Anyone know any history on this car that I don't?

http://www.caviardreams.net/view/2530A/Yellow-1997-Ferrari-355-in-Cocoa-FL

This is/was the owners personal car. I was told he is selling it for a condo down payment or something and he has a Lambo Murc. besides this one. He had it advertised elsewhere for less money and we did some haggling and came to a price. I actually have a deposit on the car and I am supposed to get it shipped this weekend if all goes well. It does have damage history etc. and a marred car fax/title etc. from said damage. It looked pretty minor though. I do suspect it was in an accident before this by looking at the car fax. There are pictures here and these are the guys that did the work:
http://www.autobodyexotics.com/forsale.html

I did have the car looked at, but they just made sure it was real, the VIN number was correct, and that it started and there was no damage.

The car is supposed to have all the service done including a recent major, headers fixed etc. He said he put about 15K in it with service and upgrades in the last year and a half. It has a Tubi exhaust and Custom powder coated and yellow accented GFG staggered 20" 19" wheels, HID light conversions, smoked lenses, and some other things done. He said he is including the shop manuals and some carbon fiber air box lids he never got around to installing and some other things. It has an Alpine sound system.

The known issues:
1) Sticky switches
2) Wear on the drivers seat
3) A busted top latch. This part has a rediculous price for a new one, but I think I can fix it it or in the worst case there is a used one available for half of new. I can tig weld, mig weld and machine parts and it appears to just be a punched and formed piece. But I cannot tell if it is aluminum or steel from pictures. Either way I think I can fix it cheeper as long as it's not magnesium or some wierd pot metal. magnesium can be worked with, but it's a pain to weld. I also have powder coating equipment, if that is what the finish is?
4) Two paint chips caused by an engine lid mishap while trailering the car. I guess it blew up and came down or something and touched the edges of the quarter lips.

If these are the only things wrong, I am not too worried. I can fix it all myself. After all I built this from scratch http://www.cardomain.com/ride/3864482/1970-austin-mini-union-mo-us

What would you guys consider a fair price for this car and do you know any history on it that I did not list above?

Before it gets mentioned....I am not sending it for a PPI and all that stuff. I don't want to waste more money. I don't ever plan to visit a Ferrari dealer. I have built several totalled cars and have been building custom cars and motorcyles for 20 years. I do all my own work on everything. PPI's that I have seen always come back at $20-40K for something I could do for $3-5K it seems (only because the parts are ludicrous). Of course this is my labor for free. I rebuilt my Viper GTS engine for $4k and it spun a rod bearing, took out the crank, oil cooler, front cover, oil pump gears etc. Dealer would have charged 20K or something rediculous for that.

I just want to see if you guys know anything about the car and see what you guys think it would be worth.

Thanks,
John

 

http://www.ferrari355registry.com/Ferrari_List.asp?pSel=VIN&pVal=109171

 

Yeah I found that already. It's the same as the pictures the seller linked me to at the place that fixed the damage. Can I update that with a current picture at some point?

 

Looks like it was fixed well! Ferrari parts are pricey, but as you know if you do your own work it's not bad. A good ppi is still in order for any Ferrari. Everyone in this section will tell you the same! Good luck, looks like a beauty.

 

this is a great thread

 

I'm familiar with this car. It was posted on AutoTrader well over a year ago by the same guy. He put a fresh ad up on Craigslist daily in the Orlando, FL area. Same spill about the Lamborghini (which for some reason in his mind has relevance to the Ferrari as he had the same spill a year ago). AND That condo owner must be a very patient person considering this Lamborghini owner can't sell his Ferrari or by any other means come up with the down payment for said condo! BLAH! He's a car dealer that deals in salvage cars. Funny it's been for sale by the same guy for well over a year now and back when I found it he was at $39K.

I was seriously considering it even with the salvage title at $39K which he told me he'd take $38K. I figured there was more room than that, but he refused to let me do a PPI on the car at my expense. He kept saying his buddy runs the shop where the major was performed and he did a recent PPI on it, so you can see all the receipts. I don't trust him. He's young and cocky and full of stories.

The car's been for sale for that long without a buyer and now more $$$. I'd shop elsewhere and find another one.

The major hangups for me on it for me is no original wheels ($4500 average), and there are plenty of well sorted 355's under $50K right now with original titles and no stories the owner would be happy to let you do a PPI on.

My strong advice is keep shopping for the right one.

 

I hear what your saying. I have some hesitations as well, but I negotiated the price to a point that it is a pretty good deal even with a couple issues. The price vs. risk is teetering. I don't trust any car salesman. The wreck I see on carfax before the one I have pictures of, is what concerns me. I have no idea what the damage was. The accident I have pictures of does not concern me at all, it appeared to be just cosmetic damage. I am almost ready to try to re-negotiate some more even though I made a deposit already. I think we are at a fair price if there are no unknown issues, but you just have to assume something is not being told when you deal with slick used car salesman. I passed on two comparable cars for $29K and $31k in the last week. I would have bought the $31K car if I did not already have a deposit on this one. One had a clean title with no salvage history, but an accident on the car fax and the other seemed to be well sorted, but with a branded title. Neither one was in a color I prefer though and one had blue interior(yuk).

 

I find this post a little confusing. You're aware it has some issues, not concerned about PPI, and it looks like it was hit by a train.

All of this and you are still considering the purchase of this car.

I'm curious, if you came on here and gathered some more info what would it take to make you shy away from this car? I feel like if we told you that the trunk was filled with anthrax you would say "no worries, I have a level 4 biohazard suit and can fix it myself"

 

I live very near this car. I'll put a question out to the local Ferrari Club and see if anyone knows any more details.

Edit: Also, I DO know the shop that they claim did the repairs. If they did the work, then it was done right-- however that doesn't mean the car hasn't had issues SINCE then.

 

I am just looking for any specific info I don't know about, not speculation. It looks like it had a light scrape with something on the quarter panel, not hit by a train. But, the first history I see could have been hit by a train, who knows. So far no one. You are right I may still buy the car, but I would have to re-visit the price negotiation. Price dictates what I will accept. Whatever the history is, the car looks good now and supposedly has no drivetrain or mechanical issues. If someone were to tell me they know the car was cut in half and pieced together from two cars or something, that could steer me away,but then again, I may still pay $10,000 if it ran and drove fine. Hope this makes sense. I am not a typical Ferrari buyer. I can fix my own stuff and I just want a running driving car with no major CURRENT problems as cheep as possible. History is not that important as long as it was taken care of properly.

 

Just heard back from the locals. It is not a club member car, so no one knows it personally.

I won't provide any specific details on the dealership, since frankly it is all opinion and hearsay, but the general theme suggests that you are cautious and verify any paperwork claims.

On a humorous side note, I beleive this dealership is based in an old strip club in the industrial district. Caviar dreams indeed...

 

Sounds familiar...

http://www.ferrarichat.com/forum/showthread.php?t=282520
http://www.ferrarichat.com/forum/showthread.php?p=138011884