Ferrari 360 Market Watch (Sep13)

Now that my insurance claim has been settled I am in the market for a new car.  Naturally I am on the lookout for another 360 but have to say I am astonished at the amount of crap that is offered at the moment.  It’s not just me, I am corresponding with another person who is looking to buy a slightly different 360 to me and he is reporting the same problem, cars just aren’t up to scratch.

My biggest bugbear is service history – cars are advertised as FSH when in fact they have a four year gap between the last two services or, in one instance, ten years since the last service!  I did actually come close to buying a car last week but as the true condition was slowly revealed the numbers didn’t stack up.  The car was full of deferred maintenance and a noise from the gearbox killed the deal.  I can’t figure out what sort of person spends £40-50k on a car and then doesn’t service it – an annual service doesn’t cost that much but missing it slashes thousands off the value of the car.  One car I considered had thousands spent on upgrades (at least £10k) but all four tyres were bald!  Anyone who is trying to buy a 360 at the moment has my deepest sympathies.

Enough complaining, onto the numbers.  As a bit of fun, I have decided to create the Aldous Voice 360 Price Index (AV360PI).  The index will be based from August 2013 which will be set at 100.  Between August and September the average asking price fell by 0.48% so the headline index stands at 99.52.

Here is the data in tables split by body style, transmission and colour.  As you can see, the trends I wrote about last month are broadly still present.

Table_Sep13

Something that has changed from last month is the number of “high” mileage cars on the market.  There are three cars with 60,000 miles or more on the clock.  This gives us some data at that end of the market and allows a trendline to be plotted over the figures in order to give a rudimentary formula to link the relationship between mileage and asking price.   I chose a logarithmic trendline as believe it best represents the behavior at both ends of the market.  Here are the data points plotted together with the trendline and the formula.

Chart_Sep13

For those of you who can’t be bothered to crack open your log tables here’s a pre-prepared list of mileages and corresponding theoretical asking prices.

Table2_Sep13

Of course all of this ignores the biggest driver of price, condition – which is all over the place at the moment.  Buyer beware!

Related posts:

Other posts in this category: Buying and Selling

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7 thoughts on “Ferrari 360 Market Watch (Sep13)

  1. Great post chap and very informative. You might find an influx of high mileage sheds coming onto the market as several experience companies are moving onto 430’s and looking to bale out of their 360’s for as much as they can get, Perry

    Sent from my iPhone Perry Brewer

  2. No mention of currency in your charts for 360 prices, pounds, euros dollars. Otherwise very interesting

  3. The analysis appears on par (using a currency conversion from GBP-2-USD) to what’s listed in the US with the expection of model year in your analysis. A sizable differential exists between an undocumented ’99 couple and that of a concourse ready 2nd generation 360. Having mechanical experience & enjoying the track, are you also considering a challenge stradale? I’ve seen a 20%+ increase in asking price and most are low mileage cars.

    As already noted, very much looking forward to you having a 360 again!

    1. I’d love a Stradale but prices over here have shot through the roof and, in my opinion, too high. I could buy a 360, modify it to give a close as experience to a CS and still have enough money left over for another Ferrari!

  4. I have been looking now for about 6 months, I started looking at 355 spiders because I always liked that body. However after really looking into all the issues with them I decided on spending the extra and getting a 360 spider.. I remember the first time I saw that glass panel over the engine… Of course I didn’t really think I could afford one as since I have homes in the US and the UK, i started looking at US cars and found that the 355s tend to cost less in the US then in the UK, but the opposite is true of the 360s they are around 10-20K US more then the UK cars even with current exchange rates favoring the pound. I am looking for a unique car, especially for the UK. I want a LHD model.. I have been driving in the UK for 8 years and have always had a car there (old triumphs and TVRs) always RHD. what I found was that living in Central London (Camden) i almost never wanted to drive as the tube and taxis are so easy and parking is a nightmare. I have offices in France and Switzerland, so most of my driving has been in LHD countries so putting up with the LHD in the UK is OK. I had a friends “left hooker” 575 for about 6 weeks and did drive it all over England, that and his Hummer H2, well its ok. I want a Nero on Nero F1 spider, and I just cant find one in the UK at the moment. So I decided to look in Italy, and I have found the exact car I want. One owner 2002 F1 spider. It is currently at a dealer far from where she was born, has all the records, including a recent complete engine overhaul with all documentation.. why at 32,000 miles?? a valve issue the previous owner was a stickler for maintenance and wanted the engine as new, not just the top end repaired. A bonus for me as I will have a engine with 2000 miles and a warranty. OK sorry long winded story. The reason was price. this car cost me 44,000GBP (converted from Euros). I would not be able to find a car in this condition in the UK at this point in time for anything close to that, especially with a new engine and a ferrari warranty on the new engine. The good cars at a reasonable price are out there, one must however really search and ask lots of questions..

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