In the beginning, Ferrari the company was Enzo Ferrari the man – possessed of a strong ego, obsessed with his cars, a perfectionist. His company emphasized racing and made road cars to keep the race program healthy. Production was low. In the mid 1960s, Ferrari nearly buckled, driving it into the arms of Fiat. This era was marked by  many more road-going cars, improving profitability. Ferrari introduced its V8 models, reaching new customers with this more affordable option. A third era began once Enzo passed. Luca Cordero di Montezemolo, his trusted assistant, ran Ferrari. Di Montezemolo’s reign saw a further proliferation of models, though quantities remained limited. Today, Ferrari is a public company, and production is as high as it’s ever been. These eras each have distinct appeal in the market. Only 12,700 cars were made in the “Enzo era”. More than 55,000 were made during the Fiat era. In the modern era, Ferrari makes 8,000-10,000 cars a year. “Enzo” cars are usually considered blue chip collectibles, though there’s reason to believe their appeal may wane. Fiat-era cars as a group saw price increases up to about a decade ago, but these have flat-lined since. Today’s subject car is from the “modern” production era. It’s Ferrari’s entry level model, a 2003 Ferrari 360 Modena coupe listed on eBay, and it remains in “used car” purgatory, without a scintilla of collector appeal as yet. New, it cost around $150k; the bidding currently sits at $70,350, reserve not met. Meanwhile, comparable sales tell me there’s not a lot more upside here; let’s find out why.

There’s nothing wrong with the technology underhood – or rather, under glass. The rear mid-mounted, five-valve, 3.6-liter V8 produces 400 hp and rockets to sixty mph in 4.3 seconds. Top speed hovers around 180 mph. This car has the six-speed automatic – and therein lies the first nick on its value. Manual-shift examples will sell for at least $40k more. Two driving modes are offered – “normal” and “sport”, with the latter requiring more driver input. And here might be the second nick to collectability, at least in the near term: the 360 was the first Ferrari with drive-by-wire electronic sensors controlling throttle response. Contrast this with the 360’s predecessor, the F355, one of Ferrari’s last analog cars and gaining in value just about every day. This example shows 41,286 miles on the clock and the AutoCheck report notches four owners not including the seller-dealer.

The interior is dreamy in tan and black. The pleated leather upholstery is near perfect, and Ferrari thoughtfully allows about enough space in the rear of the cabin for a set of golf clubs. The automatic gearbox is actuated by paddle shifters (hard to see here) behind the steering wheel. This car comes with a tool kit and all its manuals, along with the window sticker. The front trunk is in perfect condition too, but I wish the seller had passed a vacuum over the seal channel and carpet to clean up fallen leaves – geez.

The Modena’s chassis and body are all aluminum – a departure from prior models. Its robust aluminum space frame is 28% lighter than the 355’s tube steel frame – and 40% more rigid. Overall curb weight is about equivalent to the F355 despite the Modena’s larger footprint. Its wheelbase is 102″ to the F355’s 96″. Both cars were designed by Pininfarina but their appearances couldn’t be more different, with the earlier angular car evoking wedge styling, and the 360 voluptuous at every corner. Aggregating the coupe and spider versions of the 360, more than 16,000 copies were made between 1999 and 2004, more than four times the F355’s production numbers. Perhaps later generations will swoon over this car, but for now, it’s got a comfortable berth in the lower echelons of Ferrari values.