1997 F355 Berlinetta - 34k Miles - Bad buy? | FerrariChat

1997 F355 Berlinetta - 34k Miles - Bad buy?

Discussion in '348/355' started by Enpe, Jan 20, 2021.

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  1. Enpe

    Enpe Rookie

    Sep 20, 2015
    8
    I've come across a gated '97 F355 in my area that's selling for a price ($40k) that I think is way below market value. It appears to be in great condition cosmetically. I haven't reached out to the owner yet, I want to be sure that I'm not mistaken on the value of the car. What price would you expect to pay with a higher mileage F355? I'd imagine a market price for this would be in the $70-90k realm if there aren't any problems and there are complete records. If it has not been serviced by Ferrari, I'd imagine that reduces the market price significantly as well?

    I live somewhere that there most likely aren't many buyers with cash willing to buy a used exotic. For instance, I have a friend who recently bought an 80's air-cooled 911 for around $15k, when they're selling for almost double that anywhere else.
     
  2. PA32Pilot

    PA32Pilot Formula 3
    Silver Subscribed

    Mar 5, 2020
    1,760
    Glendora, CA
    Full Name:
    Jamie Kirk
    If you don’t buy it please give me his contact info.
     
  3. tbakowsky

    tbakowsky F1 World Champ
    Consultant Professional Ferrari Technician

    Sep 18, 2002
    19,349
    The Cold North
    Full Name:
    Tom
    For 40k..I would just buy it. Even if it needed 25k in work you would still be ahead of the game.
     
    The Outcast likes this.
  4. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,282
    South East
    Full Name:
    Jimmie
    Tempting but try to get a thoro PPI as there could be a lot of hidden deferred maintenance to which 355 is very susceptible (see 355 section)

    Oh and its not high mileage its a good driver mileage
     
    Mirek likes this.
  5. Dave Bertrand

    Dave Bertrand Formula Junior
    Rossa Subscribed

    Dec 24, 2005
    770
    Castle Rock, CO
    A gated F355 with reasonable mileage in good cosmetic condition and no issues is eaily 90-100k according to what I've been seeing over the last few months. At $40k, you should definitely buy it. Even if it needs a complete engine rebuild you'd still be way ahead of the game after it's over, because the same car with a newly rebuilt engine would be worth more than the rest of the ones out there. If it's a running car you should be on it like ugly on an ape.
     
  6. Enpe

    Enpe Rookie

    Sep 20, 2015
    8
    Thanks to everyone that responded. I've left a message to the owner and am waiting for a response. He only took one picture of the front, so I did some creeping and found him on Facebook. It appears to be taken care of. Though, I'm skeptical of what kind of maintenance this has probably received, so we will see. I'll keep you updated.
     
  7. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    14,244
    Sounds too good to be true and probably a scam or it has way more problems than made known.
     
  8. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    15,983
    Menlo Park, CA
    Full Name:
    Paul Chua
    To me, it comes down to 2 things.

    Is it salvage title?
    If not, does it pass a PPI with nothing 'critically' wrong?

    If not, as others said, send me the info, I'll buy it right now.
     
    ttforcefed likes this.
  9. Kokose7en

    Kokose7en Karting

    Dec 5, 2019
    207
    SF Bay Area
    I’ll buy it even if it needs a motor
     
  10. Targatime

    Targatime Formula 3

    Feb 22, 2014
    1,212
    Los Angeles
    It's a scam. I promise.
     
    Michael_Davis likes this.
  11. PhilB

    PhilB Formula 3
    Owner Silver Subscribed

    Feb 17, 2004
    2,166
    NYC, USA
    Full Name:
    Phil
    +355

    Don't make a cash deal with the seller unless you plan on making the exchange at an army barracks or police station.
     
  12. Michael_Davis

    Michael_Davis Karting

    Aug 17, 2020
    176
    New Orleans
    Full Name:
    Michael Davis
    Best assumption when you come across a car with one pic and a price too good to be true.
     
  13. Targatime

    Targatime Formula 3

    Feb 22, 2014
    1,212
    Los Angeles
    Also, it's simply not plausible there is a 355 owner who is not extremely familiar with current market values
     
  14. OCKlasse

    OCKlasse Formula Junior
    Rossa Subscribed

    Oct 5, 2006
    638
    Newport Beach, CA
    Full Name:
    Brandon K
    As a guy who just spent $50k on a motor rebuild, just be willing to pay to play if you don’t have a good PPI done. I took a gamble much like you’re contemplating.
     
  15. lkstaack

    lkstaack Formula Junior

    Dec 9, 2020
    252
    San Diego
    Full Name:
    Lars
    I've been researching used F355s and 360s for a while. Prices run from $50k to well over $100k. The lowest priced offerings seem to have "rebuilt" titles and/or F1 transmissions. Despite many FChat members opining that good F355s should cost close to $100k, recent sales in BaT and other online markets show many of them selling between $60k-$70k. The helpful website "Classic" estimates that a gated F355 Berlinetta is worth $71,050, and a Spider at $68,348. https://www.classic.com/m/ferrari/f355/berlinetta/manual/
     
  16. Meister

    Meister F1 Veteran
    Silver Subscribed

    Apr 27, 2001
    5,516
    Duluth, MN
    Full Name:
    The Meister
    not true. a year ago I b ought a 348 from a guy for $30k he also had a gated blue 355 spyder with 4k miles he would have taken $50k for (at the time). even just a year ago those were below value. It's rare but some people aren't as in tune as those around here.
     
  17. audi_328

    audi_328 Formula 3
    Silver Subscribed

    Jul 13, 2005
    2,422
    NH
    Full Name:
    Audi
    Pretty sure it's a scam, but if it turns out to be legit...let the haggling begin at $40K :)
     
  18. yelcab

    yelcab F1 World Champ
    Consultant

    Nov 29, 2001
    12,661
    San Carlos, CA
    Full Name:
    Mitchell Le
    Another weak moment, Paul ?
     
    paulchua likes this.
  19. yelcab

    yelcab F1 World Champ
    Consultant

    Nov 29, 2001
    12,661
    San Carlos, CA
    Full Name:
    Mitchell Le
    I have done plenty of haggling in my times. I have learned that when the product is good and the market is ripe, you pull the trigger and stop the haggling.
     
    junglistluder, audi_328 and paulchua like this.
  20. Natkingcolebasket69

    Natkingcolebasket69 F1 World Champ

    Is this a troll again?


    Sent from my iPhone using Tapatalk
     
  21. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    15,983
    Menlo Park, CA
    Full Name:
    Paul Chua
    40 boxes of ziti for a 355 with no critical issues and clean title?

    No brainer!
     
    OCKlasse likes this.
  22. RAC911

    RAC911 Karting
    Silver Subscribed

    Jun 8, 2006
    195
    Arizona
    Full Name:
    Ralph Cacace
    The car could be a good deal if it is not a salvage title car and you have a title in hand with the car present at the time of sale. Scam would be sending the money before delivery after receipt of bill of sale. Also you should buy a carfax to determine the history on the car.
     
  23. Enpe

    Enpe Rookie

    Sep 20, 2015
    8
    I haven't had luck. In any case, the car is located in Puerto Rico way out in the country (https://www.clasificadosonline.com/UDTransDetail.asp?AutoNumAnuncio=11031401). I was hoping I'd have the opportunity to drive it for a bit and export it to the states which is a much less difficult process than importing cars (or so I've heard, I've only imported one car and I'll never do it again without a third party).

    I was somewhat optimistic that maybe this guy just doesn't feel like footing the bill for whatever issue the car might be having, but after leaving a text message asking basic questions about the car and that I am ready to buy with cash in hand, the guy left my message on read. I'm assuming he might just be seeing if there's interest and/or isn't that serious about selling.
     
  24. audi_328

    audi_328 Formula 3
    Silver Subscribed

    Jul 13, 2005
    2,422
    NH
    Full Name:
    Audi
    Agreed there are definitely times to jump on a good deal and lock it down.

    The yankee in me sometimes can't help but ask if there's a little wiggle room, though; you never know ;)
     
  25. RAC911

    RAC911 Karting
    Silver Subscribed

    Jun 8, 2006
    195
    Arizona
    Full Name:
    Ralph Cacace
    The only safe way to buy the car is to go to Puerto Rico and buy it there. Then ship it back to your home. Figure in the cost of shipping being done by reputable dealer.
     

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