Potentially trading M Coupe for 355 spyder- thoughts?

I'm in the position of potentially becoming a first time ferrari owner. I have the potential to trade my 2000 BMW M Coupe with an extraordinary satin black paintjob for a stock 1998 355 spyder /w manual trans. 106k miles.

Car I'm trading
http://i26.photobucket.com/albums/c101/popnsplat/32.jpg?t=1273966073

Graphite blue (unsure of the color name) with tan/black leather inside.

My M is worth quite a bit more than normal in canada, moreso in trade with the paint (paintwork was ~$22,000, bare metal strip and repaint) and I'm -guessing- a 355 without the track package or any of the frills is in the neighborhood of 35k.

I am going to look at it monday, but the person selling/trading my coupe says the car is basically cherry.

Mileage concerns me. If it's properly maintained (I still have to inquire as to the service history) would 100k+ be a worry? What should I look out for when looking at, prior to having it inspected? I know about the costs with ferrari maintenance, but I have full access to a shop and the knowhow to maintain something myself (have a 557whp 240sx drift car) and what's the cost of parts like? valvetrain seating issues, am I looking at $40 a seat? or $12? I don't think there's even a ferrari dealership where I am (seattle, WA) so where would I source parts? just via mail?

How often is the engine-out service for things like the timing belts required? 10k? 15?

I'm 22, have plenty of money saved away, and should be able to hang onto the car for a few months to maybe a couple years. Long term goal would be to resell it again later, and fix my race car with the change.

Any input is appreciated.

 

Did you say 106K miles?

 

You may want to try the search function. Lots of great data on here that's been posted over the years. You'd be in some pretty rare company with a 355 with 106K miles. IF you really want a 355, there are a lot of cars available with far less miles.

Remember, search is your friend.....

 

Robbie, I'm not aware of any cars with that many miles, do you have any on the registry? I remember the one a year or so ago that had 85K but none over 100K.

 

I'm in the process of combing through searches, but I figured with 100k+ miles, I would have a somewhat... unique situation. I know it's a pretty unheard of number.

That said, I'm only considering it, because it's a trade possibility. I've got a few cash offers as well.

 

http://www.ferrariofseattle.com/

 

106k miles........holy moly, thats good news for other 355 owners.

 

Unless there is a stack of receipts 20 centimeters thick, and you have an excellent independent or FNA dealer near you to inspect this car before purchase, my advice is RUN! I am not kidding, did you hear me? RUN. This car could bleed you of every last penny you have. The inspection alone will probably kill the deal, is my uniformed opinion.

Please don't attempt to prove me wrong and buy this car without an inspection by a Ferrari specialist, that knows intimately all the ins and outs of these cars.

 

Absolutely won't purchase the car without a thorough inspection.

 

106K Car for your FIRST Ferrari?

Wow I would seriously, seriously look into selling your car privately for as much as you can get- and ponying up enough cash or finding suitable financing to get a lower mileage, thoroughly inspected example. There are any number f 30K-ish 355s around for very, very attractive prices right now. I bought a 30K 355 F1 for a song last year- and the car is dead reliable.

It's a GREAT time to buy a 355- you're just about bottomed out on depreciation for any car with more than 25K on the clock, and we're in the period before the 355's- a truly iconic car that saved Ferrari- takes on 328 style "minor collectability".

As one who tried to do the right thing with a high mileage 308- the term "Money Pit" cannot begin to describe the thousand little expensive ridiculous things that will be wearing out daily.

 

Wow I never even heard a 355 with 106K ....

 

hells yeah, I'll be the second 355 there haha

 

Duly noted. But I did remember that it's a canadaland car... and thus, it may be 65k miles (106k km) I forgot to ask.

How much of a difference would 40k miles make?

And what sort of little expensive things go wrong?

 

Well yeah 40K makes a world of difference.

These are not cars designed to be daily commuters- they are high performance cars designed to leave everything out on the track- I don't know if you have driven one yet- by all means DO- Even at idle you are well aware that this is a very different beast from any other performance car you've ever sat in.

I think you'll find once any V8 Ferrari has traveled a certain number of miles and lived a certain number of years in the elements you'll be chasing any number of fuel, electrical, computer and emissions related issues, most of which require lengthy stays in a good shop with the proper diagnostic tools. You ABSOLUTELY can take an older, worn 355 and have it completely rebuilt and have a stunning example ready to drive reliably anywhere in the world- But why?? You'd have well over $100K invested in a rebuilt car- when you can buy a PRISTINE low mileage example for $60K right now.

What's the point in owning your "First Ferrari" if there's ALWAYS an issue that keeps you from enjoying the car to it's fullest, or keeps you from exploring the performance potential of the car.

The engines themselves are robust- and i would not be afraid to own a 60K or 70K 355 right now- a 100+K 355 to me makes little sense at this particular time, since a low mileage example is so affordable. But that 60K 355 had better be CHEAP- since a 30K 355 that is spotless and well maintained is still under $55K- and in some cases substantially less.

It is assumed that 10-12K is average for a normal car- and thus a 1997 Toyota with 140K on it is normal miles. We assume 4-7K for performance cars like Porsches- so a 100K 996 is commonplace. We assume a V8 Ferrari will be driven 1500-3000 miles per year- so you'd expect to see a 97 355 with 18K-36K. A 12K 355 is low mileage- a 40K 355 is high mileage. 60K or 100K throws the car completely off the value scale- and you're into bargain-hunter territory.

 

Thanks, I'll be thinking about all of this when I go look at the car.

 

didnt he mean 106k on the BMW

 

my 2 cents
a ferrari is a ferrari

a Bmw compares to a honda or toyota IMO
a good everyday car

 

Damnit MBCD, why won't you listen to us on BF.C

 

I think you got good advice here. This sounds like a bad move.

Sell your Z3 for what you can get (and you won't recoup anything close to $22K for a non-stock paint job...) and then look at the Ferrari market.

You might want to look into Ferrari 355 parts prices -- they can make you choke, in worse-than-typical Ferrari fashion. I wouldn't want to be refurbishing a used up 355 when there are many well-kept ones available on what is currently a very soft market.

 

:rofl

 

Go for it!

 

I think that this Fchater "SOUP NAZI" should either change his name or be banned from FCHAT I think he knows why also!!

 

http://en.wikipedia.org/wiki/The_Soup_Nazi

Other than that:

1) Soup Nazi registered in 2007 and posted his first post three years later. Why do people do that??

2) 106.000 miles is a lot, no matter which Ferrari. You must educate yourself more on the 355 before getting one.

 

Since you are in Canada, are you sure it's 106k miles, not km?

Kai

 

LOL!!!