Took a beating | FerrariChat
Buy

Took a beating

Discussion in 'Mid-Atlantic Region - USA (PA, DE, MD, DC, VA)' started by ken higgins, Jul 16, 2008.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. ken higgins

    ken higgins Karting

    Nov 30, 2006
    58
    Baltimore, Md.
    Full Name:
    Ken
    #1 ken higgins, Jul 16, 2008
    Sold my 01 360 red/black spider. I paid $145k in late 06 and thought I had gotten a great deal. No garage queen here as I drove it to 24k. Boy what a mistake, the mileage killed the value. A local high line dealer put it on the internet for $119 and got zero calls. He even took it to Manheim and the highest bid was $95. I gave up and traded them for a 04 911 turbo and cash. I can drive the 911 and not suffer a huge value decline. Looking for a deal on my 360 , call Prestige Motors, Randalstown, Md. Adios Ferrari!
     
  2. wetpet

    wetpet F1 World Champ
    BANNED

    May 3, 2006
    10,210
    #2 wetpet, Jul 16, 2008
    shocker.
     
  3. WRX Shenanigans

    WRX Shenanigans Karting

    Feb 7, 2006
    59
    No VA
    #3 WRX Shenanigans, Jul 16, 2008
    Why'd you sell it? Should have just kept on driving since the price was too low!
     
  4. whatsupofficer

    whatsupofficer Formula Junior

    May 25, 2007
    252
    Maryland
    Full Name:
    Carlos
    #4 whatsupofficer, Jul 16, 2008
    Wow... more proof that cash is king right now.
     
  5. 355dreamer

    355dreamer F1 World Champ
    Owner

    Apr 3, 2006
    10,476
    DC Metro
    Full Name:
    L.C.
    #5 355dreamer, Jul 16, 2008
    Last edited: Jul 16, 2008
    I would think that a porsche will sink more than a Ferrari. Personally, I don't think that kind of hit considering the mileage you put on the car is that bad...
     
  6. toggie

    toggie F1 World Champ
    Owner Silver Subscribed

    Nov 30, 2003
    19,036
    Virginia
    Full Name:
    Toggie (Ron)
    #6 toggie, Jul 16, 2008
    The dealership is currently asking $115,995 for it.
    http://www.prestige-motors.com/details.html?VID=1-127l1213737437

    Great color combo.

    So, assuming the dealer is hoping for about a $15k profit, they probably paid about $100k for Ferrari on trade-in for the Porsche.
    That's a pretty big drop in price, from $145k to around $100k in 2 years time.
    And about $1.87 per mile (for those 24,000 miles).
    Ouch.
     
  7. Devilsolsi

    Devilsolsi F1 Veteran
    Rossa Subscribed

    Mar 1, 2007
    9,324
    MD
    Full Name:
    Alex
    #7 Devilsolsi, Jul 16, 2008
    Especially since you can already pick up 996TTs for around $50K
     
  8. wetpet

    wetpet F1 World Champ
    BANNED

    May 3, 2006
    10,210
    #8 wetpet, Jul 16, 2008
    360 spiders for <100k.
     
  9. THE BEAST 360

    THE BEAST 360 Formula Junior

    Jul 17, 2005
    646
    Maryland
    Full Name:
    Nathan K
    #9 THE BEAST 360, Jul 16, 2008
    Last edited: Jul 16, 2008
    Ken wasn't this car involved in an accident before you bought it... and you were well aware of that? I don't think it was the mileage that killed the value.
     
  10. E60 M5

    E60 M5 Moderator
    Moderator Owner

    Jan 2, 2006
    8,166
    Wash DC area
    Full Name:
    Robert
    #10 E60 M5, Jul 16, 2008


    Ahhhhh, I was going to say, something wasn't adding up! I know prices are down, but man!

    Robert
     
  11. lashss

    lashss F1 Rookie

    Nov 26, 2003
    2,564
    DC
    Full Name:
    LSJ
    #11 lashss, Jul 16, 2008
    How was the car cosmetically? When was the last timing belt service and who did it?

    LS
     
  12. potxoli

    potxoli Formula 3

    Mar 22, 2007
    1,716
    Washington DC
    Full Name:
    Eric B.
    #12 potxoli, Jul 16, 2008
    +10. Cars depreciate, but no way a porsche will keep its value better than a 360. Ask me how I know :)
     
  13. NomadM3

    NomadM3 Formula Junior

    Aug 26, 2005
    602
    Philadelphia, PA
    Full Name:
    Damon
    #13 NomadM3, Jul 16, 2008
    C'mon. You drove the crap out of it! The enjoyment enough should be worth the hit. Pay to play.
     
  14. 285ferrari

    285ferrari Two Time F1 World Champ
    Sponsor

    Sep 11, 2004
    20,958
    MD and NE
    Full Name:
    Robbie
    #14 285ferrari, Jul 16, 2008
    Mileage kills--crashes hurt even more...
     
  15. ken higgins

    ken higgins Karting

    Nov 30, 2006
    58
    Baltimore, Md.
    Full Name:
    Ken
    #15 ken higgins, Jul 16, 2008
    Nate, it did have a early crash history but was mechanically and cosmetically excellent .The dealer repair could not be revealed even with the under shielding removed. . All services; belts, tires, clutch, brakes yada are done. I drove it to home depot etc on sunny days and in the winter. I now have a faster car with 14k miles and 4 more years of warrantee. With 4 wheel drive I can drive in the snow! The problem was/is that my selling competition all had much lower miles on them at not much more in $. Could have kept it but was ready for a change and was ready to forgo the bling of the Ferrari for more practicality. I took it to the Maz/F dealer in Balt.to put it into consignment but and the the new GM never called me back. His lack of action was a pretty good message. A. time to sell , B. don't do biz there. I still think the 360 is an awesome car with no close competition, but I need a daily driver not a garage queen. Call Tom @ prestige 443 324 9099if you want more on my 360.
     
  16. LetsJet

    LetsJet F1 Veteran
    Owner

    May 24, 2004
    9,334
    DC/LA/Paris/Haleiwa
    Full Name:
    Mr.
    #16 LetsJet, Jul 16, 2008
    Wow.........

    Did you think of selling it here?
     
  17. 285ferrari

    285ferrari Two Time F1 World Champ
    Sponsor

    Sep 11, 2004
    20,958
    MD and NE
    Full Name:
    Robbie
    #17 285ferrari, Jul 16, 2008
    Kinda mute point now....:D
     
  18. Fadiboy

    Fadiboy Karting

    Apr 23, 2008
    141
    PA
    Full Name:
    Dave
    #18 Fadiboy, Jul 17, 2008
    I would say this is true of 996s, but 993s are selling for close to their original stickers for some models. 997s just crushed 996s on the re-sale market. That said, a 996tt is a heck of a bargain today.
     
  19. WCH

    WCH F1 Veteran
    Owner Rossa Subscribed

    Mar 16, 2003
    5,186
    #19 WCH, Jul 17, 2008
    "993s are selling for close to their original stickers for some models"


    I never should have wrecked my '93 RS America.

    Sorry to hear about your sale - I have a 360 I'm ready to sell. Oh, well.
     
  20. Mojosan

    Mojosan Formula 3

    Jan 31, 2008
    1,005
    NJ
    #20 Mojosan, Jul 19, 2008
    I held off on getting a 430 in 06 and got an SL500 instead. Paid $10k under sticker and still lost $35k in 2 years and 4000 miles.

    I was foolish not to get the Ferrari 2 years ago.
     
  21. lashss

    lashss F1 Rookie

    Nov 26, 2003
    2,564
    DC
    Full Name:
    LSJ
    #21 lashss, Jul 19, 2008
    Last edited: Jul 19, 2008

    Which regular production 993s are selling for close to their sticker prices? 993 2wds are $30k, sticker in '95 was about $65-70k.

    Are 993tts selling for $100k right now? The GT2 and RS were very limited production models.

    GRC, Whitlock, what's up with the 993 market?

    Thanks,
    LS
     
  22. GarnetRedCoupe

    GarnetRedCoupe Formula Junior

    Mar 21, 2004
    788
    Maryland
    Full Name:
    Steve
    #22 GarnetRedCoupe, Jul 19, 2008
    You can get a high mileage driver in the high $20's to a mint '98 C2S or 4S in the $50-60k range. Not 100% sure on the TT but I think they are around $65-70, not close to the $110k sticker. hope this helps. If you bought a '89 speedster new you did well, those guys are in the 50s!
     
  23. ADON

    ADON Formula 3

    Feb 8, 2007
    1,059
    #23 ADON, Jul 20, 2008
    You should have kept it. You already took the beating. Should have just drove it till the wheels fell off. You're going to take another beating with that Porsche.
     
  24. JH

    JH F1 Veteran
    Silver Subscribed

    Nov 14, 2002
    5,080
    Odense, Denmark
    Full Name:
    Jonas H.
    #24 JH, Jul 21, 2008
    It's your own fault that you took this beating. I cant see why you thought that car would hold value? All midrange Ferrari's loose their value when the buzz kills off after a few years. When the car has prior damage and a quite a few miles on it, it kills resale value. If you had done research, you would know this. You are in for a surprise when you sell your p car if you put a lot of miles on it, and it gets to a age of 7-8 years like the 360. You will take a bigger beating than you did with the 360.
     
  25. ken higgins

    ken higgins Karting

    Nov 30, 2006
    58
    Baltimore, Md.
    Full Name:
    Ken
    #25 ken higgins, Jul 21, 2008
    I agree with everyone, I should have done more research, driven it less miles, kept it forever yada yada. Whatever, I got the ferrari out of my system and now know the visceral feelings one gets when the gas pedal is depressed. The teenagers with cell phone cameras were a bit of a bore though. I bought a 911 turbo and am very impressed with everything about it. It is faster than the 360 and will be a better and more practical daily driver for me. I also found a great shop of the NE side of Baltimore. Many many years of experience serving Ferrari, Benz, Lambos, Porsches, Rolls etc. Stopped in for a no appointment needed oil change today. What a pleasant change from 2 weeks ago.
     

Share This Page