longtime lurker, about to purchase my first 355 and wanted to say hello!

Greetings everyone!

I'm a long time lurker as the 355 has been my dream car since they first arrived. Over the last year or so I've seen the prices of these cars start to climb fast and realized it was now or never if i was going to pull the trigger. I've read alot of threads on here and know what i'm getting into and would love a little insight into my purchase.

The car is a 1998 Fly Yellow Spider 6 speed with 44,000 miles on it. 2 owner car, has service records from 2004 on. Clutch was done at 24K miles(so probably due), Major service was last done at 38K Miles back in 2011(so also due). Valve guides were done at 38k, larini exhaust, fabspeed headers and fabspeed high flow cats were also installed. The top was converted to manual, only issues I can find with the car are some dime sized clearcoat peeling on one of the wheels and the aformentioned top. No leather shrinking or sticky buttons, it looks to have been a well cared for car! I can have the car for $47,000 with them doing the major service on the car before i take delivery(not including clutch which i assume i should do while the engine is out?)

I will admit im slightly nervous about this purchase as I dont have a hefty side account to fund it's wonderful faults. However I feel like right now is the time for me to snag one of these before they really get out of reach and start saving as i drive her to maintain like it should properly be. Right now I'm in the process of closing the deal and after getting tons of pictures and video i feel comfortable having it shipped as opposed to flying out to see it. I might change my mind on that however. Coming from porsches my whole life, i know this a different level of car.

Appreciate you all listening to my ramblings, I never wanted to post until I really felt like one of these beauties was in my grasp and the time is finally here. I know its a bit of an impulse buy but hell you only live once and I feel like the risk is worth the reward! By the way, if anyone is in the Raleigh, NC area and wants to check it out I'd happy toss a few bucks your way for an opinion

Looking forward to posting alot more and getting to know everyone here!


Rob

 

Hi Rob, congratulations on your first purchase, and welcome to the Brotherhood! You might fill out your F-Chat profile and share your location with the community so we can get to know you better.

This sounds like a really nice purchase. I should say - if things don't quite work out with this purchase - I don't think a 355 Spider will be out of reach for you. There are many of them around and the prices are very reasonable as a result.

If this is your first F-Car, and your first buying experience, I really would recommend flying out to see the car and drive it. There are always surprises upon arrival of a car you haven't seen... and since it's your first purchase like this, you may not have the stomach for the surprises...

There have been *various* "while the engine is out" threads... Naturally there is plenty to do while the engine is out. You don't need to go crazy but I definitely would recommend the items below:

Off the top of my head:

1) Make sure alternator is properly grounded; load test
2) Fabricate custom heat shield to protect alternator alternator (an artistic mechanic can fabricate - see Summit Racing online)
3) Check and replace axle boots; add extra heat shielding to protect them (mechanic can fabricate)
4) Wrap the exhaust manifolds with high performance racing wrap - can buy this cheaply at Summit Racing online
5) Replace engine mounts
6) Service clutch, throwout bearing
7) Check CV boots
8) Check exhaust bypass valve for proper functionality (can do this with computer before engine comes out)
9) Check shock actuators for leaks
10) Check Thermocouple ECUs (3) for cracking (new style has green epoxy)
11) Check thermocouples (3)

 

I would agree with a lot of what Dave suggests and would add that you should have a qualified shop perform a PPI and make sure there are no call outs in a car-fax. $47k sounds almost to good to be true with a Major thrown in. Its a small investment in "state of mind". Good luck with the purchase!

 

Go Team Giallo!

 

I'd just say don't let the paranoia that gets spread about these cars scare you. Two of the truly expensive possible problems is the valve guides and the headers and you said the guides And manifolds were done so that's the major things covered. Hopefully forever.

Also is there a reason you would assume it needs a clutch? It only has 20k miles on this one, depending on how it has been driven on this clutch it may have 20k+ more miles left on it. It is one of the most prematurely replaced wear items on these cars. It is also easy to replace on the 348 and 355 with the engine in as it is not located between the engine and trans like most cars. It is at the rear of the trans right by the exhaust muffler.

 

Cool deal
Welcome and enjoy the ride !!!
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I agree- unless there is an issue with the clutch, don't replace it as a preventative item.

Years ago, I thought my 360 clutch grabbed a little high when I first got it and was contemplating simply putting a new one in- my mechanic said it's fine, grabbing good and leave it alone. I realized the Ferrari clutches simply have a different feel than the more beefy clutches in my german cars, and in fact I drove my 360 for 10K miles before selling it- still with the same clutch in there. I would have spent thousands for nothing during my ownership (a new clutch in a 360 is more labor and money than a 355 by the way).

Now with my 1997 F355, same sort of thing- 21K miles on my car and no sign of slipping, but it does grab a little higher/feel similar to my prior 360- not a "beefy feeling clutch" like my 540i. I know the prior owner didn't drive my car too hard- not sure who owned it before he bought it back in '08 but clutch seems to be fine so I'm leaving it alone.

The car you are looking at is 2 owner- one hopes that the last owner was used to the car and drove it correctly, in which case the odds are in your favor that it is fine- and will be fine for many miles go come. As 97Spider says, maybe another 20K plus.

Summary is with these cars get all the maintenance up to date, and then continue to maintain them properly, but try not to be tempted to fix things that aren't broken. It's not a $400 parts and labor clutch job

Who is doing the engine out service- someone who knows Ferrari's well I hope! Otherwise you may be better off negotiating a lower purchase payment and have an expert do it- even if it cost you a little more after doing the service. I would want an F355 expert doing the engine out as they will know all the other key things to look for.

Good luck with the process- it is awesome when you finally realize the dream!

 

Dave has given you very good suggestions. Enjoy the experience and document with photos along the way.

Robb

 

Great advice guys! I appreciate the guidance along with any suggestions, opinions, etc. The Axle boots and header wrap were all done at 38K along with the head being shipped off to be redone as well. The place selling me the car is doing the engine out on it, they have done quite a few so I feel safe but will include the list you guys documented for me for them to check the key areas.

A couple cosmetic questions.. Where can i get the clear front turn lenses? The amber doesnt look the best off the yellow. Do they even make them? Also, should I spend for the rear challenge grille? From what i'm understanding it's not just a cosmetic piece but will help with heat dispersal?

 

To me the challenge grill looks great on the yellow 355s- I simply didn't like the way the rear looked all yellow on mine and bought one right away. If there is any heat dispersal effect, it's no much (there have been debates on here in the past as to how much effect there may or may not be- if you search there were people doing what seemd like CAD drawings of air flow etc..) If you do the grill do it for cosmetic purposes, not expecting to get any other mechanical benefit (if there is a benefit it's just a bonus...)

Someone else can chime in on the lenses- try ebay or Ricambi maybe? Mine are yellow and it doesn't bother me- personally I prefer to keep my cars looking stock for US spec.

 

Tim, you will have to invite us down to your shop sometime!

 

Having recently purchased a 1990 348 with 39k miles and great service history, you should have some excess cash on hand for the small unexpected "issues" that might come up. PPI is worth the Bucks before you purchase the vehicle. Buying a car without seeing it (that's what I did) is a "walk on the wild side", but if everything works out, is an exciting endeavor. Good luck and enjoy the ride.

 

Before I pull the trigger tomorrow, I found a 1999 silver on tan f355 coupe with 40k miles, F1 transmission and needing major service and a new windshield for 50k. Is that a better investment? The coupe is by far the bodystyle I prefer but the f1 transmission I'm a bit hesitant on.


Rob

 

Since the cars you are considering have relatively "higher" mileage, I would hesitate before considering these "investments."

If you want to invest, you might consider a lower mileage and well cared for example, which will cost more. If you want to enjoy a "driver" example, then that's a different story.

 

all good suggestions above from people much more 355 experienced than me (I just bought about a month back...)

A few thoughts

1) this sounds like it's a big move for you, just reading between the lines a bit (could be wrong) on the financial requirements for maintenance. Invest up front, I would get an independent PPI and I would spend the money to go out and drive the car and look it over. If nothing else, get your own set of pictures before handing over to the shipper.

2) consider buying the car without the major/clutch/et al and have a local shop (where do you live? is there a good 355 competent tech available to you?). Only saying that so you can build that relationship starting with the major, and then you have the actual human who did the work close by in case of any minor issues. If I were in this spot, I'd probably fly the PPI tech out as well! One lesson from the Fchat 355 section, if you do a "major", get it done properly, as "major" is a very ambiguous term to different shops.

3) the 355 market seems to be turbulent at present - the question above re "buying a car to drive" vs. "invest" is a good one. Careful about expectations around investment returns, hopefully you can just reap the rewards of driving enjoyment

4) I stumbled onto a unicorn (99 coupe 6 speed with all upgrades, maintenance,et al done by a guy I know, car sold new by a guy I know, etc etc) - general rule is buy the car in the best condition you can afford, and plan a reserve fund for maintenance and repairs, as you will need it.

5) try to avoid the dreaded "fear of driving" associated with Ferraris...new owners are afraid to put miles on to avoid depreciation and future resale value, with "older" cars they are afraid to drive to delay/minimize maintenance. this disease sort of ruins the experience unless your only goal is to have bragging rights and eye candy in the garage...

 

I would not merely hesitate to call a 355 an investment- I would cease the thought all together. A 355 is not a good investment. If the value goes up a little during your ownership, subtract the insurance, sales tax, maintenance, etc and the overwhelming majority of owners will be underwater from a dollar ($) sense. Now an investment in your sanity/outlet hobby/etc, that is a different story- that is the emotional feelings that have to make it worth while enough for you to want to spend the required amount of money to make ferrari ownership "work". Many car buffs have dreamed of owning a Ferrari since they learned about cars, and it's a magical thing to accomplish the dream.

There were far too many 355s built and the required proper maintenance relative to the value of the car is too high for this to jump up. Will the best examples be "worth more" in 10 years- I'm sure yes. However 10 years of insurance and maintenance plus inflation will eat away at much or all of that.

So go into the purchase with the thought that this is what it is- an expensive toy- if you make a few bucks that is great, but don't justify it to yourself that it is an investment. If you tell yourself it's an investment, you may then suffer from Entropy's thought 5 above and at some point resent the car- without getting the enjoyment of driving and experiencing the car.

 

Very well stated! This is the proper way to frame your mind for ownership of one of these cars. Just drive it and enjoy it.

 

Appreciate the thoughts, definitely helps me stay grounded and realize the main reason I am going for this purchase is to achieve my dream of owning one of these cars. I believe the investment side is a ruse I made up to get my wife on board haha

 

It sounds like you are in the right frame of mind. Find the right one for you and do it- you won't regret it and life is short! Good luck with the process!

 

Decided on the yellow spider! Thanks guys, pictures coming soon

 

Just a heads up:

For anyone who might be interested in a similar car there is another yellow on black 1997 manual 355 spider that has a working top, 32k miles, sticky fix, full major service done in February 2014 I believe, great condition no accidents and can be had for 45k. Has all factory exhaust though. I would have bought this one had I not agreed on mine so for anyone that would be interested PM me and I can get you his contact info


Rob

 

It's getting closer! Engine is out for service and should be back and ready for ship on Wednesday. They sent me a nice teaser walkaround video with a little exhaust clip and pics of the service records just to tide me over. I linked it below. With the fabspeed headers, hi flow cats and larini I thought it would be a little higher pitched but it also sounds like he's revving it to like 5K? Also for any of you that can look at the video and tell me if they see anything out of place or that doesnt belong that would help as well. Thanks!

https://www.youtube.com/watch?v=cry_Z4YlH7A

 

Tell them stop taking videos and get you butts to work on my car LOL

 

Congratulations Rob and welcome to the club. I'm sure that the wait for your car will be excruciating, but in the end it will be well worth it. Don't recall how far you live from where the car is located, but I would highly recommend driving it home after she's ready. There are numerous threads here from guys who did and had an unforgettable experience.

Good luck, Henry

 

Right......time is $