355 Spider prices falling

One 355 spider (and it's a nice example) that I know of that initially sold used for $220K CAD 2 1/2 years ago, is now begging for $140K CAD. Lot's are like that these days.

Several are around where I am, and asking prices vary widely in my market. Judging by the average amount of time these seem to be in play for, it's not a seller's market at all right now.

There's no reason for it, it's just that they are old cars now and a 360 replacement is on the horizon. Same thing eventually happens to every car.

 

You didn't say, but I suspect that you are concerned because your 6-year old car has started trading under $100K?

Let's take a look at this. If I recall correctly, which means that I'm probably not, 355 Spiders sold new for $125 to $130, yes/no/maybe? So if your car is now worth $90K, this means that it has depreciated about 30% in six years.

Not bad. I know of some Porsches that have depreciated 30% the day the happy first owner signed the paperwork.

Will your car continue to depreciate? You betcha. My guess is that it will bottom out around 50% of sticker or $65K within the next 4 years.

One way you can slow this tide is to check out the new extended warrantys at your Ferrari dealer. I believe that out-of-warranty 355s, 360s, 550s, and 575s will be very scary cars to own. To give just one example, the plenum hose on my 550 blew, and it cost me $2,500 to get it fixed. Guess what the cost of the warranty was, after getting the timing belt service done? Yep, that's right, $2,500.

Take care, DrTax

 

Before you consider selling think of what you plan to replace the 355 with.No use being left with no car or amuch more expensive replacement.

 

You should drive and enjoy the car instead of worrying about the net worth.Cars are not a great investment anyway.FUN! is what the Ferrari was purchased for anyway.DRIVE and ENJOY! is worth more than any deprication!

 

Kds, you say that there are LOts of 355's selling for 140k cad? i'd like to see some examples...as i am interested. thanks.

 

Yeah, bail. IMO, 4K miles in 6 years is Ferrari abuse.

 

tsang85....

They're out there. But as I am not here to sell cars to F-Chat members you'll have to find them yourself. No offense meant by that, I'm here to acquire Ferrari information for my own personal use, not to sell cars to F-Chat members per say.

For example.....in Calgary right now, I can send you to a 1998 355 Spider 6 speed, yellow on black, 20kms, a $30K hit in the R/R corner properly repaired......the guy is "asking" 150K......

There's an identical 1997 Spider in Toronto at a leasing company I know......$150K "asking".....

 

I found these cars are holding the price relatively well in the last 6 mo. They actually went up ~ 6-8% acording to NADA.

See me thread:http://ferrarichat.com/forum/showthread.php?t=17813