Help Looking to buy a 355

Doesn't sound like a good idea - check out the buyers guide threads here - be sure to get a thoro PPI

 

Read up on this particular model. A lot. Know what you are committing to.

There is a lot of information available here and on sites like www.the355.com

These are wonderful cars but can become catastrophically expensive to repair and service if you buy one that's been abused or neglected. Having no records does not instill confidence in most 355 buyers and will likely be a ding against you when it comes time for you to sell the vehicle, so factor that in.

If there is one absolute for a 355 it is to have a proper PPI performed by a shop familiar with these vehicles.

 

Price is the WORST reason to buy a particular car.

If you can't afford a good car, a cheap one will cost you more in the end.

Take your time, and save up for a well sorted car with complete documentation that will pass a PPI. You will save a ton of cash and grief.

Good Luck!!!!

 

What price and what year? Sticky everything can run into big dollars.

 

Where is the Car lumpy?

As long as she dont have a salvage title and no major damage on the carfax you may be good

Best bet would get a professional pre purchase inspection if your not familiar with them

 

The 355 market has 100% variability from car to car. Neglected spiders needing work can sell for mid 30s. Serviced clean GTBs and GTS can reach mid 70s or higher.

Factoring in year preferences (95 v. 96-99) can add additional variability.

Basically, we need more info.

 

Just remember, "You get what you pay for".

I didn't mean to infer you can't afford the car.

I have owned multiple Ferraris that I haven't had to put much money into, and ones that were money pits. I always try to convince people to buy the best sorted car they can enjoy.

I currently own a 1998 355 F1 GTS that I bought new, and a 2004 575M that was a one owner car.

 

+1

 

It really depends on whether the car just needs a good service to bring it up to speed or if there is a ticking time bomb in there somewhere.

 

Thanks for the detail. That's a desirable year, desirable body style and a desirable transmission. There are still so many variables that effect the price. Hopefully, the PPI can help sort things out.

It's likely it will need the interior plastic addresses by SNM. ~2k
Leather work on the dash. ~1-3k
Major service ~ 6-10k depending on what's done
Headers might be a good idea, who knows 3-8k
My clutch was getting bad on mine at 17k, so I replaced that. ~2k
I have no idea what the body work would cost.

I'd say if you can buy it for 38-43k, you should come out OK. Is that ballpark of what thy are asking?

 

Lumpy,
Is it the whole dash or just the airbag cover?
Sticky parts repair is time consuming at not cheap either. Get a PPI on the drive train. An engine out service is most likely in the cards for that car.
That will run $7K and up. A nice manual 1999 Berlinetta is a fun car.
The car without a thorough inspection as it sits is a $37K car IMHO, give or take $5k.
After inspection it could be a basket case or a good fixer upper.
I'm not knocking the car, but for the initial purchase price plus what you need to put into it, you may be better off finding a well sorted car that you can drive, instead of it spending weeks in the shop to get it going.

 

Lets be logical here. A Perfect car with up to date service would be $65,000 max.

Its a 99- should not have to worry about valve guides.
Assume it needs a major- $6000+extras. At 13k miles, headers may need attention, maybe cats. Estimate a $10,000 service from a good independant.

Sticky interior- maybe $1500 from Sticky-no-more or DIY for a few dollars and some elbow grease.

Dash recover- maybe $1500

Tires- Approximately $1200

Cosmetics- another $2000 (touch up and paintless dent removal)

Now do the math. 65-10-1.5-1.5-1.2-2=$48.8k

Get a PPI. If it has good compression & leakdown, passes a smoke test for the headers and runs well, make an offer of $40-$45k (to make up for the lack of prior service records)and get the major done immediately to make sure you don't throw the timing belt. All the other fixes can be done as you desire.

Prior service records are nice but a bunch of reciepts doesn't change current reality. Good compression/leakdown and smoke test for headers with a fresh major is more important.

 

If you do the work yourself you can save a lot of money.

I bought a 95 with 13k miles on it for 35k that was neglected and I looked everywhere for the most inexpensive parts, used deals and found very good local shops charging 65-75$ per hour.

After all that, I spent 30,000 on restoring it and mods. Included in that was a complete repaint, major service, new tires, windshield, upgraded exhaust, etc...

Looking at your car, I would plan for anywhere between 12k to 18k to spend on it. Headers are a must if they haven't been changed. 40 is a great price and, if you can get it for even less, I say go for it! Check out some comparables on eBay, fchat and Autotrader.

You can also check out my thread here which tells my whole story on how I brought my car back to life. It may inspire you or completely depress you depending on how you look at it:

http://ferrarichat.com/forum/showthread.php?t=341922

 

You are not likely to get killed on resale at 37k but won't make much and will probably lose 2 months of usage and the hassle factor of getting the car really nice in the next 12 months.

 

That was the magic number I picked!!

Good luck on making a deal.

 

37k seems like a good price. I imagine the seller will let her go for that since he's only asking 40k. He seems to have a good sense of the market.
Keep us posted.

 

Thanks for the kind words, I hope you get it and make it new again...it's actually kind of fun!

 

After looking at the motor, call is yours if you think its your style


Me, I would be all over it

 

I'm thinking a lot of guys would be all over it for $37k