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355 search - dodge a bullet

Discussion in '348/355' started by lucky73, Apr 3, 2008.

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  1. lucky73

    lucky73 Formula Junior

    Mar 13, 2008
    257
    #1 lucky73, Apr 3, 2008
    I made a few calls to independent ferrari dealers/traders and other known local "experts", one person suggest I contact a guy he knew who had a nice 355 car - he was very clear that we making an introduction only and not making reps/warranties about the condition, just that the guy had a nice 355 and has owned other red cars. I contacted the person, who was very straight forward with me, and he said the car was for sale but had been making an engine noise. I told him I would see the car after it was fixed. I got a call, his engine is fried, the car will need $10k to $20k to be brought back to life. He offered the car to me as-is for a few thousand more than the F dealer was willing to buy it for...NO ONE did anything wrong, or anything like that, but this experience proves the advice/counsel I've received from many on this forum (pm'ing) about how to buy a car (pedigree, ppi).

    Is the risk of buying a 355 which is about to have a major engine mechanical failure mitigated by any one particular criteria such as: service, service provider, # owners, MILEAGE, etc? Moreover, would a PPI have found/concluded this was not the car to buy?

    I shudder at the thought of spending $65-75k and the engine going the very next day and me losing $10-20k. Of course, owning and driving a F car is a life long dream so it would not be the end of the world and post-surgery the car should be 100% and ready to tip it, but still it gives me pause. My basis would be $95k in car with a residual value (per guides) of $50-60k (+/-), and that is a lot of risk - with a lot of reward too if you drive it and love it.

    the search (cautiously) continues....but the other big question is what kind warranty does Ferrari- certified chops provide when doing major major service work?
     
  2. No Doubt

    No Doubt Seven Time F1 World Champ

    May 21, 2005
    72,740
    Vegas+Alabama
    Full Name:
    Mr. Sideways
    #2 No Doubt, Apr 3, 2008
    You are searching for a streetable racecar that is out of warranty, but you are worried about an engine blowing up?!

    Conflicting priorities.

    If you want to play it safe, buy a new Honda. Under warranty.

    On the other hand, if you just want to limit your risk on a toy, then purchase your used Ferrari from an authorized dealership...because they offer a 30 day warranty and have reputations for standing behind the cars that they sell long after the sale.



    The other extreme is buying an auctioned Ferrari with no inspection whatsoever. The gamble there is that the money saved ont he purchase will be greater than any potential problem. Some win that way, some don't. You pays your money and you takes your chances.

    Is your goal to have a daily driver? A weekend toy? A track car?

    What's your risk threshold? No risk is acceptable? Some risk OK? Ba11s to the wall?!

    What's your financial situation? Infinite money is available to you?! Money comes easy to you? Money is tight?



    The answers to the above will tell you what's best for you.
     
  3. No Doubt

    No Doubt Seven Time F1 World Champ

    May 21, 2005
    72,740
    Vegas+Alabama
    Full Name:
    Mr. Sideways
    #3 No Doubt, Apr 3, 2008

    The last word on warranties was that Ferrari parts purchased in yellow Ferrari boxes and installed by authorized Ferrari shops carry a 1 year warranty on the part and on any ancillory component harmed by a failure of that part.

    So if an authorized shop installs a Ferrari oil filter that turns out to be defective such that your engine blows in less than 12 months...Ferrari buys you a new engine.
     
  4. lucky73

    lucky73 Formula Junior

    Mar 13, 2008
    257
    #4 lucky73, Apr 3, 2008
    Thanks for the info on the warranty.
     
  5. ernie

    ernie Two Time F1 World Champ
    Lifetime Rossa Owner

    Nov 19, 2001
    22,620
    The Brickyard
    Full Name:
    The Bad Guy
    #5 ernie, Apr 3, 2008
    Find a different car.
     
  6. gothspeed

    gothspeed F1 World Champ

    May 26, 2006
    10,244
    U.S.A.
    Full Name:
    goth
    #6 gothspeed, Apr 3, 2008
    +1
     
  7. lucky73

    lucky73 Formula Junior

    Mar 13, 2008
    257
    #7 lucky73, Apr 3, 2008
    Masters of the obvious. If I were less busy I would buy it for 30-40k and have the work done myself for 15-20k if the overall car were great.
     
  8. 355 Fixer-uper

    355 Fixer-uper Karting

    Jul 27, 2005
    126
    Chicago
    Full Name:
    Andrew
    #8 355 Fixer-uper, Apr 4, 2008
    What is he asking? I have an engine sitting in the garage looking for a car....
     
  9. lucky73

    lucky73 Formula Junior

    Mar 13, 2008
    257
    #9 lucky73, Apr 18, 2008
    i believe it SOLD
     
  10. J. Salmon

    J. Salmon F1 Rookie
    Owner Rossa Subscribed

    Aug 27, 2005
    4,367
    VA
    #10 J. Salmon, Apr 18, 2008
    When I was looking for a 355, I stumbled on a great car. It was at a reputable dealer. I talked to the owner, who had no vested interest in the car any longer (already traded). I almost bought the car without a PPI. Instead, I had it shipped to my local dealer to have a once over. As I remember, this is a partial list of some of the things discovered:
    CEL on.
    Blue smoke on startup.
    Steering rack leaking badly.
    Passenger door rubbed front fender, and other bodywork issues.

    Luckily, the selling dealer was true to their reputation. They offered to take the car back, fix everything on the list, and ship it back to me, or simply refund my money. I chose to get my money back (which they refunded immediately). The thing that bothers me the most now was the blue smoke. We never even bothered with the leakdown and compression tests. I remember the original owner telling me "they all do that." Well, the 355 I eventually bought sure didn't...
     
  11. 285ferrari

    285ferrari Two Time F1 World Champ
    Sponsor

    Sep 11, 2004
    20,975
    MD and NE
    Full Name:
    Robbie
    #11 285ferrari, Apr 19, 2008
    You wouldn't be the first person to get a 355 for less then $40K recently.....:D
     

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