355, when can one really afford?

You're fine.

Here is the thing you need to know.

Obtaining a Ferrari is the easy part. It is maintaining a Ferrari that is the hard part. Either you have the finances to pay someone to work on your Ferrari, and that can cost a few hundred to multiple thousands a year. Or you do your own work, and even then you'll still need the finances to buy the parts because people like to throw on what we call the "Ferrari tax". Do your research of the archives, the diy threads for the 355, the 355 parts interchanges thread, and learn what the common issues are between the different versions of the 355 so that you don't dive in with a blind eye. Buy the nicest example you can afford, make sure they have all their receipts and documentation for work done on the car, even if they have done it themselves. Pay cash for it, do not finance the car, and have at least $5000 sitting in reserve for unexpected repairs.

 

just send it

 

First, pay off your house and any other debt before you buy toys. Then buy lots of toys.

I bought my 1998 355 GTS F1 new and it is still in my garage. 355s are not hard to maintain if you keep up on it and start off with a good car. Bottom feeding on 355s seldom works out in the long run. Find a great one!!!

 

I'm in a similar position as the OP in terms of income and personal assets, but with the advantage of being married to someone smarter than me and makes more money (lucky for me she doesn't read car forums!). I'd been debating the same question in my mind over the past year - can I afford to buy and maintain a 355? My conclusion is mostly a yes at this point, having researched this topic for close to a year and followed this forum for almost as long and reading all relevant posts. Purchasing is not really the issue as has been stated several times above. Its the slow drip cost of maintenance that I think causes the bigger headache. The idea of a stand alone dedicated savings account for 355 running costs is sensible in my mind, with $400 or so being transferred into it monthly and forgotten about. I think that eases the worry about taking the car out for a regular drive and having the CEL come on or the 3 (read 5) year belt change. I think the answer to your question is - come up with a plan you think is reasonable, find the best car that meets your requirements then start enjoying ownership and all that comes with it. Look after the car and take pride in being able to pass it onto someone equally enthusiastic about cars somewhere down the road. I hope to be in this situation shortly.

 

I suppose the question also is one of what mileage are you prepared to accept and at what mileage do 355's start to become prohibitively expensive to maintain..

 

Thank you for all the answers on insurance and cost.
Does anyone have any recommendations on getting a PPI when a ferrari dealer is not readily available in the city that the car is from?
I am looking at a 1995 berlinetta that is semi close to me.
it had a 45k rebuild by a ferrari dealer in 2012, that replaced the bronze valve guides to steel and went through the whole motor. The car itself has 32k on it.
No sticky parts, no accidents. Fresh tires. last major was done in 2017. They are asking 75k. Any opinions on the 95 model year?

 

Buy it. A 95, all work done, gated with 2.5 year old major, no stickies? No brainer. Offer $70 and go buy it!


Edit: what colors?

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Being able to DIY makes older Ferraris much more affordable. I'm blue collar, in my late 20s and do just fine with my 360. These cars are just nuts and bolts after all. Either way, I think you'll be fine.

 

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Lots of nuts and bolts!


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Its a dark red, rosa barrcheta? on tan.

car itself has 34k . clutch was done at 21k.engine was rebuilt around the same time, so motor has 10k on it.
Headers were replaced with fabspeed. Tubi exhaust with test pipes.
here is some details on the engine rebuild.
Car had a full $45,000 engine rebuild in 2012 including pistons, rings, tensioners, connecting rods, valves, lapping of heads, cyl barrels, main bearing, all major gaskets, o-rings, and seals. Importantly the softer bronze valve guides were replaced with steel guides. Fabspeed Racing headers and Tubi exhaust with test pipes were installed along with Challenge Engine Control Units - so no check engine lights but you get advance engine mapping for increased HP and low end torque. All work was completed at Ferrari of Tampa bay by Umberto Masoni, famed Ferrari Factory Engineer responsible for building all Ferrari Challenge engines of the era. This car sounds fantastic and screams at high revs. Additionally, CV Boots, A/C compressor, engine and transmission mounts, clutch, power steering pump, radiator cooling fan, and fuel lines have been replaced


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Great looking car, love the color! Is there a sense of why all the 355 engine rebuilds, it seems... not uncommon, which in itself seems odd?

 

I'm curious myself why on a car with 21,000 miles on it would need an engine rebuid.

 

That is far from the truth, Eric. Early 355 often need valve guides. Many get guides done even though they aren't needed. Some have suffered scored liners due to a couple of issues which basically stem from something being neglected. But the bottom end is typically strong.

 

In 2008 I had several investment real estate properties that went south, way south. Banks calling notes, partners out of money, etc. Luckily my job kept a good income stream and it all worked out, but it was a scary time. From that day on I vowed to never be in debt to a bank again. I spent the next 6-8 years paying everything off.....then I got back into cars. My advice, if you feel comfortable losing money, then go for it.

 

Only reason I can think of that it needed a full rebuild, was that the faulty guides and headers for this year car, resulted in other damage to the engine, so they just went ahead and rebuilt the whole motor. But that was not done by the seller, so who really knows.
Though as a buyer, knowing the headers and guides were done right and that the engine only has 10k on it, would be a positive , no?

 

I am sorry to hear about your collapse in 2008. A lot of people got burnt..
I only had one property i shared with a buddy, that was suppose to be a flip but turned into a rental, which we still own today

However, the properties I own were bought in 2013-2015, at a decent discount, and in some cases the properties have doubled in valued, and are bringing in rental income.
I also live in indiana, where we are somewhat insulted from wild price movements like the east and west coast.
So sure anything, could happen, however the properties have small mortgages on them compared to their current value, like 30 percent LTV
But were unlikely to go through another 40-50 percent price cut on homes again, anytime soon, and even if we did, I still wouldn't be under water.
But I definitely understand what you are saying, i dont like debt either, but its always a teeter totter between saving money for the future (that you may have) vs. living for today(and buying a ferrari) A ferrari will never make sound financial advice, unless you are lucky to buy on that goes up.

 

Ahh right yes thanks for that, the valve guides on earlier models probably factory warrantied too that makes sense, this rebuild was atypical. Who knows this could have been a fault induced by improper service, that happens and all the more reason to use a serious shop or DIY.

Great looking car, if you considering it have it checked PPI and compression check etc, the who what why is irrelevant if it checks out, new motor for you!

Keep us posted, if you get it I will be envious! And welcome BTW.

 

Good lord man, buy it before I do. Hell of a car and history, for under $80k.... Beautiful car. Needs nothing if history checks out. BUY IT!!!!!


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Don't die with regrets. You could get hit by a truck tomorrow. There are no guarantees.

 

It has nothing to do with how much money to make, and everything to do with your priorities and what maximizes your happiness on the only trip through life you get.

Would the opportunity costs (a couple extra tropical vacations? Retiring a year earlier?) make you happier than the car? Then by all means don't get it. But if the car is going to make you happier, get it and enjoy it!

 

I swear I've heard that story before. When was this car last sold?

 

Just get it.

It's a Ferrari. You can always sell it in as couple of years and barely lose money or make a profit.

Life is short and you cannot take your cash with you.

 

Try working on helicopters haha

 

What part of WI you in?

Not a lot of Ferrari DIY guys in this state for some reason.

 

That's easy. Just put a bunch of nuts and bolts in a box and shake it.
If it doesn't work, just shake the box again.