Lol! I can assure you there is NOTHING that the 355 could do to me which would even come close to the maintenance costs of my last aircraft...
This perfectly describes every RX7 I've owned. After 10+ blown engines, I finally threw in the towel.
F355 prices are on a rebound according to Hagerty Price Guide: From rennlist: OT: Ferrari F355 values - Rennlist Discussion Forums "Ok, obviously this question is better posed on an F-car forum but I not a member of any yet and if they treat newbies asking value questions anything near what's been going on here lately, I'm probably not going to get very far. I have made a decision to acquire an F355 GTB, manual, mid to late production. Based on my research this is the most desirable configuration. My question is not how much, but why so much. According to the Hagerty valuation tool and other sources values on the car (condition A) steadily declined from new until about April 2009 when the value was pegged around $60k. Then the value fell off a cliff bottoming out around $42 - $45k by Jan 2010 and continue trading in that range until Dec 2012 Now it seems well accepted that the reason for the sharp decline was the market crash and the overall state of the economy. However, the data point for April 2013 shows prices spiking up to north of $65k and holding there. Does anyone have an explanation as to why prices suddenly increased almost 50% between Dec2012 and April 2013?" Image Unavailable, Please Login
Haggerty's valuations are worthless. You could never get a condition 1 f355 for $40k. I have only seen one or two 355's trade hands under $40k that did not have a salvage title or 85k+ miles or a major mechanical issue in the last 3 years, and they were not condition 1 no service needed cars. As to values taking a bump, I don't really see it, seems more seasonal spring increase than anything else. The advice in that rennlist thread, well some good, some bad. You'll get better information here. Buying a 355 requires more care than a lot of other models as they were very high strung for their time and had some associated issues, all correctable. I have not driven a more fun car, though . Do your homework and you should be fine.
I think current Huggerty valuations are actually a little on the high side. Here's a thread where Fchat member is considering buying a 96 F355 Berlinetta / yellow / 53,823 mile that is listed for $39,995: http://www.ferrarichat.com/forum/348-355-sponsored-bradan/447240-would-you-buy-one-53-823-miles.html I did not follow Ferrari prices 3 years ago, so not sure how Haggerty would compare, but current prices are in the ballpark.
53k miles is high mileage for a 355, as ridiculous as that sounds. It is also not a condition 1 car as at minimum it needs stickies done per that thread. Also, no mention when the last major was, which if it was 5 years or more ago is an instant $5k that needs to be spent - which it sounds like as the potential buyer said he'd take it right in for an engine out. As I said, no way you get a condition 1 car for $40k anytime in the last 3 years, and this would only be the 3rd 355 I've seen sell under $40k that did not have either very high miles (for a Ferrari), a major mechanical issue or a salvage title. This is probably a 2 or 3 condition car, which is a fair price if not a downright good deal given the mileage. He will be into it for close to $50k (if not a little more) by the time the major service and sticky interior is addressed, and it still might not be a condition 1 car. Fwiw, I'm no mileage snob as mine has 52k miles. I think it's a better buy as they're more likely to have the issues sorted once they have some miles and you're not paying a premium for it, but anything much over 30k miles affects the price. I don't think you will find a true condition 1 car with under 30k miles that doesn't need belts for much under $65k, unfortunately, and that has not changed much in the last 3 years.
Huggerty's current valuations for Condition 1 car is $66K, and their current valuation for Condition 4 car is $45K. So I think they valuation is right in the ballpark as far as current prices. Were Huggerty's valuations off 5 years ago? - I don't know, but according to Huggerty - in the last 2 years prices rebounded by as much as $15-$20K from where they were in 2010-2012. I think that's a good sign.
My guess is that they've had a claim or two on cars they insured and realized they could not replace the car for what they had listed. These cars may have jumped $5k in the last couple of years (maybe), but not $20k. I bought mine 2 and a half years ago and looked for a solid 6 months before that, and prices are similar now to where they were then. Maybe $5k more, but it is spring. I do not think they will get any cheaper, though, so if you want one I wouldn't wait too long.
