F355 Market

Human error could have also accounted for the leakdown result, as the shop that this same buyer used for my PPI nearly blew the sale for me. If I wasn't at the PPI and had them redo the leakdown on the final cylinder a 3rd time, the buyer said he would have walked. I'm not an expert, but the compression was in range and the leakdown turned out fine. For this red GTS on BaT, the previous owner confirmed that the valve guides in this car were already updated and even if it needs new valve guides, it's not a deal breaker.

 

Had Bradan repaint my 360 years ago and they did an excellent job. Posted some photos on my 360 thread if anyone is interested to see the before and after. Didn't want to derail our 355 thread

 

Looks like it did not make reserve…


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I'm not surprised due to the early auction PPI comments and apparently due for a major service, relatively high mileage for a Ferrari, and full repaint, which most Ferrari collectors aren't interested in.

 

This is why I still say that the 355 is not a true collector car. You can starts with hulk of a Dino and do a full restoration, ground up and it's worth $400k to $600k.

Repaint a 355 and put a few miles on it and OMG, it's value drops in 1/2.

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154k for a 46k mile car seems about right tbh. I think being due for a major hurt's the value 10-15k, but I don't see this being a 200k car unless low mileage. So the repaint and PPI don't seem to have hurt value much at all, if anything the repaint helps as the factory paint wasn't great - mine has a bunch of defects in it. With fresh major I'd put it at 175k, so value is pretty much spot in if you include auction fee. 154k + 5k auction fee + 15k major is 174k....

 

Half? With original paint, needing a major and 20k miles you'd put this car at 300k? No way.

 

I think it comes down to the marketing and age of the vehicle. F355s are classic cars now at 25 years old, but Dinos are 50 years old. When an F355 receives new paint, it's called a repaint, but when Dino owners sell their repainted cars, they're called restorations. Sure, the interiors and some mechanicals might have also been updated, but so do F355s during their major service.

Dinos are pre-Carfax, so current condition is more important than accident history. The real question is whether Dino buyers who have deep pockets will also add an F355 to their stable if they haven't already. I think they're 2 different types of buyers and demographics. The modern generation of buyers that own or want an F355 actually want to drive their cars and care about all factors -- accident history, repaint/paint quality, service history, OEM color combination, and especially price, etc.

 

I would say I know the current market as well as anyone due to selling a repainted car and I would agree with your statements. Ferrari's factory F355 paint isn't great, but Ferrari buyers prefer original paint cars. The repaint removes many potential Ferrari buyers from the overall market, so the price could be affected 10-20% depending on the quality of the repaint.

You won't know how much an F355 needs in service until you drop the transaxle and go through it. This car could need another $20-25k+ to get it perfect. Just because you spend $25k on a car doesn't mean you get that full $25k back in value. But generally, buyers will pay more for the convenience of having a car already dialed in based on a current major service.

Covid really messed up the collector car market because everyone thinks they can make money on any car and no one wants to lose money on a purchase. That type of behavior sadly takes away the fun of owning and driving these cars.

 

Agree with you on the values. Everything is more expensive to fix, maintain and insure. The hobby is being ruined by cars-as-investment speculators imo.

That said, with 25k in major (worst case) you would have a pretty much perfect 355 GTS in a stunning color combo, and at 184k, it sounds right with today's market.

 

Figure of speech, Pete.

 

Same with the housing market. But at this point year over year home sales are down 13%. Fewer sellers because inflated prices and higher interest rates mean people have a harder time buying up so they hold on. Fewer buyer as well. Still, sellers are holding on to high prices so far. But if they want to sell, prices will have to come down. Next couple of years should be interesting for cars and houses. If you look at BAT there are a growing number of RNM auctions. You can make excuses for the cars but the bottom line is NO SALE for Bs and Ss. Lower prices spiders seem to be selling well though.

 

All true. I sell both . Higher prices and higher interest rates, so there are fewer buyers for everything. Special colors/options, low production models, low mileage cars, and original condition vintage cars are still bringing a premium.

Just like in the real estate market, buyers are looking for value and 355 Spiders are the value proposition. Maintenance costs (minus the top) are the same with S/B/GTS, so the ability to purchase a "similar" model for 25-50% off is a no brainer. I think the 355 Spider is one of the most beautiful factory convertibles and then you get to enjoy the open air experience of a flat plane crank Ferrari 5 valve V8 singing to 8K+ rpms.

 

Have to say, in 10 1/2 years I've never had a problem with my top other than when I forget to set the parking brake. But that's human error.

When I bought my care spiders, Bs and Ss were all in the same price range. I think things equalize out again over time for the average car. Primo cars will always sell for more.

 

https://www.reimelmotorcars.com/vehicles/289/1994-ferrari-f355-gts-6-speed

This car has been mentioned here before, Euro metallic black/red 2.7 GTS w/non-airbag wheel, now listed as sale pending at $224,900. 2 weeks ago it was listed at $199K, not sure what happened there.

 

That would be a strong sale in this market. If I remember correctly, they had it listed for $275k earlier this year and have dropped the price a few times more recently to $199k. Nero Carbonio Metallic is stunning (same as my former car), but I believe the seats have been reupholstered. Also, the painted targa top wasn't an available option on the earlier cars, but it looks great paint matched.

 

@Targatime did the 98 Rosso Fiorano car make the cutoff for sintered steel guides from the factory?

 

Those red seats are definitely re-upholstered. Should not be too difficult to find a set of black seats off a wrecked car to restore it’s former black on black look. Nero Carbonio with black interior is also a rare spec imo.


I have an uber rare factory carbon targa (1 of less than 10 worlwide) and placed it on your former Nero Carbonio GTS. Probably the best match I’ve seen for this top. Afterall, “Carbonio” is Italian for carbon .







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That looks awesome! I'd never take the crown off so I could be the Re del Carbonio

 

This car (production 27288) was a few hundred cars before the alleged switchover at 27689

 

The seller WOB of this car did not post a cold start and idling video for a reason, I’ve heard this car running before at idle and you can clearly hear a sound from the valves . Someone avoided a big headache. These “consignment” sellers have no skin in the game and do whatever it takes to sell a car , why wouldn’t you post a cold start and idling video?

 

Interesting. The previous owner stated that the valve guides were already replaced. In the listing, it says that the dealer, Wob, acquired the car this year.

 

WOB doesn’t acquire , buy or own any of these cars. It’s a consignment place, they barley get familiar with the cars, cars are in and out , 911R is the same way, many of these big bat sellers are just consignment operations.

It’s also interesting when Shineken asked to come view the car there was no response .

 

WOB wanted to give me a slot Monday morning (instead of the Sunday I requested). These guys are all the way out in Thousand Oaks. No telling what traffic is like in the AM.

After the auction was over, I emailed them for another request to check out the car later Monday. No response. I later emailed if I could check out the car today. No response.

I just sent them an email asking if I could check out the car at all…. We’ll see if I get a response this time.