1998 355 F1 Spider

Give this car serious consideration if it fits your wants. It is as clean and solid as it looks.

 

That is so ironic joe as I was thinking of sending you a text today asking if you sold your car

It may be all in the marketing and getting a serious buyer

I will vouch for this car if anyone is looking for a legit 355 f1 Rosso Corsa spider. This is the one you want

 

The cars asking $70K are not selling. Make no mistake about it. Asking and selling prices are two different things -- from previous data points it looks like a F355 should sell somewhere in the $50-60K range. $40-50K cars will need some work or have higher mileage.

Yours seems like a very nice example so I'm sure it will sell at the upper range ($60K) but may take some time.

 

Definitely trade-in value is lower than selling. The private market is the driver for these classic exotic cars, especially by the private parties definitely not by the dealers. Based on my observation, the economy greatly impacts the value of the classic cars, should have bought Porsche 993 C4S locally sold by the private party for $30k few years back, can't even find 993 C4S in that price range anymore.

I think Ferrari market is very limited, it's definitely not for anyone, it requires a dedication and love of Ferrari, not just cars in general.

GLWS!

 

This is the sad reality. I had the exact same car you are selling with 39k miles in need of a major soon without the challenge grill and only one key/fob. Dealer wanted to give me $35k towards an F430 trade in. I sold privately for $40k after putting over $20k into it. I took a beating but that was my best offer. Your car should get more than $40k as a trade but it is what it is with the dealers. Also remember that you get a tax advantage as a trade toward your new purchase so that brings the value of your trade up a bit more. You have a beautiful example there and GLWS.
BTW...before you commit to a 360 give the 430 a test drive. That's all I'm sayin'

 

Wow the dealer offered you less than it's worth. SHOCKING.

I tried to trade in a Carrera 3.2 on a new 911 a few years back- They offered me $9,000 in trade. Since I had t move the car I stuck it on ebay with a 7 day no reserve auction. It sold for $23,800.

Unfortunately it is Winter for most of us so the Ferrari desire is on hold. If you can wait until March stick it on ebay at $65K buy it now and you'll get some offers... if you're patient. NOTHING sells in a week or two unless it is too cheap.

Yes $70K 355s DO trade hands- quite frequently. 1999 6 speeds with 5600 miles- Red with tan interior. That's the big money. Undriven cars with a fresh $23K service receipt.

 

this makes $40k trade in offer not so shocking after all....

 

You've barely had it for sale for a very short time - don't sweat anything yet, unless you've got some kind of cash crunch going on.

Also, don't be surprised at all at what the dealer offered.... of COURSE they're going to offer a bunch less than what you could get as a retail price - they have to have some profit margin on the car, otherwise how could they stay in business?

Shop it around for sale, shop it around at various dealers on trade... don't stop at just one option.

 

if you have carmax around..give it a try..I'm pretty sure they will give you more than what dealer is offering right now.

 

That was in 2004...a decade ago

 

Joe, no reason you should not get north of $60K for your car.

 

I agree with dantm's assessment. I have been looking at Testarossa's and F355's for sale for the past two years. I will probably purchase one of those models in the spring, although a 360 is a possibility too. I have not seen a F355 sell for 70k recently unless it was something very special. I think 40k is too low and the dealer is probably figuring in a quick 10k profit on a flip.

 

There are two ways to sell your car, retail or wholesale. Retail takes much longer, the car and the seller take a beating until she is gone. Wholesale, less painful, almost a silent deal and instant cash on the bank. Totally seller's choice. You have a beautiful car GLWS.

 

Don't tell anyone, but I like it better than my cs too

 

This doesn't surprise me one bit -- dealers, more than ever, are trying to squeeze every dollar out of used cars. Two personal recent examples, I bought a 95 355 GTB for 50k 6 months ago w/ fresh service and new tires (previous owner sold it to Ferrari dealer for 35k, car needed major and new tires -- even if you account true cost of major and tires, nice 5k plus profit for dealer on quick sale). On my end, recently traded my 2010 Panamera S (a car I paid 100k plus when new). Car had 50k miles, very nice, fully optioned etc -- dealer gave me 55k for it, a more than 50% depreciation in 3 years... Those cars are selling all day long for 65-70k.

In summary, if you NEED to sell try doing it on your own or you will LOSE money by selling it to dealer. However, like someone posted previously selling a nice used car these day requires TIME and PATIENCE. If you are willing to move on (like a lot of us unfortunately) sell to dealer and get a car you want, right now.

My take on F cars is that they need to be bought for your pleasure and planning on keeping them for the long run. I am fortunate to own 3 of them and plan on keeping them as long as I can or add to my existing collection. Maybe some day they will be worth something for my family, as it is my intention to drive them as much as I can and enjoy the @#$@#% out of them.