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

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

Discussion in 'Ferrari Discussion (not model specific)' started by JOHNNYD454, Dec 16, 2006.

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  1. JOHNNYD454

    JOHNNYD454 Rookie

    Dec 16, 2006
    14
    BAYSIDE, NEW YORK
    Full Name:
    JOHN
    I know this has been gone through here a million times so I will make it as breif as possible............

    1) I love the 360 Coupe....

    2) Price range I would like to be in is $100,000- $125,000....

    3) Year range would be 1999 and newer.....

    4) What can I expect for insurance in N.Y. with a clean liscence.....?

    5) What intrest rates and terms can be expected on a used Ferrari at this time....?

    6) What are the best web sites to do some searching/shopping.......?

    Any insight is greatly appreciated.......I have been lurking here a little while and am really considering a purchase before the summer..........Thanx again.............John.
     
  2. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    22,596
    Gates Mills, Ohio
    Full Name:
    Jon
    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
     
  3. JOHNNYD454

    JOHNNYD454 Rookie

    Dec 16, 2006
    14
    BAYSIDE, NEW YORK
    Full Name:
    JOHN
    Bullfighter.............first I'll say thanks for the advice, and good advice it is.......2nd......I hope I don't come off like a jerk here but my finances can very well support a new Ferrari, but being somewhat frugal I hate taking hits on depreciation, I am a novice on exotic cars........is there large depreciation on a new exotic car like on a boat? I have been involved in speed boats for some time now and I would think maintenance, upkeep, fuel, etc, etc, etc, would be similiar if not worse on a high horsepower boat. As far as paying cash for toys I do agree but some of my financial friends advise me to finance my toys and put the money in some high yeilding investments instead.........but of course there is some risk involved..........thanks again......John

    DMCGILL.................thank you very much for those links.......I will be calling my insurance agent on Monday then calling on a few of those that you sent me. If you come across any more feel free to post here.......thanks again!!!!


    Looks like I have a lot of research before making any moves...anyone else reading this feel free to post some 360's that look like good deals............................John
     
  4. NomadM3

    NomadM3 Formula Junior

    Aug 26, 2005
    602
    Philadelphia, PA
    Full Name:
    Damon
    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.
     
  5. JOHNNYD454

    JOHNNYD454 Rookie

    Dec 16, 2006
    14
    BAYSIDE, NEW YORK
    Full Name:
    JOHN
    Nomad.......I was going to ask about that ......in the boating world we call it a survey......when you have a third party inspect the boat. Thanks for the heads up!
     
  6. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    22,596
    Gates Mills, Ohio
    Full Name:
    Jon
    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.
     
  7. Max4HD

    Max4HD Formula 3

    Jun 20, 2006
    1,042
    Florida
    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!
     
  8. pippo

    pippo Formula 3

    Sep 25, 2005
    1,913
    FL
    Full Name:
    pippopotemus
    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
     
  9. Gershwin

    Gershwin F1 Veteran

    Feb 21, 2005
    6,415
    Kentucky
    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...
     

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