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is a perfect '98 355b with 15k mi plus all service records worth $86,000?

Discussion in '348/355' started by ignacio, Feb 25, 2004.

  1. ignacio

    ignacio Karting

    Feb 25, 2004
    235
    annapolis md
    car is blk/blk. 6sp--no special options--very clean -- seviced at dealer including 15k biggie
     
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  3. parkerfe

    parkerfe F1 World Champ

    Sep 4, 2001
    12,887
    Cumming, Georgia
    Full Name:
    Franklin E. Parker
    Not even close. In this weeks FML there are several 355GTB cars listed that sold at the Barrett-Jackson and RM auctions for less than that even with all the hype of the auctions.
     
  4. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    when did it have its major done?

    doody.
     
  5. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
    7,677
    The 15K is the little-ie; the 30K is the biggie.
     
  6. Victory

    Victory Formula Junior

    Jan 28, 2004
    410

    Yep. Wait till the cam belt change is due!!

    But isn't it 30,000km or 3 years, whichever comes first. It's a '98 car so perhaps it's done the cam belt change.
     
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  8. Parker

    Parker Karting

    Mar 26, 2002
    157
    Columbus, OH
    I don't think that $86K is all that high of a price, as long as it has the 15K service and passes a PPI with flying colors. Everyone keeps saying that pricing on the 355 has dropped considerably, but I haven't seen it. Ok, every so often you hear about someone getting a great deal, like a '98 F355 F1 Berlinetta with 10K miles for $75K, but for the most part these cars seem to sell in the $80K range. I am currently looking around for a 1999 F355 F1 Berlinetta in either red (rosso corsa), silver, titanium, or dark blue with a reasonable amount of mileage (no garage queens and no abused cars), excellent condition, and up-to-date service. I haven't had much luck below the $85K-$95K range. Most people still want an arm and a leg for the good cars and aren't willing to budge on their asking prices. Anyway, like I said I don't think $86K is unreasonable as long as it is a great car. Try offering $80K and see what happens. Good luck and post pics if you end up buying it.
     
  9. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    The rule on the belts is 30K miles or 5-7 years. A '98 should have this service done if it just went in for a 15K service. If so, the price is a little high, but not terribly out of the ballpark. A 15K service with belt change will probably run about $7,500 at a dealer, maybe as low as $4,500 - $5,000 at an independent. This assumes nothing else gets done while the engine is out. Check the records on the recent service and see how much they did. If the belts were done, the engine resealed, and the compression check was good I would take this car over a $75K GTB with original belts any day of the week.
     
  10. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    conventional wisdom on the 355 major service is every 30,000 miles or 5 years, whichever comes first.

    figure five large to be safe, though it can be done for less. but if they find problems it'll be more.

    $86K for a '98 15K mile GTB without its major done (it's past due now) is not a great deal, IMO. have them include the major plus extras and commit to warranty it for 90 days or so and that price isn't out of line.

    doody.
     
  11. Victory

    Victory Formula Junior

    Jan 28, 2004
    410
    You guys seem to have different factory recommendations.

    Our dealer specifically state that factory recommendations for cam belt change is 30,000km or 3 years and we all adhere to that.

    Man, that's a lot of difference from you guys in the US.
     
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  13. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    in the US, there was a time period where "time" was not a part of the service schedule of f-cars (i think all of them). apparently it is "back" in the manuals now.

    the 355 was in this "vaccuum" of knowledge and there were apparently never published "time" intervals by FNA. my understanding is that outside the USA, the manuals stipulated time. the manuals have always stipulated 30,000 miles.

    so during this zero-data period, the general consensus seemed to develop at five years. this is definitely a "conventional wisdom" number, not a hardfast detail. though i have yet to find a NA dealer who disputes that this is a "reasonable" number, and plenty of owners suggest longer is fine. the belts are reinforced, etc. etc. - though if it goes, mama mia!

    the current cars apparently stipulate 30K miles or 3 years. at least one NA shop i've talked to consider three years rather excessive, BUT if you want the newfangled pre-owned FNA warranty, them's the breaks. maybe it's worth it. maybe it's not - only you can decide.

    fwiw,
    doody.
     
  14. Victory

    Victory Formula Junior

    Jan 28, 2004
    410
    Could anyone care to post a copy of the Factory recommendation? It would be a great help.
     
  15. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    if you go to the owners site you can download every recent owners manual produced - for all regions.

    doody.
     
  16. ignacio

    ignacio Karting

    Feb 25, 2004
    235
    annapolis md
    thanks for the quick replies!! the activity on this board is awesome!!

    i should have been more specific that the service DID include a cam belt change at a major dealership.

    knowing that, does anyone think that i should offer more than $80k? the owner is well known and respected in the local ferrari club. he's selling because he just bought a '99 550 in his favorite color -- red. for a daily driver i frankly prefer black or silver.
     
  17. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,864
    Singapore
    I respectfully disagree with some here that suggest this not a good buy. Here's what I see:

    (1) Fully serviced car, with little-or no mileage since servicing
    (2) Low absolute mileage
    (3) Resaleable exterior/interior color scheme
    (4) "very clean"
    (5) Was maintained by, and is being sold by, a respected Ferrari Club member
    (6) 1998 model year

    As somebody who has been in the market for some time for a 355B, and recently took the plunge, I would say that this is a very attractive price for the car with the characteristics as noted above.

    Let's work backwards for a sec: most 20K-30K mileage 1995 GTB Ferrari's are being transacted between $65K - $75K these days. Not bid/ask, but actually being transacted. I would say a good '95 GTB with essentially the same characteristics as your car, should go for about $72K - $75K. Assuming $4K - $5K depreciation for the car between years, ceterus paribus, it is entirely reasonable to suggest that a high-quality/low mileage 1998 model will go for about $85K. The lowest I have seen a 1998 go for recently was one that was being offered for $81.5K, and that was because the owner needed to sell, for liquidity reasons. The car in question had a strong service history, but the last time the car was in the shop was a year ago, and I think the mileage was double yours.

    Put another way, if you get the car for $80, consider it a steal, however I would be amazed if it transacted for that. There is obviously room for some negotiation, but I think the seller has put a fair ask for it. Good luck with it.
     
  18. ignacio

    ignacio Karting

    Feb 25, 2004
    235
    annapolis md
    thanks ghost--i'll keep the group informed
     
  19. Mako99

    Mako99 Formula Junior
    BANNED

    Dec 29, 2003
    454
    $80K MAX, period.

    Plenty of well maintained 355s on the market right now, some from F-chatters as a matter of fact.

    If it hadn't had the 30k service I'd have said $75k max. Sounds like a good car, grind him on price.
     
  20. bobafett

    bobafett F1 Veteran

    Sep 28, 2002
    9,193
    Ignacio:

    This isn't Dave Wilson, is it? He just got a red '99 550 after drivign mine (like a bat out of hell!). But his 355 is a green/tan spider?

    --Dan
     
  21. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    ignacio - if it's had a FULL MAJOR SERVICE (which is a lot more than just a belt) the price is not out of line. if it has not had its full major service negotiate down.

    doody.
     
  22. speedemon

    speedemon Formula Junior

    Jan 6, 2004
    611
    Bay Area, CA
    Full Name:
    Chris
    Sounds just a bit high to me. I purchased my '96 355 GTS, Red/Tan, 10K miles, very clean, well documented, tubi, centerline wheels, etc., from a private party last year for $84K. Owner paid $7K for the 30K service at FoSF. I got stuck paying for valves and a water pump. Effectively, everything completed I was in at $85K. I felt like I overpaid, but was willing in order to get the car I wanted. If you have uncertainties, wait. It doesn't cost anything and there's always another deal. Best of luck.

    Chris
     
  23. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,864
    Singapore
    Sorry Chris, I'm not understanding. You paid ~$85K for a car that was "right" for you, and one that had all the servicing done. He's getting a similar-condition car that is two years younger (ie., a 1998 model year) for the same price. Maybe I'm misunderstanding your original post, but why do you think he's overpaying??

    EDIT: In re-reading your post, I guess you're also saying that you got a GTS, with a Tubi and Centerline wheels for your purchase price. Am I correct?
     
  24. speedemon

    speedemon Formula Junior

    Jan 6, 2004
    611
    Bay Area, CA
    Full Name:
    Chris
    355B's seem to be a bit lower in price than the GTS's. Also, it appears the 30K service is not done = an additional $6K.

    Purchase price included Tubi, centerline, radar, charger
     
  25. ty (360mode)

    ty (360mode) Formula Junior

    Sep 25, 2002
    807
    Houston
    Full Name:
    Tim
    i agree with ghost. this is a reasonable price if the full major service has been done. again, where are these "great deal" cars everyone talks about??? and if they are out there, is it worth saving (and i use that word loosely) a few g's to deal with some out of state buyer, not know the previous owner, trust that the work was done properly, etc, etc... when this car he knows all the history and the previous owner?? and people wonder why fcars often get a bad rap for reliability - it's usually these "great deal" cars.

    "if it sounds too good to be true..." :)
     
  26. bjm

    bjm Formula Junior

    Nov 1, 2003
    922
    Fairfield County, CT
    Full Name:
    Brian
    There are some myself included who would argue a well sorted 95 355B is the best year 355 to have. More HP/better sound/OBD I. IMO all things being equal I would (and I did) buy a 95 over any other year. I think the 95's are a real bargain due to misconceptions in the 355 marketplace about reliabilty issues.

    Good luck in your search. You have come to the right place for info.

    Ghost said
    "Let's work backwards for a sec: most 20K-30K mileage 1995 GTB Ferrari's are being transacted between $65K - $75K these days. Not bid/ask, but actually being transacted. I would say a good '95 GTB with essentially the same characteristics as your car, should go for about $72K - $75K. Assuming $4K - $5K depreciation for the car between years, ceterus paribus, it is entirely reasonable to suggest that a high-quality/low mileage 1998 model will go for about $85K."
     
  27. sparta49

    sparta49 F1 Veteran
    Owner

    Mar 3, 2001
    7,794
    LA
    Full Name:
    Frank
    The last interval I was quoted by a dealer was 2 years or 15K miles
     
  28. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    This dealer sounds like a thief
     

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