Hello 355 fanatics. Something new to think about. Just want to get owner pref. on 355 values w/salvage and clean title history. It's interesting to know how Ferrari lovers decide on their new purchase. Spending retail for a pristine 355 for couple of years before they sell it or spending 60% of retail and getting a 355 w/previous salvage history (no junk of course) with left over funds to play around on something else.
based largely on color/condition/miles... 25-30K cars in not-so-desirable colors can be under $50K... Red/Yellow super clean can be mid $50s...Super low miles with history and three keys are asking $60s right now... LOTS of 355s out there- so there should be deals to be had. Salvage cars can be had for low $40s DO remember these cars can bang out a $20k repair bill very easily... so a good car with COMPLETE service history is worth, in my opinion, at least $10-12K more than a "mystery" car. later model cars worth a small premium over earlier cars.
The salvage thing in the Ferrari world will never work. Values are low enough that repairs can easily outstrip the savings. So you spend 60% of retail, you spend the other 40% getting it back to being a good car, and you still have a car that is only worth 60% of retail. 355s are just like EVERY Ferrari: it's never a bargain. If you love it, it's worth every penny, but you better bring a few rolls to the party.
Do you guys feel there has been a recent uptick in the 355 market? I recall somewhat clean cars for low 40s a few months back.
I concur...well, the *asking* prices do seem to have floated back up maybe 10%. Just a completely unscientific observation.
Yup. As I have said all along. There are 2 prices for 355s. Those that are serviced and addressed, and those on ebay. Mine is not leaving my garage for less than 70k. The best year, (95), the rarest model (GTS) and the only one made from those two categories in white. Image Unavailable, Please Login
I'd be really nervous about pursuing a salvage title car. For instance, with the help of FChat, I recently sorted out a blinking check engine light. Reading through old posts, there were a bunch of reasons that people had found for this particular CEL. Lucky for me, my problem was one of the more common, a bad ECU. I have been thrilled with my car-but lucky. Some stuff has needed repair. But because the car hadn't been in an accident, or flood, I usually was only one replacement part away from Ferrari bliss, a bearing, or an ecu, some hydraulic fluid for the spider roof. There are some others here, some very involved owners, who have taken a long time to sort out various electrical gremlins on these cars. If you do have problems with the car, I just worry they are going to be really tricky to sort out. A shorted wire, from some accident that wasn't repaired quite right, is going to trigger a warning light. And all the common explanations for why that light is on, aren't right. If you have the wrong mechanic helping you, and maybe even with the right one, the repair bills will quickly add up. When I bought, I put several K aside in case I needed to repair the car. You should plan on having some money aside for these sorts of repairs. But, prices are low now, I wonder if you would be much smarter to maybe put 7.5-10K toward a nicer car, than a salvage title one. 40K for a salvage title F355 and unknown future repairs versus somewhere in the 50s for one with a recent major service, (??? I don't know, I'm not shopping for one now), but otherwise a drivers car, not a pristine/show car. Plus, if you decide F355 ownership isn't your thing. Much easier to get out of a non-salvage car. Possibly without much depreciation. Or alternatively, maybe you'll want to get into the more pristine cars that can be had for more like 70K.
I'll debate best year as the '99's had many issues fixed...but I'll agree that right now I wouldn't sell for under $65k (close to your 70, but mine isn't a GTS which IS the most desirable body style). Fully serviced and driven often!
Umm... I wasn't gonna say anything. I know one full year of hard thrashing isn't that big of a sample- but mine has been FLAWLESS.
Hi all. I thought this would be a great 1st thread for me to reply to. I'm either crazy or just plain stupid. I bought my first Ferrari last week; a 1996 Blue F355 Spider with Red interior. This is my first Ferrari. The car had no recorded service history, and was a salvage rebuilt car. Mileage is 15,000 and appears to be accurate from the history & usage. I completely understand why many people would never consider this car at any price. However, it looks good (not great), and the way my wife treats our cars in the garage I couldn't deal with something that is perfect. I paid $30k for the car and another $1k to ship it here. You may have seen it listed on E-Bay not too long ago. Did I do alright? Time will tell I suppose. I will take care of the 30k major as a priority. I've found 2 independent Ferrari shops that have quoted about $6500 parts/labor. I don't need the perfect car, just needs to be reliable and look good. I'd love to have comments and suggestions/opinions, and don't be afraid to tell me what a big mistake I made! Thanks
Hi, you should post some pictures and keep us updated on how things go...I didn't see the car you mention on eBay but it'd be interesting to see what time will tell... Thanks.
Welcome to FChat Marty! Without having any details, I'd say you did just fine on your purchase. Did you have a PPI done to check engine compression? The only small risk is that IF the engine needs a full rebuild, you'll be at the price of a 'good' non-salvage car. But if she runs good now, you have yourself a great driver at a bargain price. Enjoy
Yeh, that white 355 is sweet. I saw a really nice looking 430 in white the other day. Looked hot too.....
Thanks for the supporting welcome. I will definitely get some pics up soon. I didn't do a compression test but will make sure it is done before I invest any serious money in the car. I don't want to hijack this thread but would like to know where there is a search feature on this site, so I can address the few problems I'm aware of; where to find a good aftermarket battery, top sync motor problems, a non-working oil pressure gauge, replacing "stickies" and so on. Does anyone here own a 355 with the red leather interior? I wasn't crazy about it at first, but it's growing on me quickly!
