Emerging Ferrari enthusiast in the market for a 355 Spider (1997 to 1999)

F-Chatters (the 355 contingent),

Greetings from a Porsche enthusiast (currently) who is in the market for his first Ferrari.

My research and budget made it clear that a 1997-1999 355 Spider is the way to go for me and I am really excited - and a bit nervous - about this purchase.

I am looking to spend about $80,000 and hoping to buy direct to avoid the 4-8% that I think consignment dealers get (and split that value saved with the seller). E-bay scares me a bit although I did get an awesome deal on a vintage Landcruiser that way (but it was only $5,000).

No offense to anyone who has a 355 with features or specs outside of the following but I have "done my research" and have concluded that the best fit for me is the following:

1. 1997 to 1999 355 Spider ('cause I want the convertible and feel a bit safer with a 1997 to 1999 model); Probably $7,000 in value for each year above a 1997 if all else is equal --- any F-Chatter thoughts on this view?

2. Indifferent to F-1 versus standard shifter (understand that F1 adds some incremental value - $5000 maybe? - but also understand the additional cost if something goes horribly wrong). So, I do not personally place a price premium or deficit on the F-1 feature.

3. Any color but yellow and prefer not to go black/black (if only because my Boxster is that color combination and I like it but live in Georgia and Florida and will keep it). No premium for red although it may have some minimal - $2,000 maybe? - value in terms of resale (not a consideration for me as I expect to have the car for about 8 years and put about 4,000 miles a year on it). I will title the car in Florida and cars on the East Coast are slightly preferred because I travel that side of the USA much more for work and it can be more easily examined by me and my brother (whose sign-off is critical because he knows more about what to look for).

4. Am thinking something in the 10,000 to 20,000 mile range with a minimum of having done at least one recent 15,000 mile service. Estimates from this forum say about a .30cent per mile depreciation factor - more important to have proper servicing, clean title/history/record (i.e., no wrecks), documented services, owner who has the means/appetite to take proper care of the vehicle, etc. - than the mileage itself. Records indicating work done at an authorized Ferrari dealership or by an agreed "Ferrari Guru" from the people on this site probably is worth about $3,000 but is also a "deal killer" if there is no comfort or receipts for prior work. Recent engine-out 30,000 service is probably worth about $4,000 in value to me if it is documented.

5. Other major improvements are probably worth "50 cents on the dollar" (Aftermarket Headers, Exhaust, Upgraded Brakes, Rims, Tires, etc.) and other stuff gets only very minimal incremental value (Challenge Grill, any carbon fiber upgrads, new shifters or shift gate, audio upgrads, etc.), say "10 to 25 cents on the dollar" or are give-aways.

6. Would expect to have all manuals, covers, key sets, etc.. as it speaks to the prior owner.

7. Seller will have to agree to a me having a PPI done (including a compression test and leak down test) - Did I mention I am a bit nervous about spending this much on a car???!!! My brother and I will also go over the car in detail (i.e., all electronics) and have the car put up so we can look at the undercarriage, etc.. I do not mind spending $600 or so plus my time to really understand the car before transacting. I am a little scared about the valve issue and other major engine stuff going wrong.

I've printed, read and re-read the 355.com information as well as the detailed "what to look for when doing a PPI and buying a 355" threads on this site --- outstanding and kudos to all who contributed and referred. They have been excellent resources. I am challenged to find someone who will do a full PPI in the Southeast as Ferrari of Atlanta will not (although they will do a compression test and leak down test for $395).

So, the $80,000ish question is does anyone have a 1997 to 1999 355 Spider that meets most/all of the above criteria and want to sell it to me? For about $80,000 I hope to get a great car (i.e., not a super-low mileage or Concourse car but a very good, well-maintained, non-raced, vehicle) at a "good price."

My personal e-mail is [email protected].

Note that this will be a "cash purchase" (i.e., certified check or bank wire) because I do not finance my toys. I have examined the insurance, tax, maintentance costs, etc. and am ready to pull the trigger over the next 3-8 weeks.

Any e-mails providing information about cars/people to avoid or cars/people to consider would be greatly appreciated and kept in confidence (i.e., dodgy dealers or dealerships, cars which are known to have been wrecked, Katrina'd, etc.). Any posts on this site in response to my "value assessments" above and any final thoughts on what to do, to prepare for, who to use for a PPI, etc. are also very welcomed by me and no doubt others who are examining the market. I would prefer to buy from a Ferrari enthusiast, an F-chatter or someone whom the F-chat network vouches for (just trying to reduce some of the risk associated with these cars).

Looking forward to the vehicle - can taste it! - and being an occassional contributor to this forum. Kind regards, Steve

 

Welcome to Ferrarichat Steve.
There was a very nice 355 Spider that was being sold on here, by a fellow Fchatter, but I forget who it was. He had trouble selling the car and it is a immaculate example by memory. It was around the $70-80K mark. Not sure if it was what you are looking for sorry? But you never know. Good luck with your search, hopefully someone can help you out with one. Also looking forward to hear contributions from you. This forum is a wealth of info for all Ferrari owners and there are alot of great people on here that are very willing to help out as best as they can.

 

Good luck finding a 355 spider with all services up to date for 80k. I would say
the minimum would be 85k if you're lucky. Don't get me wrong you can buy 355's all day long for 80k with little or no service records and higher mileage.

 

Just saw an ad in Autoweek for a 97 spider with 15,857 miles. Nice looking (for a small photo) red/tan and says it was a 1st place winner at a sarasota car show. Asking $80k. Bernie (941) 753-7871. Florida
There was also a nice red 355 spider on Ferrariads.com for $75k.
Good luck in the search!

BT

 

Appreciate the heads-up, BT!

I will definitely check them out.

Thanks. Steve

 

Steve looks like the analysis continues maybe at some point you will be comfortable enough to buy a car good luck

Martin

 

Indeed, I definitely tend to analyze things a lot (in my DNA... for better or for worse)!!! At some point, I may just have to "follow my gut" a bit more but I am enjoying the process of exploration and education for now. I'm simply not use to buying a car without a warranty or spending at this level so I am quite cautious, methodical and patient.

Appreciate the kind words and wish you well in your sale and subsequent new Ferrari purchase. I will take another look at your ride at Ferrari of Atlanta this week-end as part of comparing three Spiders in the North Atlanta area.

All the best, Steve

 

Good luck if I see any other cars that meet your specs I will give you a call

Martin

 

Just a quick note to say that I appreciate the e-mails received so far (and please keep them coming) as they help me figure out the what inventory is out in the market and help me refine my search. Kind regards, Steve

 

my 97 spider red tan in back on ferrari ads.com (forgot that it expired!). It is a great car and may just be what you are looking for! Mine does have a few extra goodies!
gordon

 

Gordon,

Thanks for reaching out and the e-mail. I travel to Cincinatti for work about once a month (just got back today, actually).

If still available at the end of the month, perhaps I can come up and look at it (not sure how close Dublin is to Cincy).

Please e-mail me your thoughts.

Thanks.

Steve

 

They are EVERYWHERE for sale!!!!!!