How bad could it be?

Ferrari 355 Berlinetta | eBay

Pretty close to my project budget

 

Cars sometimes get salvaged titles for cost of parts. For example the auction price on a 355 might be $35k. Lets say the car got stolen and recovered without seats, radio, steering wheel. That could be $15k retail and an insurance co would total the car. Or a mechanical issue like needs a new wiring harness or burned cats could be $12k and an insurance co might total it. The cost of Ferrari parts are their own worst enemy.

 

Having had a car totaled this past spring I can tell you that insurance companies are under very strict laws with regard to evaluation of accident damage and pre accident value of cars. I spent over an hour with the adjusted getting educated about this . Once the damage assessment and evaluations are completed there are specific criteria that are applied to determine whether the car is totaled or not. It's all controlled by the state, primarily so that there is consistency between different insurance companies and claims get settled without insurance company A suing insurance company B because they disagree on evaluations. This can very by state, but is generally that if the repair estimate exceeds 70% of the market value of the automobile it is totaled. Furthermore, I was surprised at how the market value is figured. It's not a look up in NADA, but rather true cost to replace the car with one in similar condition, mileage and year, including tax and registration fees, based on a market search. There is no way a car valued at $35k would be declared a total if the damage estimate was $15k. Insurance companies do not what to total cars as it maximizes their pay out. If that car had a salvage tittle something bad happen to it or someone was playing games.

 

I just picked up a 1998 F355 F1 Spider, Giallo Modena with Black Interior and am stoked!!!! I was slightly afraid of what I got myself in to....................but it has been a little over a month and due to the members on this site have helped me to cure some ailments. Lots of "Sticky Issues" almost all done. Headlight issue that I was not told about............blowing fuses and Rod missing between motor and headlight assembly. I got into this repair and made a connection Rod with Heim Joints and now it works perfectly. Thanks for all the troubleshooting help on many different threads. I bought this car to resell..............in my dreams, but am having.................separation anxiety............so who knows. Love the Beast!!!!

 

I wouldn't call that a project car.

 

Tempting!

 

very tempting
Ive talked to the owner and he seems like a straight shooter.
Belts etc definitely need done.....he said its been about 10 years since the last full service.
So 39k + 10k in incidentals??

 

DIY major (this is what you are looking for, right Dave?) tires, recover the interior leather, other misc cosmetics....

On the other hand the frame could be bent and the thing goes down the freeway sideways. At a very good pace mind you, but still sideways.

Interesting for sure. 6 speed GTB sounds good to me.

 

Been looking at that car myself. I figure that the closer you got it to $30k flat the better of a deal it is. At around $35k price (total of $45k after maintenance) it starts to seem pretty reasonable.

 

hi.. I dont own a 355.. but been researching/shopping for a long time.
those compression results seem low.
Bank 1: 1: 170 2:170 3:175 4:165 Bank 2: 5:175 6:175 7:175 8:175

ive seen results on another 355 in the low 200's.
218,220,219,218,220,215,218

in comparison would this mean the engine is weak..?

 

I think most agree (in the 355 section anyways) that the results can vary greatly based on the details of how the test is performed. The more important thing is the consistency of the figures and leakdown numbers.

 

he said 37500 is his magic number to sell.

 

I looked at that car also. My car shows a 19 on the Ebay rating. Reason is it was in a small accident and a fender,head light and front bumper cover were replaced. Carfax now says issue major accident. Carfax should give you the right to post pics of damage and repair if you want to. I called on a Carrera S that was priced really cheap. They told me it had a salvage title because it was hit on the passenger side front tire. The front wheel,suspension,fender.bumper cover and head light was fixed no frame damage. The guy told me you would never know it was in an accident. My friends girlfriend hit a deer with his Audi suv..hood grill front bumper cover...nothing major. Carfax makes it sound like it hit a IED in Iraq... I think this car is worth looking into. Take it to a reputable body shop see what they say. If your going to use it as a project car save some money do the major yourself I'm sure you would have fun learning about the car..my 2cents I'm done

 

Trying to figure out how they do business will drive you nuts. I had a car flooded years ago when I lived in Japan, and the adjuster looked at for about 1 minute and said car is totaled. MY ex wife was hit by some kid in her truck in 2007 down in NC full size 2001 dodge truck and did 6 grand in damage and they fixed it. I figured at that price it would be totaled but they fixed it.

Car get stolen company pays out car is branded with a salvage title for really no reason.

Then the car that have damage and are not claimed so nothing is reported. It can be a crap shoot for sure.