What is this sandy 360 worth?

For 40 grand, what else can you buy?

Drive it for a few years, and then sell it for what you paid for it.

The reality is ........ It won't go much lower in price.

I say go for it if you are handy with a wrench.

 

salt water and ferrari doesnt mix..stay away...

 

Drive it. See how it feels. For 40k it's hard to go wrong on such an awesome car

 

This car was only driven by a grandmother only on Sundays - yeah right! A salvage title is a salvage title. At one time, the car had major problems which resulted in it being salvaged. I would not buy it, I would stay with the pack and buy a good quality - good history car and not worry about it.

 

Buy it but keep it for 40 years then sell it at RM auction. At that time, nobody cares about the salvage title, all they care is that they have a vintage ferrari.

Buy it now or I will, just kidding!

 

The vehicle was totaled out and has a salvage certificate now, right?

Can you determine what if any repairs were made by whoever did the salvage?

Is there body damage? Visible water damage? Hard to tell in those photos.

A salvage means that the previous owner filed a loss with their insurance company and the insurance determined the car had sustained damage >75% of its market value, so they totaled it out and paid the owner the full market value.

An insurance company isn't likely to pay out the full market value of an expensive car that doesn't have any obvious cosmetic, mechanical, or electrical damage. Fear that the car may at some time have future problems due to possible exposure to water, when it seems to be working fine now, doesn't seem likely to convince them to write a $75K check!

So, if the vehicle is fully functional and doesn't show lots of obvious signs of damage, why and how was it totaled and what was the salvage process?

Maybe there's a reasonable answer to the question. Personally, I'd consider buying a bargain car with a messy story if I thought I understood the story and could live with it, and that the discount more than compensated for the ugliness of the story. I wouldn't buy it even for half price if the story didn't add up and I couldn't figure out what had happened to the car.

Gotta be able to assess the risk vs. reward. Don't walk into it with too many unknowns. $40K is still a lot of beer money.

 

I'd get a PPI anyway, and find out exactly how high the water was... if anything on engine or electronics/dash, then I'd stay away unless it drives so well and was $35k or lower. But at $40k I think it's a good deal for a Ferrari with a story.

 

But you don't really know what the story is, right? That's way worse than just a Ferrari with a story. Its a Ferrari with a huge mystery story, that the car was destroyed and then resurrected from the grave, but nobody knows how.

What was the damage to this car that caused it to be totaled? What was repaired that makes it now seem to function?

 

you have any idea what residual salt water exposure would do to all aspects of the cars internals? Your kidding right If your looking for a bargin salt water damaged 360 better not be one of them...If you can afford a ferrari then buy one worth owning otherwise let this one die..You believe in the ferrari tooth fairy? pleaseeeeeeeeeeee

 

Yup. And if the only story on this car is that it got exposed to salt water, then it had to be very bad for the insurance company to total the vehicle out and write a $75K check. The story that nothing important was flooded simply doesn't add up, right? What would your insurance agent tell you if you said your Ferrari got a bit of flood water on the rug so you want them to buy you a new Ferrari? I can guess what mine would say.

 

The windows are open in a salvage yard for a reason (drying out). See if you can take it for a couple hundred mile drive with the windows closed, no air and see how you feel about it following.

 

Problem with salvage is even if it doesnt give you trouble, they are extremely hard to sell and most banks won't finance them so youd have to find cash customer.

For me its worth 30k tops. Ymmv

 

Just say no.

 

This is usually an area where only professionals can come out ahead. You are going up against the professionals at an insurance company that bet on the car being a total loss. So you have to have more information or access to cheaper repairs to think you will come out ahead for some reason. Otherwise you are the mark they are hoping for that keeps them in business.

 

It could work out to be an awesome deal. I sincerely hope so.

The bad scenario is that you experience a major failure and then have a tough choice such as dumping $20K into repairs on a salvage car where you could never recoup the investment during resale, vs scraping the vehicle and writing off the $40K you already put into it.

BUT, I hope not. You could also cruise for 10 years in style and ecstasy, made all the sweeter by knowing you paid so little for it!

No guts, no glory.

 

I think I might know a EXcellent lawyer here on FC that might want to make a few bucks reselling this one.

 

Its a salvage for a reason IMHO. Personally I like an interesting story.. but I'd go in with my eyes open. If you ever expect to make money on the deal don't count on it.

But if you buy it for yourself or a track car.. kudos.

I bought a becker stereo from one of the sandy Ferraris thinking I could clean it up with alcohol and distilled water. No such luck! Salt water KILLS electronics. Unless the entire wiring loom was replaced, don't expect a cheap ownership experience. As far as not going into the passenger compartment. Bull$%^&. If that was the case the PO would have replaced the starter and gone on their merry way. Perhaps an upstate freshwater car? Then, maybe...

Proceed with ample, ample caution.

FYI, when its inspected, bring a phillips screwdriver and open the compartmentsbehind the seats. Pull out a few fuses and a couple relays. If there is any white residue on the metal contacts or behind the fuse boxes where they can't vacuume, run.

 

As somebody in the Ferrari parts business, I can assure you this is a road littered with bodies and empty wallets.

 

I work as a contractor for the insurance industry and sometimes he who yells loudest gets what he wants, so you may get lucky with a car that sustained very little damage and a customer who would not go away on the issue, also in my business if there is even the slightest chance of possible future damage (although fine now) a lot of times the insurance will replace on that chance alone (meshed with difficult customer) but at the end of the day I think it is a huge risk. Unless I could convince myself that it was a unique situation and little damage I would stay away from this headache! If money is an issue take your time until the time is right. I just recently bought a 360 spider after a year searching. I tried to buy a cheap one under 70K and my search turned up so many disappointments and lies from sellers, and hidden stories that I almost gave up. I had to accept the hard way that there really is no such things as a good cheap Ferrari, when I opened my budget up 25% a world of good well maintained cars were presented and I found one that I could not be happier with. I bought a car from someone who loved and took great care of it. There is an old saying in construction, "Good, Cheap, Fast" pick only two and that is what you will get, cant have all 3, I suppose the same would apply here, Cheap and Good, pick one lol

 

If it runs, and everything electrical works. And ppi checks out, I'd buy it and drive it frequently. Only you and the next owner if there is one will know the history. Will feel as awesome, as much fun to drive, and turn as many heads as a $90k 360. I would drive it if possible. I would speak to the tech that did the ppi? I would call the shop in NJ and speak to the service manager to get the history prior to the salvage. The car fax will be helpful if you don't know the shop. This will at least Alpert you as to any pre-sandy issues.

Just be prepared to sink some dough into it. A bit of a risk. It could easily need $15k worth of work ( simply a major, clutch, brakes and tires could exceed this). Then you are suddenly close to the low end 360 market without salvage title.

Will you be doing maintenance or repairs yourself? This for me, as I do much of my own would make a purchase like this a bit easier. After all is said and done... Don't hate me guys... It would be worth more in parts than 40k.


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FWIW, this VIN is not flagged in the database as being a flood car, which is unusual, as if a car HAS been , it gets noted really quick..

Hope the PPI turns out the way you want / expect it to.

S

 

This is a disaster waiting to happen to your bank account.

OP, for 15-20K more you can find yourself a clean titled 99 or 00 360.

Your kidding yourself if you think this car will need less than that money to become a good car.

Your essentially paying full market value on a repaired salvage title car at 45K, and its not even fixed yet! Not to mention the gray on gray color combo puts it on the lower end of the totem pole for color combo in terms of value.