Today’s Ferrari has an auto-manual transmission named F1 after the preeminent racing series. That finicky gearbox may be the car’s only downside, but we’ll have to decide if its presence is reflected in the price.

Historically, wagons like yesterday’s were designated as transport for people and baggage from train stations to hotels or estates. That’s how we arrived at the names “station wagon” and “estate” to describe the style. Despite such rich history, few of you felt our Chevy wagon had much of a future at its $12,500 asking. To comman that much, many of you commented that it would have needed to be in much better shape than in which it was presented. Ultimately, that resulted in a 72 percent No Dice loss.

I was consorting with some fellow Porsche owners this past weekend at our monthly mixer when the concept of gambling came up. None in the group professed interest in any sort of betting and we all agreed that Porsche ownership is a sign of such aversion to risk. I think many would argue that the same can’t be said about Ferrari ownership.

The we’re contemplating today isn’t a model vexed by too many major reliability or safety issues, but there are a number of niggling (and expensive) problems that can crop up. Before we get to those, however, let’s take a good look at just how pretty a car this is. Yowzer!

The 360 model was introduced in coupe form for 1999 with the full Spider arriving just a year later. It was replaced in 2005 by the F430, which honestly was more of a refresh and displacement boost over the 360 than a whole new car. Regardless, the 360 proved a popular car for Ferrari during its run, with over 16,000 built, including several special editions. In the U.S., the Spider proved slightly more popular than the coupe, and while available with a gated six-speed stick from the factory, most cars out of Modena were fitted (as is this car) with the Graziano Transmissioni-sourced single clutch F1 auto/manual shifter.

Power to either transmission is provided by the 360’s namesake 3.6-liter all-alloy V8 engine. That makes a stellar 395 horsepower and an only slightly less impressive 275 lb-ft of torque. There’s beauty that goes along with the beast with this engine and it can be ogled through a glass cover fitted to the deck lid. Bellissimo!

Aesthetically, this Spider seems to be top-notch. The Grigio Titanio paint appears to be without flaw and the factory five-spoke alloys are un-marred by curbing. The cabin is awash in color-matched blue leather partnered with matte silver trim throughout. Everything looks to be in exceptional shape with the only blemish being a non-original stereo head unit in the dash.

Now, let’s talk about this model’s typical problems and some red flags in the ad. One of the biggest of the 360’s issues is the failure of the fuel manifold on the top of the gas tank. This plastic piece can crack, leading to leaks, and, as the tank is in the engine compartment, that can result in the car turning into a bonfire. A retrofit manifold is available, and many cars have been so-fitted over the years. Remember to always carry some s’mores in the boot, just in case.

Another issue endemic to the Spider alone is the degredation over time of the hydraulics that actuates the automatic top. Failure of any of the numerous rams or hoses can end up in an expensive repair bill and often, a cabin filled with hydraulic fluid.

Other than those two bogies, the 360 is, for the most part, a fairly reliable car. Obviously, consumables like timing belts and tires need to be replaced at regular intervals, just like on any car. Fortunately, with the 360, Ferrari designed an access hatch in the rear cabin bulkhead to allow access to the engine’s belts meaning replacing those doesn’t require pulling the mill from the car.

That kind of maintenance is crucial to the car’s enjoyment and unfortunately, the ad for this one doesn’t provide any detail on such work other than to ambiguously state that it has been “well maintained.” That, along with the fact that it does come with a clean title is about all the status we get. There are now 38,000 miles on the clock, and while that may be break-in miles for a car from the likes of Toyota or Honda, on a Ferrari those are broaching old man miles.

Of course, if the car has been as well cared for as the ad attests, things should be ok. We don’t get to see the top erected in the pics and that would be a mandatory action for any potential buyer’s inspection as would be checking tire age and the critical timing belt and fuel tank updates.

Despite lacking such important information, we’re still going to have to see if we can make sense of this 360’s $79,000 asking price. Now, that’s on the low end for this model and is admittedly low for any Ferrari from this century. Is it, however, a deal?

What do you say, is this F1-equipped 360 Spider worth that $79,000 asking as it sits? Or, are there too many expensive unknowns to blindly trust the seller and plunk down so much?

You decide!

out of St. George, Utah, or go if the ad disappears.

H/T to Don R. for the hookup!

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