i noticed a decent looking 360 for sale, but it has very high miles (45k miles) and it's a Euro-spec car. The color is nice (Red) but the interior is a pretty awful looking two-tone. It's also a 1999 so it's getting pretty old.

What would you guys pay for a car like this? The owner is asking 68k which seems really high considering the mileage. There was a silver 550 maranello for sale with 60k miles for under 50k less than a month ago (I would have jumped on that car if it were red), so I was thinking something like 50k seems reasonable for this 360 but what do you guys think?

 

The floor has dropped out from under 360s.

here are recent sale prices for 1999 coupes, strong downward trend:

99-

09/19/08 RIVRSIDE Regular $83,500 22,226 Avg Blue NON N No
09/04/08 MANHEIM Regular $88,000 9,823 Avg SILVER 8G 6 No
06/05/08 RIVRSIDE Lease $83,500 12,537 Avg BLUE 8G A No
05/14/08 NADE Regular $68,000 32,768 Avg YELLOW 8G No
12/07/07 NEVADA Regular $85,000 21,818 Avg SILVER 8G A No
10/25/07 W PALM Lease $68,000 41,904 Avg GREY 8G A No
10/19/07 MANHEIM Regular $80,000 26,238 Avg Red 8G No
09/11/07 FAAO Regular $95,000 28,758 Avg YELLOW 8G M No
08/14/07 FAAO Regular $96,500 29,165 Avg YELLOW0 8G A No
06/21/07 RIVRSIDE Regular $98,000 25,988 Avg YELLOW 8G M No
04/26/07 RIVRSIDE Regular $98,000 17,265 Avg PURPLE 8G A No
04/05/07 MANHEIM Regular $120,000 15,443 Avg YELLOW 8G A No
03/22/07 MANHEIM Regular $109,000 14,172 Avg YELLOW 8G No
01/25/07 NEVADA Regular $94,000 30,774 Avg BLUE 8G A No

I have a standing ad in FerrariAds to buy a 360 coupe. I have cash in hand waiting for a VERY MOTIVATED seller that understands the price trend. Somebody, somewhere will find an illequid market and a need for cash.

 

Why not go to the auction and get one yourself for cheap?

 

I think the car in question with the two-tone interior is mine. I have priced a black factory carpet kit at 1700.00 and the rest of the interior is black so not that much of an issue for most.

To comment on the 50K price point you aspire to and even though I am the seller I must say that your figure is very optimistic. And my reasoning is not because it's my car mind you, but rather that you are in mid to low quality 355 territory and why would anyone sell a car for less than the previous model year? That said I have owned both cars and the maint. on the 360 is like a Honda in comparison to the 355! And my coupe is 3 pedal car (six speed manual) with a red exterior, both very desirable options in the Ferrari world. And to make note of the auction prices below I only see a yellow coupe with 32K miles in the immediate range of what I was asking for mine so I think it's right in line.

You must also consider service, documentation and ownership history. I can provide all of the above and put a buyer in touch with all owners.

The last bit of unsolicited advice I can provide is that I tend to purchase Fcars that are at or above the mileage that is considered normal. It has served me well in finding cars that run better than lower mileage examples while having fewer pesky minor issues that have long since been exposed and remedied. While I've only owned 3 Ferrari's I have PPI'd about 7 to get to that number and the higher mileage cars have ALWAYS had better compression and leakdown numbers. So that and the fact that I like to drive my cars steers me toward the sorted and "seasoned" examples.

I wish you luck in your search and hope you find the right car.

 

hey thanks for chiming in. your car is the one i saw and i'm very interested, but i'm also concerned with paying a fair value. you make great points. i just need to mull things before i come back at you with an offer. i don't want to insult you with something too low either which is why i was hoping others could add their input. there just seems to be such a glut of cars for sale now and it's definitely a buyers market which is why i'm bargain shopping a bit.

 

No relation to Azcarguy, but I second his mileage philosophy. I have owned about every model short of the supercars and the most expensive one I owned was the first, thinking low miles to be the ticket. Pay and pay I did! After that I looked for cars with great documented service history and at least enough miles to show regular use(using service records to show the car had not sat for long periods). Unless there is something rare and compelling about a particular car or you are buying to collect, get one with some miles.
I sold my stradale with 24k on it and at the time it was one of the highest ones known, but it ran like a clock and was faster and sounded better than ever.

 

off topic... but you're from bimmerforums arent you?! haha Ferrari is quite a jump man, good luck on your search!

 

I completely agree here. Slightly off topic, but here in Vancouver we have a high number of JDM import cars and one of their main selling points is that they are touted as having low miles. Often times however, they show above average wear for their mileage, or are garage queens that have sat for long periods of time and need more $$ thrown at them to get them to the same level as a car with high mileage but has been maintained. It seems like common sense, but one really does have to look at the type of mileage put on rather than just the numerical value.

Good luck, however; you're in a position I can only dream about so whatever you do, I'm sure the outcome will be worth the time and effort invested in finding the right car.

 

Exactly, thats where good service records come in. Must say though that even good records will not stand up to careless or abusive ownership. These issues will surface regardless of how the service went.

Hope you find the right car.

 

ramni- no problem on the info, I always think it's best to present others with the earned wisdom that stems from previous experiences and many, many mistakes.

River- I've seen many of your posts here and on other forums and while we don't know each other I'm always happy to hear from those within the car communities with similar experiences to share. And kudos to you for actually driving your Strad as it was meant to be!

Also agree with your comments on ownership, in my humble opinion there is use and then there's abuse and the latter has no place in exotic car ownership. Drive these cars in a spirited fashion as they were meant to be and they will reward you for years to come, beat on it, or let it sit unattended and it will suck the life out of your wallet faster than you can imagine.

 

Euro-Spec meaning gray market car, right? How many of those auction 360 values were for Euro models? How much does that affect the value?

 

Euro spec with U.S. Federalization. The Euro part matters very little unless you live in the Peoples Republic of Kalifornia once the car is out of warranty. It has a valid AZ title and all importation documentation and is treated the same at dealers etc.

 

haha yes i am. haven't made the jump yet but hopefully within the next year.

 

Euro cars are not recognized by FNA and most authorized dealers will not service, purchase or sell them. This may exclude models that were not imported by FNA such as 288 GTO, Boxers etc. Owners of Euro cars will not be alerted to recalls and service campaigns and will be the responsibility of the owner to have them completed. Typically Euro cars are difficult to sell and valued at approx. 20% less then its US counterpart at resale.

 

It has been my experience (based on personal experience and the documentation I received with car) that FNA dealers are willing to service the car and were more than happy to tell me about the variator recall to see if it had been corrected. My personal experience and receipts are limited to Ron Tonkin, Scottsdale Ferrari and Steve Harris imports.

I believe it's important not to generalize when it comes to advice given on these cars in open forums. Those with less experience when it comes to Fcars euro or otherwise will tend to take certain misinformation as gospel and continue to spread it around. A prime example would be the misconception that Ferrari engines are not capable of lasting past certain mileage points, when this thread has produced a few folks with similar experiences running contrary to such foolishness.

That said, there does seem to be a deduction for Euro cars and I believe it's due to resale potential. I will admit I don't understand it and that is appears to be one of those things that "just is".