355 values - I just don't get it

I have almost 60,000 miles on my 95 and I would agree with most of what you said. I think posts would have more merit if people said how many miles they have on their cars. Many say no problems with their cars but then you see at some later post their car has 15,000 miles and its 20 years old. There should not be a thread that I went on a trip of 400 miles and had no problems. I think those posts that minimize the repair costs are valid only if we know how many miles are on their cars. On my car, I had some large bills but some of those were self inflicted by having an incompetent Gary Sharpe rebuild my engine only to have to do it again years later. But the cause of the engine rebuild to begin with was bad guides, a bad cylinder liner maybe from a hole I had in #2 header. That was at 30,000 miles on a very well maintained car that was driven regularly. These are fantastic cars, no debate about that, that is why I have kept mine for 17 years but to say they are relatively repair free over the course of 50-60,000 miles is dreaming.

 

Currently listed on ebay: 1995 Ferrari 355 GTB, $79,500

"Over $40,000 dollars in reciepts including an engine out service that alone was over $24,000 recently done."

So... this car's service is a fairy tale? The receipt in the photo that shows $22,555.31 is faked? The other ~$18K was also never spent? Seriously, c'mon on. If you love the 355, that's great. If writing a $22K check is easy for you - my compliments. If you drive the car twice a year for 500 miles and haven't had any issues (because you hardly drive it), cool. But no one is inventing stories about 355 maintenance costs to artificially lower the value of this car. The costs are what they are, and a buyer should know what they could face before they purchase one so that they are making a complete, informed, sensible decision.

 

Despite everything I have read I have just bought a '95 Berlinetta.... I did, however, use all the arguments posted on this thread to beat the price down so thanks for that. I pick it up on Wednesday and will be saying a special prayer and lighting a candle in the hope that it doesn't fall to pieces! Happy Holidays!

 

Just drive it and don't worry about it.

 

Absolutely.

 

I dont doubtthat you spent some money but I know from first hand experience I spent more the first 5 years and 8k than the last 10 and 15k. Most of this is because of my understanding of the car and more importantly others understanding of the car.
I find the longer I keep it the cheaper it is and this is especially true for the F1.
I spent less than 700 bucks for a F1 fix that likely would have cost me 20k plus in 2003. There are other examples as well.
Just saying that I feel the price of ownership has come down.
Even now we have well respected mechanics learning some things from this group.

 

I haven't been here in a while, so please excuse this late answer to a question asked days ago. "What should be covered on a major service?" Answer: "The battery, both quality/age & security." I had a complete electrical failure when my battery shifted forward and the connection loosened. When I foundthe problem & questioned my mech about it, he said, "Oh yes, I see a lot like that; I should have checked it on your last service."

 

You are correct Taz. I found the same thing. I spent most of the money on my car the first 5 years. The major money spent on the 355s are Valve guides and headers. You get those done properly with the proper replacement parts and you are worry free for a very long time. I replaced my headers with Tubi and they will last for a lot longer than the OEMs or the ones many on here are buying because they are a little more than half the price of Tubis. Many say that they won't replace their headers until the OEMs go.....WRONG, by the time you find out that they are gone(unless you have very good ears and know the sound of your car very well), the damage will be done and that is where the money is spent on sleeves, pistons and labour. The valve guides when done are also good to go for a very long time....if done by a reputable machine shop. Yes there are other little bits here and there but not that bad and are mostly wear and tear items like many other cars. I will add that the steering racks will leak at the seals on these but usually start small and take a while till they get bad....I believe this to be mostly because of bad driving habits like cranking the wheel when not moving. The one thing I would say we have to do more than any other car is NOT to leave it sitting in the sun day after day as it will destroy the interior leather and cause you to send your sticky parts to Sticky RX a lot sooner than one would have to and believe me you will have to sooner or later.
All in though, the 355 is an amazing machine and well worth the dollars to fun ratio. Many Ferraris have their quirks....just look at the 458 now as they are turning up with major transmission problems and cost around 20gs to fix and there is no guarantee of it not going bad again.

 

Oh there was one other thing I wanted to mention (couldn't edit as 10 minutes is the limit) When any of the fans start blowing fuses.....dont be a cheapo and not replace them as the fuses are blowing for a reason. If you just keep changing the fuse, the car will run hotter and hotter and some knuckle heads will keep driving the car until hoses blow which by then the seals on the piston sleeves are melted and antifreeze gets into the oil.....30gs or so later and well.... As I said above the 355 is amazing but you need to know the car before just getting in and driving it.

 

Could not agree with you more.
All the things you mentioned were done, except valve guides as its a 99 within the first service.
Oem headers were still good, tubi put on
Got rid of oem cats, still good, went to hyperflows,
Capristo twin valve b cause I drank the coolaid and believed their rational on reverse pulses to the engine plus it sounds very good.
Allways passed cali smog and I like all the warning lights working so I know when I have a problem.
Has run very good except when the owner does something stupid but I dont feel thats Ferraris fault.

 

same with me. on my 95 the valves were done in the first 5 years before i owned the car. i replaced my cats with tubi downpipes and the oem headers were fine. i believe if these cars came with better cats the headers wld have never been such a big issue. I later replaced the headers witgh tubi.

 

What I have in mind does not involve a second or third person. However, it require a concerted effort in that the majority owners o oh sell their cars no less than $150k. It will be the standard price from there. Then sit back and watch investors stampede across the internet looking for 355’s which add itself adds more value. I”ll keep this secret with the owners circle. I bet if I list mine for sale at $250k it would sell within weeks but I’m not ready to part way.

 

I beg to differ and continue to walk the unconventional path to the same destination. The usual, no one has control leaving things to chances. My way, I have control but it require everyone to follow similar paths other than the usual. Let me ask the audience, how much does it costs to service a La Ferrari? It doesn’t stop its value from increasing does it? All cars require repair, maintaining at some point. Cost per visit and the frequency of visits determine overall cost. At $5/$6k every 5/6 years on a 355 mount to a thousand and some change a year. I spend more than that on Happy Meals. Yes, it does play a part in the value scheme but a very small roll. What is taking the center stage is the constant regurgitation of an issue that has been nulled and repeat it 100 times across Internet forums and blogs creating a mountain out of a mole hill. It’s time to get off the “usual” path. Creat your own or follow me. Hint, I maybe willing to let my 355 go for $300k. If you wait, that offer will go up. It’s your lost.

 

So what you are saying is that when I want to sell my car I should notify all other selling owners to $150k so I can sell mine for $80k. I'm down with that. (Do they still say that???)

 

You spend 40k on service cost. Without details I assume 1) you bought a new engine. 2) you bought a broken car. 3) you need to sit down with your mechanic. But if 40k is th service cost since your acquired the your car over 20 years ago that maybe plausible. I don’t know exactly but Im almost certain your situation is UNIQUE to you.

 

Actually I recall back when I was looking for my car a car came up in PA outside Phila that had receipts of over $40k for a single major. Yep, it includes a complete engine rebuild for what ever reason and was done at a Ferrari dealer in NJ. Looked like the guy dumped the car as soon as the service was completed. Probably feed up and wanted out.

 

I just spent $40,000 for complete rebuild. It can add up fast if you are not doing your own work. Parts are crazy expensive and that is without head work other than cleaning valves and freshening seats. I opted to do everything so the bill is higher than it had to be, but these engines are not Fords of Chevys. I still think that mileage is important. People always seem to talk in years driven not miles. This ebay car mentioned previously has only 23000 miles. That is a lot of money spent per mile on a car that has driven less than 1000 miles per year. We have all driven our daily drivers that amount in one or two days. Lets be honest, we Ferrari owners are willing to accept costs that we would not accept in any other car. Would you accept that you had to replace your headers after 20,000mi on a Corvette? Replace many of the interior parts or dash on your GT 350 after a few years? Yes we can say that we put a lot of money in the first years of ownership and not much after, but how many miles driven after that per year? If it is a 1000/year should you be thrilled that you have not had a problem in those 5 years or 5000 miles? We shouldn't be so defensive about our cars. They are expensive when something goes wrong. We do get hosed on parts from Ferrari. Admit it. It makes us a special breed of car owners. The fact that we still love and keep the car is proof that either we are nuts or these cars are so fantastic it is justified or a little of both.

 

Well, here's the complete details from the recent $22K service... the seller posted it in the listing. 9K in parts, 10K labor.

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Some of those parts are priced higher the what Ricambi charges retail.

 

I could not agree more with this version of F355 ownership costs. I'd say like the vast majority of owners who put 1000 miles or less a year on their car, I feel that what we are willing to endure to own one is very different than most. Even folks who own porsche or bmw would call foul if they were paying our maintenance costs. I do my own work, so it helps. But it doesn't save me from the high cost of parts, or the constant looking over my shoulder. It just comes with the territory. I have accepted that with my first ferrari, and so far I think it's the best auto related decision I've made. That car sure does put a smile on my face!
I say that if someone is thinking about purchasing ANY ferrari, (or any other italian made vehicle), be prepared to accept a high cost of ownership.

 

I counted 5 grand worth of stuff not needed on most services. But no one can say for sure without being there at the time.
The valve guides etc are definately a one time cost on the older cars if done correctly.

Personally I would not buy a 95 without proof of a good job on the guides and factoring into price. I do not conside that money normal to a service.

Their next service will be 10 g from the same shop using their prices. A bit high but not a totally unrealistic.

This is why I use 10g when quoting services to new owners , good news as I said before the longer you keep the car the cheaper it becomes.

 

Dave, my point was that he appears to be marking up retail prices. If these shops are paying retail for parts it's not much of a business. Even Ricambi offers a discount to Chat members. I would imagine that if a shop had an arrangement with him they would get better than the Chat discount. Even Home Depot offers discounts to contractors for materials. I sure wouldn't be happy if someone gave be a bill for a major and the cost of the parts was more than I would pay if I walked into a Ferrari dealer and bought them myself at retail.

 

All buisnesses are different. We are only allowed 10 percent on city contracts but much higher dollars. This is on hundreds of thousands in materials.