1998 355 F1 Spider | FerrariChat

1998 355 F1 Spider

Discussion in 'Ad Archives' started by jmbarba76, Apr 23, 2013.

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  1. jmbarba76

    jmbarba76 Formula Junior

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    Last edited by a moderator: Sep 7, 2017
    jmbarba76, Apr 23, 2013
    #1
  2. jmbarba76

    jmbarba76 Formula Junior

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    Last edited by a moderator: Sep 7, 2017
    jmbarba76, Apr 23, 2013
    #2
  3. jmbarba76

    jmbarba76 Formula Junior

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    Last edited by a moderator: Sep 7, 2017
    jmbarba76, Apr 23, 2013
    #3
  4. drbob101

    drbob101 F1 Rookie Owner Silver Subscribed

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    Give this car serious consideration if it fits your wants. It is as clean and solid as it looks.
     
    drbob101, Apr 23, 2013
    #4
  5. jmbarba76

    jmbarba76 Formula Junior

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    Price reduction $60k.
     
    jmbarba76, Oct 7, 2013
    #5
  6. jmbarba76

    jmbarba76 Formula Junior

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    I stopped by my local dealer today to look at a 2001 360 spider. we talked about a trade plus cash. they offered me $40k!!!! Really!! Why do i see 95s, 96s, 97s with 30k plus miles on them for $70k+. i don't get it. What are these things really worth? Am I missing something? i would rather use my car as a daily driver than sell it for 40k. i think im just gonna keep my 355 and drive it til the wheels fall off. sorry for ranting. Happy new year everyone!
     
    jmbarba76, Jan 2, 2014
    #6
  7. drbob101

    drbob101 F1 Rookie Owner Silver Subscribed

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    That is so ironic joe as I was thinking of sending you a text today asking if you sold your car

    It may be all in the marketing and getting a serious buyer

    I will vouch for this car if anyone is looking for a legit 355 f1 Rosso Corsa spider. This is the one you want
     
    drbob101, Jan 2, 2014
    #7
  8. dantm

    dantm Formula 3

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    The cars asking $70K are not selling. Make no mistake about it. Asking and selling prices are two different things -- from previous data points it looks like a F355 should sell somewhere in the $50-60K range. $40-50K cars will need some work or have higher mileage.

    Yours seems like a very nice example so I'm sure it will sell at the upper range ($60K) but may take some time.
     
    dantm, Jan 2, 2014
    #8
  9. ff355b

    ff355b Karting

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    Definitely trade-in value is lower than selling. The private market is the driver for these classic exotic cars, especially by the private parties definitely not by the dealers. Based on my observation, the economy greatly impacts the value of the classic cars, should have bought Porsche 993 C4S locally sold by the private party for $30k few years back, can't even find 993 C4S in that price range anymore.

    I think Ferrari market is very limited, it's definitely not for anyone, it requires a dedication and love of Ferrari, not just cars in general.

    GLWS!
     
    Last edited: Jan 3, 2014
    ff355b, Jan 3, 2014
    #9
  10. jmbarba76

    jmbarba76 Formula Junior

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    I do realize that the trade in value is less than retail, but 40k? My wife's minivan cost more than that! The minivan does have cup holders though. I also don't want to regret selling a fully sorted car that I still really enjoy. I sold my silver nsx a few years ago for $25k. I regret that in a big way! Anyway below is a perfect example of what I am talking about. I saw this 355 at the dealer and mine is newer, has less miles, and is in better condition. I know dealers need to make money, but it just seems they are getting a little greedy. Maybe I'll switch teams and test my luck with a gallardo next.





    Used Ferrari F355 at Ferrari of Central New Jersey Serving New York, NYC, Manhattan, NJ
     
    jmbarba76, Jan 3, 2014
    #10
  11. Labman

    Labman F1 Rookie Silver Subscribed

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    This is the sad reality. I had the exact same car you are selling with 39k miles in need of a major soon without the challenge grill and only one key/fob. Dealer wanted to give me $35k towards an F430 trade in. I sold privately for $40k after putting over $20k into it. I took a beating but that was my best offer. Your car should get more than $40k as a trade but it is what it is with the dealers. Also remember that you get a tax advantage as a trade toward your new purchase so that brings the value of your trade up a bit more. You have a beautiful example there and GLWS.
    BTW...before you commit to a 360 give the 430 a test drive. That's all I'm sayin' :)
     
    Labman, Jan 3, 2014
    #11
  12. full_garage

    full_garage Formula 3 Owner

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    Wow the dealer offered you less than it's worth. SHOCKING.

    I tried to trade in a Carrera 3.2 on a new 911 a few years back- They offered me $9,000 in trade. Since I had t move the car I stuck it on ebay with a 7 day no reserve auction. It sold for $23,800.

    Unfortunately it is Winter for most of us so the Ferrari desire is on hold. If you can wait until March stick it on ebay at $65K buy it now and you'll get some offers... if you're patient. NOTHING sells in a week or two unless it is too cheap.

    Yes $70K 355s DO trade hands- quite frequently. 1999 6 speeds with 5600 miles- Red with tan interior. That's the big money. Undriven cars with a fresh $23K service receipt.
     
    full_garage, Jan 3, 2014
    #12
  13. ducsc1k

    ducsc1k Karting

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    this makes $40k trade in offer not so shocking after all....
     
    ducsc1k, Jan 3, 2014
    #13
  14. jmbarba76

    jmbarba76 Formula Junior

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    I couldn't spend $23k on it if I tried. There is nothing to do to the car except drive it. Doing a major service every 3 years is complete overkill. When you go look at a car to buy at a dealer they always tell you that the car is fully serviced with all records.....yada yada yada. Then when you actually look into the service records, like I did, the last time the car was serviced was early 2011. But that's no big deal. When my trade is "due" for a service they treat it like a salvag car.
     
    jmbarba76, Jan 3, 2014
    #14
  15. DesertDawg

    DesertDawg Nine Time F1 World Champ Silver Subscribed

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    You've barely had it for sale for a very short time - don't sweat anything yet, unless you've got some kind of cash crunch going on.

    Also, don't be surprised at all at what the dealer offered.... of COURSE they're going to offer a bunch less than what you could get as a retail price - they have to have some profit margin on the car, otherwise how could they stay in business?

    Shop it around for sale, shop it around at various dealers on trade... don't stop at just one option.
     
    DesertDawg, Jan 3, 2014
    #15
  16. ducsc1k

    ducsc1k Karting

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    if you have carmax around..give it a try..I'm pretty sure they will give you more than what dealer is offering right now.
     
    ducsc1k, Jan 3, 2014
    #16
  17. jmbarba76

    jmbarba76 Formula Junior

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    jmbarba76, Jan 4, 2014
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  18. dantm

    dantm Formula 3

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    dantm, Jan 5, 2014
    #18
  19. Dave rocks

    Dave rocks F1 World Champ BANNED

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    Joe, no reason you should not get north of $60K for your car.
     
    Dave rocks, Jan 5, 2014
    #19
  20. Splitting Atoms

    Splitting Atoms Formula 3

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    I agree with dantm's assessment. I have been looking at Testarossa's and F355's for sale for the past two years. I will probably purchase one of those models in the spring, although a 360 is a possibility too. I have not seen a F355 sell for 70k recently unless it was something very special. I think 40k is too low and the dealer is probably figuring in a quick 10k profit on a flip.
     
    Splitting Atoms, Jan 5, 2014
    #20
  21. Testarossa Lover

    Testarossa Lover F1 Rookie Owner

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    There are two ways to sell your car, retail or wholesale. Retail takes much longer, the car and the seller take a beating until she is gone. Wholesale, less painful, almost a silent deal and instant cash on the bank. Totally seller's choice. You have a beautiful car GLWS.
     
    Testarossa Lover, Jan 5, 2014
    #21
  22. jmbarba76

    jmbarba76 Formula Junior

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    Oops. Didn't realize that was from 04.
     
    jmbarba76, Jan 5, 2014
    #22
  23. jmbarba76

    jmbarba76 Formula Junior

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    I get it. I am in no rush to sell it so wholesale is not going to be an option for me. Like I said before, I am not sure I even want to sell it. Many people have told me the 355 is more fun compared to a 360. As a matter of fact a local guy told me it was his favorite ferrari. And that statement came from a guy who has a 599 gto, Enzo, 16m, Cali, F12, LaFerrari on order. He wouldn't trade though:(
     
    jmbarba76, Jan 5, 2014
    #23
  24. coledoggy

    coledoggy Formula 3

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    Don't tell anyone, but I like it better than my cs too
     
    coledoggy, Jan 5, 2014
    #24
  25. montegoblue

    montegoblue Formula Junior Rossa Subscribed

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    This doesn't surprise me one bit -- dealers, more than ever, are trying to squeeze every dollar out of used cars. Two personal recent examples, I bought a 95 355 GTB for 50k 6 months ago w/ fresh service and new tires (previous owner sold it to Ferrari dealer for 35k, car needed major and new tires -- even if you account true cost of major and tires, nice 5k plus profit for dealer on quick sale). On my end, recently traded my 2010 Panamera S (a car I paid 100k plus when new). Car had 50k miles, very nice, fully optioned etc -- dealer gave me 55k for it, a more than 50% depreciation in 3 years... Those cars are selling all day long for 65-70k.

    In summary, if you NEED to sell try doing it on your own or you will LOSE money by selling it to dealer. However, like someone posted previously selling a nice used car these day requires TIME and PATIENCE. If you are willing to move on (like a lot of us unfortunately) sell to dealer and get a car you want, right now.

    My take on F cars is that they need to be bought for your pleasure and planning on keeping them for the long run. I am fortunate to own 3 of them and plan on keeping them as long as I can or add to my existing collection. Maybe some day they will be worth something for my family, as it is my intention to drive them as much as I can and enjoy the @#$@#% out of them.
     
    montegoblue, Jan 5, 2014
    #25
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