The Ferrari 360 is a famous model made by the Italian supercar giants. This shape was one of the most recognizable Ferraris in history, and it holds a special place in the company’s history. But whether or not the Ferrari 360 is a good investment is another question.
The Ferrari 360 is a good investment. The car has reached its lowest market value, and as is the case with most other Ferraris, its value will slowly begin to increase over the next few years. Buying one of these at low cost with low mileage and in a good condition is an excellent investment.
The Ferrari 360 was not only famous for its good looks, but it was also well-known for being a supercar with excellent performance and great reliability. But let’s take a closer look at the car to understand why it’s such a good investment.
About The Ferrari 360
The Ferrari 360 is a two-seater, rear wheel drive car with a 3.6-liter V8 engine that sits in the middle. The 360 is also known as the Modena, and it later appeared as two other models known as the Spider and the Challenge Stradale. It’s a relatively rare car despite its age, with less than 20,000 of these models ever built.
History Of The Ferrari 360
The Ferrari 360 was first put into production in 1999, with the official launch coming the following year at the 2000 Geneva Motor Show. The 360 was codenamed the ‘Modena’ which is named after the birthplace of Ferrari’s founder, Enzo Ferrari.
Following the success of the 360 Modena, Ferrari also released the 360 Spider, which was Ferrari’s 20th convertible road car. The Spider was initially more successful in terms of sales than the original Modena model. Ferrari also released the special edition 360 Challenge Stradale shortly after that.
Worldwide, a total of 8,800 Modenas, 7,565 Spiders and only 1,288 Challenge Stradales were built. A one-off special edition 360 was also built, named the Barchetta. The car was built as a wedding gift for Luca Di Montezemolo, the chairman of Fiat and Ferrari’s president.
The Barchetta is identical to a normal 360 Spider in terms of performance, and features some special cosmetic additions in order to separate it from the normal edition. The Ferrari 360 was replaced by the F430 in 2005.
Ferrari 360 Specifications
The Ferrari 360 has respectable performance considering when it was built. At the time, it was considered serious competition for its rivals.
Despite that, the 360 still had extremely tough competition during its years of manufacturing. Its lifetime saw rivals such as the McLaren F1, Porsche 911 Turbo, Aston Martin DB7 Vantage, and during its final years it also saw the introduction of the Lamborghini Gallardo.
Ferrari 360 Modena
The Ferrari 360 Modena was an evolution of its predecessor, the F355, rather than a complete rebuild. Therefore, most of the elements found in the 360 can also be found in the 355, with some tweaking and upgrading.
The 360, however, offered much more space inside the car. As a result, the total weight of the car ended up being 40kg more than its predecessor. This was a small price to pay for some extra convenience for Ferrari’s millionaire customers.
The engine, for example, is almost identical, with it being only slightly larger in capacity, up to 3.6 liters from 3.5 liters. The V8 powered Ferrari engine found in the 360 could now produce 394 horsepower as opposed to the 375 horsepower it could produce beforehand in the F355.
The 360 Modena offered the option of a manual transmission or an ‘F1’ paddle shift gearbox. Gearboxes with paddle shifts were still very new at the time, even in the world of Formula 1, so the fact that Ferrari was offering this option in a road car was a huge selling point for them.
The new gearbox, coupled with a new drive-by-wire throttle system, meant that the 360 Modena could accelerate faster and shift much smoother than any other Ferrari that came before it. The 360 Modena could launch itself from 0-60 mph in just 4.6 seconds. That number can be slightly different depending on the type of gearbox that the car is fitted with.
Ferrari claimed that the car had a top speed of 183 mph, though the car that was sold to the public was electronically limited to 173 mph.
The Modena was just as competent around a racetrack. With a well-built chassis and suspension system, the car was able to put in some respectable lap times against its competitors, and was also used in the Ferrari Challenge racing series held annually in Italy.
Ferrari 360 Spider
The Ferrari 360 Spider was a bit of a downgrade with regard to the original, the Modena. The Spider, being a convertible, was built more to cater for the rich and famous who enjoy driving their Ferraris around city streets with the top off.
When you take the roof off a performance car it automatically loses some of its structural integrity. This results in a car that handles much worse already. As such, Ferrari had to strengthen the car in other areas.
Still Fairly Light
This led to Ferrari strengthening the side skirts, and they also redesigned the windshield frame. A cross brace was also built into the engine and the roll bars were also stiffened. Even with these additions, the Spider only weighed 60kg more than the original Modena. They achieved this by using lightweight aluminum parts.
Ferrari had another problem though. The engine space was limited because of the convertible top’s storage area behind the cabin. Ferrari therefore had to move the air intake manifolds to the center of the engine rather than keeping them apart like with the Modena. This added even more weight to the car, and the top speed and 0-60 mph time were slightly slower than that of the Modena.
Ferrari 360 Challenge Stradale
Ferrari decided that it wanted to pull out all the stops for the 360, given the success the Modena had on the track. They unveiled the 360 Challenge Stradale, which would partake in the Ferrari Challenge one-make racing series in Italy.
The Ferrari engineers were fully focused on creating the ultimate track car when it came to this machine. This meant improving its speed, handling and braking. After tweaking the V8 Ferrari engine, they gained a small 25 horsepower on the original Modena. However, the Italian engineers were insistent that this would be enough to have a significant effect on the car’s overall power-to-weight ratio.
The Ferrari team then set to work on shaving weight off the car. They stripped the car of all its luxuries such as the radio, leather seats, and sound proofing interior. Now you have no choice but to listen to the deafening roar of the V8 Ferrari engine!
Ferrari also set about making the performance parts of the car lighter. They installed a lighter exhaust which brought the engine weight down by 11kg. Ferrari also used resin transfer molding to reduce the weight of the bumpers and skirts on the Challenge Stradale.
Ferrari then added carbon ceramic brakes (the same as the ones found on the Enzo) for some extra stopping power. To top it all off, Ferrari threw on some carbon winglets and spoilers for extra downforce to improve the cornering speed of the car.
All in all, the Challenge Stradale ended up being a whole 110kg lighter than the Modena. This was a success. The Challenge Stradale could now do 0-60 mph in 4.1 seconds, even though Ferrari did claim it was faster than that in private testing. The top speed decreased to 176 mph, mainly due to the added wings for extra downforce.
A Faster Car
Ferrari also claim that the Challenge Stradale is 3.5 seconds faster than the Modena around their factory test track at Fiorano. In motorsport terms, 3.5 seconds is a lot, especially around a short circuit like Fiorano. The Ferrari Challenge racing series replaced the Modena with the 360 Challenge Stradale, and you can find some of these race-worn cars around museums and in collectors’ garages.
Other Versions Of The Ferrari 360
There are other versions of the Ferrari 360, like the Ferrari 360 GT and N-GT, along with the 360 GTC. However, these were race-spec versions, built with the sole purpose of being fast on the racetrack. These are much rarer than the Modena and Challenge Stradale models of the Ferrari 360.
How Much Does A Ferrari 360 Cost?
Over the years, the price of a Ferrari 360 has fluctuated a lot. Currently, the price of a Ferrari 360 is relatively low, and you could easily pick one up for a good price, depending on the condition of the car as well as the mileage. But what is a good price for a Ferrari 360?
Price At Release
When the Ferrari 360 Modena first released, you could buy it new for around $172,000. If you wanted to buy the Spider, the price rose to around $182,000. This price was expected of course, as it’s a Ferrari after all. The Challenge Stradale sold for around $205,000.
The current price of the 360 Modena is very low. You could find one for as low as $40,000. If you find one that’s in an excellent condition you may need to pay as much as $140,000 though.
While the prices of the 360 Modena and Spider have dropped, the Challenge Stradale has skyrocketed with its value doubling in most cases.
Due to the rarity and popularity of the 360 Challenge Stradale, you can expect to pay around $400,000 for this car. It has definitely become a collector’s item and has therefore already appreciated in value.
Is The Ferrari 360’s Value Expected To Appreciate?
As with all Ferraris, the 360’s value is also expected to appreciate. Luckily the 360 does have some factors that are favorable towards appreciation. Elements such as the manual gearbox are becoming increasingly rare. These factors will be especially important to a nostalgic petrol head looking for a collectable supercar.
Current Appreciation Rate
Currently the 360 Modena prices are at their lowest. While the prices have gone down significantly since its release, experts do believe that they will rise again.
It’s important to remember that while it may seem like an old car, the 360 era was not too long ago. It’s normal for a car to majorly decline in value after 15 years. Most cars that have appreciated a lot in value have only done so after a significant amount of time, with a few special exceptions.
All in all, the 360 Modena was a better car than its predecessor, the F355, which has become a collector’s item itself. However, currently the Modena’s price is extremely low, especially compared to that of the F355, which has appreciated a lot.
It could be that the F355 was a better-looking car, or that it holds a more standout spot in Ferrari’s history. Don’t underestimate the 360 though, as it’s still a massive part of the Ferrari history and has its own standout features that people look for when buying a Ferrari.
There are lots of selling points and factors that can cause this car to appreciate fast. The first ‘F1’ gearbox in a Ferrari, one of the last proper manual transmission Ferraris, and the Ferrari named after the birthplace of its founder, are all reasons for the Ferrari 360 to go up in value.
The 360 Modena is also a rare car, and for many it was a very special car. As the number of ‘living’ 360s begins to decline, there will be a greater demand for them, and many collectors will be willing to pay a high price for one of these that are in good condition.
Buying Second-Hand Ferrari 360s
Buying a second-hand Ferrari is tough, there’s no doubt about that. Being a supercar, you never know how the previous owners handled or treated the car. It could have been a millionaire’s weekend toy, or it could have been a petrol head’s prized possession.
Either way, you’re unlikely to know the full history of the car, and therefore you need to investigate it carefully, since you are going to be paying a lot of money for it.
What To Look For
You don’t need to be a car expert to know what to look for when you’re buying a second-hand Ferrari. Below are some basics to tick off in a quick checklist.
The exterior of the car is important. If you’re planning on reselling, this is especially key. Make sure there are no chips, scratches, or marks on the paint. Being a Ferrari, it can be expensive to fix this with the same paint.
Cars from this era are also very prone to sun damage. If the car has been outside for prolonged periods of time you will see the paint peeling, flaking or staining from sun damage. This can mean a new paint job is required.
Cars from the 360’s era have problematic interiors. Even Ferrari used some cheap elements in their interiors back then. Plastic surfaces on the center console and dashboard can peel.Carpets inside the car can be dirty and even moldy.
The leather upholstery could be damaged or wearing out. These are all things that you need to look at inside the car, which can subtract from its overall value. Luckily all of these things can be restored, but it could be pricey.
You also need to check the mileage of the car and the VIN number. The VIN number can help you authenticate all the details of the car such as the date of production, the original color, and more. You can use an online VIN decoder to decipher it for you.
It can be difficult to inspect the engine without actually driving the car. So, it’s important that you are able to test drive the car before buying it. If not, at least find a mechanic or someone knowledgeable about the car to help you to inspect the car properly.
If you’re driving the car, look out for any problematic gears, any dips in the throttle or any problems with the brakes. Also try to get a feel for the ride of the car. In these older cars, the suspension or chassis can become damaged, which could be a deal-breaker.
While Ferraris are not at all problem-free, most 360s have proved to be reliable as long as their maintenance records are up to date.
The Ferrari 360 engine mounts are known to cause problems after 10 years. These rubber mounts tend to rot and degrade over time, which causes the engine to move around a lot within the engine bay, resulting in poor shifting and difficult acceleration.
Some sensors may stop working over time too. This is simply due to the sensors becoming worn out, and they may need to be checked and tested by a mechanic. In the manual version, the clutch and transmission can take some wear and tear, as with any car. These will need to be replaced over time. The F1-style gearbox takes much less punishment, however.
Some other important part replacements to look out for are the fuel pumps and cam belts. Cam belts need to be replaced every four or five years. All of this adds up to the total cost you pay, so over time, it could end up costing you more than you get for it when you sell it.
Maintenance And Restoration
Of course, most items on this checklist are irrelevant when it comes to restoring the car. If you’re planning on buying a Ferrari 360 Modena, an option could be to buy the cheapest one available and restore it. In general, the major maintenance of the Ferrari 360 is between $3000 and $5000 every 3 years. While this may seem like a lot, regular maintenance will bring up the total value of the car.
In order to keep the car running smoothly and in top condition, make sure you park it in a warm garage with lots of airflow, but out of direct sunlight. Engines are kept at their best in fairly warm conditions. Ensure that you treat the plastic and leather parts of the interior frequently to prevent them from damaging and wearing out. This all helps to keep your 360’s value high.
If you’re looking for a car that will give you a lot of profit, the Ferrari 360 Challenge Stradale is the perfect car. With its value already double its retail price, it’s sure to increase even further for models in prime condition.
If you’re looking for a Ferrari to invest in that you can also use as a daily driver, then the 360 Modena or Spider are both great options instead. You can currently buy them at a low price, and their value is expected to rise significantly in the near future.