Ferrari 360 Modena: PH Carpool
One PHer's in depth search for his perfect first Ferrari
Car: 2003 Ferrari 360 Modena manual
Owned since: April 2015
Previously owned: 1984 BMW 528i SE, 1991 Vauxhall Cavalier SRi, 1980 Ford Capri Mk III 3.0S, 1975 Cortina Mk III 2000E
Challenge grilles a welcome addition
"I have always, and still do, run a couple of 'practical' classics. I'm lucky enough to go to Le Mans, Goodwood and so on every year in other peoples' exotica. I never thought I'd get anything really 'special' myself. There are always a million and one reasons not to take the plunge. Mainly cost-related - servicing, parts, insurance, plus scaremongery about temperament. Would I be scared to leave it anywhere? What would the family think? Would I need to take the engine out to empty the ashtray? And all that aside from the small issue of purchase price!
"The catalyst to make me to go for it was a mate who fulfilled his lifetime ambition and found an immaculate 328 GTS. The gorgeous looks, sound and sheer joy of driving it easily outweighed any possible negatives. And the running costs weren't prohibitively silly.
"I started to go to Ferrari Owners club (FOC) and concourse events. A very knowledgeable and sociable bunch, and it put my mind at rest to hear real life ownership stories. Most of the FOC guys are not super wealthy (nor am I by the way), just enthusiastic - obsessive? - car nuts like the rest of us.
"A few stars aligned financially in 2014 which started to make an older Ferrari feasible. Big decision time: pay off mortgage? Or buy the dream? People say in life you regret the things you didn't do, so I decided it had to be now or I would never do it. Time to start looking at candidate cars! But which 'tipo'?
"Ferrari essentials, in my humble opinion
1) Four exhausts
2) Four circular tail lights
3) H-pattern manual
Rosso corsa and crema leather - what else?
"I ended up behind a red 360 Modena on the Eurotunnel back from LM 2014 and that did it for me. Odd, as I'd walked straight past dozens of 360s at shows and club events. My boat was firmly un-floated previously.
"But something about this one grabbed me. The styling in particular - it's still fairly modern looking, but old enough to be interesting. And still recent enough to benefit from the improved design and build regime that came from the new factory set up.
"It's the last truly uncomplicated Ferrari. Very few driver aids or switches cluttering up the steering wheel - less things to go wrong! It's essentially a big, normally aspirated V8 in a sensationally honed chassis, wrapped in very light body. Like a big boy's go kart.
"Other pluses: you don't have to take the engine out to service like some mid-engined cars. The belts are accessible via removable panel. The body is aluminium, so rust is less of a concern."
Noise spectacular, even with the standard exhaust
"Not much to say here really. Once I'd decided on a 360, I did research first hand with owners at the club. There was nothing but positive feedback. Current owners love them, previous owners wish they hadn't sold them! Everyone said go for a manual.
"Probably the only thing I wish I'd known was how hard finding a decent one in my spec would be. More on that below.
"The buying 'experience': blokes in pubs will tell you a 360 can be bought for less than £50K. They are right, but I'll bet a year's servicing costs that £50K will get you a LHD F1 Spider with plenty of miles.
"The basics I wanted for my Modena were 'retail' red, a manual gearbox, cream leather and low miles. Turns out that's what most people want, so these cars certainly carry a premium. I looked at three cars:
Car #1 - Full on Ferrari franchised dealership's 'classic' department. Car very clean, and presented well. Spec not 100 per cent. Sales people were pushy. Too much for little old me spending the family silver on my first Ferrari, anyway.
Car #2 - At a well known small independent. Car was OK, again spec not perfect. The sales patter was entertaining, but not right for me. "Buy it now or I'll pick up that phone and it will be gone tomorrow", they said. It wasn't. Tan interior and scruffy exterior just didn't cut it. Even Eric Clapton's signature on the logbook wasn't going to persuade me to change my mind on that one.
Car #3 - 'The one'. Saw it advertised at Furlonger's in Kent.
David looked at a few; this was easily the best
"A detailing friend who runs Azuri Car Care gave it the once over and described the condition as 'perfect'. Furlonger were very good. After the first viewing/test drive we came to a gentleman's agreement and it was mine. The car would be held until I confirmed either way. This allowed me some valuable thinking time and the chance to ask more questions. But really my mind was made up! A week or so later the deal was done, the debit card was hammered and the time had arrived to pick it up.
Collecting it and taking it home was a strange mix of excitement, anticipation and blood curdling dread! What was that noise? Was that smoke I saw? How do I turn the immobiliser off again? What the hell am I doing?!
?And genuinely, will it fit in the garage? I had measured it a dozen times and the sums added up but was mighty relieved when it squeezed in there was still room for me to squeeze out!
That was just 11,000 miles of use will do!
"Can I say everything? Looks - a matter of taste but I love it. All the Pininfarina styling cues, and more than a nod to the 246 Dino in some of the features. The smell - with only 8,000 miles on the clock, it still smells new inside. When it's hot, pinging away after a fast drive, the engine bay smells like only a Ferrari can (that's an actual 'thing' too - something to do with bonding materials used at the factory)
"Sound - where to start? We all have a rubbish day now and again, right? Feel a bit down? Need a lift of the spirits? I have the cure! I live in Hertfordshire, quite close to the (very long) tunnels under 'The Galleria' on the A1. All you need to do is head there, switch on the only gizmo (Sport mode), drop down to third gear (the metal on metal click makes an addictive sound in itself), then experience the screaming wail of the 3.6 V8 at somewhere near the 8,500 rpm limit, approximately six inches behind you, and echoing back off the tunnel walls.
"Believe me, that can make the worst days instantly very good indeed. I've done 3,000 miles in the car, and I reckon about 2,000 of them have been done through those tunnels! But at low revs - slow manoevring and the like, the engine burbles away like a big Yank V8. A weird contrast to the banshee scream near the limit.
"Spec - one of the very best things is I found my 'perfect' spec. If you think about it, that's pretty rare even for a mainstream modern car. Getting the colour and options exactly the way you want when buying anything pre-owned is always tricky.
"I seized the window of opportunity for once! I'm glad I did it when I did, as I would probably be priced out now. The market has gone up. A lot.
Ambition fulfilled!
"Marque history - I love the heritage of the Prancing horse, and especially their sports racing provenance through the 50s, 60s and 70s. I like that the 360 kick-started 'factory' re-involvement at Le Mans back in the early 2000s, leading the way for later 430s and 458s, right up to 488 GTEs of today.
"Positive vibes - I bought it as an enthusiast, not to show off. But it's nice that pretty much everyone seems to like the car. In fact in a year of ownership I have had nothing but thumbs up. People take snaps of on motorways, and in petrol stations. It felt a little odd at first, but you get used to it. And if I'm honest, do I dig it when people ask to take selfies with it? Yeah, I do!
"Owner 'perks' - as an owner, you can book the full owner's factory tour. They include a personal guide around the whole site - inside and out - including the Corse Clienti garage at the Fiorano test track. That's where very wealthy boys keep their very lovely toys - on the day we were there we saw about 40 Schumacher era F1 cars, loads of FXXs and nine (!) FXX Ks.
"Prizes too - I entered it in the national FOC concourse last year in the 360/430 class. I came second, but the overall class winner was a 430, so I am claiming best 360 prize by default!
Costs haven't been too bad either
"But mine - though it is very bright red and draws a fair amount of attention - somehow doesn't feel overtly 'flashy', if that makes sense?
"I think it's because this model is in an age window where it's now 'interesting' to people - car folk and others alike - whereby previously it had been overlooked. At the same time it doesn't look or feel old fashioned - and certainly still offers true 'supercar' driving thrills.
"It's not so rare and precious that I'm afraid to take it out and put a few miles on it. FOC friends and associates would certainly not risk visits to B&Q on a Sunday afternoon in their F40s, F50s, Enzos, Daytonas and Dinos!
"Maintenance - there have been no major issues so far (touch wood, grab rabbit's foot and the lucky heather!) but, having said that, the engineering on these cars is pretty robust. I was surprised how solid the 'clunk' of the door was. Very 80s Germanic solid actually. The key thing with the mechanicals is ensure it's had regular servicing, including belt changes every three years.
Belts must - MUST - be changed every three years
"I did have one little shock when it came to insuring it. I knew it wouldn't be cheap and had budgeted for that. But as I am the wrong side of 40 with a clean licence that should help, right?
"But when I contacted the insurance company recommended by the club (Locktons), they told me they will not insure anyone on a 360 unless they have owned a Ferrari before. Basically said call back when you've had it a year. What now?
"Luckily enough, I found out a neighbour is a senior guy at Sky Insurance, and they put together a specially underwritten policy for me. Not much change out of a grand but I was just relieved to get it insured. First time buyers beware!
The first of many?
"Total costs - Purchase was £80,000 (pricey but it was the best in the UK at the time). Worth every penny. Depreciation - zero. Prices have gone up. Insurance £900 per annum. Satellite tracker service £300 per annum. MOT and basic service - approximately £1,100. Other maintenance - getting the 'advisory' work done with parts and labour will probably end up being around £3K."
Where I've been:
Ferrari track days at Silverstone and Goodwood (mine doesn't go on track though - just there for the social element); Hertfordshire FOC meetings; Festival of Speed National Concourse."
What next?
"Going to Le Mans, then it's in for some cosmetic work (the front clip is a very low and takes a battering from stone chips). I will also get wheels refurbed. Then on to the 2016 National concourse again. I'm determined to get the big cup this time round!"
Want to share your car with PHers on Carpool? Email us atcarpool@pistonheads.com!
Looks gorgeous and I think that would likely be my perfect spec as well - great write up too
I remember driving the very first one that Thruxton had as a supercar experience car (LHD manual). That was 15 years ago now, but it was streets ahead of anything else I'd driven.
Although I'm not a speed demon persay I have to say I think I'd have a bit of a complex about it being embarrassed by pretty much anything modern and "hot" nowadays in the acceleration stakes. I recall an owner on here saying as much.
That's missing the point somewhat I accept, but still - you'd want, and others would expect, a bright red Ferrari to feel peerless, wouldn't you?
Prices are bonkers now too.
Not that I am in the position, but I have loved the idea of a 355 until I went out in one and it felt a bit fragile. The 360 felt very modern in comparison and the build quality was more Germanic.
Can't make my mind up on those rear challenge grills - the rear end is hard to beat all red for me
Change from a grand doesn't seem so bad to me for insurance for something so special
Have values really gone up that much from £80k? I would have thought a private seller would struggle to realise much more than that for one. Lovetts have a 9k 2004 nero manual spider for £100k and I bet their margin is every bit of £20k
I love mine and it puts a smile on my face every time I drive it (Even when I recently drove it to the garage for its 3 year cam belt service !).
As you say, values have gone crazy on these in recent years and the days of picking a half decent one for less than £50K are long gone.
Hope to see this car at a Sunday Service in the future
And congratulations on owning such a fantastic car, sounds like an absolute belter.
As you are Hertfordshire based, can i recommend the A1 tunnel at Hatfield, one of my favourites.
Great write-up, as others have said. My preference is for the 355 but, as those are also sky-rocketing beyond belief and these sound a lot more practical, I reckon I could compromise!
33k miles, but RHD, so everybody moaning prices "have gone crazy" seem pessimistic to me.
£65k is still an accessible price for many people, for a lovely car that wont depreciate too much, if at all.
Great write up, enjoy your P&J.
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