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HELP - Buying 2003 Spider

Discussion in '360/430' started by J4G4L, May 5, 2020.

  1. J4G4L

    J4G4L Rookie

    May 5, 2020
    5
    Full Name:
    Jeffrey S
    #1 J4G4L, May 5, 2020
    Hi everyone!

    I’ll make this short. Looking at a 2003 spider F1 with the carbon racing seats. Just performed a PPI:
    • Clutch at 68%
    • New clutch pump
    • New convertible motor
    • Needs right fuel pump
    • Needs valve cover gaskets
    • May need new timing belt
    • Needs front pads
    • Tires are in good condition but 2012 production date
    • Clean car fax, no accidents
    This will be my entry into the Ferrari world and I will be purchasing it for $47,500 and performing the repairs.

    I would like feedback on the value and price of the car. Is it worth the price I’d be picking it up for? Am I paying too much? Will I find myself in a world of trouble with more maintenance down the road?

    Thank you in advance!
     

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  2. ulf308qv

    ulf308qv Karting

    Nov 1, 2003
    97
    Malaysia / Sweden
    Full Name:
    Ulf M
    #2 ulf308qv, May 5, 2020
    You will have a better chance getting advise if you state the mileage and if it comes with books, tools, service history?
     
  3. fotostars

    fotostars Karting
    Silver Subscribed

    Feb 6, 2015
    247
    Bay Area
    #3 fotostars, May 5, 2020
    Sounds like a good deal. How many miles?
    Aren't the seats alone worth $10k if in good condition?
     
  4. J4G4L

    J4G4L Rookie

    May 5, 2020
    5
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    Jeffrey S
    #4 J4G4L, May 5, 2020
    Sorry, thought I had written the miles. It has 56k on it. Service records aren’t the greatest but I do have about 8 or so records from the past 4 years. All done at Ferrari dealerships. Been in Florida for a couple years and serviced at ft lauderdale and previously Ferrari of Virginia.

    The soft top was serviced in February of this year as well along with brake flush.
     
  5. J4G4L

    J4G4L Rookie

    May 5, 2020
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    Jeffrey S
    #5 J4G4L, May 5, 2020
    You’re right. Thought I had posted that. Thank you
     

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  6. J4G4L

    J4G4L Rookie

    May 5, 2020
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    Jeffrey S
    #6 J4G4L, May 5, 2020
    That’s what I’m told. PPI report says the seats are in pristine condition and cosmetically excellent. The guy that did the PPI in Miami thought it had around 25k miles based on looks when it came in.
     
  7. BrettC

    BrettC Formula 3

    Aug 13, 2012
    1,278
    Calif
    Full Name:
    Brett
    #7 BrettC, May 5, 2020
    Tires are toast, replace them. $1000 or so. Carefully check for heat/environ damage, Lots of guys say Florida is where exotics go to die. Great price, Plus racing seats are nice, color and specs? Fuel pump easy and apprx $600.
    HTH Brett
     
  8. J4G4L

    J4G4L Rookie

    May 5, 2020
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    Jeffrey S
    #8 J4G4L, May 5, 2020
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    Those are specs. Well it passed everything else from the ppi. Only thing I don’t have much info on and will most likely need to fix is the timing belt. Getting quoted nearly $5k for that alone because each shop is considering it major service that includes gaskets, spark plugs, fluids, etc.
     
  9. PFSEX

    PFSEX Formula Junior

    Jun 30, 2006
    843
    Las Vegas
    Full Name:
    John Ratto
    #9 PFSEX, May 6, 2020
    If this is a running-driving car in reasonable condition, and you are planning to spiff it up a little at a time while doing a lot of the grunt work, then you are getting a great deal.

    However, if your goal is to have a really nice car that shows off, you would be better off spending $30K more for a cream puff with low miles.
     

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  10. rotaryrocket7

    rotaryrocket7 Formula Junior

    Dec 7, 2011
    465
    Eden Prairie, MN
    Full Name:
    Matt
    #10 rotaryrocket7, May 6, 2020
    that is a good deal, you can choose to do some of that work over time vs. up front if you don't want to eat the costs right away
     
  11. BrettC

    BrettC Formula 3

    Aug 13, 2012
    1,278
    Calif
    Full Name:
    Brett
    #11 BrettC, May 6, 2020
    In Calif, belt change approx $1800 at an indie shop.
     
  12. sparetireless

    sparetireless Formula 3

    Nov 2, 2003
    1,409
    #12 sparetireless, May 11, 2020
    good deal
     
  13. 0phantom0

    0phantom0 Rookie

    Feb 14, 2016
    33
    #13 0phantom0, May 16, 2020
    good drivers car for the price. replace both fuel pumps, if one is leaking both are ready to go. i've replaced fuel pumps in both 360s i've owned. life expectancy is about 10 years. oem fuel pumps will cost you about $1k each to replace including labor. check the top, that is a big failure item, they could still work but if slow or pauses it could be an issue with the manifold. they can be rebuilt but its $1k to send out plus labor for R&R. looks like u have a new motor but check the rest of the system. valve cover gaskets are common if hasn't been replaced prior. all in all 360's dont require a ton of service like the older ferraris but if you have a car that had deferred maintenance then all these parts are 17 years old and will fail. also do preventative maintenance items like upgrading the f1 pump relay with the f430 relay (failure will cause your f1 pump to burn out), check all the fuel lines for dry rot.
     

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