Anyone know this 360? + Advice required

[foreverfalling]

I've been looking to get a 360 but was considering waiting two years for various reasons.

I have £70k saved (saving about at least 20k per yr at moment) and £40k is for a house deposit when we find one we eventually want to buy. If I bought this the house would have to wait or I'd put in less deposit (Haven't seen anything nice anyway and happy to keep renting for now)

I saw this and it's looks like quite a nice car. I really wanted a red spider but the price of this seems good and I'm afraid if I wait two years prices might actually go up.

The car - http://bit.ly/1epdrh5

Currently were not living somewhere with a garage to store it which is a concern.
My main question is, do you think this car is great value or do you think I will be able to find similar cars all the time and it's worth waiting for a) red car & b) a spider.

Also with mileage at 42k, is it likely that as soon as it goes over 50k it will dramatically drop in value.

I know it's going to depreciate a bit but over and past £4-5k a year just on depreciation over say 3 years would depress me a little. (I know to budget 3k a year for maintenance etc)

Thanks for all your help

Edited by foreverfalling on Monday 27th January 21:16

Edited by foreverfalling on Monday 27th January 21:47

Edited by foreverfalling on Monday 27th January 21:48

[bigunit00]

This may sound a bit conservative but I would get your house sorted first. May cost more than you think etc etc........then get the car in place. I think you will have plenty of nice 360s to chose from in the future and I doubt prices are going to appreciate that quickly where you would miss out. Your choice though and I must say I do like the look of the 360 at these prices.

[TISPKJ]

Don't know the car but the starting price would be about right.
42k miles is getting on a bit in Ferrari world hence the price, it seems like a car that has been used and enjoyed.
This time of year prices should be cheaper however the flip side is that most people won't bother to advertise until spring when demand is greater and hence not much choice currently.
The car has missed 2 annuals and a belt service, which again may effect value to some degree, as does you being the 9th owner.
If you could purchase for late 30's I doubt you would lose much as long as the car does not need money spending on it.

I was in a similar situation a few years back regarding the house, I knicked 25k from the house pot and lent it to the car pot for a GT3, reversed 18 months or so later to buy my house.
As a quick sale as long as only issue is mileage I recon that car will always make minimum £35k, so £5k loss for 2 years Ferrari ownership (without running costs).
So as this is pistonheads ...... Just buy one and ignore the correct advise above :-)

[foreverfalling]

Thanks for the advice. Both posts perfectly sum up my split feelings on the subject!
If I could get it for closer to 35 then if I do see a house I reckon I can get out of the car in a month or so...

Thanks for letting me know it's missed a belt and a few annual services. Service history is quite good and I suppose that as long as the belts were done recently that's ok...

With regards to the house we've set budget of £250k and are happy with the houses we can get for around this much in this area. I don't see it costing too much more. (Obviously stamp duty fees etc)

I just wonder whether I'll regret not waiting for a red spider.
We currently got rid of our Amg merc and have just a diesel convertible. Although the diesel is a boring engine I really enjoy driving the car in the sun with roof down. Although a different joy comes from it, I can almost enjoy as much as a drive in the Amg...

I can only imagine the joy of a convertible with the speed of the 360, the noise and everything else!!

Edited by foreverfalling on Monday 27th January 21:50

[TISPKJ]

I guess you are relatively young and just starting on the ladder, the house will only ever go up long term, the car at best will stay level plus running costs so sensible thing as above is get the house and buy the toys latter, I kind of did both.
If you found a house tomorrow your probably looking at 3 Months or more before you have to pay up.

Over the last year 360 prices seem to have risen a little bit, I was looking initially at mid to late 30,s for a car, I looked at approx 10 cars in that price range, if you scan all the classifieds now it seems to me that they start nearer 40 and even then they are silver cars.

I wanted an F1 coupe in a loud colour, bought a manual spider in TDF as I grew impatient and got fed up wasting my weekends looking at rubbish to be honest.
As I say you should get a lot more choice in a couple of months but prices will rise slightly.

Regarding the spider, the roof down experience is great but as a weekend toy the amount of use is arguable, some talk also of poorly fitted or adjusted roofs which can then leak and serious bills should the hydraulics go pear shaped, similar story with F1 if it goes wrong, hence why a manual coupe is considered the safer choice, as is a Rosso / Crema car albeit at a slight premium on purchase and sale.

Buy on condition and history seems to be the best advise on here not colour and gearbox.
Whatever you decide make sure you get an inspection.

[bigunit00]

I think you should get the spec you want and if it means saving up for it then I would do that........you don't want to ruin the f car experience through impatience. If it meant getting this car or saving a bit longer and getting the mint looking red manual coupe at s furlonger I would do that or the red spyder at £49k

http://www.simonfurlonger.co.uk/docs2/cars/EFluAFl...
http://www.simonfurlonger.co.uk/docs2/cars/EFuAkyy...

I do like that saying of "buy in haste and repent at leisure" lol

[TISPKJ]

I guess it all depends on your budget, if you had a set maximum amount like I did then you need to maybe compromise on other areas, if you are prepared to wait for your perfect spec car to come along then fine you may get lucky or have a long wait.
Whilst these cars are not exactly rare, they are not mainstream and the more you narrow that choice down the less choice you have open to you.
Paying up and looking big at Furlongers is one option, but you won't get anywhere near your money back if you need a quick sale IMHO.

[foreverfalling]

bigunit00 said:

I think you should get the spec you want and if it means saving up for it then I would do that........you don't want to ruin the f car experience through impatience. If it meant getting this car or saving a bit longer and getting the mint looking red manual coupe at s furlonger I would do that or the red spyder at £49k

http://www.simonfurlonger.co.uk/docs2/cars/EFluAFl...
http://www.simonfurlonger.co.uk/docs2/cars/EFuAkyy...

I do like that saying of "buy in haste and repent at leisure" lol

Thanks for those links- lovely looking cars. You can see where the extra money goes. How much you think that the spider could be bought for? Does there tend to be a gap between purchase and advertised price?

[foreverfalling]

TISPKJ said:

I guess it all depends on your budget, if you had a set maximum amount like I did then you need to maybe compromise on other areas, if you are prepared to wait for your perfect spec car to come along then fine you may get lucky or have a long wait.
Whilst these cars are not exactly rare, they are not mainstream and the more you narrow that choice down the less choice you have open to you.
Paying up and looking big at Furlongers is one option, but you won't get anywhere near your money back if you need a quick sale IMHO.

Thanks for your input. It's most helpful.
I think to be honest I would have a max price...If I had £200k in the bank I think that 45 would be plenty to pay and be my max for my first car over 15k!

Having said that- if I saved more money and ended up looking at 360's at say £50k if probably be tempted to hold out for an f430.

Like us all - I like to get a lot for my money but then this brings risk!

[Nano2nd]

bigunit00 said:

http://www.simonfurlonger.co.uk/docs2/cars/EFuAkyy...

being in the market for a 360 myself i'd spotted this one as its my ideal spec, i'm just waiting to see what else crops up over the next few weeks... though the £60k nero manual 430 at 911virgin would of been nice had i sold my 981 in time!

my concern with the above car is that its also forsale here: http://www.jamespaul.co.uk/ferrari-360-spider-3348...

which makes me think its an SOR car, even though i was told by the bmw place it had been P/X for a 430 ?

[Mario149]

OP: do the house thing first.

1) 360s are not going to appreciate in and real way. Asking prices based on condition and mileage *might* hold against inflation but I doubt even that to be honest, and as soon as you add miles you lose money - nobody (or at least very few) people buy a Ferrari and then don't drive it. I thought that 355 prices were going up in real terms until I did the maths recently and worked out that my £35k 355 purchase just under 4 years ago would cost £38k-£39k today

2) the longer you wait, the more your house will cost - my gf and I were selling last year and it took 10 months to get a good offer, in the meantime, house prices did about 12% is my area (SW London) and we were completely priced out of the area we initially wanted to live in and the type of place we could afford. Not the end of the world, but a bit annoying (<firstworldproblemalert>) as I was hoping to get into one of the local developments where I could park the 550 and not have to keep it 10 mins walk away.

My friend is in the same boat as you, he fancies a DB9 and is willing to delay buying their first flat for 9 months or so potentially so he can get it sooner, but I'm having to have a mini rant at him to persuade him that the DB9 can wait a few months as the flats they're looking at will cost £25k more if they postpone.

[foreverfalling]

Thanks for the feedback... If I'd seen a house then I would probably go for one, but we've been looking for two years and I haven't found anything... We missed out on one just before this but I'm sure something will come up...

If we do see a perfect house we still have a 10% deposit to use and can use this (so we can still buy)... and then a couple of years down the line put in the extra deposit to lower the equity... again...

Part of me is thinking in the next 2 years that the rises in interest rates will cause house prices 2 fall now anyway back 2 the level of what they are now...




I've just seen this car... Might go take a look. Has anyone dealt with stratstone before? Will this car come with a warranty...Do you think there will be any wiggle on price? - It seems quite keen on price for a 360 from a dealer...

http://www.manchester.ferraridealers.com/en_gb/use...

[topless360]

As above OP, house first car later. And I'd also advise waiting out for your perfect spec, although that partly comes down to your personality.

If you are the sort of person that seeks perfection and won't be satisfied without having what you want, then definitely hold out. If you are flexible in your requirements and won't think 'wish I had a red one' every time you look at it, then go for a different colour. Its a decision only you can make, and I personally know people in both camps (I am in the former).

I love my red spider and am definitely glad I got the spec I wanted. There are plenty of 360's out there, it just takes patience to find the one you want.

[bigunit00]

foreverfalling said:

Thanks for the feedback... If I'd seen a house then I would probably go for one, but we've been looking for two years and I haven't found anything... We missed out on one just before this but I'm sure something will come up...

If we do see a perfect house we still have a 10% deposit to use and can use this (so we can still buy)... and then a couple of years down the line put in the extra deposit to lower the equity... again...

Part of me is thinking in the next 2 years that the rises in interest rates will cause house prices 2 fall now anyway back 2 the level of what they are now...




I've just seen this car... Might go take a look. Has anyone dealt with stratstone before? Will this car come with a warranty...Do you think there will be any wiggle on price? - It seems quite keen on price for a 360 from a dealer...

http://www.manchester.ferraridealers.com/en_gb/use...

its very difficult to predict where interest rates and the property market is heading. Some areas may fall in value if interest rates increase but we are not that long from the GFC so I think the economy (and house prices) has some way to go before the govt needs to slow it down by upping interest rates. Who knows.......this may also impact the classic car market which at the moment is going barmy and the 360 actually looks good value when you compare it what other cars are selling for.........but I am not going into Economics........too many variables.......opinions ....etc etc

this looks nice.....cambelt service and new clutch for < £38k...........

http://www.pistonheads.com/classifieds/used-cars/f...

[foreverfalling]

Yeh that's look like a nice one too.

I popped into Stratstone today (first time in a higher end dealership! - I nearly turned round at the door as I wasn't dressed particularly well and there were lots of lovely 458's and California's outside . It was all quite imposing to someone with a more modest budget!)

Anyway it was a lovely car and the salesman was very honest about it. It had a few spots needing touch up on the paint- a couple of bubbles and a flake here and there. The salesman said would sort it out. The seats etc looked nice condition for the age/mileage. Said a fresh service etc but only a 3rd party warranty as it's too old for a ferrari approved.

Offered me a test drive if I make an appointment with no obligation to buy...

I think if it was red I would have gone for it! Price is keen but looking at this one makes me want to wait for a red one I think. This is 10k miles less and red and only a bit more...
http://bit.ly/1i4r0GS

Edited by foreverfalling on Monday 27th January 21:20

[andymc]

Are you sure this is the car for you? I have no idea of your earnings etc but the last thing you'd want is a large repair bill if the house of your dreams comes up

[foreverfalling]

andymc said:

Are you sure this is the car for you? I have no idea of your earnings etc but the last thing you'd want is a large repair bill if the house of your dreams comes up

Yes I think it is, but I just think maybe not quite yet, maybe 6 months to a year would be more sensible. Then should be able to buy without touching any house deposit...

Your right about a large repair bill (over £7k-£10)k Could afford the bill but if it came at same time as the perfect house, the car would just have to stay off the road for a bit...

[mike01606]

T,

From your first post and not discussed much is storage. They can live outside but if so they need to be used regularly otherwise the brakes will rust on etc. Do you really want to use the car through the winter? The other option could be put it into storage for 4-6 months a year but what you really need is a man cave (with house attached ) to retire to for some me time.
I think if you bought it and left it in the elements you may regret it. It depends if it will be your pride and joy or just a car.

I'm a big believer that life is short but you have to use your head and I think you get the gist from this thread.

Mine will be back on the road in a few weeks so if you want I can take you out again and talk it through..........M

[TISPKJ]

Very disappointed with the sensible advice given to the OP above, you guys should be ashamed of yourselves this is pistonheads for goodness sake :-)
We can sort it with some man maths ....

OP both those cars are silver one with 40k the other with 45k, it's not big miles in the real world but in Ferrari world it's getting up there, the black one you originally posted at 38 looked good value, use this time regardless of what you do to research here, autotrader, and lastly eBay, but you will see a trend, the market and cars are very colour and mileage sensitive, in general the cheapest cars are silver, the most expensive are red.

[foreverfalling]

mike01606 said:

T,

From your first post and not discussed much is storage. They can live outside but if so they need to be used regularly otherwise the brakes will rust on etc. Do you really want to use the car through the winter? The other option could be put it into storage for 4-6 months a year but what you really need is a man cave (with house attached ) to retire to for some me time.
I think if you bought it and left it in the elements you may regret it. It depends if it will be your pride and joy or just a car.

I'm a big believer that life is short but you have to use your head and I think you get the gist from this thread.

Mine will be back on the road in a few weeks so if you want I can take you out again and talk it through..........M

Thanks Mike, much appreciate the advice! The car I saw today was just like yours! Lovely.

Thanks for the feedback re living outside, thats good to find out really as I want it to be my pride and joy and very well looked after. I don't mind using it on the odd sunny winters day but they are very few and far between! I've been looking for a garage to rent around here but coming up short... The man cave with an extension would be the best bet...

Some good advice in this thread and very useful, I think its helped me to see how I need to have a little more patience... Be great to go out with you again when you have time. Hope its been nothing too serious to fix?