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I just found out the 360 I "was" buying was a rental car

Discussion in '360/430' started by Cooper, Feb 14, 2014.

  1. Cooper

    Cooper Karting
    Owner

    Feb 25, 2013
    227
    London, Ontario
    Full Name:
    Chris Cooper
    Hi everyone, I pretty upset right now. After an exhausting search for the exact car I wanted I just found out right now that it used to be a rental car. It is currently all set to go to Ferrari Montreal tomorrow for a PDI and belt service at my expense. I am thinking about canceling the deal because of this. I am buying the car for about $10k under what I think is market value. I am torn, not sure if the savings is worth the risk. The car is an 01 red spider with 60,000kms (not miles) but has a new engine from a car with 2500 miles. I have confirmed this with the shop who did the engine swap. They say the engine is good but the car had a rough life. They are a reputable Ferrari alternative shop.

    Am I a fool for moving forward with the deal. Is 10K savings worth it?? I am just not sure what other items could go wrong and cost big money to repair other than the engine which at this point is confirmed to be solid.

    I am interested in your thoughts! Thx everyone.
     
  2. HH11

    HH11 F1 Rookie
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    Sep 4, 2010
    3,008
    Not worth it.

    $10k is an amount I would subtract for having very high miles, cheap chrome aftermarket wheels, ridiculous stereo set up, and lack of maintenance records. And $10k is probably where I would start.

    Now factor in the rental history....big no no. Unless you intend to keep it forever, future buyers will pass automatically. Its hard enough to sell no history, clean examples privately.

    Pass on this one. The price delta does not make sense here.
     
  3. pad

    pad Formula 3

    Sep 30, 2004
    1,409
    Tequesta, FL
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    Paul Delatush
    Walk away. $10K is not worth the "savings". You can spend $10K quickly on a 360. FWIW.
     
  4. ASK328

    ASK328 Formula 3
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    Sep 23, 2005
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    No IMO move on - to many issues could pop up. I think a car like that should be 20k under mkt, unless it comes with a large stack of service bills - 360's can be very expensive to service, contrary to what many think.
     
  5. Llenroc

    Llenroc F1 Rookie
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    Jun 9, 2004
    3,086
    Colorado
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    Vern
    Wow, I could not run fast enough. New engine in a 360!, that would be my first clue.
    The old term "You get what you pay for" would apply here.
    The shop that said it had rough life...is that not obvious to someone by looking at it?
     
  6. DennisForza

    DennisForza Formula 3

    May 23, 2006
    1,717
    Arlington, VA
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    Dennis
    The only used rental car to buy is a GT-350H.

    WALK AWAY!
     
  7. Vincent Vangool

    Vincent Vangool Formula 3

    Oct 6, 2007
    1,177
    Menlo Park, Ca.
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    Vincent Vangool
    Run, Run, Run. 20k savings isn't worth having a non matching engine. Not to mention the abuse it took as a rental car.
     
  8. ross

    ross Three Time F1 World Champ
    Silver Subscribed Owner

    Mar 25, 2002
    30,271
    houston/geneva
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    Ross
    walk away unless it is significantly less.

    especially since your guys say it had a rough life.

    some rental ones have an easy life and should not be shunned - they get used for photo shoots, and by poseurs. but somebody who rented it and thrashed it for 60k km, no thx
     
  9. bball16

    bball16 F1 Rookie
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    Dec 2, 2011
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    Mike
    I'd walk away. Let's be honest, we all own an FCar and take great care of them, but if we had one for a couple of days and didn't have to worry about service... Well I think you can understand we would drive them kind of hard.
     
  10. marknkidz

    marknkidz Formula 3
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    Oct 7, 2004
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    so cal
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    don't walk away....

    RUN!!!
     
  11. Graz

    Graz Formula 3
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    Oct 15, 2012
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    Thomas
    Step away from the vehicle my friend. Run away that is............
     
  12. ijvpet

    ijvpet Formula Junior

    Jul 17, 2002
    480
    Calgary, Alberta
    Full Name:
    John P
    I understand exhaustive searches can be a pain. There will ALWAYS be another car out there that is a better fit. Its a matter of time before you find another one.

    Kill this deal. "Rough life Ferraris" mean deferred maintenance, abused (Obviously with a new motor installed), very expensive fixes in the future that may never end. You will then be in a position of despair and sell the car for pennies just to get rid of it.

    I've been in this position. You pay now or you pay later. Period. Wait for the absolute best car you can find. Even if it take a year, you will have years of enjoyment.
     
  13. Testarossa Lover

    Testarossa Lover F1 Rookie
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    Dec 31, 2006
    3,495
    Newport Beach, CA
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    Haig Barsamian
    Don't even think about it... let her go...

    When you buy a Ferrari, saving $$$ is nice but it should be secondary on your list.

    Priority is always making sure the car your buy has no hidden issues.

    The right B***h will come along.
     
  14. okiedude

    okiedude Formula 3

    Jul 11, 2011
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    Remulak
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    Blake
    The buyer has left the building!
     
  15. jlonmark

    jlonmark F1 Rookie

    Mar 29, 2005
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    Beverly Hills, CA
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    Jay
    You dodged a bullet with that one! In my opinion a rental car or salvage title car is HALF of a clean one. And I wouldn't be able to pull the money out of my pocket fast enough to pay for the clean one. There is no such thing as a "cheap Ferrari." Also just think about how the majority of the population treats a rental
     
  16. ARTNNYC

    ARTNNYC F1 Rookie
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    Jul 8, 2005
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    Jerome
    it might not matter so much now but in the not so distant future non-original motors in these cars will lessen their value greatly! good move to walk away...keep looking as there are plenty for sale worlwide
     
  17. ASK328

    ASK328 Formula 3
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    Sep 23, 2005
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    I said 20% less, I think it's more also - could approach 50%
     
  18. Ferrari 308 Vetro

    Ferrari 308 Vetro F1 Rookie
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    #18 Ferrari 308 Vetro, Feb 14, 2014
    Last edited by a moderator: Sep 7, 2017
  19. Simon^2

    Simon^2 F1 World Champ

    Oct 17, 2005
    11,656
    At Sea Level
    Rental history...
    Engine swap...
    60k kms...
    Mechanic says "rough life"

    And your even considering it??? Really???
     
  20. spourreza

    spourreza Formula Junior

    Dec 28, 2013
    596
    Mount Olive Twp, NJ
    Full Name:
    S.Pourreza
    Walk away. Think about how you would treat a rented car...you would drive it like you didn't own it. Too many cars out there


    Sent from my iPhone using Tapatalk
     
  21. rbellezza

    rbellezza F1 Rookie

    Jun 18, 2008
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    Roberto Bellezza
  22. intrepidcva11

    intrepidcva11 F1 Rookie
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    Jan 12, 2009
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    Seth
    Have you got the message, Chris? Even if there are no problems - zero! - you will never feel comfortable and at ease in that car. In a pre-owned car, especially a top-end sports car like Ferrari, condition isn't everything, it's the only thing.
     
  23. amenasce

    amenasce Two Time F1 World Champ
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    Oct 17, 2001
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    Andrew Menasce
    #23 amenasce, Feb 14, 2014
    Last edited: Feb 14, 2014
    A clean 01 Spider with 60.000 kms should be worth $70k. For this deal to be worth it (rental car, with engine swapped, 60.000 kms for everything else, rough life), the car would have to be selling for $30k.

    You car will always be a rental when you need to sell, doesnt matter if the engine was replaced (It can happen..), but the rest was probably abused. Even during those 2500kms on the new engine. I knew a guy who worked at a car rental agency in France (they had 911/SLK/Boxster etc..) and he said the pads and/or tires would usually need to be changed once every 2 mondays.
     
  24. wizig

    wizig Karting

    Jul 8, 2006
    87
    Leawood KS
    Keep looking. Even if you save $10k buying this car, and IF (big IF) it costs you no more to own than a high quality car, think about how much will you have to discount it when it is time to sell. Based on the responses in this thread, there will be very little demand for it. So you could save $10k now, but have to discount it $20k later...if it sells. My greater concern would be that it is unsellable, nobody will want it compared to better quality/history 360s that could then be trading at $40k.
     
  25. FasterIsBetter

    FasterIsBetter F1 Veteran

    Jul 22, 2004
    5,844
    NoNJ/Jupiter FL
    Full Name:
    Steve W.
    Run Forrest, run!!! Agree with everyone. As soon as the mechanic said that the car had a "rough life", I would not have hesitated one second to kill the deal. And if the seller did not disclose to you that the car had previously been used as a rental car, I'd give him a what-for that he will not soon forget.

    Just be happy that you found out about this before you ended up owning it.
     

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