Rob, are you sure the $149k is correct? I have the window sticker for my car and the original sales slip. The sticker was $146k and change. The original owner paid full sticker. I have a 98 F1 GTS with painted roof option. I'm pretty sure the F1, GTS options made my car one of the most expensive models of it's year. I think the only other options that could have raised the price more would be factory shields and red calipers.
Here is a window sticker I found online for a 99 F1 GTS. I see another option of drilled rotors, this one is just under 149k Image Unavailable, Please Login
I think the service intervals really kill these (most Ferraris) Ferraris could be a big turnoff to potential first time buyers when they have other options to choose from. Most cars dont have the belts changed every three years, the headers or valve guides done in 20K miles, etc. This has to have some bearing on the pricing of these cars. Look at the early Gallardo....still in the upper 80s (minimum) Why? The production numbers were not that far off. Ford GT...150K window sticker...what are they now? too me, seems like the Ferrari has taken a beating.
Biggest problem with our cars are the rip off dealer costs and paranoia around maintenance. A 355 in the UK or AUS costs at least half the price to service. If you take out the dealer fear selling BS and overcharging and ignore so called "required" maintenance and repairs and the 355 is not a bad car in terms of depreciation.
I don't have my window sticker, just noticed that it reads $149000 under the "original MSRP" on my title.........could be wrong.
I AGREE. And ANY car that is just sitting in a garage getting waxed all the time and ONLY getting moved (not driven) to a trailer to take it to a gathering/show to display it; or maybe to the shop for maintenance, WILL require more $$$ for initial upkeep when it finally falls in the hands of someone who will drive it and appreciate it. BTW: Driving and enjoying the car does not negate the fact that one maintains and cares for the car.
Let's face it, now is a very good time to buy these cars as they are now very close to the bottom of their depreciation curve. Five years ago when I bought it was the beginning of the "great depression" and they started to fall off a cliff. A friend of mine just sold an "as new" 98 with 6,000 miles and a recent belt service for $55K. So the average cars are mid -high $40's if they've had the belt service, etc. In another five years the service costs will equate to 30-40% of the car's value. Try selling one then.
Assuming an avg major service cost of $7000 you are suggesting that in five years one will be able to buy a 355 (w/ 380 hp, timeless styling, go kart like handling and a glorious sound) for between $17,500 and $23,333. I will take that bet and if by chance you are correct I will buy a spare. While I don't expect much appreciation in the next 5 yrs I also don't expect that kind of drop. What is more realistic is a widening divergence in values between sorted & documented cars and "un-sorted" cars.
When I say service cost's I'm not saying $7,000, more like $10,000++. Very rarely are only the belts done as "other stuff" is always found and adds to the bill. So figure on $13,000 on a car worth $39,000.
If I was so inclined and capable -- to tackle it myself? How much of that $13K is labor -- how much is parts? thanks, Miek
It all depends. For instance seat potentiometers are $2,500 a piece so this will sway the bill towards the parts side. Usually Labor is "about" 40-50% of the total bill.
My X5 has depreciated in the last 4 years more than my 355. Some of you worry too much and drive too little. I don't care if my 355 is worth 2 dollars, it still drives and looks fantastic and that's all that matters to me. Those of you that are stuck on the values of these cars bought them for the wrong reasons.
I remember not so long ago that you could hardly give away a 246 Dino because "it wasn't a real Ferrari" and now look at them. Try, just try, to find one under $100,000. 348s are pretty much at their bottom, so if you wanna snatch one up now is the time to do it. As for depreciation, go buy a brand new Bentley and try to sell it 10 years later. Then you will REALLY know what depreciation is all about. Those things fall like a rock. And as a Bentley mechanic once told me, "You think maintaining a Ferrari is expensive? Maintaining a Bentley will make your Ferrari seem as expensive as maintaining a Honda".
Comparing a Bentley to an 18 years old Ferrari is apples to oranges. The typical Bentley owner is like a new Ferrari owner, they buy and sell cars every 2-3 years and are multimillionaires. The typical "used" Ferrari owner is more a working class guy buying a dream he has lusted after for many years. "We" feel the depreciation much more than the Bentley owner for sure, plus he probably has many cars he watches depreciate.
Exactly, the major issues on the 355's are fix it once and forget it. They are also easy to work on in my experience.
I tought I got a steal 2 years ago when I bought a 95 355 without service records and in terrible cosmetic shape. Turns out I should have waited because for 45k you can get a decent 355 nowadays (far from perfect, but certainly decent)
I think the depreciation is also due to Ferrari's desperate quest for money....Some call them geniuses for how they have used their brand but I find they are sell-outs with their coffee mugs, cheap items and other trinkets, it cheapens the image and the cars themselves IMO. They also send "phishing" emails now with some BS saying "due to technical problems on our site, we're now sending you a 40% coupon on your next purchase" It's all very desperate... Ferraris should not be conceived to drive in snow (FF), Ferrari items should all be high-end only (fine watches, leather luggage, pens and high-end quality garments) No crappy baby bibs, coffee mugs, keychains, etc.... Short term gain affects the value long term and the cars will suffer in the end. Let's face it, Ferrari as a brand and Ferrari cars are just not what they used to be, the mystique is dying in the name of overmerchandising and the all mighty dollar. I predict the 360s will take a major hit next and will suffer the biggest depreciation yet once the 348/355 start going up again. It will be even more sad, you'll see....
