Opinions on 1st Ferrari for under $60K

Very expensive maintenance. Be ready for it. Suggest a 360 instead.

 

Spend some time reading the 328/Mondial/355 sections to get the best possible picture if you haven't already - in mechanical terms the best combination could be a Mondial T - less expensive than a 348 but just as fast - else 328

 

Like others have said, it's not just how much you want to spend but how much you can afford to keep it running.

328's (if they were properly maintained) are cheaper to maintain than 348's and 355's. 360's probably a little cheaper too.

If you get a 355, get a good one. Don't just buy the first one you fall in love with. Do your research, find one from an owner who really cared about it and has good records, and one that has a lot of it's issues already sorted.

Don't just buy the cheapest one because there is no such thing as a cheap Ferrari. It's pay me now or pay me later.

 

Buy the car you want the most. They can all be expensive, find a car you don't mind spending money on. I've had my 355 almost 2 years now. I've done a major service, installed a 360 F1 pump, de-sticky, new cats, etc.... I've spent a lot of money on it that I will never get back when I sell it. I like the car so much that I don't mind spending money on it. I enjoy going to the shop. I'll still probably lose less money than I did when I was buying new Porsches every couple of years.

 

328 or 360. 355 are cool but unless you have your eye on that model I would pass on it, and that includes the 348 and Mondial T too. They are all more expensive to maintain than the 328 or 360.

-F

 

Check out my signature line. Buy a concours 328 and apply some patina.

 

Have you considered the V12 sedans? 365GT4, 400, 400i. A different route and not as sporting but interesting none the less. Any would be grey market as none were officially imported.

Jeff

 

Love the 355 spider, purchased one within last thirty days. Can only describe ownership as incredible, all grins.

Slow down with your purchase, see a number of cars. I found a wide variance in condition of the vehicles I shopped, some being well kept others not so well. Take a look at my previous posts for guidance on purchase

Everyone's opinion is different, but do your homework on your targeted model, benchmarking the PP and potential maintenance costs against your financial position. Overall, the ownership of a Ferrari should carry a thrill to the owner, pick well and enjoy.

By the way, if you hone in on a 355, be sure to run a search of the VIN on the internet; enter the VIN on the 355 registry; get copies of service history; and negotiate PP on satisfactory PPI (including leak down and compression)

 

There was a time when I was sure I would buy a 355. I think they're beautiful, and I'm sure they are great cars. After serious consideration, I decided that I could no more afford a 355 than I could a 430.

I'm sure there are plenty of 355's that haven't financially raped their owners, but I don't have the kind of money it would take to keep up with a bad one.

At the moment, I think a nice 328 is the closest thing there is to a "practical" f-car.

 

355s are great driving Ferraris but they are cheap for a reason. Just about every long term owner I know faced a 20K+ service bill at some point. If you go that route, try to buy one that someone else spent all the money on, i.e. complete Tubi exhaust, new valve guides and a bunch of other stuff. You can learn a lot in the 355 section. A 360 might cost more upfront, but over the long term is cheaper to own. 328s are very solid, fully depreciated cars with an old time feel and beautiful to look at. I owned 3 of them and all 3 were cheap (relatively) and reliable, but performance is no where near 355s and newer.

Dave

 

That's what I like to call the blowfish sushi aspect of ferrari ownership. You have to be honest with yourself whether you can absorb a catastrophic repair. It's rare, really rare, more often a series of super expensive typical repairs. For instance I didn't count on needing $4k in button refinishing this coming year, but I'll spend it. What if my original cam seals finally spring a leak? Another $4k. Kinda needs new clear bra. I'll need brakes next year as well. This is normal, and already pretty bad. Ps rack could need rebuilding eventually. As Bob said, pay now or pay later. If you end up with a 355 that needs a bunch of these types of normal expenditures before you've even gotten a few thousand miles on her, you just have to ask yourself would you deeply regret the purchase. If not, okay.

Edit: I should point out also this is an ongoing process. I spent $10k sorting the 612 last spring, and that didn't include for instance a clutch. Everyone fixates on whether the clutch is new. Mine was, with new throw out bearing. When I bought my first ferrari, I convinced myself that a clutch was only $3k. That's what I wanted to believe. What if you need a new flywheel and throwout bearing? Cost soars. I'd be very leary of cars that say fresh belt service and clutch, in my opinion better to get the car with discount needing service so you know it was done right.


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Would want to know more about your current and previous rides, role of the car, how you feel about mantenance costs, etc before recommending anything.

 

Very good point, will you have a DD, not to say you can't drive the 355 daily, but have a backup plan. Mi have two toys, but also a new car that I hedge my bets with in the event my toys are at the shop or being tinkered with.

 

Fixed.

Even more so with a 355.

 

I agree. I could drive my 355 daily but I would rather not. If you've got neighbors who are close the noise of starting it up early in the morning will annoy them. The old ladies in my neighborhood give me dirty looks and plug their ears when I drive by. Also, good shops that can work on these cars have plenty of customers. If you have a problem with your car the shop might not be able to take you right away. You might end up with a car that can't be driven while you're waiting for the shop to get an open slot.

 

360's are a little above that for good ones, but the belt service on a 355 is an engine-out procedure, whereas the engine stays in for the belt service on the 360. About a $2K difference in price for the service. The 360 is less expensive to maintain all around than a 355, and very reliable if you get a six speed manual and not the F1.

Early F1's can catastrophically fail, as one did on a local 360, and just the actuator - THE PART - is $12K. I think the 355's had that same F1, so get a stick.

I'd suggest saving more to get a 360, or you could get a 328, which is a very nice ride for not a lot of money. If your heart is set on a 355, make sure to get a good one with service records and a recent belt service.

Have fun!

Geo

 

Ferrari's can be owned relatively inexpensively if:
You chose the model carefully.
348's/355's/360's/550's are close to/ or are fully depreciated. 308/328 are fully depreciated and will likely appreciate.
If you can work on the car yourself,... and if you can do without it for a month or two while you work on it,... you can save a ton.

But if you think you can buy a 355 for the same price as a new 3 series convertible, so why not... you may be in for a big surprise. 10k service bills are not rare. 30K service bills, while not the norm, do occur.

I would never buy a 355 as a sole method of transport. (Full disclosure: OK,... I would never buy a 355. In fact,... I bought a warehouse in a foreclosure sale in 2009 that included a 355. Sold the 355 immediately. I'm afraid of their reputation.).

For my money in the sub 100k realm I'd go for a 308/328/360/550.

 

Not a ton of love for the 348 so far. That's what I'm looking at since selling my 308.

Seems to me 355 owners get into that car because it is "the car" from the 3 series of cars. They could buy other models, more expensive models, but they look at it as an enitre package with the car and potential huge repair bills. They love the look feel and sound of the 355 and are committed to doing the work to keep it going... which is totally fine. I think the 355 is one of ferraris most beautiful designs and I'd love to own one, and I could buy one, I just couldn't handle the big bills.

328 is definetly a good first ferrari. Overall reliable with descent performance but even the newest ones are 25 years old now.

I really liked my 2v 308 and that was a good car to cut teeth on too. But as I went along and drove other cars and had other stuff in the garage and my needs for a car changed it just didn't measure up anymore. 308 is a great car, not trying to diss it.

308/328 is a great starting point but for me it's more of a weekend toy.

348/355/360 I think gives one more potential for DD use and comfort for long weekend trips or road trips

456/550 are obviously GT cars made for road trips but lack the boy racer feel

And the list goes on from Mondi's to TR's to ....

One really needs to start with what the car will be expected to do vs just straight cost

Shoping is the fun part!

 

Don't buy anything you do not love, looking for logic in a Ferrari purchase is almost an oxymoron. If you do not have the passion for the model you want then skip it. I have friends that own 308s, 328s, 348s, 355s, 360s and 430s that have all been hit with $20,000 repair bills. I also have friends that own these cars that have not had a big painful bill as well. Find the model that speaks to your soul and drive it and the other models you are interested in as well. Drive several examples of each, there is a big difference between one that has been properly maintained and one that has not, driving a poor example could throw you off the one you may really love. Most of the cars below $60,000 should not suffer much in depreciation going forward. Buy the best example of whichever one you decide on, if it seems cheap versus what most are going for, there is a reason. There is no such thing as a cheap Ferrari. Caution, once you have a Ferrari, it could ruin you for other cars. There are probably better cars out there for the money, there is just something about a Ferrari that is tough to shake. All the best in your quest, Forza Ferrari!

 

The 355 has looks that can kill
And the noise it makes gives you a chill
But when you decide to buy
Try not to cry
When you see your first repair bill

 

Ditto on 308, 328, 360. I've had a lot of cars and had lots of repair, maintenance and performance enhancement done by the very best. It's good to know what you can expect when the work is over. It's bad to know tomorrow could bring the next financial or mechanical surprise.

 

I adore my F355 Spider, but what you profess is so very true!

 

+1

The sound when the bypass valve opens is addictive. You cannot take your foot off the gas. It makes it very difficult to stay under the speed limit. Be prepared for a $10k service every 5 years and a few thousand every once in a while also. It's worth it. I'd like to have a newer Ferrari too but when I've driven them they just don't sound the same. I'm afraid I would regret getting rid of the 355.