In search of first Ferrari.......Help!!!

I hate to suggest logging off FChat for an hour or so, but call your insurance agent (or several of them) and ask if they'll insure a 360 and what your premium would be. It depends entirely on your age, driving record, where you live and planned miles driven. Is the car garaged? Privately? Another 360 owner here could only give you anecodotal information.

FWIW, I insure my Ferrari as a weekend vehicle, restricted mileage, and it saves me a lot.

Interest rates are also going to depend on your credit rating. Check with Capital One, perhaps, and see what they would charge to finance. My standard advice here is to pay cash for toys - sometimes people who finance Ferraris, especially ones out of warranty, can't really afford to maintain them. I don't know your finances, but make sure you've thought through all this. A $3000 repair bill on top of the monthly payment coupon can hurt. One bit of good advice I got on this site was that if you have $80K to spend on a Ferrari, you don't want to buy a car for $79,999. Give yourself some breathing room.

EDIT: FWIW, 360s are widely available everywhere now, but I like Sport Auto in NC. They tend to find good cars, and the owner and lead tech there have deep Ferrari roots (even if it is a Lambo dealership). www.sportauto.cc

 

Found some in FerrariAds you might consider looking at:

http://www.ferrarichat.com/ferrariads/showproduct.php?product=1961&sort=1&cat=11&page=1

http://www.ferrarichat.com/ferrariads/showproduct.php?product=1958&sort=1&cat=11&page=1

http://www.ferrarichat.com/ferrariads/showproduct.php?product=1898&sort=1&cat=11&page=3

http://www.ferrarichat.com/ferrariads/showproduct.php?product=1873&sort=1&cat=11&page=3

...There are tons more for sale.

 

Since you say you are new to the exotic car world, do yourself a favor a search on f-chat for PPI. PPI is a pre purchase inspection, and most on here would say it is a necessary step to take before purchasing any car. You may be familiar with this if you are into boats, just thought i'd reaffirm.

 

No problem. Yes, depreciation on newer exotics is breathtaking (except during the initial frantic demand stage where people flip the cars for a fat profit). The early 360s are going on 8 years old and have come down quite a lot, so you won't be getting murdered like you might on a new 612. But I can see them slipping below $100K in 2007 (for a '99 Modena with some mileage), so the answer is yes, you will take some depreciation -- and love every mile of it.

I think you'd need to go back to a Boxer/308/328 to buy a leveled-off or appreciating Ferrari within your price range, and those are of a different era (good or bad, depending on your view.)

Check out the service costs in the 360/F430 board here. I believe 360s require the triennial timing belt/major service per Ferrari. It's expensive.

Here's a useful link to what one of the top independent Ferrari techs in LA charges: http://www.eugeniosferrariservice.com/service.htm. It doesn't cover the 360's electronic/F1 equipment, but at least it's a guide.

 

Do a PPI on ANY Fcar your considering!

TRY to keep your emotins in check.

Search the archives on Fchat to get educated.
A wealth of info can be found here.

As well as, the answers to many questions that are bound to come up after your purchase.

Good luck!

 

Hey Johnny,
I'm in the same boat you are (no pun)- looking for a ferrari. I think I can relate. Like you, I know what I want, so I started searching this forum, asked questions and recvd many gracious and informative replies. 2-3 wks of education/rsrch will help.

You say finances is not a prob. Good. That's why you are looking for a ferrari. Finance the car and invest the balance?? Toys should be pd cash- period. You are probably investing anyway, regardless, right? I am. Investments are investments, and toys are toys. Buy used, they depreciate less as Jon said.

My lesson: in 2000, before the internet bubble burst, I had some cash, but also wanting a new piano. Everyone was investing all they had. I chose the piano (Mason & Hamlin BB) vs investing more. The bubble burst few months later, and Masons went up some. Had I bought stocks and finance the piano, well, no need to say more. Happy Learning and hunting.

Joe

 

Johnny others have answered your direct questions, read that State Farm runs $900 for 100/300/100 on another thread, don't know if the pick up 360s. I'm looking into switching from Haggardy which comes highly recommended.
But seriously, relax and spend a couple weeks preferrable months searching the site. It will make ownership that much better and you'll be able to discuss pecularities w/ the car as a precautious buyer rather than a reactionist owner.

Finally, budget $10grand of what you want to spend and stick it in a household account or auto account and expect or prepare for things to come up. Assumming the major repairs are in order and all other aspects of the car are sorted this money is your built in "warranty" to help you sleep good at night when a gremlin shows up.
just my two cents...