Help me price this 2004 360 Modena
I normally don't ask this sort of thing, but this is my first exotic car-buying experience and the market is hugely inconsistent.
I'm looking at a Ferrari 360 with the following specs:
Transmission: 6-speed manual
Exterior color - Rosso Corsa
Interior color - Nero
Daytona Electric seats
Front Challenge grills
Novitec NF2 Wheels
Challenge ECU "chip"
I believe the clutch has never been changed and not currently sure if the belt service has been done either. It's a one-owner car and seems very well taken care of. No shrinkage of leather dash, no weathering on seat bolsters or scratches on the interior at all.
Outside paint has details on front bumper (rock chips). I spoke to local ferrari dealer and they said the car should be in good shape and that they knew the owner cared for the car.
He's asking 100k - I feel based on Market, I should be offering 85-92k
Can you help me organize my thoughts on the worth of this car?
Depending on the extent of the paint damage and the PPI results, I think you're very close.
Given it's Resale Red, a stick, with Daytona seats and some very desirable options, I'd say if the PPI checks out 90K is a solid price.
Only other thing I'll add is a very valuable piece of advice I got during the search for my Spider: don't let a few grand stand in the way of you and your dream car. It was excellent advice and following it was key to getting a fantastic car.
Good luck, let us know how it turns out.
Belts with fluid service plus sticky correction adds up quick - suggest confirming both during your PPI. Good job with the homework to this point in your process!
Honestly, I would pass.
This mileage is extremely high for the pricing, I would put it around 80-85 TOPS, I have seen them go for the low 70s with that mileage.
Never buy an exotic without extensive documentation of service performed in my opinion, not knowing about the belts as well as a clutch that very well need replacing soon would instantly steer me away.
The dealer of course would say it is in good condition if they are the ones selling it, I have found ferrari salespeople to be just as unscrupulous as any other dealership.
The market is flooded with great deals on 360s, be patient and find the right one!
If it is a spyder, not more than 80k $, if it is not, 60k $ maximum.
However, us prices could be higher than European one, but 100k is really too much, for that price I would go for a real CS, eventually adding something.
do not guess. if owner meticulous as stated get file service records. 16k and not sure of belt.
factor in deferred maintenance. who maintained 360. be careful steering rack alone $6500 and belt fluids flushing $4000
you should look for one or more likely 2 owner car serviced by dealer.
try looking at Ferrari of wash dc Ferrari seattle and Ferrari Denver
a good car can price at $95k with documentation.
I agree that the price is high, but I see no reason to be scared away from what sounds on its face to be a very desirable car. You obviously should get a PPI and find out about the belts. It will probably cost $3-4K to get the belts done and a fluid flush if it hasn't been done. While the mileage brings the price down to some extent, I think it is better to get a car that has been driven some that one that has just been sitting and may have a host of unresolved problems. Especially with a six speed, you will likely get a decent amount of additional mileage before needing a clutch, but that can and should be checked. The aftermarket wheels will be viewed as a demerit by many if not most potential buyers but the six speed is a substantial plus for many as is the color. Assuming it is a coupe upper 70s to very low 80s seems reasonable depending on the belt situation and the PPI. I think the seller is going to have to adjust his expectations but at the same time, as another poster pointed out, you don't want to lose the right car over a couple of thousand dollars. That would be a tenth of what you would spend on an initial service on a car with problems.
If by Modena you do indeed mean a coupe, then I agree, 90 is too high.
However, I strongly disagree that 16K is "extremely" high mileage. Perhaps for a museum piece, but that's nothing for a 10 year-old car (an average of 133 miles a month). And remember, these cars are happier when driven. The more so the better. In fact, I'll go so far as to say that if you're interested in a driver, the mileage puts it in a sweet spot. It indicates the car has not spent its life just sitting, and that the car was likely not abused.
Do a search here for PPI advice and download the Buyer's Guide. Both wil provide invaluable advice and help you estimate a current market price. You may also want to search Mike Sheehan's articles, he's written quite a few on the 360 which have some valuable insight.
Firstly, I'm very grateful for all the replies as it does provide insight or at least verification that the price is high.
It is a coupe, I apologize for that important detail.
I notice there's a great span of difference in opinion, but averaging things out it seems like high-mid 80's is the right range.
That being said, I'm not sure how to move a seller's expectations from the number he has in mind. Being a car-guy, I tend to get emotional, knowing there aren't many of these cars on the market (Coupe/6-speed).
In terms of PPI, Is it more important to get the base PPI or the compression/leak-down test? or do you guys generally do both?
Modena = Coupe
Spider = Ragtop
Very easy to determine age of belts and remaining clutch.
360s are not real strong in the market right now and time is on your side. Don't be afraid to walk away.
On the other hand, like already said, don't let a couple grand get in the way if it is the right car.
16K is not a HUGE mileage, however when there are quite a few out there with sub 7,500K miles and priced much cheaper...
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