Not in a rush, just want to learn.
     
    Mimmo Blue likes this.
  4. MS250

    MS250 Two Time F1 World Champ
    Lifetime Rossa

    Dec 10, 2003
    23,521
    Full Name:
    Avvocato
    This is the part of the process to enjoy. Take your time to learn what you are willing to accept. The cheapest Ferrari for the most part becomes the most expensive.
    Shop around , and read up on the model - and remember, only believe half of what you read ! See for yourself and touch and feel as many cars of the same model you can to make an informed decision.
    Seeing is believing !
     
  5. Hotshot6120

    Hotshot6120 Rookie

    Jun 16, 2019
    7
    Full Name:
    Rob

    Thanks. One thing for me is that I want to know this thing inside and out. I love working on anything mechanical and using the preferred practices and standards, so learning these as well is a fun step for me. Defiantly not in a rush. I started this now giving myself a full year before I could buy. If prices go up, so be it..

    Where does one find a service or mtc manual for these things?
     
  6. tstuli

    tstuli Rookie

    Jun 12, 2018
    22
    Prices on 360s seem to have jumped 10-15k since this time last year. Last year plenty of nice examples close to 100k. Not many now. You may be able to save a bit waiting until near the end of season.
     
  7. Hotshot6120

    Hotshot6120 Rookie

    Jun 16, 2019
    7
    Full Name:
    Rob

    I agree. It’s gone out of my range for now. I guess youtube is responsible for driving costs up with everyone doing these “ I got a 50k Ferrari “ videos...
     
  8. EastMemphis

    EastMemphis Formula Junior
    Silver Subscribed Owner

    May 25, 2019
    298
    Memphis, TN
    Full Name:
    John
    According to Hagerty, a base 360 has actually been steady since Jan/18.
     
  9. tstuli

    tstuli Rookie

    Jun 12, 2018
    22
    That’s US data I believe? We aren’t seeing quite the same here I don’t think.
     
  10. EastMemphis

    EastMemphis Formula Junior
    Silver Subscribed Owner

    May 25, 2019
    298
    Memphis, TN
    Full Name:
    John
    Yes. US Data. Your mileage may vary.
     
  11. Hotshot6120

    Hotshot6120 Rookie

    Jun 16, 2019
    7
    Full Name:
    Rob
    Well not in any rush... There are a few 355s out there. Again, slow n steady. I actually have the insane notion that I’d like to work on this thing myself. Challenges are fun.
     
  12. hessank

    hessank Formula 3
    Rossa Subscribed

    Aug 8, 2005
    1,130
    Canada
    Full Name:
    Fred
    Engine out belt service on a 355 is a whole lot more of challenges ( you'll need the appropriate tools, like a lift for example) than with a 360.

    I searched for 2 years before I found a manual I liked. As said earlier 'the search ' is part of the thrill of ownership too.
     
  13. I'm 360 Canuck

    I'm 360 Canuck Formula 3
    BANNED

    Nov 21, 2015
    1,861
    Ontario, The Real One in Canada
    Full Name:
    Lars!
    1. When it comes to vehicles, everything in Canada is more expensive.
    2. IMO used dealers don’t know anything about these cars. I’d rather buy privately and get an inspection.
    3. cash or some sort of other loan
    4. Added it to my reg insurance. Not that expensive. I pay about $150/mo for my Audi. Adding a Ferrari doubled it for the 6months I keep it on the road.
    5. Independent shop...I use Gran Turismo near Barrie.
    6. Universal cruisers, Woodbridge cruisers and other have shows where you’re welcome. We also joined the Scuderia Club of Toronto.
    7 flipping is not a good idea IMO. They aren’t an easy sell. I bought with intent to hold for minimum 5years. Will prob be longer.
     
  14. Mj84

    Mj84 Rookie

    Dec 2, 2019
    7
    Toronto
    Full Name:
    Mark jones
    Hey Hotshot, I am new here too and pretty much in the same boat as you. Just starting to explore and put the feelers out. I see it has been some time since your initial post, how have you found 'the hunt' so far? Have you bought anything yet? Any lessons learned so far?

    Thanks!
     
  15. CANDREAM

    CANDREAM Canada

    Nov 13, 2009
    388
    Burlington, Ontario
    Full Name:
    Sadi
    Do not be afraid of a well maintained 355. They are easy to work on depending on your skill and tools available. Budget/put in the bank 1000/year to cover maintenance. Also value will increase faster than 360 . Nothing beats an analog driving feel ! Check Daytona he usually has good sorted ones.


    Sent from my iPad using FerrariChat
     
  16. Mj84

    Mj84 Rookie

    Dec 2, 2019
    7
    Toronto
    Full Name:
    Mark jones
    Thanks for your input, I know you weren't relying to me specifically but appreciated. I will take a look at Daytona.
     
  17. Mimmo Blue

    Mimmo Blue Karting

    Apr 17, 2018
    202
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom
    I would be interested in knowing your thoughts after you go there.
    When I went there to see a couple of cars I was interested in buying, last summer.
    I was disappointed in what they had. I didn't expect to see paint drips on a rear fender that was visible from 10 feet away.
    They also said no test drive until you buy. I said that's not a test drive then.
    The salesman's reply was well you have nothing to worry about the car is certified.
    I said do you really sell cars that way and find people who are stupid enough to believe that is all that is necesssry for a car to be acceptable and still have that much cash on hand? We are not talking about buying a $1,000 winter beater here.
    I said look, I'm not some 18 year old kid wearing baggy pants dreaming of a car and thinking of getting a free joy ride. I'm 55 and have cash and have been working on cars probably since before you were born. I even offered to show the salesman my bank account to prove I was serious.
    He said sorry that's our policy. I said well I'm sorry too for wasting your time and mine as well. I will be buying elsewhere.
    A week or so later I flew to Montreal, test drove my car and bought it.
    Maybe it was because I drove in with my pickup truck instead of something wrapped in vinyl, even though my truck was worth more than some of the vehicles in their showroom.
     
  18. Mj84

    Mj84 Rookie

    Dec 2, 2019
    7
    Toronto
    Full Name:
    Mark jones
    Hey Mimmo Blue, thank you for that information. I will certainly let you know how it goes when I go take a look there. I don't understand that policy either. Seems crazy to expect someone to buy a car like this based on it being fine because it is 'saftied' terrible policy if so.

    What did you end up buying? It seems like the pricing is better in Quebec from the little research I have done up to this point, is there a specific reason for this?

    Thanks again!
     
  19. Mimmo Blue

    Mimmo Blue Karting

    Apr 17, 2018
    202
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom

    I looked at several cars over a 4-5 month period and was disappointed with every one I saw. Either obvious flaws leading to suspicion of more to be uncovered, or incomplete service histories or other issues that just were not satisfactory. One day while I was in the area I stopped in at Ferrari of Ontario. I Spoke with a salesman there, I told him I was in the market for a 360, and asked if they had any or knew of any for sale. They didn't have any. I told him some of the details of what I was going through locally to find one and that all the ones I had seen or talked to the owner about where unsatisfactory to me. Basically they all looked great in web pictures but when viewing I was disappointed. I then told him I saw that FOQ had a few for sale in Montreal and I was thinking of going to check them out. The salesman said that it would most likely be a worthwhile trip and I would probably not be disappointed. He was right. I equated it to looking for a good quality used F150. You are more likely to find a nice one at the Ford dealership that also sells used cars compared to "Uncle Bucks Auto World" located in an industrial areas with a bunch of other dealers trying to sell the same stuff.
    Now this is not to say in any way that you wont find something nice locally, this was just my experience at that moment in time when I was looking in the spring and summer of last year.
     

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