Price's Are Dropping On 360's?

I have no idea so I didn't vote, but I do feel like two to three years ago was the height of used car sales where things went for crazy prices. I sold an E30 during that time for three times the price I bought it for just a year earlier. Couldn't dream of doing that now. I feel like prices have corrected a bit, but shouldn't go lower unless there's a larger market issue

 

It's just a regular correction of everything. As it should be after the madness for a couple years.

 

Yup dropping.

 

No question the last few years were a once in a lifetime perfect storm of circumstances that drove prices up on many things, not just cars. You're seeing a healthy correction now. Will they go lower? My guess is yes they will. But for me personally, car values are not why I buy cars. I've both made money and lost money on cars but I buy them because I like them. Not because of some YouTube video or review or because of what they might do price-wise, but because I like the way they look and drive regardless of whether it's a market high or low. Hopefully you love your 360 and have been enjoying the heck out of it these last 3 years. Hard to put a $ on that. YOLO.

 

I think cars are hitting 25+ k miles… and the accompanying higher $ main items…

clutch
Belts
Ac comp
Headers
Stickies
Brakes
Ball joints..

if this stuff was kicked down the road… units are heavily discounted.. to the knowledgeable buyer.

 

I do feel like F430 prices have risen slightly since fall. It is the right time of year though.

 

Yes, prices will drop from a couple of years ago, but that sudden escalation was a historical oddity.

Also, many 360s are now reaching "rolling restoration" levels. Still nice cars, but needy. After all, the earliest of them are a quarter century old now. The ones with almost no miles still need a lot of work, because rubber and leather do dry out.

The third element is that the Californias are putting a lot of pressure on the 360s as the entry level Ferrari. Traditionally that role was held by the 308-355 series, but those have climbed pretty aggressively as they've reached classic status. So the 360 sits in the "not TOO expensive" range for folks who just want into the marque. The early Californias are dropping into the 70s now, and it's hard to overlook a car with 65 more HP and a decade better tech than the 360.

 

I feel that there is an increasing group of people that categorize the 360 as a "classic." I was at an event last weekend and the hosting dealer posted my car on Instagram as a "classic." So that will draw a different demographic of owners/collectors, just as the 355 has become a "classic."

I bought mine last July, so I'm sure it's down a few grand right now, but I'm not worried. I'm sure the nice cars will be fine long term. Enjoy the cars for what they are!

 

I think the gated cars will take less of a hit for a number of reasons. With how the US is right now with the division, the upcoming election, inflation, etc I think prices will go a little lower than where they are now. The 360's are so beautiful.....If the country levels out (if that will ever happen) and more confidence comes back from it's citizenry I think the 360's are a model that will INCREASE the fastest too. Just my thoughts.

 

I lost my 04 360 gated spider to a fire last thanksgiving night. Inurance paid me $165K for the car plus taxes. It had 49K lots a fun miles on it....shopping now...Just don't have a place to park it yet....my shop went up in flames.

 

terrible to hear

 

A Ferrari will always be a Ferrari. Many of us will not live long enough to see the 360 dramatically appreciate in the coming years. I remember when the Dino was a "cheap" Ferrari and was demonized because it was a six banger. I had an opportunity to buy one in 1981 for $15K-- and it was a nice driver. About the same time I looked at a Maserati Ghibli, Red, A/C, three pedal car-- again a nice driver for $15K.

In the short term I believe the 360 will slowly claw it's way back. The biggest drawbacks to this is the market of buyers who value tech over style or driving experience. I also believe once all that tech begins to also age and starts costing a sack of money to fix, cars like the 360 (and the 430) are going to outlast the short term fascination of the over tech-nified cars. We think belts, "stickies", clutch, are expensive wait until these "high tech" models need their "high tech" (read high price) repairs. A friend of mine has a first series NSX. He doesn't even what to discuss the "tech" repairs to the dash and other operating gizmos-- and he is an electrical engineer.

I don't expect a sharp increase in 360 prices (F1 or stick) for some time.
As I have said before, no matter to me. I love my 360 and plan on driving, upgrading, maintaining, and thoroughly enjoying the ride for a good long time.

 

I think prices are definitely down since the peak in 2021/2022, but it I would not say it’s monolithic by any means.

For the 360, there are a few factors in play in my opinion
-interest rates are at 8-9% for a traditional loan on a car like this. That increase by 2-3x over a few years ago will remove some buyers from the market and lower demand. I know finance is like P&R around here, but increasing finance cost will reduce the number of buyers who can enter the market.
-labor costs to maintain are higher than they were a few years ago. Skilled tradespeople (in my area anyway) are SO hard to come by. Increasing costs to maintain will make some people sell a car they already own (increasing supply) or avoid buying one (decreasing demand)
-Q12020 to Q12022 was such an aberration to the upside from a demand and supply standpoint. New cars were delayed and stimulus raised people’s marginal willingness to spend / reservation price. It’s hard to overstate how much stimulus was pumped into the economy. I have never felt anything like the insane demand surge like we had in 2021. It was unreal.
-the labor market is either holding steady or slightly weakening. This reduces demand.

All the above are negatives for values, but I think there is one large positive effect: it seems to me that whenever the cohort that was a teenager when the car was new becomes old enough and affluent enough to buy it, values increase. I think you are seeing this with the F355 and I anticipate it will happen with the 360. I am not saying 360s will ever be collectible, but I do think if millennials have the same tendencies as gen x (maybe true maybe not), then I would think values will increase as more people want them.


Sent from my iPhone using FerrariChat

 

I think you are seeing quite a few more cars hitting BaT with "issues". Higher miles, minor accidents, deferred maintenance, etc. I think it's a more "real" market. You can't judge the market by a few pristine never driven low mileage examples.

What surprises me is how much difference there seems to be between 355s and 360s! And maintenance on a 355 is much more expensive than a 360.

360s
Image Unavailable, Please Login

355s
Image Unavailable, Please Login

 

appologies in advance if anybody has one, but I don’t think the California is attractive in any way. Fake tail lights, fake exhaust tips, odd catfish front. I feel like it was a phone it in design effort by Ferrari and that is why they tend to be more entry level, mostly scooped up by those that want people to know they own a Ferrari but not because they’re an enthusiast.

 

Low mileage factory gated no stories spider sold for $105k...interesting. Would have been closer to $130k a year or 2 ago.

https://www.ebay.com/itm/285811488695

 

[emoji651]️

Definitely wonder the same thing


Sent from my iPhone using FerrariChat

 

I think it's mostly down to the production numbers. Scarcity plays a huge role in car values and they made about 50% more 360s than 355s. The CS had almost the same base MSRP as a Spider when new and now they're miles apart.

 

and low miles too. thats cheap

 

It seems scarcity and exclusivity are two of the biggest factors to open wallets in markets for luxury, or really anything we don't NEED. The problem with this market is the variability in price based on the example, day of week, time, and location. Sometimes, especially with auctions, the right buyer didn't align the stars to find the one they would have bid up. Or they already got one. It unfortunately takes time to get a best fit line for Ferrari markets because even with the 360, which is high production for a Millennium Ferrari, there aren't that many transactions. Even in the odd era of flexing "gated" as a status symbol more than anything, many 360s had the H pattern, reducing scarcity. So when the markets pull back, so will they. I think they've pulled back but still faring better than others as they become more classic.

 

105k on that car was too cheap. Not sure why. My cars comps all at 165-225k . Mine had 49k miles. Got dinged hard on the mileage but I never planned on selling it. :-(

 

I think the 360 will fast becoming a “classic” because people my age (40-50) are relating to our youth cars as classics and buying them for nostalgia. Not just for the age, but also for the tech (or lack of). My gated 360 drives like a car that I remembered from my youth, where as all my new cars drives like spaceships with all the tech. I call it “analog” even though it is not. I find the F430 too much like the newer cars but old at the same time, and the 360 just feels like what a fun car “used to be” like.

When the GenX all starts to look for classics, like me, there is no better option. Beauty, class, style, and the drive. I also looked for a Gallardo but 360 is so much better looking. IMO of course. It will rise, there are just not that many of them.




Sent from my iPhone using FerrariChat