Let’s start with the elephant in the room – the 360 spider that is up for sale with JCT600. For those of you who don’t follow the UK market, the car in question is an ultra low mileage spider offered at an eyewatering £140k. And that’s after a £30k price reduction in the last 24 hours! I struggle to see who, beyond a collector, would even contemplate buying this car. You wouldn’t be able to drive it, otherwise all the *value* would disappear. Any sane person with this sort of money would be looking at a 458 spider, or perhaps a pair of F430s! The appearance of this car on the market signifies the madness that is currently afflicting other Ferrari tipos has now reached the 360.
I had thought long and hard about including this car in the data set for fear if distorting the numbers. In the end I decided to leave it in, for a couple of reasons. First and foremost, the way I set out the index was to include the entire population (ie: no topping and tailing of the data). Secondly, due to the very low mileage the car is only affecting the headline index. None of the detail stats are skewed.
Unsurprisingly, average 360 prices have increased for a third month in a row adding 2.50% since this time last month. The price index now stands at 124.22.
The number of cars for sales has increased by just two but activity remains very robust with 15 cars sold from the data. However, this number isn’t the complete story as there are quite a few transactions happening off market as well. Furthermore, the transactions I know about have been good cars going for very strong money.
It would be amiss to not mention the other end of the market as there have been a few cars offered for sale at more sensible money. Activity in this area has been dominated by the release of the Silverstone experience cars to the market. These cars were offered with a mere 85,000 (carefully driven) miles for about £33k.
Here’s the main data table:
And here’s the plot of mileages vs asking price:
Average asking prices for the different mileage points:
Finally, here’s the big table showing which cars are in and out of the data. Note that both the Frosts car and the Eagle Automotive one seem to have been sold.
I’ll wrap up with a small warning for buyers – as I travel about I get to see all sorts of cars and it apparent that there are a lot of people chancing their arm with substandard cars offered at top prices. If you’re looking to buy, please be careful and do your due diligence first.
And here’s an idea for owners: I have helped a few people cash out of their 360 and get into a top spec (Ferrari approved) LHD F430. In all cases the cost to change has been flat, even once travel and importation costs have been added. If you can live with the steering wheel on the wrong side then it might be one to ponder….
UPDATE 02/05/15: In response to the request below, here’s the plot of mileage vs price with the Elephant removed:
- Ferrari 360 & F430 UK Production Numbers
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- Ferrari 360: A Dealers Perspective
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6 thoughts on “Ferrari 360 Market Watch (May 2015)”
Aldous. Great article as always. Elephant? I’d say Monster Raving Loony. You’re right that the world has gone mad. 308 and 328 prices are ridiculous. The 360 is an ok car but not a patch on the f430 nor the 458 or even the California. £140k is insane. What’s more mad is where has this car been and why?
The rising prices of the 360 now theoretical makes many of them dearer than many f430’s.
The bubble will have to burst IMHO. I struggled to convince myself that a 360 was truly worth 50k in 2008 but now 60-65k for the same car 7 years older doesn’t make any sense. Many dealers were predicting 30k 360’s.
They’re a good car but not that good.
It’s just my opinion of course which as always can be 100% ignored!
All the best.
Whilst I understand your decision to keep “The Elephant” in the data, as you say anyone spending that sort of money (assuming it sells for anywhere near the current asking price!) would not be able to use the car or the value would plummet. So, it can’t be considered a road car in the normal sense.
Similarly, the ex Silverstone cars on sale are most likely destined to be track day or competition cars rather than cherished road cars.
So, what would be interesting, but of course noting everything is easy to he who doesn’t have to do it ;-), would be to see the main price vs mileage graph with these cars cut from the data set….
Great update again as usual, thanks, Philip.
Done – see the chart at the bottom of the page.
I find it amazing that you can trade a RHD 360 for a LHD 430 at no cost. I am currently trying to sell my 99 360 and have had a few nibbles so far. I am asking more than I paid of it as I believe the market is trending up over here as well.
Aldous. Firstly thank you for your monthly updates and comments. I own a RHD manual coupe in Rosso and think it is the most beautiful car in the world and would never consider swapping for a 430 LHD or even RHD. Ferraris to me are more about looks and not just performance or technical prowess and that is why MY car feels so special to me. Probably not the consensus view but owning a Ferrari is not rational but an emotional thing.
Hi Aldous – good update. The 360 still remains a bargain at the current prices. Car magazine recently ran a comparison of a new Boxster/Cayman for £50k versus a used 360, the 360 of course won, VFM & all round entertainment factor etc. The stand out point for me, is that these cars aren’t produced anymore. That may seem an obvious statement, but when you factor in growing markets and the less than attractive newer models, I even include 458’s in that generalisation, you can see why there’s a growing interest in the flowing lines of the 360.
A 360 manual spider, remains the best investment – in my opinion of course!
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