https://bringatrailer.com/listing/1999-ferrari-360-modena-43/ Sanity seems to be returning to the 360 market now that Art isn't snapping up dog F1s for $70k. This one, a high mileage example, just went for $49k. Good title, high miles. Seems like it would be a driver.
Not sure it was a great deal. 1. custom interior that may not be to everyone's liking 2. Owner says the wrap was to cover remaining scratches/damage on the fender so that's due 3. Missing panels under the car 4. Bumper gap points to lingering issues from the accidents 5. Dirty engine bay. Seriously, this should be one of the first things cleaned up in a car with a glass engine cover. 6. Mismatched colored body panels in places 7. Not many service records past 2017. My guess is the current owner picked it up for cheap already because a list of to-do things or cosmetic issues, priced out some of the repairs/maintenance and decided it's best just to sell it.
13 years/15k miles on the cam belts. Would take a lot of time and money to resurrect to be left with 2 accidents and over 55k miles. Price seems about right.
Change the belts and make it a track car. I can't really understand why someone would want to daily drive this car. For me owning a Ferrari, Porsche 911, or other high end sports car is not about being seen in one. It has a lot to do with pride of ownership and pride in my ride. But hey, that's just me. 49K for the Ferrari experience may well end up costing much more to make that experience last.
I would think that if you have the TIME and SKILL to do the belts, WP, HX, Fluids, Motor/Tranny mounts it might be a a car you just drive the hell out. It is the LABOR that's a killer with these cars. Lots of folks here have that skill. What's my point? Damn, I forgot. But $$$, storage space during repairs etc. could make it more expensive than a semi sorted no-stories car
it also had what appeared as undercoating to the under belly. that was a red flag for me, in addition to the items listed above. I also was very skeptical that the car was WRAPPED in yellow, and the alleged original paint was yellow. Don't people wrap a car for a color change? I suspect the original paint was shot. This one was a potential train wreck. This car is like the attractive blonde across the bar from you....she looks good from a far, but what you can't see is that she's 3 weeks pregnant. lol.....
It seems as if the significance of this sale is being missed. This is a sub $50k 360 with a good title that runs and drives. Either I live in lala land or I just missed comp sales for this level . In the last three years, I have not seen a sub $50k 360, and never for a 360 with a good title that runs and drives. I've been watching since 2018.
I haven't followed prices, but I'm guessing there are two camps bidding on this car. Those that are specifically looking for a project modena but pricing in what still needs to be done, and those that just want a cheap modern Ferrari. I think there were enough unknowns to keep those specifically looking for a 360 away or wait for a better example, but not enough to discourage someone willing to chance it for the chance to own an F car. I realize it's running and driving and has a non-salvage title, but I think it's just too messy of a recent history.
if you're a guy who has a lot of technical and mechanical know how with Ferrari's this is a smoking deal - however those guys are few and far between. the majority of guys were smart to walk away from this "pandora's box"
In the middle of moving to a 2nd home in another state, otherwise I would have likely picked this one up. My math: Purchase price: $49,000 5% BaT fee: $2450 Shipping: $1250 - enclosed not needed given cosmetics) Belts + fluid changes: $1000 Bushings / brakes / other: $2000 Total before addressing underbody, interior, and cosmetics: $55,700 As long as the yellow wrap was decent, likely would have left it. Underbody panels would be needed though. Interior was ugly but if you are going to track it or just drive it around, it's not a huge deal. Just needs 2 bucket seats and a half cage for harnesses and you'd be all set with a 360 track car for under $60k. There's the option of doing a Dr S conversion kit for another $12.5k if you prefer manual. But either way, this thing would be a driver/beater. Not economical to try to restore/save it.
I have seen salvage title cars that are less of a risk to buy than this one. With the internet these days, even though the title wasn't branded, people will treat it as such when they google the VIN and see the condition. As a base for a track car, this may be perfect because it will cost too much to make it street nice and reliable even if you do your own labor.
Whats retail on a clean 99 F1 coupe with regular miles these days? I don't follow the market too closely.
For a nice Modena F1 with reasonable miles, and a non-plusup color, figure $80k. Red, white, or blue, add another $15-20k. For a while, EAG was snapping up every F1 on Bat regardless of condition for $70k. That pushed the minimum up to $70k for any 360 regardless of condition or title. Now we're starting to see sanity return as conversion fever seems to have been cured, at least for a while. I put in a bid on that yellow one.
Clear BUT not clean Title ".......... A July 2005 entry on the Carfax report lists damage to the left rear corner, while a subsequent entry from November 2012 lists damage to the front after it hit a movable object......." Plus who knows what's hiding below that wrap. Ask me how I know. That would concerns me having it as a second 360. Most of us are here because we already have one or more.
$80k is what I would expect to pay for a red F1 with the "right" options (Daytonas, shields, challenge grille) with 20-30k miles. Market is significantly softening, look at recent BaT results, especially for Spiders.
Ferrari high maintenance, is that a surprise? My wife's Porsche 996 cost me $15K maintenance in the last 2 years due to a total engine rebuild from bore-scoring. The labor (mine) was free. Drive high end cars, pay high end maintenance.
I don't think anyone who bid on this car was going to take it to the dealer for service. I see a lot of people taking their cars to the dealer for service and then getting $10k+ bills for suspension rebushing. You can re-bush the whole car in a day with the right tools and the parts cost isn't bad if you aren't paying dealer markup on the flamblocs. That guy got killed on service costs - it's a cheap car to run outside of the every 5th year timing belt service. If you put at least 2500 miles per year on the car, the cost to run over the long term can be <$1/mi.
Surprised the seller agreed to BaT's reserve. Thought about listing a car that I thought was worth $50k and BaT said $30k reserve. No thanks.
I would disagree, when things break or wear out from being a 20+ year old car, it's expensive compared to a Toyota or a VW. When you need to rebuild the whole suspension on a 20 year old Toyota the parts are less than $500 all around, on a Ferrari the parts are many times more expensive ignoring the labor aspect. Talk to a person who works on their normal car on their driveway and they would throw-up at the price of parts on a Ferrari.
