F355 Purchase

So I have been toying with the idea of getting a 355 spider. I have looked at a few cars and seen the same issues with most of the cars on the market right now.

I currently own a 1996 Porsche C4S and I am thinking about selling it to purchase an F355. My wife thinks I'm crazy and says that the ferrari will need constant maintenance. I have researched the maintenance of a 355 and it isn't that far off the figures I have been spending on the porsche. Both cars are rear/mid engine cars that require an engine out maintenance quite often. Both cars have their quirks and known issues that you just deal with.

I guess I want to know, am I crazy in thinking that the ferrari will be similar to the porsche in service or will I be getting myself into something that constantly requires servicing?

Also, based on the current market for 6 speed 355 spiders, most cars seem to be in the 55K - 65K price. Anyone who has bought in the last 6 months, have you spent more or less and was the seller willing to negotiate items such as plastic parts and or belt services into the final selling price?

I am looking at a car right now that is priced at $59K and the plastic interior parts are very badly deteriorated. I have asked the selling dealer to replace all interior plastic and it will likely cost them $2000 - $3000 to have this done, also the last belt service was done in 2011 and I would like them to have a fresh belt service completed also. Between the belt service and the interior pieces, it would likely cost $6000 - $8000 to have completed. Am I crazy for thinking that this is reasonable to ask for???

Thanks,
Ryan

 

I bought a 95 spider with 19k miles on it this past spring. It needed nothing. Part of the sale included a full major, including new valve guides, all new valves and new tappets. The stereo was not working so a new stereo head unit was installed. Only sticky part was the center grill which was replaced. Interior was near perfect, no shrinkage, very, very little wear on driver's seat. The car also had the rear Challenge grill, Tubi muffler, custom floor mats and the nicest carbon fiber door sills on the market. Top works perfectly as well. Truly a get in and drive car. I paid less than your $59k quote. I think you will have a hard time using a 2 year old major as leverage. You will see talk of majors every 5 to 7 years around here. Many cars I looked at when longer between majors according to the records. The point is that for $59k you should be able to buy a near perfect, 2 or 3 owner car with 15 to 20 k miles.

I'm in CT and you are welcome to come look at my car any time. My recommendation would be not to jump into the first car you find. Decide what you want, a 95 2.7 car or a 96-99 5.2 car, color, etc. Then look at as many as you can on the net. Talk to the sellers. Request records. Look and test drive the cars if possible. When you find the right car you will know it. It took me 3 years and looking a 7 more or less identical cars before I pulled the trigger. Don't settle for a car that is not exactly what you want for a price you are willing to pay. And by all means, get a PPI from a reputable Ferrari shop or dealer.

 

Ryan I was in your position 11 months ago and have owned my car for ten months. If you search my posts in the beginning you can follow a buying process on an identical car to what I own that I walked away from following a ppi and leak down test

I agree with John for that price point you should be able to get a great car with most issues resolved. Unless the seller gets an impulsive buyer who had done no homework , the shortcomings of the car will be addressed on every negotiation and he will either have to fix them or discount them so I do not think you are in any way being onerous to want them discounted

So far I have had to put headers on my car which was not something I wanted to have to pay for so soon but it was not unexpected either

The thrill of ownership is still there and if you go into it with eyes wide open you will love the experience. At least I have

Put info on your prospective purchase on here. Lots of knowledgable people on here. They helped me with that first go round tremendously.

Good luck

 

Ferrari recommends belt service every 3 years but most dealers will tell you 4-5 is fine. If you want it now, I doubt they will throw it in.

The sticky parts are easy to fix by sending them to Stickynomore. Probably less than $3k even if your car needs every part done.

The market is full of spiders so many around to find a good one.

Compared to the Porsche, no comparison, Ferrari is Ferrari and it's a special experience.

Go for it!

 

You might want to read my post to the other thread on looking for a car. It lists some of the more obvious things to look at or have checked in a PPI. Also, when getting a PPI ask for a list of what is to be inspected. I've seen reports from PPI's that come back with little more than "the car appears in good condition". A good PPI will cost between $600 and $1000 with compression and leak down tests and should contain a detailed check list of what was inspected with notes about any problems found and what needs to be done to correct them. Even better is an estimate of cost to fix is included.

http://www.ferrarichat.com/forum/142654370-post28.html

I can't stress the importance of a good PPI but even then there are no guarantees there won't be problems down the road. However, if you take your time and get a good car I think you will find a F355 a lot more reliable than you might think by reading FChat. Frankly, one of my biggest problems in pulling the trigger was getting past FChaters complaining about all their problems. I enjoy hanging around here but I don't put much stock in a lot of what I read.

 

Here are some helpful documents
View attachment Ferrari_Approved_101_checklist.pdf
View attachment Ferrari_355_Pre-Purchase_Questionnaire.pdf

 

Thanks Dave for the checklist, helpful as usual you are.

 

I think you're off on the belt, it's good for another 3 years. The interior pieces are a reasonable ask, though. I wouldn't replace them with the Ferrari stuff, though, as they'll just get sticky again. Have them refinished. I had 2 sticky pieces left in my car (rest were done) when I bought it and I refinished them myself, not difficult and look much better with no risk of them getting sticky again.

I've had mine for 2 years now and put 8k miles on it. It had the valve guides done in '05. I've put around $3k into it since I got it, 2/3 of which were clutch and tires. It runs great and has been reliable, I've taken it on three different thousand mile trips since I got it, run 3 autocrosses and a track day. Worth every penny and then some.

 

You are welcome ;-)

 

Thanks everyone!

Johnk... where in CT are you located? I might take you up on your offer to see your car, so I know what to look for in a potential purchase vehicle. Thanks for all the information. I just want to make the best purchase I can. I feel that for 59K I should be able to find a well sorted car.

I am pretty sure I want either TDF blue or Blue sWaters metallic, but I do like the look of Giallo Modena too. Definitely a 6 speed manual. I am leaning towards a 96-99 car also.

I see many cars on autotrader.com and cars.com that are in the 69 - 75K range, I can't see anything special or different from the cars that are selling for 55-59K. So are these just priced high?

I have spoken to some great ferrari mechanics who will do a full PPI when the time comes. I am sure that by next spring I will feel confident to purchase a 355 with detailed service records from anywhere in the US.

Thanks Again,
Ryan

 

PM Sent.

FYI, My car is Swaters Blu / tan.

 

Ryan,

I sold my 07 GT3 (with a year of factory warranty left) to purchase my 1995 F355B Red/black in April of 2011 and have no regrets.

I consulted this forum for buying tips and got great advice. My car was a 15,400 mile car
that an old friend had purchased new in 95 so I knew the break in history of the car (my friend was/is meticulous about break in and maintenance. I also new the second owner but not the third owner from whom I bought it. It had receipts including the original window sticker, a recall letter from Ferrari and all the tools and books and leather stuff.

It had only had one belt swap and never had what I would consider a major so I budgeted for a major plus the 30K miles service and found a local independent mechanic (former Ferrari Challenge team mechanic) through the Ferrari club and had him go to work on it. I had budgeted for Fabspeed headers and high flow cats so it wasn't a problem when he noticed that the headers were developing pin holes.

Unless you can find a 355 that was serviced like mine (and probably other forum members here), my advice to you would be to budget for your own major and find a mechanic that knows 355's so that problem areas can be addressed. We upgraded a few items that are known to fail in my year (power steering reservoir) and replaced things that can fail (like the water pump bearings) while the engine was out. I wouldn't trust any old seller to do this for you.

I have a least a two page receipt and spent just under $11K for the major plus 30K service. Every hose, belt and fluid was changed. The clutch was disassembled and inspected as were the brake pads and calipers and dozens of parts replaced and even two or three minor body dings repaired by one of those dent removal guys that specializes in aluminum. It was money well spent and I have peace of mind knowing that we addressed everything that he could think of. If something goes wrong, it won't be because I scrimped on maintenance.

I budget $1,500 per year for maintenance and repairs and have been just a few hundred under that for a two year average since the major.

Make sure you perform a ppi by a shop that knows 355's and practice good pre-purchase due diligence.

Once your wife sees it and rides in it/drives it she'll be on board.

Good luck.
Gregg