I am in sort of a spunky mood - was hoping to liven things up
I liked the analogy you made about Ferrari buyers scrutinizing a car like a piece of art. I think we agree on the general principals of discussion - I don't personally disagree with you all that much.
But at some point, sellers have to work within realistic boundaries. For instance, today the AVERAGE asking price for a 2005 RED 360 Spider (through autotrader, cars.com, dupont registry, and FML) is $124,029. For the same car as a 2004, with the same sources, it's $109,680. A delta of nearly $15,000 - WHY?!? Averages sound high, right? Especially when you consider that Ferrari Market Letter pins the current "Asking Price Index" value for the 360 Spider at $95,574, but if you know FML, it isn't as specific as the average numbers I've stated from my sources. And I have no idea how they calculate their number - it isn't publicly disclosed.
Some sellers are asking $139,000 for a 2005 Red Spider with mileage in the low thousands. Does that seem reasonable? Probably not. Likewise, would I want to end up with one around $85k? Financially yes, but the car might be a bit questionable.
Also, if Ebay is any indication, cars aren't selling through that outlet in the six figures. All successful sales have been less than $95k. No flames - I know ebay isn't the place to by your Ferrari. But at least it gives us a feel for what buyers are offering vis-a-vis what sellers are accepting (or in this case not accepting).
Also in terms of auction cars, my leasing agent ran a Manheim search for me last week:
2004 360 Spider since 12/15/11:
LOW: $70,000 - 23,081 Miles, Below Avg Condition YELLOW
HIGH: $91,000 - 10,813 Miles, Above Avg Condition RED
2005 360 Spider since 4/20/11
LOW: $92,000 - 8,270 Miles, Avg Condition SILVER
HIGH: $113,000 - 7,221 Miles, Avg Condition RED
I believe that a "cherry" car is exactly that - a "cherry." Does that command a premium? Probably. Does that premium match between buyers and sellers? Apparently not.
It's an interesting time right now for 360 buyers. I've digested a LOT of pricing data over the past several months, and these are my conclusions. Eventually, the remaining depreciation (even if it's fairly minor) WILL catch up with all of these cars because they're not "collector" cars, and operate fairly close to any normal car in terms of the principal of depreciation.
That said, I don't think there's that much depreciation left as I've said before. There is probably 15-20 percent left to depreciate on 2005 Red Spiders, and maybe something more like 5-10 percent on 2004 Red Spiders. But we can't forecast what affect mileage, color, condition, and records will have much further than 12 months from now.
Of course, if you don't care about Red Spiders (that's all I'm looking at for potential ease of resale) then this exact data is essentially worthless.