Advice for Potential New 355 Owners. For what it's worth...

Hi All, I wanted to put my few cents in to those considering buying a 355. My obsession with Ferrari brings me to this forum every day. I enjoy the banter and insight that fills this site. I thought I would contribute to potential new owners as I once was in their shoes. I did a good deal of research before I bought mine last year. I was lucky to find a 98 GTS F1 (w/Capristo I might add!) with 16k miles and needed sorting last Oct 2013. The last major was 2007 and the previous owner only put on 1100 miles since then. Very dangerous grounds by not doing a major since Ferrari recommends every 3 yrs regardless of mileage. Although I knew this, I still stretched another few hundred miles on her. Based on the PPI I took a shot since I wanted the damn car so badly and only had a few weeks to drive it before winter set in (living in the Northeast). I had to put new set of headers on her, Hyperflow cats, sensors, new battery, oil change, detail, etc for a little over $6k. I was happy to get a few hundred miles on her before putting it away for the winter. Now it's time again to enjoy her. BUT NOT SO FAST!! After a few spins around the country roads last week I noticed my instrument panel lights and tail lights were not working. As planned I sent her in for a complete makeover including the much needed major. That being said it will cost $5800 for the major, plus new rear tires, r/l cv axles, and so on and so on. Total cost close to $9k. Point being is everything I read is my reality now. $15k in less than a year. If your desire is a Classic Ferrari than expect to spend to enjoy. I consider it a privilege to have my car. I wouldn't trade the V8 sound of a 355 for anything. Its experience? It's amazing. I am fortunate to have access to other vintage Ferraris old and new. The 355 is just as special in its own right. Good luck in your search and use this forum as a guide. Ask questions and be patient. You'll get honest answers, both opinionated and factual. Your 355 is out there. Good hunting, it's half the fun.

 

Thanks for all the insight man. I appreciate it! I went ahead and used some paragraphing to make your story easier to read.

I was in the market for a 355, but decided to get a different model. Maybe iA I'll get a 355 later on.

Post some pics of your car man. Congrats!

 

Hopefully, the needed major was factored in your purchase price. If so, the $6k is not so bad and it's for items that you won't need to revisit for a long time or perhaps ever again.

You car appears to be pristine (from prior photos you posted)

So, unless you paid $80k for it, I'd say you're not doing bad.

PS, regardless of Ferrari's 3 year belt service bulliten, most go 4-5 years and dealers support that. I'm at 2 years next month and have no plans for a major for 2 more years.

 

thanks for posting and congrats on your new, car...amazing package!!!

I would love to see photos.

I still think, regardless of how much they cost and the cons people say, I'll still make my dream of owning my 355 a reality...some day.

 

7 years from last belt change.
Hill Engineering cambelt bearings.

Car runs perfect.

 

7 years is brave but I suppose possible. My cars major was done by QV London on January 2012 before I shipped it to Australia officially due jan 2015 and I constantly fight with myself,take a chance and run it an extra 12 months or do it when it's due. As stated in other threads I will do it myself and then maybe run it a bit longer after that as I will know that all belts, tensioners ,water pump etc have been done.

 

Hopefully the price you paid reflected the car's needs.

 

I hear you Steve.

The last belt change on my car was done in 2011 by Geoff Shilton of Shiltech Performance Cars in the UK before I bought it, so technically it is due this year even though it's only done 4000 miles since the change.

However, I've had the car inspected by both the main dealer and a highly regarded independent and both have said it will be fine for another year, so I'm going to do it next year.

I suspect you'll be fine, but I understand the dilemma.

 

Since this is an "Advice" thread I would say don't do the above. Use patience. I looked for 3 years for the right car and it has paid off. Other than cats, which I was pretty sure I would need ($1175) I've put a total of $61 into my car in first year of ownership.

 

Do u all really think the cambelts are gonna snap or jump because they're 7 years old?

I done about 5000 miles in those 7 years.....i'm not worried about the belts.

Maybe in 3 years time...

Ferrari juicing money off us all i reckon

 

Haha . Sometimes in life, you gotta take risks.

Keep going baby!

 

You should make this a new thread. I dare you. Ha!

 

My major is just about complete with only a few minor adjustments to be done. I am not sure when the last one was done but according to some posts on deciphering the numbers on the timing belt, it is from 2006. So who knows when the major was performed. A friend of ours did the major on his Testarossa at 7 years. My belts looked to be in good condition.

 

Have their been reports of the waterpumps seizing up?

 

I was lucky to get the car at the right price. So I suppose I am one if the fortunate cases. I hope I didn't mislead anyone into taking a "shot." I got her at the right price so it was a somewhat calculated shot. I just turned 40 this yr so there's been plenty of risks taken before this one that went upside down. Looking forward to getting her back after the major. I'll be sure to post some more pics. Anyone going to the Reading PA show?
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Great looking ride. True, without the risk how can you ever win.

I have been looking for the "right" 355 for several years now. It probably would have been easier before my second wife came into the picture, but ......

Ebay just had one that sold for $36k, the owner said everything worked but needed a major service including probably valve guides. Any "supercar" will not come cheap or the maintenance that goes along with them. I was hoping to make a purchase for around 35 - 38k and invest another 15k.

Is 50k a realistic number to have a decent 355 with recent major service?

Thanks

 

Nice car!

 

Maybe...someday...someone on the 355 board will come into a boatload of money and buy the "FChat F355 Reliability Test Platform". Start by giving it a fresh major. They could pass it around the membership, let it be driven in any fashion except that which is clearly abuse, and only stop when the belts fail. If I come into a boat load of money, I promise I'll do it.

 

John, as I stated in my PM, good cars are going for much more, 65-75k. $36k sounds like a car in much need.

 

I was in the market in 2013, I found very solid cars, well sorted out normally ran in the range of $60k to $75k. I ended up paying right in the middle of that range. I wanted a fully documented - at least ten years of paper, majors not due for another 2-4 years, paint in great shape - no road rash, under 20k miles, - 1999 spider was the targeted year, all stock with exception of radio, exhaust, cats. Very clean PPI by a knowledgable 3rd.

I paid at the high end as the car was maintained in great fashion and needed very little (cvc boots, motor mounts) also replaced tires even though they had good tread, they were aged and I wanted assurance that I was on solid ground when traveling over 100.

Search for the right car for you at the best price possible, but my experience showed that you learn a lot by personally visiting the cars, kicking the tires, running through your checklist (yes, before you opt for a PPI) hearing it fire up and also driving it. I was honestly shocked at the different characteristics each car exhibited.

 

I paid $52K last year for my '98 spider. Major had been done within the past year and had a top notch job having the seats recovered in new leather.

Since then, other than general maintenance (fluids, filters, etc.) or cosmetic (challenge grill, Hill kick panel) items I've repaired a malfunctioning top, replaced the CAT's, CAT ECU and CV boots for a total of about $2,200. I have no other big expense planned for this year but we all know how that goes. Thinking about replacing the tires next year. Plenty of tread but they are about 8 years old.