$40K Project Exotic: 2004 Ferrari 360
As you all likely know, there’s a plethora of YouTube “celebrities” who routinely take cars from salvage lots like Copart and bring them back to life. Or, at least, attempt to. The more exotic the car is, the better, as that’s what get the clicks. This 2004 Ferrari 360 is the perfect candidate for such a project, as it is a non-runner with the generally undesirable “F1” automated manual gearbox, which is just a fancy way of saying it doesn’t have a clutch pedal. The Ferrari may be a flood car and its history is just a wee bit murky – but for $40K, does it really matter?
Now, here’s the funny thing about the F1 gearbox: the transmission catches a lot of flack and values are certainly far lower on those cars than one with the traditional Ferrari gated manual, but if you dig a little deeper, most owners find it perfectly easy to live with. Though the F1 gearbox of the early 2000s is somewhat antiquated when compared to the latest automatic transmissions found in high-performance cars, drivers of 360s that have been looked after still note how rapid-fire the gear changes are and how it still feels like it shifts faster than they could with a traditional manual. So, taking on this project 360 with its F1 gearbox could be more rewarding than you think.
Of course, the value will never be as high as a 360 with the manual, and due to its very risky history, you’re not likely to see much appreciation in the short-term. Collectors of Ferraris and other exotic want a clean history with low miles and a manual, so this car runs counter to those preferences in every way. However, if you’re simply content to be in a 360 for under $50,000 and either scoff at the lack of ROI or plan to keep it forever, there’s absolutely nothing wrong with buying one this way. The issue is determining just how bad the disclosed issues are. If this was a flood car, you could potentially be in for a world of hurt. That dark spot on the door sill is worrisome for sure.
With 400 horsepower from a 3.6L V8 mounted behind your head, it’s easy to see why someone may have taken a chance on this 360 at a salvage auction. It’s hard to say whether this seller simply grabbed the car to hopefully re-home it and give it a shot at rebirth, or if the seller wanted to be the one that restored it and has already thrown in the towel. The listing mentions a spare wiring harness being included with the sale, so there’s a chance you could find out if he peered under the carpets and didn’t like what he saw. Ferraris aren’t getting any cheaper, and I wonder if someone will take a chance on bringing this one home as a long-term project. Would you? Check it out here on eBay.
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Comments
“Does not run or drive (likely immobilizer issue due to flood damage).”
“..comes with a complete set of new wire harness.”
Bought from CoPart, Tennessee Rebuilt VIN and title.
If you’ve got the money and feel liking rolling the dice, go for it! We’ll watch and applaud if you come up 7 or 11..
Don’t forget the NH title. Probably an attempt to wash the rebuilt title so that it’s history would look clean.
I’m assuming that the attempt failed.
My brother in law used to drop $50K at the tables in Vegas. But he’s certifiable.
Located in: Fort Lauderdale, Florida
Ferrari hasn’t offered a manual transmission since 2012, so collectors will need to adapt at some point.
Someone with pockets deep enough to buy and refurbish this 360 probably have the means to start with something better.
You go ahead and teach them on your car. I get regular requests to teach someone to drive stick in my ’11 Mustang GT. The answer is always “no.” It wouldn’t be good for the kid, my car, or my wallet.
My first car was a Citation X-11 with a stick. My dad drove it off the dealer’s lot and on the highway, but as soon as we got to a two-lane road, he pulled over and swapped cars with me. He said, “good luck” and drove off. That’s how I learned.
Run, don’t walk!!! If this was fixable on a reasonable scale, the purchaser would be doing it. Where was the water line? What kind of water, salt or fresh? How much corrosion is present? Was the engine flooded(take on water)? How long since the flood? Far more of a gamble than the smart buyer will take. After it is completed, at whatever cost, it is still branded and a losing proposition. This is you tuber car that entertainment will pay for the huge labor and part costs.
One brave soul on ebay got it. For better or worse. A beautiful car in the right color. When it is a no run car you’re asking for troubles especially in a flood car. Nicholas Cage drove an ugly grey one in one of his movies. A pleasure to watch in spite of the color.
I wish I had $40k to drop on a toy because I would love to work on this
Good looking yard art.
Yikes!! It rolls for easy towing? I have never seen a Ferrari towed, it is always on a flatbed.
How else are you going to get it on the flatbed?
Pick it up with a hoist Sen it done on a TV show. Sorry guy but I had to mention this because of the way you answered the guy. Should have just kept quite..
Winch.
@Marshall – I wouldn’t let anybody load one of my cars onto a flatbed via forklift unless it was going to the crusher. Sorry, bud. I don’t know how to keep quite.
Owning a Ferrari was always on my bucket list, and I decided that I would buy one if I came into some extra money. With a lucrative business deal on the horizon, I began researching used Ferraris about 18 months before the deal was to close. That way I couldn’t buy the first shiny red car I saw. I joined the Ferrari Club, attended events, began viewing cars for sale, and checking out dealers and shops. The club members were warm and welcoming, and provided lots of sage advice on what (and who) to look for (and avoid). I also spent time speaking with qualified Ferrari mechanics and developed some lasting friendships.
I found that Ferrari people place greater emphasis on provenance, ownership , and well-documented service history. While for most other cars, knowing what maintenance jobs were done matters. Ferrari owners want to know exactly who worked on the car. I noticed some cars for sale for a long time at a seemingly good price, but they had sketchy service history.
A car with a “Rebuild” title is generally considered highly undesirable. This is made more so if repairs were done by any other than a recognized Ferrari expert shop.
BTW, I did buy a Ferrari, and enjoyed it greatly for six years. I broke even when I sold it.
To make this car into a decent driver would not be worth the cost and effort. It will also be very difficult to sell, once the time comes.
The cost of bringing this Prancing horse back to life will cost you a new one. Now comes the maintenance fees but if you want in club it will cost you. If you can work on this erotic it might work but is it worth it?
Pick it up with a hoist Sen it done on a TV show. Sorry guy but I had to mention this because of the way you answered the guy. Should have just kept quite..
Leave this car where it is. Florida.salt water.the so called wiring harness worthless. All the electrical components will have to be repy in the engine. Mold under the carpet an in betwee seat covers an foam engine will be no good.when you buy from copart the price the high high fees they charge are a rip off hes sent this back an most b likely couldn get half of what he has in it. So now hes cleaned it up to hide all the salt water an everything else an going to sucker some poor soul to get his money back..guaranteed..laced salt water was most likel
South Florida is known for having a glut of rain that won’t let up and floods roads. Maybe not salt water but it’s water anyway.
You could probably buy 3 C6 ZO6’s for the same amount of money as you’ll be dumping into this “cheap Ferrari”, and you’ll have a faster car that’s way cheaper to own and maintain. Don’t get me wrong- I’ve lusted for a Ferrari since I was old enough to know what it is and it’s definitely a bucket list car for me, but you’re gonna have well over the price of a running, driving F360 by the time you get this poor car on the road again. But if you think you can hack it and have the time and money to buy the correct parts, I say go for it and I’ll be honestly jealous when you show up at the local cars and coffee. Just don’t try to sell it to someone who knows the used Ferrari market, you’ll be outed immediately and it’ll be almost impossible to sell it after.
This caught my eye because, as a rare part investigator, provider, and fabricator, we are currently sourcing the Hall effect Gear proximity sensors used on the valve bodies of these Getrag F1 transmissions. Never available from Ferrari except as an outrageously expensive complete valve body, the sensors of exact same dimensions–yet different calibration are used on all the ubiquitous modern Getrag transmissions. Piercing the vail of corporate secrecy and sequestered parts and finding “Workarounds” is what we do daily to make repairs “Affordable”. It is a steep learning curve to be sure. I also have to say that these sensors are so well “Waterproofed” that the flood likely would compromise only the pins in the plugs- not the sealed magnetic sensors. So. clever mechanics can sort all this out- at a price less than a new valve body. It is a search requiring finding “The Guy in the Know” that is so difficult- and rewarding!
Jeff, the F1 auto-manual was quite popular in the early 2Ks, so I’m guessing that there were more of them sold than the standard manual in this model.
I could be very wrong, though.
“This listing was ended by the seller on Thu, Jul 11 at 5:09 PM because the item is no longer available.”
I saw SamCrac convert one of his to a manual. Didn’t look all that difficult. But all of his Ferrari’s are problem childs. Unless you are a very good auto tech, probably best to steer clear of any used Ferrari.
Not crazy about the cheap plastic on the dash or the “goofy face” front end – looking head on at this car.Too bad it don’t have hidden headlights.
But the side profile & rear is great.
Is there a problem with the sale of the car? The Barn Find link to ebay is not working?
Read PRA4SNW, 3 above you.