355 Value - Part 2

Matt, in most cases, a 355 is not an investment car. Once and a while a good deal comes around on a car that needs TLC and someone car grab it at a good price, put some sweat equity in and make a few bucks.

And, a dealer value is not exactly retail as they need their slice of the pie....

355 values have gone up over the last few years (for all variants). Not sure what the future will bring but you are not going to lose 50% on the car. Sure, you may lose some for the trade off of enjoyment.

BTW, Bruce is a very good and knowledgeable guy....

 

I'm confused so my apologies if I misread something but in the OP it says major just done and new roof. Then a few posts up it says it needs a major and has a hole in the roof. Have those things been fixed or what's the current status?

If the major has just done been done and the roof replaced, I would say 65-70k.

 

If you are only going to keep it two years you will likely loose money but not your shirt. Maybe a glove or two.

 

If you want to be realistic, there is simply no way to predict where the 355 spider market will be in 2 years, but my guess is it will be down. However, I can assure you one thing, in two years all the work you are planning will have little effect on value. For example, the headers and exhaust might make someone choose one car over another, but will have little impact on price. The new top won't be new but even today won't make the car more valuable compared to a similar car with a good OEM top.

In 2 years the car will be, at best, a decent 355 spider with a 2 year old major and 45k miles. Such a car isn't a 65-70k car today. There are very few people who can afford a 355 that would buy a 45k mile car. In 2 years????? You may find it very hard to sell, period.

 

spec·u·la·tion
noun
1. The forming of a theory or conjecture without firm evidence.

 

My 0.02, if you have to do this much analysis and thinking, it doesn't sound like a wise move for you. This is a hobby not a business, and it sounds like there's too much on the line for your comfort. I stayed away from Ferrari over a decade, but now both my kids are done with college... forza!

 

I agree plus its a used car, transmission could blow up, belt could blow , the list is endless. I dont think anyone buying a 355 should be doing it because they are hoping to make money. Its just a bonus if you do but a lot of us wont see the money we make because we will be buying another anyway.

Once your hooked your kinda hooked.

 

Just buy a car in the right price range and have at least 15k on hand for "fixes". Not for adding an exhaust but for the major, annuals, cels, etc. There are many cars that are WAY cheaper to fix and drive that are much less expensive and easier to find. The F355 is probably one of the most expensive cars to maintain that was built in large-ish numbers over the last 35 years. the 360 is cheaper to maintain, same with a vette. the F355 people are a great community and we stick together because we are all in the same boat. We love the last small modernish Ferraris.

Sure in 20 years they will be more spendy but they made over 11,000 of them. They aren't going to be like a run of 160 1962 GTO california spyder's. Don't get me wrong, F430's and especially 458's are the beanie babies of the collecting world and the F355 is much more rare but not rare enough for it to be an investment.

 

$15k is a bit much to expect paying in Yr 1. Unless this is truly a fixer upper which personally I'd avoid. Major service is possible below $10k. Then it's good for 4-6 yrs.

 

Here is my 355 listed one Ebay today ...

1996 Ferrari 355 Coupe / GTB | eBay

 

I mean 15k to cover you for the first few years. Some people take a year to come up with that cash. If your car breaks and it's a 5k fix then 2 months later an $800 annual service is up and then 15 months later you need a major, you will need some cash. If it's a fresh major then certainly drop to say 6 or 7k for the first couple years.

You can absolutely get a Major (plus tax) with ferrari parts for 9-10k. True. Very few do that... clutches, water pumps, CV boots, refurbish painted parts (valve covers, oil box, etc.), engine mounts, etc. bring up that number. Figure 12-13k every 5-6 years depending on what environment you drive it in and how many miles you drive it. Also annuals, tires, etc.

Just know what you are buying (a sorted car or not), have the appropriate cash on hand, and then put funds away each month (if you aren't on a trust fund) and you should always be able to get your car fixed soon instead of waiting 6 months to have the funds, then it's winter and you don't want to drive it.