In the market for 360 - need some guidance
Hi Ferrari owners / or aspiring Ferrari owners (like me).
I live in Toronto and am planning to get a Ferrari 360 (2000-2004). The price ranges from the $60-110,000 which is quite a wide range. The Kms range from 20-65,000 and not necessarily that older model/higher miles being the cheapest.
This has me confused on more then one level. How is it that people are posting and expecting to realistically get offers for cars that are older with higher mileage when you have newer ones with lower mileage. Is it just simply that people put prices which they wish but realistically expect a serious discounting i.e $10,000 or more. And is it standard to ask for price reduction when buying or selling one?
Of course, one thing to consider is the maintenance record, clean title, no accidents. Assuming that all are good and intact - then why such a large price variation.
I found the following list which looks interesting:
1. 2000/$68000/25k km or approx 18k mileshttp://www.autotrader.ca/a/Ferrari/360/CALGARY/Alberta/5_13692083_20110919111527504/?showcpo=ShowCPO
2.2000/$65000/54k km 2000 Ferrari 360 LEASE AVAILABLE $795 MOIS
3. 2003/$89,000/ 32k km 2003 Ferrari 360 SPYDER
4. 2004/$105,000/ 20k km 2004 Ferrari 360
Obviously, option 4 is the best, newest with low miles but is also the most expensive. So if you are going to suggest that then what I want to understand is why that would be the best buy. I would want to keep the car for 1 year and sell it. Most likely also thinking of getting 3rd party warranty (3yr / 30k km for $8000). I want min. amount of loss on depreciation so would appreciate your replies.
Also another car in consideration is Bentley Continental GT as it is more practical daily use car and considering Canadian weather all year round car. So possibly may get that around Oct/November 2013 and then sell it near summer and buy a Ferrari. Are the prices better (lower) in winter for Ferraris vs summer?
Would appreciate if you could give as detailed responses so I can also build my knowledge on the topic.
Many thanks for your time and help!
A few things to consider:
1. Comparing the Coupe to the Spider isn't always apples to apples, the Spiders tend to go for more
2. It looks like these are all F1 transmissions, if you see a manual this too can vary the price
I would also recommend having Alex at Daytona Auto (a sponsor here) give you a PPI before you buy any of these. Amount of work/repair needed can also vary the price. For example, did one have it's major done vs one not.
Daytona Auto Center Ltd. | Used dealership in WOODBRIDGE, ON L4L 1T4
Welcome to Ferrari Life. 360s are used cars. You are going to buy retail and likely sell at wholesale. So, unless you are the world's best used car salesman, you are going to take a bath buying and selling a 360 in a year, especially pasting a very expensive warranty on top of the other expenses, including insurance.
Do some more research, like reading the 360 buyer's guide on this site and reading through other threads, and good luck with the hunt.
Winter prices usually are indeed better than those in summer.
One issue I see is buying it and then selling it after only one year. :yikes:
Do you plan to track the car?
Why did you rule out 1999 models?
You are painting with too broad of a brush. Each Ferrari year is distinct with improvements /upgrades These in part are hand assembled and in a sense have their own identity.
Not all years are equal with 2004 usually commanding the higher price if spider and red/tan F1.
Earlier years are affected inversely as mileage increases residual value declines; i.e. maintenance issues and life line on existing components.
Reasonable versus the ride for you. Ferraris are expensive.. you buy for pleasure and depreciation is a by product of the demand for that particular year and model.
IDRIVEM5, Raj, succinctly outlined a reasonable approach which I adopted with some modification ...but it works.
Before you discuss prices, determine exactly what you want; year, coupe vs spider, vs paddle/stick. You need to read and read including tech manuals and issues needing attention in 360.
In my opinion there is a $5000 to 8000 spread for each year and add on $10,000 to #12000
This is in context of red/tan with miles under 15000 and further premium for under 10000.
Independent non Ferrari dealers skew the values. They buy at auction, do not know the history of 360 and pack on as much profit as they can. They sell looks and not reliability.
The challenge to the buyer is to focus specifically on a year model and color etc.
a 2000 is not a2004 and a 2000 is not a1999. Each is UNIQUE.. after YOU DIGEST ALL OF THIS, THE FINAL PRICE WILL MAKE SENSE and your offer reflecting such.
One last thing, find a particular 360 you like and meets criteria and share that with FL to get their opinion This coverage is awesome and may enhance your buying decision.
ps remember it is up to you verify service history and maintenance performed.
Deenahmed: Just wondeering why you intend to sell the car after one year? Just trying out the Ferrari experience? Never know, once you try it you may be hooked, LOL!
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