First time Ferrari purchase! Need Advice Please!

You make a really good point there Doug (and Greg). If you do get a good rate on your financing, say 6% or so, it makes a lot more sense to invest the cash somewhere else, just as long as you're getting a higher percentage as return on the investment.

But anyway, I guess it all comes down to how much you can afford, or feel comfortable with, on a monthly payment.

 

i purchased a 1999 355 SPIDER used four years ago. It has been the best car I have ever owned, but not the cheapest. Exhaust manifolds go out every 15K miles or so. The seats need to be moved up and down carefully. It does bottom out if you aren't careful (and I am not.) It had 3000 miles, and now 34,000. It is fast, sounds fabulous and looks sexy. The 360 is fast, looks dumpy and sounds more mundane. I am selling mine for a 575 SA.

 

You sent me the NADA.com which indicates $25,000 more at retail than the local dealer is offering me...... thanks that was helpful. I paid $160K in late 99 or early 2000. Way over MSRP. I wanted it and it has been worth it fun-wise. If I get $70K I'll not be happy, but around $90K -- meaning a $70,000 cost plus maybe $20,000 maintenance for almost 4 years and 30,000 fabulous miles is great. 355 prices obviously are great now for a buyer.

 

Aaron,

After all the advice given, I would now definitely encourage you to hold onto the $40K cash.

You'll need it for the repairs you have mentioned!

 

why not buy something you can afford? as tough as it is, facing reality is worth learning. invest and save [and tithe], and when you build sufficient net worth, THEN buy pricy toys, when you actually deserve them. the younger you start saving the sooner that time will come.

i know i sound like a father, but i delayed my own net worth by pissing it away until i was 39... please don't follow my example.

 

Check out this thread on the General Discussion forum of this board. A bit of discussion on both sides for someone who has some second thoughts *after* you buy a car that consumes a huge amounts of your assets.

http://ferrarichat.com/forum/showthread.php?t=68071

Ferrari's are great cars and well worth it. But what else are you giving up to have it now versus later?

 

I just bought it. It has Tubi, Red brakes calipers and the SF Badges with Challenge grill. Was that called the Saglietti Pkg with the fender sheilds and Challege grill?
I was curious what this listed for back in 1999.

 

"then buy the 355. It's a great car and as others have mentioned, and the 99 is the best of the bunch"

Just curious... In speaking with Ferrari NA, they have said that the 98 & 99 MY 355's are identical cars. The valve guide isssue was solved from Assembly # 27689 & up.
Aside from a 99 being the last model year, what makes it superior to a 98. The list price of the 99 vs. the 98 was even the same.
Thanks

 

I am in lower Westchester, not far from White Plains or Greenwich, CT

 

http://www.ferrariclub.com/msrp/index.html?rsort=Year

Says the 98 6sp 355 spider was $138, so add $10k if it has F1. Plus they were probably selling over sticker.

 

Make sure you have it checked by a Ferrari mechanic as there are many issues with the 355 such as exhaust manifolds, valve sleeves, etc. Maintenance can be a headache.
I would go with Mike's suggestion and try to spring for a 99 Euro 360. They're in the $90-100k price range especially if you find one with around 20k miles. Resale will be much higher and you probably won't have to spend a dime other than scheduled maintenance.
Plus the 360's a much faster and more solid car.

 

Congratulations! Being worry-free about your purchase helps a lot in enjoying it. I have a friend with a WRX STi as a daily driver and he loves it.

P.S. "invest" is not the right word to use no matter how much you like the car . Seeing it as an expense, which it is, will help you keep your priorities straight.

 

Save another $6-$7k and buy a 348 outright. They are a real bargain and are very similar (although more raw) to the 355. Unless you don't like the looks, join the brotherhood...

BT

 

I would save about 5K more and buy a good 328. Everyone has good experiences with these cars and you will get your feet wet. They are also the cheapest to maintain Ferrari so far unless the 430 pans out as advertised. I have a 328 and a new 430. I am actually struck by how similar they feel in overall steering and balance despite the enormous performance improvement. 355's are great driving cars, but they do have a number of mechanical issues including valves, headers, cylinder liners, catalytic converters, bypass valves, shrunken leather and expensive, engine out service to go along. Be patient if you don't want an earlier car. 360's will be cheaper to buy as time goes along and maybe cheaper to own in the long run.

Dave

 

Aaron,

The STi is a great purchase -- you'll love it! I've got one in the family.

If you want to get some good info about the STi and possible mods from a friendly Forum, visit: www.iwsti.com ALL STi ALL THE TIME!
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I also have a 2004 STI I use as a daily driver and my main track car also. I nicknamed it "ego-buster" becuase I can reel in almost anything on track day--Vettes, M3's, vipers and 355's. With 3 sets of wheels/tires it can be a winter car, street performer and track car. A great package!

Dave