F355 Market

Exactly... Those of us who bought when they bottomed out are still up quite a bit. And as Ken said, spring/summer tends to see an increase in prices.

 

I e had a 355 manual long time ago the car I miss is my Diablo vt and sv but not gonna pay current asking prices. Good luck with your sale be patient it might sell in another week or few months

 

Simply put the pool of buyers is dried up for the 355, thats all. I'm not looking for a upside win. Post #2374 my second chance best offer was the bidders highest bid of 71K.

Still available

 

I thought I would post this as this car just sold 2/16. many of you may familiar with it. behttps://www.ferrarichat.com/forum/ferraris/517794-1995-ferrari-f355-6-speed-%7C-28-600-miles-%7C-tubi-exhaust-%7C-clean.html

This is the Black/Tan 95 GTB with 28.6k miles listed by Excel Auto Group in the FChat adds. The car was listed on 3/30/2016 at $91.5k. At the time it had black wheels which were later replaced with standard silver. Since it was listed on Chat we have a price history leading to the sale.

Price history:

3/30/16 $91.5k

8/16 $89k OBO

9/6/16 $88k

9/13/16 $87k

11/2/16 $84k

12/9/16 $79k

1/11/17 $75k

Apparently sold 2/16. Final negotiated price unknown.

I think this says a lot about where the market has gone over the last year. It's pretty consistent with what I have believed.

 

That car was rather unsorted, in my opinion.

 

I disagree, respectfully. The new owner is here. He is sorting the car.

90% or more 355's are not pristine. Almost everyone needs something...

 

My words were too harsh. I will revise the post. "Unsorted" is a better term.

 

Yep. Where are all the fully sorted cars with a 2 week old major on the market? Heck, even with a fresh major and head work done as part of the sale I ended up having to put new cats on my car to get it through CT emissions, and it had passed CA emission just 4 mounts before.

 

I think with this particular example, it doesn't help that the 2nd search result shows it was sold at Mecum for 60k just before being listed here for 91.5.

 

Excel Auto Group... Aren't they ones asking 7500$ for a set of repainted challenge rims? I think they need a reality check on market values tbh, so I'm not surprised their price got knocked down a few times, back to realistic values, before the car finally moved. That car sold for what it's actual market value was... And not Excel's inflated value.

 

That's Exoticar Auto you're thinking of.

I bought a set of 550 Maranello wheels from them. He kept advertising "last one! don't miss out!" and I figured might as well grab an OEM stock set since my car came with BBS'. Literally before I even received my shipment he said he found two more sets. lol

He then proceeded to drop the price twice to $1000 less than what I paid within a month. Anyway...he charges (or asks) extremely high prices in my opinion. Not complaining about what I paid, just odd business practices. I guess he catches enough people in the exotics world off guard.

Aren't the Challenge wheels he's selling powdercoated as well? Correct me if I'm wrong...but shouldn't magnesium composite wheels be painted and not powdercoated? There's been like 3 or 4 sets that have sold for $4k or less in the last few months but he's asking 7500.

 

Ya my bad thats who I was thinking of. You are correct mag wheels should be painted, atleast thats what I've been told and others on here confirmed.

 

Piping in: just bought car on here, through mutual contacts. I think I paid a very fair price for a sorted car that has had substantial upgrades, service and sorting. Needs very little and only if one is anal picky over the top. Downside is 31k miles. Upside is GTS Gated.


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Thinking there are some factors which might influence an increase in the F355 US market price in the near future...

- tax returns
- post election / Trump presidency
- spring / summer approaching for much of the US
- seen a few premium cars move quickly recently
- strong performance of US equity markets

If you're thinking about picking up an F355 (because you love them), just find a nice one and go for it. If more as an investment, only time will tell, although it's definitely more fun than owning paper. (Unless perhaps that paper returns 300% and you pick up a Challenge Stradale next year)

 

Hey, I know that car! As someone else said, the car needs to be sorted...
The car spent it's whole life in the LA basin and sold at auction to a S. Florida dealer (Excell). I don't think this is a Miami kind of car and so no guy with Mr. T gold chains and skinny jeans wanted it and enthusiasts balked at the "upgrades". So the car was in limbo. They then "painted" the wheels and dropped to $75k to move it.

- Stickies - one item was sticky (the carbon ashtray), most of the rest of the potentially sticky parts were sorted a couple of years ago.
- Dash - there is a very slight start to some "leathering" which leads to shrinkage. A leatherique rejuvenation will resolve this.
- Wheels - they need to be re-done, prepped properly, repainted the correct silver
- Exhaust - eventually the custom headers might need to be swapped but they are SS and in good shape with a custom heat shield. Cats are hyperflow. Exhaust is Tubi.
- Paint - Some rock chips in front and can be all be professionally resolved without a respray (paint, smoothed, clear, etc.) and then put STEK on the front clip to stop that from happening anymore. Black cars are terrible for rock chips.
- Maintenance - needed an annual. belts were done by ferrari less than 2 years ago.
- 2 heat/gravel shields missing from engine bay
- Didn't come with tools, history, manuals, or covers. Previous owner sold it to Ferrari in Cali with all of that including history from owner 1. Seems the dealer or the wholesaler they sold it to that then auctioned (or was the proxy), took out the valuable items.

Only 3 owners before this last sale (Carfax shows a couple dealers as owners). Two owners known, the last owner contacted. About 9 years of history including previous sales prices.

I figure the car is an A car if rated against any other car from 1995 but as a Ferrari this is a C level car. Making it a B+ to A car (Dave Rocks red 355 he just sold would be an A) will take about 10-15k thousand to sort depending what is found after digging.

So figure this:
- interior to stock (steering, ball, ashtray, door sills, original floor mats came with it)
- fixing rock chips (not many) and clear film full front clip
- getting correct keys (1995 keys from ferrari)
- Manuals, covers, and tool kit
- missing panels in engine area
- annual maintenance
- repaint rims again (properly)
- fix some other items (broken trim, rubber seals, carpet pins, tired looking bolts and screws, chrome lug nuts, potentially minor engine and suspension items, goth shields etc. etc.
- detail (paint correction, leatheriquie, full interior detail and pull carpets)
- replace tubi with capristo (tubi is nice but some prefer capristo)

That should be about $12k plus or minus to "sort" the car.

It was sold at Mecum for 60k. Figure the online buyers premium of 12% (posted at meccum and since they were so far away, that is likely they didn't fly out), plus closed shipping for $1000 from west to east coast (dealer cost), labor to detail/prep the car, florida inventory tax (low), flooring costs for 13-14 months, labor to advertise it, other pay to click advertising, lot opportunity cost (if they have space issues) and "painting" the wheel, they were probably in it $69.5 to $71k at the very low end.

I don't want to start a war but the color combo is a top 3 choice for the car (red/tan seems to be more popular), 1995 seems to be more popular than 1996 and 1997 but 1998 and 1999 are probably par. For the enthusiast (as the market no longer includes any if many "I own a ferrari" players) they/we seem to like the Berlinetta 6 speed more than say a GTS F1 (this could be my bias). It's all in what people want but there are those that love the open spyder as well. All in all from what I have seen 1995 B 6 speed with steel valve guides (which this car has), seem to be towards the top of the market. Sorted of course.

A 1999 red/tan GTS F1 sold at BJ fro 99k with premium a month ago. Dealers are paying 50-60k for these cars. Excell wanted $75k in January. It sold for less. That is a wide swath.

Note this doesn't include:
- Getting brochures and posters from the era
- buying some unobtanium parts for the future
- custom car cover
- specialty tools
- clothing (fcar jacket, shirts, etc.)
- Hill engineering parts
- FoA membership
- Black F430 type key
- ceramic pro sealant
- garage storage systems to make room
- dealing with married neighbor ladies offering to wear low cut shirts for rides and their husbands chatting me up and approving of the antics

 

^^Sounds like a good plan and I think you got a nice car. Have fun with it!

 

Amusing that swapping out the Tubi for a Capristo would be considered "sorting" the car.

 

I had my car color sanded and polished, now its sorted LOL

 

Well the paint correction and STEK are not really sorting the car either. I did say "sorted" but I meant for the other pieces and that the Capristo is part of the budget along with clear film and spare parts.

Also, my paint is a smooth as glass, nor orange peel. I don't need to sort that

 

Alex - John is my buddy - great guy. It takes time to get used to him

 

He's one that will take some getting used to. I was looking at Cargrus.com. Now before you start telling me that some of the cars there may have been sold, that's not the issue. What they do do there is track price history. I looked at both 355s and 360s and it seems that most cars that have been on the market for over 90 days have had price reductions. Some very significant. Lots of 355s with 10k or more drops. Some 360s with drops as much as 20k. Just looked at the F430s there too. First one I looked at, on the market for 84 days. Price dropped from originally 146k to current 119.5k. Price trends are clearly down for the broader market.

 

It's no new news that the market is down. But, given when we bought, John - it's still up and that's positive.

 

Definitely more cars than buyers. The market is in a lull for F-car sales. But I do not think we are seeing a major correction? I think it is going to go up for certain models and I think people tried to artificially drive the market up with higher prices than were realistic.

I have bought two cars in last 5 months. I think I have upside in both of them and I plan on enjoying them regardless. I tried to buy in 2011 and wish I had been able to, but I would be doing majors again by now, so maybe the same money as now?? Cheers!


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I believe it's more than a soft market. For quite a while dealers were holding their prices and waiting for buyers to come to them. That's <script id="gpt-impl-0.2553781415742596" src="https://securepubads.g.doubleclick.net/gpt/pubads_impl_110.js"></script>what I call soft. Now they are actively trying to attract buyers and liquidate inventory by cutting prices. When people see price cuts they put off buying expecting further cuts. Time will tell how deep things go. Certainly true collector cars may not be hurt, but 308, 328, 348, 355, 360, 430 are just used modern Ferraris at this point. Some are more collectable than other, like glass 308s. A few cars have sold well at auctions. Many have not. Prices topped because there was a rush to get in before cars got out of reach. Just another case of irrational exuberance.

Anyway, I'm waiting for a 360 I have my eye on to drop into the mid 60s before I consider making a move. We'll see where things go. For now I'm sitting on my hands.

 

Well, this one is now marked "SOLD" and the ask was $209K - how is that for a "down market" ?

1999 Ferrari 355 Berlinetta Stock # 4357 for sale near Greenwich, CT | CT Ferrari Dealer For Sale in Greenwich, CT 4357 | Miller Motorcars