How much maint reserve for a 355 ?

Hey John,

Im in pretty much the same boat as you. Wondering if $10k is enough as well. I've been searching for 355's and from what I've found, a good example of a 355 will run $80k out the door. Looking forward to some good replies from the educated.

Jim

 

I'm dealing with this now so I figured I'd chime in. I ended up spending 95k for a 99 355 with 3k miles on it. That's definitely on the high side but the car was exactly what I wanted, in perfect condition, and I'd rather pay a premium for the best possible example of the model. That being said it needed the 30k/5yr service right off the bat as it hadn't been touched.

I was expecting to pay between 5-7k, maybe a little higher depending on what parts needed to be replaced. Turns out the belt tensioner and tensioner bearing needed to be replaced, tack on an additional 2k. All that combined with having a set of euro clears put on the front, skid plates, new alarm siren, and the bill ends up at roughly 8.7k. It definitely would have been cheaper going to an independent but I figured I'd rather get it squared away at the dealer for the major at least.

While that's definitely a scary number, I guess I just rationalize it as now I'll essentially have a new car, and other then the yearly incidentals, won't have to worry about anything major for 3-5 years.

The 355 is an amazing car, I spent a solid year reading everything on this forum about it and came to the same conclusion that most do. Yes the car has problems, but the majority of them (valve guides, cats, interior), if dealt with the right way once, are good for the life of the car. It's a reliable car that if taken care of won't require much in the way of (with the major service being the exception) expensive maintenance.

I've only had the car for a few weeks so I'm in no way an authority on the reality of the situation and I sincerely hope I feel the same way about it a few years from now

 

Besides the yearly fluid changes, I've been stashing away about $2000 a year in a reserve account for major maintenance. I bought my 355 3 years ago with a fresh belt service. I have 24K miles on it now and put about 3000 miles a year on it. In two more years I'll do an engine out and have $10K set aside for the service when its due. I've been able to handle the minor surprises that have come up so far in addition to this plan. (just did the throwout bearing and clutch). When that time comes I'll either out-source it through a dealer or do it my self and purchase a lift as I'll be in my new home and BIG garage by then.

JD

 

I would think you can get a better car with a 55k 348 compared to a 65k 355. That said the 355 will be faster and probably more comfortable. And when you go to cash out you will not feel much depreciation (if at all) with either one.
BT

 

The more you save, the less you'll need it. The less you save the more you'll need it.

Buy what you really want and cross your fingers.

If you really want the 355, don't settle for a 348. If you like them both the same - the 348 will probably be cheaper...probably.

 

I dont believe its possible to get a GOOD 355 for 65k at the moment. I've done alot of searching for them (I like to follow prices) and the average price for an average car seems to be around 72-78k, with the well maintained/low mile/in demand models going for anywhere from 80-100k.

I also doubt the 360 will drop to 80k within 2 years, but would love to be proven wrongon that!

 

I've spent nowhere near $10K a year the last 3 (and first) years of ownership, and that includes the set aside money. Also I've done some none maintenance things like recover the dash and put a coil-on-plug conversion. Including the clutch I've averaged about $800 per year. If you include insurance, registration (Georgia has an ad-velorum tax - about $800 a year), tires, brakes and gas maybe total spent for the pleasure so far (including the set-aside funds) has been less around $5000, with now $6K sitting in the bank collecting interest. Without the set aside around $3K total per year.

Now you can do the math if you want to add depreciation into the equation, But I'm not concerned about that.

Now if I decide to sell the car, since it's a driver, I'll most likely have to repaint the front bumper and do another 30K service for the next owner (but that can be negotiated with the next owner)...I really don't plan on selling it. I'm very very very happy with my 355 and don't plan a more modern machine. This is the one I've always wanted. I have it. It's paid for, It's all mine. All I have to do is pay to play. I can't take it with me, but it will make for a nice casket when I pass

JD

 

I think Jeff's experience is the norm. Unless there is some catastrophic failure (unlikely), $10K is a three-to-five year budget at 4500-5000 miles a year, including tires, brakes and a proper major. (30K service at more frequent intervals)

-Peter

 

I'd have to say you should ASSUME more than $10K over 3 years, and if turns out less than that, then count yourself lucky. My experience has been more like $5K/year while I'm driving about 3-4K miles per year. But I put in over $20K the first year after buying for a bargain price. Something will always surprise you (a door handle, a transmission seal, convertible top, oxygen sensors, spark plug wires, etc. You ever heard of a potentiometer? Me either, until I owned a 355...). If you aren't comfortable with $10K first year and $5K each year after that, I'd suggest you re-think things.

If you go back and search my prior posts, you'll see some of the first-year stuff I went through on the '95 model (cats, headers, valves, interior compenents, etc). I've had the car two years now and it is an absolute blast to drive, sounds amazing, and still has looks to kill. But I bought it knowing I was going to put a good amount of money into it...to bring it up to where it should be, so it hasn't bothered me that much. But believe me -- maintenance will always be more than you expect.
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John,

I was reluctant to enter into this thread regarding money, but if you have $10k to budget.......... then you should be more then fine.

 

As they are at most reputable independents...

-Peter

 

Go For It !!!
As far as 355 Glitches; Headers,Cats,Valve Guides,Dash etc they are NOT limited to '95s.Headers,Cats & Sticky Interiors will occur Sooner or Later in every Model & Year.Only late '98 or '99s are immune to the Dreaded Valve Guides No i don't know the "Magic" VIN.
As far as Purchase Price, you will be very Fortunate to find a Well Sorted 355B for only $65K.

 

Don't be afraid. The brotherhood will welcome you! Getting a 348 is a good thing (as is getting a 355).

BT

 

Perry, again, you and I are in the same boat. I'm really thinking about waiting another year for the 355. From my research, the 355 is head and shoulders above a 348. If Im going to spend the $70k on a used car and fulfill my automotive dream of owning a Ferrari, I'm going to wait for just the right one. OMG...it sounds like Im looking for a wife, god forbid that EVER happens. LOL Just offering my point of view since we seem to be at the same point in our F-car "lives".

Jim

 

2k a year is a reasonable amount to put away for the maintinance for a 355. You may not spend anywhere near that much in a single year, but a total cost of 10k per 5 years (engine out every 5 years) you would be very close. Mine is ready for it's second engine out ( 1st in 2000 with 15k). Just went over 30k, and don't want to push the luck.

Darrell.

 

Without question, the most common refrain that I hear from folks who (finally) buy ANY Ferrari after years of research and tire kicking is "I should have done this sooner." And I'm in the Ferrari REPAIR and maintenance business! Do your homework and buy a car, be it a 348, 355 or any one of the cars that wear the Prancing Horse.

Life is short, play hard!

-Peter