Ferrari 360> Financial Risk?

[jb2]

Hi All,

I'm selling my 911 and hoping to get a 360. I have an older 911 (2000) and would be looking for a 360 of around the same ago; still, it's quite a jump in car value (35k vs 55k).

Looking at some of the financing options available, it appears as though I could put something like £15k down on the 360, pay £500 or so a month, and pay the balloon payment in 12/24 months when I sell it (and I would need to, to cover that size of a payment).

My question is what do you guys think about this in terms of financial risk and depreciation of the 360 (I have my 911 up for the same price I bought it at 10 months ago, where as I lost 10k on my first ever car which was an Astra Turbo... live and learn).

I expect the Ferrari to depreciate, but if it dropped more than the initial payment I put on it (10-15k) in a 12 month period (10k miles...ish) I'd be somewhat stuck.

Thanks for any input guys

Jon

(Regarding running costs etc, I'd expect it to be not too dis-similar to the 911, so that's not too much of a concern?)

[Sarbs]

Red 360 should be fine to sell on but dont ever budget ferrari servicing to be akin to that of porsche.

[elex]

Year 2000 911 worth £35k. I don't think so. I think you've probably done £10k on that too if you are going to px it.

[Kingdom]

elex said:

Year 2000 911 worth £35k. I don't think so. I think you've probably done £10k on that too if you are going to px it.

Depends on exactly which 911 model it is. Anything other than a turbo and I think you're right.

[neil360]

Ferrari running costs tend to be higher than that of Porsche servicing is 12 months or every 6250mls and belts EVERY 3 yrs. If you are spending £55k at a dealer you are buying at the bottom end of the 360 market depending on how many miles you are planning to do will greatly affect the sale price after your ownership experience! If you do 10k in 18 months you would be looking at maybe £40k trade in dealers like a large margin to cover any expensive prep on sale so maybe even less!

[CUE99T]

jb2 said:

Hi All,

I'm selling my 911 and hoping to get a 360. I have an older 911 (2000) and would be looking for a 360 of around the same ago; still, it's quite a jump in car value (35k vs 55k).

Looking at some of the financing options available, it appears as though I could put something like £15k down on the 360, pay £500 or so a month, and pay the balloon payment in 12/24 months when I sell it (and I would need to, to cover that size of a payment).

My question is what do you guys think about this in terms of financial risk and depreciation of the 360 (I have my 911 up for the same price I bought it at 10 months ago, where as I lost 10k on my first ever car which was an Astra Turbo... live and learn).

I expect the Ferrari to depreciate, but if it dropped more than the initial payment I put on it (10-15k) in a 12 month period (10k miles...ish) I'd be somewhat stuck.

Thanks for any input guys

Jon

(Regarding running costs etc, I'd expect it to be not too dis-similar to the 911, so that's not too much of a concern?)

Jon, what a great and sensible question....."Whats my exit criteria?"

Not heard a single person on here or other forums ever ask this and get sensible answers!!

First of all, he never asked for a px figure, he's speculating his price, and secondly, 12/24 months seems a short term which IMO gives no gain, better with 36 months and a 45% balloon (age of car dictates) in my personal experience this has been the happy medium of keeping payments lower but not accumulating too much interest.

I think a 360 will not do it's brains like newer models, but all I can say about it is, there was a facelifted model in 2001Y onwards which had Xenons as standard, maybe start with these cars? I guess if ya buy retail they have margin but private not so much but not prepped as good or offer warranty. Expect to lose 15k over 2 yrs between running and depn.

For free impartial and open market advice on finance I used www.tvaf.co.uk (Andy Wise).

Good luck and let us know how ya get on fella.

Kind regards
Paul

[neil360]

The used car market is always turbulant and the resale value may well be alot less than you predict at time of purchase you pays your money and takes your chance lifes to short just get on and buy your 360.