As a dealer who trades in 355s, I'm very interested in the values of 355s. I'll spare you my valuation formula, but I can tell you that, in my experience of selling 355s, the OP's numbers are low. Customers of mine have happily paid high-60s and low 70s for Spiders. Average mileage 20K. Usually red/tan. GTB and GTS are a few thousand higher, assuming similar condition and mileage. Mechanical and cosmetic condition matter much more than mileage, as has been said before. Low # of previous owners is also valued. And, of course, a recent engine-out service is vital, so much so that I won't sell a 355 without a recent one. I'm not writing this as a dealer trying to inflate values of cars: I have to buy them just like you, and you don't find good 355s at wholesale dealer auctions. All I'm trying to say is: Don't underestimate the values of these cars. They are still in demand, and people are willing to pay for good ones.
In some respects, I don't disagree and as a dealer you are in business to make a profit, and you should. Some dealers will purchase a car and put more into it other than a wash job - I find more value in a dealer like that. Some, purchase and simply flip the car. Those dealers will pay the same as a private buyer and then need to tach on their cut which is not a real reflection of the market.
Believe me, I do much more than "a wash job" on my cars. I have a 355 GTB right now that is ready for an engine-out, to be done by Sphere Motorsports. Also needs new cats and other miscellaneous work. If anything, I spend too much on my cars, reducing my profit. However, I want to make sure that I'm only selling the best. Plus, I can't resist treating every one of them as if I owned them, and I want them to be perfect.
One more comment: as a dealer of 355s, or any Ferrari, I take a big risk on the cars that I buy. Yes, I am compensated for that risk, but it's still a large risk. Something could go wrong in a big way, as we all know can happen with these cars, and I lose money. Same applies for any dealer of these type of cars.
This is a huge distinction between pros and owners. Pro's take risk to make profit. Owner's buy and hold a deprecating asset like any car. If a pro holds a car he is likely to loose money in time decay. Additionally the "buy in" on a 355 is less than the cost of a BMW. A 355 is not an investment grade Ferrari. I never understood why owners talk so much about value? The Value is purchased in years of enjoyment. If you get any residual upon sale that is just icing on the cake. I don't know why Ferrari owners expect it.
Excellent point. It just makes for fchat content fbb. Watching to much Chasing Classic Cars and dreaming of owning cars whose production numbers were in the hundreds... If my car is worth half what I paid for it in ten years, I'd be thrilled and will have had a blast with it along the way.
As was not directing my post at you, as I said "some". And, I did not buy my car, or any car as an investment. It was purchased with disposable income like a nice dinner and drinks, all for putting a smile on my face after a hard day's work.
I couldn't agree more! I done really care what my "special" cars are worth at any given moment, I only become interested when I want to know what it will bring when I offer it for sale. I know the 355 is not an "investment grade" Ferrari, but I will lose more money on my 2013 Corvette Z06 over the next 5 years than my 355 cost me to buy. Don't care either way! And to the dealers who posted here, I think there is real value in the security and relationship offered by buying from an honest dealer...and certainly the value for the cars you guys are doing full services is considered in the calculator. I think that it might be wise to add a % to the calculator for a dealer purchased car. Thoughts?
Ultimately we don't buy these things for investment. We want to run the pants off them and put them away with a huge grin on our faces that we cannot explain to anyone who doesn't get Ferrari. And if we blow them up in the process, hell, it was just a 348 or a 355.
