Ok, so at Mecum's auction in CA. a nice looking 2000 360 (24,000 mi) sells for $59,000. Not that long ago, maybe 3 years these were $90,000+ cars. Then at the same auction a 1998 355 (24,000 mi) sells for $47,000. Recently I tried to sell my mint condition 95 355 spider, (15,000 mi) and though it needs the belt service got only offers in the mid 40's. Finally traded it in on a new car and got $45,000, so with the sales tax I save it nets me $49,275. The car will be going to Ron Tonkin in Portland, they will do the service and I'm interested to see what they will ask for it. So from my experience, you can't give away a 355 if it needs the belt service, regardless of condition. 4.5 years ago I paid a then correct market price of $70,000 and now they are high 40's cars. Loved the car, but also relieved to be rid of it. New daily driver will be a 2014 MB E350 4 matic.
All things considered you did good. Yes, if selling a car, do the major service. In fact do everything you can see that needs to be addressed if you want a decent price. Otherwise the buyer will use any weakness to drive down your price. Mecum is not a barometer of Ferrari 355 or 360 prices. They sell lower priced cars generally and performance iron, not exotics. There were some great deals there and that is where I might go to buy a Ferrari or a Porsche, but certainly not sell one. The thing I see with most auctions is that pricing is generally unpredictable and relative to a number of variables. Unless the selling car is unique and desireable to collectors.
The prices quoted don't seem out of line given the asking prices from around the country for those two types of vehicles. One thing you didn't factor in is the buyers actually paid $64,900 and $51,700 respectively after the 10% buyer commission. With the number produced and given their age this is normal depreciation. Granted there are 355's in the market listed at $70,000 plus right now but are they selling, I don't think so. Pure economics I guess.
+1, Mecum is primarily a muscle car medium, so you would expect the crowd of bidders to be the same. I've been to numerous Barrett-Jackson auctions and can't say that they're any better. RM Auctions might be the best (and most profitable) vehicle for anyone wanting to move an exotic car. Not sure I'd tie the current values to auction results, but your experience when trying to sell your 355 is probably a better barometer. Still not great.
I had been looking for a 355 for the last 3 years. Your then and now prices seem about right. I paid mid $40s for a near perfect car needing a major this past spring.
And I got raked over the coals for stating these same numbers months ago. I have seen 355's sell as low as 35k.
Mike sorry you have been a victim of depreciation. I think you will be doing the same with the new MB, likely worse! You just have to be ok with it. No one likes to lose money.
At auctions condition- cosmetic condition- is everything. A couple of spider cracks, a tiny bit of leather wear, a few sticky parts and no recent belt service and mid $40s is top of the market. Really great condition cars with full service history in cosmetically pristine shape are in great demand. Just not at a Mecum auction. Wrong crowd.
The low mile, pristine cars with recent service are bringing top dollars but then they fall fast from there. I think the paranoia from the potential service costs of these cars has been a big element in killing values, especially higher milage cars without a recent major.
Hey mike...sounds to me like you didn't do as bad as you think...you netted nearly 50,000 on a car that you paid 70,000 nearly 5 years ago...a 20,000 dollar cost to own a cara at for nearly 5 years is pretty good...4,000/ year..about 400 a month to own a beautiful ferrari.. Vpgood if I say so...lets see how that Benz does nearly 5 years from now!
10 years ago many said that these cars were only worth 140 and they were selling here for 165gs and up. No matter what the price is, some will say that its too high. Buy it and enjoy it. Most buyers don't really understand these cars. Those of us that do reap the rewards over and over. One of the best Ferraris ever built.
from prior post: "Hey mike...sounds to me like you didn't do as bad as you think...you netted nearly 50,000 on a car that you paid 70,000 nearly 5 years ago...a 20,000 dollar cost to own a cara at for nearly 5 years is pretty good...4,000/ year..about 400 a month to own a beautiful ferrari.. Vpgood if I say so...lets see how that Benz does nearly 5 years from now!" ...................................................................................................... Ah , yes but you are forgetting the $13,000 (plus ~$3,000 for misc. repairs) for the one major I did 4 years ago. Then there is the fact that in the northwest our usage is limited due to the rain, etc. With the Benz I get a 4 year Warrantee, no belt services etc. Plus I'll keep this for 10 plus years so I expect depreciation as with any car - at least I can enjoy it as a daily driver. Image Unavailable, Please Login Image Unavailable, Please Login
Mike, you are missing the point...EVERYONE who steps into "ferraridom" goes in eyes wide knowing full well of maintenance and upkeep...part of ownership involved with EVERY ferrari so you CANNOT factor in these maintenance costs as just about ALL ferraris are not used as daily drivers...one is buying into the passion and thrill of ferrari ownership...can't get that from a Mercedes ...they are a dime a dozen vanilla cars compared to ferraris...btw your car was gorgeous and you should have kept it and purchased something inexpensive a d reliable as your daily driver...over the long haul I believe yours and other three pedal cars( I own a 550 maranello) will appreciate a little bit to offset the cost of ownership...
I am NOT missing the point. This was my third Ferrari. First was a 365GT 2+2, then a 308, then the 355. Face it, next to a boxer, and Testarosa the 355's are the biggest maintenance hores in the Ferrari line-up. I knew this going in. Just got tired of helping keep the lights on at the local dealership. The bloom comes off the rose for all of us eventually.
They are magnesium Speedline wheels from the 90's. I don't think they are available anymore. they were used a lot in the tuner mustangs "back in the day." They are slightly wider than stock and filled the wheel wells nicely. custom center caps were needed though.
I disagree. Not all 355s are maintenance whores. There are plenty of 355 owners out there who have had very few problems with their cars, and apart from routine maintenance have had to do virtually nothing to them. However, on this site you tend to hear only the bad stories. 355 values everywhere (except apparently the US) are doing very well, either holding their own or going up slightly. Compared to my other cars (BMW X5 and E93) the overall cost of owning my 355 is actually less.
I have a friend who paid $140k plus for his 2003 500sl new , last week and 88k miles later he sold it for $16700. Talking abt taking a beating!
Agree with this. Prices in the UK for a Good car are in the mid £50k mark and I have seen one or two exceptional cars go for £80k. With regards to problems, I've had no issues with mine and a friend has done 20k miles in his with the only problem being an occasional fuse blowing!
Exactly. My X5 has depreciated around $70k in 5 years, and the last set of tyres I bought for it cost more than the set I bought for the 355 six months earlier. My wife's E93 has probably depreciated $40k in 3 years. My 355 is worth as much or more than I paid for it two years ago and it's cost me nothing but routine maintenance (from a specialist). I will probably get badly flamed here, but is it possible that the difference in the US market has something to do with the relatively "cheap" price of these cars in the first place and the large number of owners who do their own maintenance, compared to owners in other markets? /runs away and hides/....
Ok, for what it's worth, here's my perspective... I've owned a 308, 328 and two 355s. Unfortunately, I don't see any of these entry level Ferraris as near term collectible/investments. Maybe someday they'll become more valuable like the 246, but with the numbers produced, I doubt it happens anytime soon. The sobering truth about these cars is that they are expensive to own and operate… so unless you are really good mechanically (to save on the labor), you should expect to spend lots of $ on maintaining your car if you want it to run well and be somewhat reliable. I also see the purchase decision generally as more of a cash flow decision… with an ultimate negative internal rate of return (“IRR”… If you conduct a lot of diligence up front and purchase wisely, the trade off generally is… that you can spend more up front, with lower ongoing annual maintenance, etc. OR spend less up front with higher ongoing annual maintenance. Kind of like bond math... where your (net present value) decision is based on your expected future payments and your discount rate. Again, this is predicated on a lot of up front diligence (an efficient market purchase decision) in selection and the ongoing desire to keep your car well maintained & somewhat reliable. The negative IRR is then offset with the expected utility/happiness that you receive from owning and driving the car. Odds are you will lose money in this purchase decision! So in essence, your investment return is really in your personal happiness vs a nominal monetary value increase. In conclusion, having owned Ferraris for the last 20 years…. It’s my opinion that one should not get into one unless one anticipates/has allocated a lot of cash flow to the car… I got my first 308gts when I was in my mid 20s and it was miserable experience… all I could afford was one on the cheaper side that needed a lot of maintenance… every time I drove it, I was worried about it breaking down… which it did… and each time it did, it cost a lot of $, which at the time had a high opportunity cost for me. Very painful! Looking back, I could not really enjoy the car because I was not in the right financial situation and driving it was fun but stressful. Luckily, I was happy just spending a lot of time cleaning and looking at it in the garage. At the time, I would have been much better off getting a well maintained reliable Porsche 911… which I eventually did, and did enjoy… until I got a 328 which I could afford a few years after graduate school. I’m sure many will disagree with my philosophy, but I thought that I’d share it anyway. Life is too short to be constantly stressed out… make the decisions that allow you to enjoy every minute of it!
face the truth Were all in mid life crises mode and looking at a way to justify spending money Add up all the money spent on booze hookers and drugs and my F Car is a total bargain
