Expected Maintenance Costs of: 355, 550, 360

Dear John

I will start off the discussion but I think it will quickly spin into more details than you ask for. But, that is the risk of this type of discussion.

Let's assume that you pay maximum prices for a car that has all the major known problems taken care of. For examples, 355 headers and valve guides, 360 varitor, and I don't even know what ails the 550 has.

From that point on, you are looking at 3 years major service for each car. The cost for that with a 355 is in the $6,000 to $7,000; $2,000 to $3,000 for a 360, and don't know for a 550.

Any Ferrari will have minor problems that will crop up and you may (or may not) call it maintenance, but it does add to the cost of ownership. For example, my 355 has 2 broken engine mounts, 2 broken window brackets, 1 switch bezel, 2 window glass guides, stickiness, hood struts, seat patina that will be re-died. But the good thing is the brakes are still good.

 

Good post Mitchel.

To the OP - I would post these questions in the respective forums.

 

And also actually read some previous threads asking and answering the same question since the implication from yours is you have not

 

FWIW I went through the same conundrum gravitating between 355 and 360. One thing to keep in mind is number built and timing of the subsequent models. 360s are still on the depreciation curve - many saw rental service - there are TONS of them out there etc. While the 355 does and will have more maintenance costs at least some of that might be offset by eventual value stabilization and perhaps even a slight uptick. I went with the 355 because it made/makes my heart stop every time I look at it - start it or drive it. I didn't get the same emotion out of the 360 (not to say the 360 is not an awesome car - it is and it is technically a better car than the 355 but....). I would advise buying the car you truly want and plan for whatever that car holds for maintenance costs with some in reserve for unforseen issues.

Cheers and good luck hunting - that is half the fun!

 

Agree with above. Almost got a 348 instead of my 360.. and my 360 has been rock solid.. That being said with a Ferrari, YOUR Ferrari you want, compromise is a dirty word. Get what you REALLY want.

 

I completely agree here. That sentiment is exactly why I went with a 355.

The biggest piece of advice I can give is, regardless of model, DO YOUR HOMEWORK. Even a PPI may not tell you everything about the car. Buy from a reputable source and understand that even with all the knowledge you can have on a car, you might still end up dealing with unforseen issues.

 

You're getting some great advice here; the variables here are so vast, that we could effectively argue the maintenance is all the same. Also depends if you're doing the work yourself, having an independent do the work, or a dealer. You're also talking a lot of miles, which will kill you on depreciation (sad, but true).

I went with a 348 because I loved the feel of the old school direct steering and wanted a sports car, not a GT (although, looking back, the BB would of been a much better investment). I 'thought' depreciation curve had flattended out, being 12 years old when I got her. I was very wrong. assume all $'s on a toy is being poured into a hole in the ground . Was it Sheehan who said to light $100 bills in the garage at night, to get the feel for ownership?

I should of bought years earlier, well worth the costs!

 

Go with a 550. For a first Ferrari, you want a V12.

 

I currently own a 355 and a 550 Barchetta. I have never owned a 360 but I have owned a 430 and still have a Scud. The 550's and 360's are bullet proof relative to the 355. Not to say that the 355 is a bad car but overall experience with the community has been that more things have been issues even though I personally have not experienced them. My car has been rock solid with no issues and I drive it hard.

So I would expect to spend a little more on the 355. The 355 is an engine out major whereas the 550 and 360 can be done with the engine in and therefore there are significant savings every 3-5 years of perhaps $2-4k.

All of the cars have the sticky parts issue and it is a nominal cost to get them refinished. Budget 2k and you will have money left over for sure on any car.

The 550 does have a common issue with the leather delaminating from the air bag cover but again it is a simple fix.

All of these cars need an exhaust upgrade to be fully appreciated. The 355 will require a Capristo or a Tubi and perhaps hyperflow cats. The 550 a Tubi and the resonator delete, and the 360 a Tubi or a Capristo.

For depreciation the 355 appears to be at bottom whereas there does not appear to be a floor on the 550's or 360's yet. That will be your biggest cost and will dwarf any costs for maintenance over time.

Now we get to the fun factor which overrules everything these cars cost in my opinion. Everyone will be different, but I enjoy my 355 so much more than the others. Its the bridge between the old styling and the new styling. It is small and nimble. Visibility is excellent for all 4 corners. With a Capristo you can coax the most ridiculous sound out of it and because it doesn't have crazy power or torque it is possible to drive it within legal limits at high rpms almost all of the time. It is an older design as well so people don't act or drive crazy around you either. It is my favorite Ferrari that I have owned by a large margin. Everytime I go out it is hard to resist taking the 355.

 

For the 355, on the GTB/GTS add cracking C-pillars that need to be repaired/resprayed every few years; on the Spider add the world's most complicated power top mechanism; on F1 models, research the clutch life and driving experience before you go down that road.

On the 360, some of the earlier engines self-destructed early due to bad varietors. I'd guess most of those engines have already been replaced/rebuilt. Same cheap sticky plastic interiors. Make sure you drive the F1 before buying - I found it jerky. Ferrari dumped it and went with a dual clutch system in the 458 (similar to the Porsche/Audi approach).

The 550 would be my choice of the three. Apart from seeming to need premature engine reseals, and the same cheap plastic interior bits, it seems to be the least troublesome of the lot. (And also, IMHO, the looks are aging more gracefully than the 360/F430.)

They all have depreciation remaining, but they won't be shedding $100K's like the models that came after.

If you can stretch to an F430 with a manual gearbox, you will have more depreciation, but they seem to have been better built (and have timing chains instead of belts, which cuts maintenance costs). Again, there are a lot of used F430s around, so unless you want a rare color (everyone bought red/tan, it seems) you will be able to find a good one pretty easily.

Good luck - they all require the occasional cash infusion, so buy one that you like.

 

I would go for a 360. Cheapest to maintain of the three (550 isn't too far behind) but with modern styling (people still think it's a new car) and great performance. At the asking prices right now I can think of no better car to offer the looks and performance, which to me meant the best value. Added to the fact it's easier on the wallet to maintain made it a no brainer.

Next car I want to buy is a 550 or if they get cheap enough in a few years a 599.

 

The driving experiance for the 550 is very different from the 355 and 360.
Make sure you are OK with either choice.

 

What do you base this statement on? Not challenging it - just curious - Cheers

 

355 maintenance cost: Arm + Leg, maybe both legs.

But I wouldn't trade my 355 for any other <$100k Ferrari!

 

I bought a 2002 360 F1 Spider in 2002 with 5k miles in 2006. I would budget $5k a year for maintenance. Which averages new belts every 3 years, new tires every 3 years, fluids every 2 years. New clutch every 5 yrs (15-20k miles). No major problems. A few sensors have had to be replaced at about $500 a piece.

The 355 F1 GTS was very expensive to maintain. Lots of problems including new headers, a clutch at 10k miles, transmission problems. The belt service is about double bcuz the engine must be totally removed. Budget at least $8k a year.

550 I have no clue. Front engine drives completely differently. More of a GT. Not what I want.

 

360 brought in the era of better reliability and less maintenance costs . the only thing wrong with it 360 is they made too many .with that being said I love the 550
But my next Ferrari will be a GT4 or Mondial . having back seats keeps the fist fights down between my two little ones. LOL

 

A 550 is either a very affordable Ferrari or a car that cost tens of thousands of dollars to put right. The key is how well it has been maintained and updated by its previous owner.

For example, my 550 costs little more than an oil change every year and a belt service every 3 years.

So, be sure to get a detailed PPI when buying a 550.

The updates we typically do on our 550's include: 575 motor mounts and new style silicon radiator hoses especially the one under the intake plenum.

The motor is designed with removable front covers to make the belt service a lot easier (and cheaper) to do.

Typical mods are Tubi exhaust, sport mid pipe(s), and better tires.

Look for leather shrinkage or bubbling on dash or airbag covers.
Inspect the window mechanisms for tight fit.
Inspect tops of front shocks for twisted connecting wires.

Do not buy a car with several needs. I once saw a car with over $50k worth of repair items on the to do list (suspension, differential, clutch, engine, brakes, some paint work needed in spots, etc.). So, buy the best car you can find - it is worth the 7k extra you might have to pay for it.

 

Agree on the 550.

For most, a Vintage 12 is now an unaffordable dream. Even my old 4-headlight Series I 330 2+2 would have a realistic market value of $100K today (I paid $32.5K for it in December 2002), and the 2-headlight Series II models are $125K and up.