Depreciation advice on a pair of 360s - Ferrari Life
 
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post #1 of 8 Old 03-18-2013, 05:15 PM Thread Starter
 
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Depreciation advice on a pair of 360s

Hello,
I'm new to the Ferrari world looking to purchase a 360 Spider and just trying to figure out values. I'm set on buying a 6 speed manual and have found 2 cars, same color, features, Car A: 11,000 miles for $90k, and Car B: 33,000 miles for $68k. They both have complete service records and clean CarFax reports. Car B has had the hood repainted due to rock chips and recently had its 30k service performed, otherwise they are quite similar and both overall in excellent condition. Any advice on which car would be a better choice to buy in terms of value would be greatly appreciated. I know value is a relative term, but in this case, I guess the issue is whether saving $22k is worth having the extra 20k miles in terms of long term costs. I plan to keep the car for several years. Thanks in advance!
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post #2 of 8 Old 03-18-2013, 06:35 PM
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Greenlight,

Welcome to the forum, you've come to the right place to find answers and learn about everything Ferrari.

I strongly suggest you download and read the Buyers Guide. Second, I recommend you look up Mike Sheehan's website and read some of his articles, particularly the ones that discuss PPIs (Pre-Purchase Inspections). You'll find out why all 360s are not priced similarly.

There's a common saying; if a Ferrari is bargain priced, it's probably no bargain....

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post #3 of 8 Old 03-18-2013, 07:23 PM
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Good advice to check out the Buyer's Guide.

If they are the same model year, personally I'd go with the one with higher miles. But me, I prefer to drive the cars ... so the miles do not scare me.
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post #4 of 8 Old 03-18-2013, 08:16 PM Thread Starter
 
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Thanks David and Rick, much appreciated. I drive the wheels off everything I own. Up until this point I've been a hot rod guy, mainly '32 Fords, so this is my first plunge into the refined world of high performance cars (and not being able to work on them myself). : ) I've read the buyer's guide and some of the articles Mike's website. I think I'll spend the money and have a PPI done on both and go from there. Thanks again!
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post #5 of 8 Old 03-18-2013, 08:34 PM
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GL- Welcome to Ferrari Life. You can work on most of the car with no problems. Some things do require an SD2 diagnositc tool or equivalent ($20K+). Go to ferraridatabase.com and download a 360 workshop manual to get some idea on what is involved.

If you intend to keep the car forever, makes no difference which one you choose. You can do a lot of driving and maintenance for $22K. If you plan on keeping her a shorter period of time, the lower mileage car will be easier to move. Plus the seller has a lot more wiggle room at $90K than the other does at $68K.

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post #6 of 8 Old 03-19-2013, 05:53 PM
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Quote:
Originally Posted by greenlight View Post
Hello,
I'm new to the Ferrari world looking to purchase a 360 Spider and just trying to figure out values. I'm set on buying a 6 speed manual and have found 2 cars, same color, features, Car A: 11,000 miles for $90k, and Car B: 33,000 miles for $68k. They both have complete service records and clean CarFax reports. Car B has had the hood repainted due to rock chips and recently had its 30k service performed, otherwise they are quite similar and both overall in excellent condition. Any advice on which car would be a better choice to buy in terms of value would be greatly appreciated. I know value is a relative term, but in this case, I guess the issue is whether saving $22k is worth having the extra 20k miles in terms of long term costs. I plan to keep the car for several years. Thanks in advance!
Car B sounds cheap and car A expensive - but there is no mention of year.

I would go with car A - only reason being is you may want a 430 etc in a year or two.

Either way a manual 360 spider is a rock solid Ferrari.

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post #7 of 8 Old 03-21-2013, 08:29 AM Thread Starter
 
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Thanks Terry and Doug, the $90k car is an '03, the $68k car is an '01. The '03 appears to be in better overall condition, probably due to the lower miles. Closer inspection on the '01 looks like a new top isn't far away, which I think runs $3k plus install. Spoke with the previous owner and I think he stored the car with the top down (So. Cal. car) which might explain the top. The '01 had the clutch and throwout bearing replaced 10k miles ago and has a Tubi exhaust. The '03 is basically stock and had a 15k service done at 6k miles 2 years ago (4k miles ago). The '01 includes a fresh belt service.
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post #8 of 8 Old 03-21-2013, 08:54 AM
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I'm no mathematician, but my calculation tells me Car B had a new clutch at just 23K miles.
Short lived clutch + resprayed hood + needs new top = well used
I'm willing to bet there's more a thorough PPI would turn up, another reason it's priced at 68K.

As I stated above, I forsee no bargain in this car. But I also ageee with Taz 100%

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