1997 Ferrari 355 Spider, Rebuilt Title $39K

Hi all, as some of you may already know, I have been looking for a Ferrari for quiet some time now (specifically a 308) but I have come across a 1997 355 spider with a rebuilt title, for which seems to be a very reasonable asking price($39K)... Here is some info;
-Rebuilt Title (Car was Theft Recovered)
-Yellow on Tan
-6 speed
-Fully serviced (Tires, Clutch, Belts etc...)
-All service records and history (serviced at Ferrari)
-Runs & Sounds great (According to owner)

I have sent him an email note asking him a few more questions(Mileage, who did the repair work etc...) (I will post up more info once I receive his email note)I would fly down to see the car before purchasing it.

What do you folks think this car is worth based upon the above information(Lets say the time being the car has 50K miles on it.) Also, is it foolish to consider buying a Ferrari with a Rebuilt title? Should I stay away from it?

Your opinions and guidance are greatly appreciated!

Ron

 

Theft recovery does not automatically mean "rebuilt title". Something bad happened to it. You need some really thorough documentation on what was damaged and how it was repaired. If it was properly repaired you can drive it and enjoy it, but it will never regain full value. If it was badly repaired, it will be a huge can of worms and a money pit.

 

Is this a US car? Doesn't it have to be at least 15 years old to import it into Canada without all the RIV compliance stuff?

There are so many 355's for sale right now - why settle on a rebuilt/salvage title when for a few bucks more you can get a well documented and cleanly titled car?

 

Yes, this is a US car. I went onto the 'RIV' website, and it states that "Salvage or rebuilt salvage vehicles can be licensed in Canada provided the original damage was not flood-related and the vehicle is admissible under Transport Canada’s List of Vehicles Admissible from the United States." If I do end up purchasing this car, I will certainly call the Ministry and find out if it can be done. It sounds like a second inspection must be done on the car before it can be licensed and on the road.

The second point you mentioned is why I started this thread. I want to know if this car is worth my while.

As for the theft recovery, the owner did clarify it does have a rebuilt title.

 

If it were me, I would make sure it could be done before purchasing the vehicle. Since it is newer than 15 years all modifications for import have to be done at an authorized Canadian Ferrari dealer. Here's a link.

Only you can answer that, but for most I imagine "no" would be the answer.

Consider that you have to a) have the vehicle modified at an authorized dealer as it is newer than 15 years; b) possibly a secondary inspection to determine admissability due to the salvage title and then c) you still have a vehicle with a tainted title that will always be worth less than a vehicle in equivalent condition with a good title.

Why not import a 1995? It has a few extra HP advantage over later models, it's older than 15 years (from the date of manufacture) and you can import it by paying taxes/duties at the border. You are going to pay some $$$$$ to have a newer one modified at a Ferrari dealer, why not put those $$$$$ into a slightly older one in better shape/clean title that doesn't have to be modified?

Just some food for thought. Good luck with whatever you decide!

 

Thanks for your input,you brought up many good points that I have to consider...I have lots of research to do before buying this car(I do not want to rush into this process.) I was just informed by the owner that the car has 25K miles on it. A lot less than I had anticipated.
Also, on the link you gave me it states that modifications to the "tether anchorages for child restraints" may be required. Is this the only modification needed to be done, or are there many others that just aren't listed(Bumpers etc..)? I need to find out what all of the modifications would cost + inspections + other factors like exchange rate and shipping costs. This will then help me determine whether or not this car is worth it. A 1995 would easily cost 55K+ USD(I still have to add shipping and exchange rate.) Here in Canada a good 355 is typically priced at 70K+.
I find the price on this 97' extremely tempting!

3forty8, do you have any idea what this car is worth? (rough estimate)

Regards,
Ron

 

top name 3forty8

 

Great points!

 

All that matters is what you learn through a proper PPI and the less legitimate the car is the more important the PPI.

So have a PPI done and see what it says

 

No idea what the car is worth - a huge factor would be the reason the title was cleaned as Miltonian pointed out. Any time I hear about a cleaned/washed/rebuilt title that just sends up a huge red flag, IMHO.

From other guys on this board who have imported into Canada I believe newer than 15 years needs front and rear bumpers, extra door bracing, daytime running lights and upgraded child restraints. Newer cars (360, 430, etc) had the same bumpers and doors for US/Canada. Maybe someone who has actually imported one can chime in.

One thing you are going to hear around here is that "There is no such thing as a cheap Ferrari." Buy the best example you can afford as it almost always costs a lot more to fix up a bad car than getting a good one in the first place.

 

I couldn't have said this in fewer words better myself.

Also, 3forty8, you have brought up some excellent points.

 

Theft recovery is a very subjective term. What does it mean? Was the interior burglarized? Were the body panels, hood, fenders, bumpers, lights take off? I personally would not mind the salvaged title as long as, as long as, I’m 100% sure that none of the body parts were damaged or painted. If the theft only refers to the interior, I think the car is well worth 35 to 40. But again, be sure there was no body damage…..
BTW, take service into consideration too…..

 

Rufrydermg : The bumpers do not have to be modified...just the activation of the Daytime running lights. I have spent quite a bit of time researching the process....and my pristine 1999 355 F1 previously owned by SKIPPER, a fellow F Chatter is crossing the Canadian border tomorrow ! Should arrive here in Kelowna, BC on my birthday...March 2nd !

Feel free to call me at my office : 250-860-4779 ext 238

If you don't want the hassle or uncertainty of doing the importation yourself, James Simpsom of Simpson Automotive Consulting in Toronto can be of immense help....he sure helped me ! You can reach him at : [email protected]


Barrie

 

I am almost 99.9% sure you can not bring that car up till 2012.

 

Are you sure Roberto? I believe he is able to import it prior.


To the OP, here is a thread from the Canada section titled "Importing 15+ Year Old 355"

http://www.ferrarichat.com/forum/showthread.php?t=265260

I realize that the one you are looking at is a newer than 15-years, but there is some info in there that might be of help.

 

The car is ok to import into Canada. You will have to get a recall clearance letter. Also, you will have to get the car inspected at a MTO authorized facility to make sure that any repairs that may have been done fall within factory spec. Just takes a little homework.

 

BarrieM5: Thanks for the very useful info,I will send him an email. Sounds like you have a fair bit of experience when it comes to importing these types of cars.Let me know when you get your 355, would love to see some pics!
I use TFX to bring up my cars from the US... If I purchase the car and send them down, would they have a problem crossing the border because of the rebuilt title? Also, the modifications that have to be done to the car (which seems to only be daytime running lights) I assume they can be done here in Canada? What is the process in activating the daytime running lights?

I appreciate the tips and pointers given to me so far. I have learned a lot!

Regards,
Ron

 

I think the whole salvage title thing is great. If you are buying a track car or beater. You guys are right on with what you are saying about buying the car and bringing it into Canada. You will probably end up needing to get a structural safety. One thing with this whole salvage thing after getting a few though is how much stuff they let slip as far as the whole mandatory requirements go. I have brought in a few cars that did not have daytime running lights and the child restraints.

I also would say the car may be a tad expensive for a salvage. You could start looking at say Copart or one of the salvage sites for a better deal.. Something you could buy and repair to know what you are getting. I would want to pay atleast half of what a good car was going for. With a salvage no matter how great it is represented it will need something. I have a salvage that still needs to get the traction control issue sorted out but it does not really bother me in regards to the driving enjoyment

 

If you import a car that's older than 15 years, you can bypass the whole Daytime running lights modification....and you don't need the recall clearance letter.

I just wanted to hear what the "dealer" story would be on bringing up a US car....so I called 2 dealers.

They wanted $5000 to do the Daytime running lights and perform a "compliance inspection"....and then Ferrari US (there is no Ferrari Canada) would issue me a Recall Clearance letter....for a further $2000 US !!

I had a very candid conversation with this Service Mgr....who admitted that it was all "BS and we have this conversation every day" at his dealership. They realize that it's pissing people off...turning them to other brands and giving them a bad name....but they "have to live with it" for now.

Several guys who have imported F cars from US dealers have been able to get the Recall Clearance letters as a condition of the sale....since the selling F dealer just enters the VIN into their Service computer and print out that there are "No Outstanding Recalls".

The DRL's can be done quite easily.

Here is a picture of my new toy....taken by the previous owner , F Chat member "SKIPPER".
Image Unavailable, Please Login

 

Did something change? R.I.V Canada still shows the car is inadmissible till 15 yrs old no exceptions.

 

ADMISSIBLE
1995 TO 1999 Until September 1, 1999: All U.S. Ferrari models (Modifications to tether anchorages for child restraints may be required. Please verify with manufacturer)>

1999 TO 2009 After September 1, 1999: All U.S.A. specifications Ferrari vehicles are admissible in Canada.

 

It has changed; I also recall they used to have to replace the bumpers and it looks like that has changed as well.

Still, 39k for a salvage title + 7k for lights and the recall clearance letter; I would think the same 46k could purchase a clean 1995 355 without the additional red tape.

 

Ridiculous...if the OP can take $7k off the deal then it MAY be worth while

 

Thanks for all the additional info... I am going to pass on this 355 especially after finding out an additional 7K is required just to get the car licensed(Who knows what else this car is going to need mechanically.) As stated by many others, I can buy a 1995 with a clean title for 46K without a problem.

BarrieM5: Gorgeous looking 355. Best colour combo!

Once again, I appreciate all the responses, I will let you know when I purchase my first Stallion!

Ron

 

That is what the Brotherhood is for!

Good luck, and don't hesitate to ask more questions during your search.