Why are there so many 360s for sale?

Heya guys,

I am just curious... there are 30 360s for sale (out of 81 Ferraris on drive.com.au). Mind you, there are 15 355s, so I am guessing it's because they are the highest production models? Any other reason?

 

The sooner they sell them the more they will get for them.

360 owners want the 430
355 owners want the 360

I havent watch the prices of the 360s but the 355s about 6-8 months ago you could get only about 2-3 under $200k, now you can get about 8 under $200k. Ive even seen one for $160k.

 

While looking the other day, I noticed dealer cars were significantly cheaper than private sales in most cases. Prices appear to have come down significantly.

 

I think bec. of the 430.

 

Have 348 prices come down accordingly? And how is your 348 hunt progressing Zakeen?

 

I too have been looking at prices quite closely for over 12 months now, as i have been considering purchasing an F car, however it appears 348 prices have not changed at all,

but thats just my observation

 

Thats not totaly true. The 348s that I have seen have not droped, but there are a few new ones on the market alot cheaper. There has been a $112,000 and a $120,000 and a $125,000.

My Hunting for a 348 is not going so well, I wont get back into Australia till Oct. I would have like to have a look at these new ones to the market.

Also seeing some 355s at around $170,000 - $180,000 in Red, Blue is very cheap at $155,000(I think or was it $160,000), I dont know what to get. But I hope when I return to Oz I will have enough time to have a look around.

 

You know, this is a very interesting thread. How far down can 355s and 360s go before they start hitting the apparent values of 348s, 328s, 308s etc? I can't see how a 360 was worth (second hand) 100k more than a 355...particularly in light of the seemingly stonger 355 following with looks....so i'm not surprised to see them coming down so much closer to the 355 in price. Nevertheless, I wonder what the price point is that all Ferraris start to become affected by this? And at what point do people who might buy, for example, an NSX or something (porsche, BMW, mercedes SL etc) suddenly think..."geez...I can get a Ferrari for a bit more than that now" and then demand goes up again.

Economics is not my strong point. Anyone got any theories?

 

Having followed Ferrari pricing in Aust for the last 12 months, both at a wholesale and retail level, I think to a great extent, the prices have already moved, relativley speaking.

348's 90-120K
355 140-200K
360 240-330K
550 265-310K

The prices I have quoted are what I understand real retail deals have been done, or based on advertised prices.
360's have such a wide spread with both coupe and convertible.
Currently you can buy a new 360 convertible at less than private buyers are asking for 2002 cars!
575's are another anomaly. I can buy a new 575 with full warranty for very low 400's ( tip there are a few dealer cars regd in 2003 with no LCT paid in the market. So why would anyone buy a 2002 car for mid 400's or better? Real values are mid to high 300's, I think it may take the retail market 6 months or so to recognise this though!
Talk to any dealer and you will probably find that most of their higher priced cars are either on consignment, or available for significantly less than advertised.

 

mystery to me. i'm still in the realm of looking at 308's. for the price of a V8 taxi you can pretty much get a GTB, and last year a friend of mine bought a mazda 626 for the price you can get into a GT4 for.

will never make sense to me, anyhoo.

 

That's quite comprehensive, Stephen, but I wonder how much lower the 355 can go before it starts to squash the prices of the lower cars. Now there's a huge leap from a (secondhand) 360 to a 430 (plus a bit of a wait). I find that quite amazing too.

 

Ash, be careful of the lower priced 308s and particularly the GT4s of which I know a little.

Mine was not concour but neither was it the worst example BUT and this is a big but, without a professional PPI I was buying a pig in a poke and it bit me, not hard but enough to know that next time I will get a dealer or better PPI.

The one I had done was neither comprehensive nor expensive and trust me, if you skimp on the PPI you will pay for it later in spades!!

My PPI guy said it was "rough" and he was right but the price reflected this so in I jumped and then over the next 2 years find that I need a new exhaust (yikes! 2nd mortgage on the house), clutch/pressure plate (3rd mortgage coming up), suspension (4th mortgage) and then all the servicings along the way add up to a nice round the world trip for one.

So my "cheap" Ferrari was now in the realm of semi-expensive but now I knew the car was mechanically sound and a known quantity. another mortgage and she'd have been painted and closer to one of the bestter GT4s in Oz.

This makes me even more wary when you get into the prices they are "asking" for 355s and 360s which for normal people is serious money here in Oz. Once you go above $180K you are talking about a house and you are going to drive this on the track where there is little to no insurance and even worse, drive it on the road with all the morons you are currently abusing for not knowing how to drive.

An the V8 "taxi" you passed up will not cost the exhorbinate prices they will hit you with at repair joints because they see the little horsey and the KFC numbers start coming out of their mouths.

One quick question to all the Oz 355 owners, are there any insurers that allow you to keep the wreck if you total the 355 ?

Just planning for the next rollover fund

 

PM Scott..he has all the inside info on that stuff.

 

Yes.............and no. Some insurers will say they do; but what they mean is they will give you first option to buy it back from them. Others will charge a little extra; but guarantee they will hand over the wreck for nothing.
The key is that it is all in the negotiation and GET IT IN WRITING- NO handshakes, verbal agreements and NO lawyers double speak either.

I consider it an essential part of ANY Ferrari insurance policy. I have seen ill informed "backyarders" pay insane money for wrecks at auction. I have many, many examples of this and they always come out backwards.

 

The importers sell about 80-90 cars a year in Australia and I estimate around 85% of those would be the 360 variants. So that would make close to 500 of the 360 variants here since 1999. That alone would mean you should see around 30 or more for sale at any one time. It is worse at the moment because the F430 is the latest and greatest "must have" toy. Lots and lots of 360 owners bailing out for their F430's at the moment.

 

Just had a quick look at carpoint et al, vipers are listed at around $150 i could of sworn a yr or 2 ago they where double that. Anyone have an idea when they will stop (significantly) dropping i want one.

 

More truck than car; but whatever floats your boat

 

Yes, remarkable isn't it - a little while back, one of the guys here couldn't sell his Mondial (3.2 nice car - no buyers) when he bent it - the insurance paid out and he kept the wreck, which he sold at auction for $45K! With that & the insurance payout, he got into a 348!

 

I dont really like US cars even the Ford GT doesnt interest me but there is something about the Viper, it is so wrong it just seems right

I have heard someone is selling the Noble over here now, wouldnt mind the 400

Back to the Ferrari's the 360's are still way to high for just one car for me but i prefer them over the 355, mayby just need to add that TT and a bodykit to it

 

Looking at an 02 360 Spider with 19K on it at SVM in Sydney. It is advertised for 299K. Was wondering what you guys think a fair price for the car is and if I should wait until the 430 spider hits the streets with respect to depreciation.

 

I notice a few people have said that dealers are seling cars cheaper than private.

and i too have experienced this,

i just got a 2002 Elise from a dealer with 11k's on it in extremely good condition, for cheaper than any privately advertised car i have seen.

I think thats because dealers just want to turn over stock, but the sort of people who sell any type of specialist/exotic car privately (dont trade them) either cant really afford this type of car, and are scraping for every last cent, or deep down arnt really in a rush to sell, or dont want to sell.

just my opinion.

 

Probably a bit expensive given the 19k on the clock. If it is resale red/tan I would suggest w/sale is circa $270 MAX. The longer you wait the cheaper they will be as the price of 360's will only go south for quite a few years yet.

 

another one?

 

think that goes for just about anything relatively new really. wait long enough for something and it'll be cheaper and you'll have more money...

just a question of how much was that time in-between without something you wanted really worth?