Well, they aren't my cup of tea, but people do like them. My wife works with a guy who owns one. He loves it.
I was only kidding mate, I like them also. Here is a pic of a Ferrari Chat members 400 I saw back in September. It's a very nice car and he bought it for a song at auction a year or so ago because it wouldn't start. From memory the wire had come off the starter solenoid. He re-connected it and it started straight up. He is not going to sell it, but plans to tidy it up real nice. Image Unavailable, Please Login
Good man. This is actually what (imo) drives prices up - when the cars are cheap, enthusiasts that buy them to drive and keep get them and they don't care about making money, so it takes a big jump in prices to pry them away - the type of jump where they start to eclipse other desirable cars. I'm in the same boat, bought at the dead bottom of the market back in '11 and now prices have jumped 20-30k, but I have zero interest in selling as any other car I'd want has jumped as well and I don't need the money (or I wouldn't have bought a Ferrari in the first place). If/when these cars start to eclipse the 360 or 430, you may see some owners jump but for others, like me, it's more of an end destination as I prefer it to those models anyway. I bought back in the era of cheap 308's and 328's, and if I had bought one of those then instead of my 355 (for less, at the time), I'd end up selling it once they jumped over 355's to get one. It may have been a better financial choice at the time, but overall I'm happier with the 355.
State Farm recently agreed to insure mine for a stated value of 100k. Two years ago the highest they would go was 70k.
I've got the feeling that the 348, f355 and Testarossa are on the way down again in Europe. in Euros there are 348s for sale for 50.000 and not moving. 355s for 70000+ are not moving Testas for sale for a little over 100.000 and not moving.
It's a bad time of year to be selling an exotic, but I would not be surprised at all if prices "take a break" for a while. After all, the market has been really frothy recently. But what a lot of people fail to consider is that, while exotic car prices occasionally take a nosedive, in the long term they trend upwards. It's just like stocks or real estate-- there are the occasional crashes, but over the long haul the prices of all of the above continue to rise. Any bull market eventually comes to an end, so if you buy at the very top be prepared to wait a long time before you can get your money back. But eventually you *will* get it back, and then some. A nice 348 may be $35k-$40k again before they ever get to $100k, but they *will* eventually get to $100k, assuming the massive debt being piled up by the pols doesn't implode the economy first (which *will* eventually happen, but at that point nothing but precious metals, ammo, and food will have any value, so you may as well be holding Italian cars as cash in the very long term).
I think the 400s are awesome. I'd love to own one. Completely different purpose than the 348, but lovely GT cars that are still affordable... for the time being. That won't last forever.
David, What a good looking car. Give us some info on it. You should check out local FCA guys and hit some meetings/shows in the spring. Good luck and hope to see you in the future.
Thread hijack, sorry. I have no intention of selling our 95 spider. The car is just too nice and I love to row. Newer Ferrari's need dealer service. I can still do most of the work on my car. I think the 348 is the best value right now, but not for long.
FCA? Well, not sure what you want to know. The car is a 1990 with 63K miles on it. The previous owner was an enthusiast who did a good bit of sorting to the car before I purchased it. I bought it last Saturday (12/12/15) in NC and drove it home to Knoxville the next day. Came with a box of spare parts, the original wheels (with new tires on them) and the original steering wheel. The asking price was $49,000 but I got it for significantly less than that. There is still a little sorting to do on it, but nothing big. Going to have a major service done in the Spring.
I believe they are on their way up, as well. Again, not really for me. If I was going to go that route, I'd look for a good 456. But to each their own. The 400 isn't a bad looking car, just not to my taste. I prefer the swoopy curves to the hard, sharp edges. I think it would be neat to drive one, though. Just to see how they do.
Correct, which is what is driving prices up. People are starting to see this now. It's always been a great car IMO. I absolutely love mine. There is nothing like it for the money, so people are buying up and prices are going up.
FCA Ferrari Club of America. Don't forget to get proper insurance on it from a reputable collector car insurer like Hagerty or Grundy that has agreed upon value. FYI, I still have not seen another 348 in person here in the Memphis area. Get your car out there. Hope to see you sometime. Dave
If the 348's have truly hit bottom and are now trending up, then why are they so difficult to sell? Here is the situation, I've got a 1990 348ts with 85,500 miles the fourth owner and have put over $35,000 in paint, glass, electrical and on & on repairs to point she looks Great, but one issue, two, she needs a major due to time(5 years) and second the compression is low 110 to 135. And because of this everyone looks at her as she has the Plague! They completely overlook all that I've done, that most of the sorting is done and what's the big deal she runs very well and when you get to major service just factor in the top end rebuild. And when I've spoken to several Fchaters that I would even sell her at a huge lose, they reply is we are looking for a 100% car, which just isn't there. So I'll look at eBay or the Auction house as I need to see her go and move forward with other plans that I must get to in my life. She has been fun to work on and I've learned a Lot! But I've got things that I must do and working on older cars are just not in the mix at this time in my life. Ciao! Roger
I actually agree with everything you say Phil. Ferrari prices are crazy at the moment and the only reason I keep increasing my insurance value is if some misfortune befell my 348, I could go out and buy another one.
At first $40k but since the low compression I've been informed that $35k to $30k is the closer value. But if interested please pm and I can give more info and photos. Roger
I'm afraid that any glitch like low compression will really hit the value - people just don't like the risk - Ferrari engine rebuilds are just so expensive - that and a required major service really stack the odds against you - which is a real shame as the car seems to have had a lot of TLC showered on it - not to mention the money. It might be best to have the engine out and sort the compression issue and the major in one hit - then you can ask top dollar and know it will pass muster on a PPI. I really hope you get a resolution quickly.
Just sold my salvage title 348 spider for $50,000. I think that was good money , so yes , i think the wait is over Sent from my iPhone using Tapatalk
Congradulations!! Seriously? Thats a great number I know it was in fantastic shape but to know that number with a salvage title is good news for sure. 348 are going to have their day
Car was mint in every way , had $2000. damage on it when I bought it , fixed it in two days. won first place in its class at every car show I ever took it too.Hated getting rid of it , but it was a friend who wanted to buy it off me from day one , and the offer was as good as I think it would have ever gotten for a salvage car. put 7000 happy miles on it , and only did oil changes it was a great car.My other half has a prosthetic leg so it was a difficult car to enjoy on long day trips , its just too low , hate to say it but I bought a 996tt for a little more comfort so we can drive more . Got a little teary eyed when it left , but its in a collection in a nice heated home just a mile away.once I started to see the values rise the car just sat in the garage , didn't get wet, was afraid of getting a stone chip , my intent was to drive it a lot( and living in northeast pa, with rotten roads i just hated taking it out of the garage,that damn low front lip ) hence driveitdaily , but I realized from day one it was not going to get used, the physical handicap was going to be an issue .so I had fun , and made some money (well, doubled my money) in the end. ps. I'm going to drive the balls off that ugly frog face Porsche ! lol (actually its really nice , hre wheels , gt3 seats , and 420 hp under foot will make up for that ugly face )in the end I know we'll drive the prosche a lot more, and to me that's what its about , just driving the damn car.
Congratulations, that is quite an amazing price for a salvage-title, but sounds like it was exceedingly well kept and presented. I myself just reached agreement on an extremely clean TS for the same number a few hours ago. I suppose your case starts to point that more weight is being put towards absolute condition versus a title history, etc, which is more indicative of the cars being viewed in the realm of classics rather than used modern-era. You're going to enjoy the 996tt immensely, it is a fantastic car and a huge bang for your buck. Excellent choice.
Thanks, one thing I wont have to hear anymore " is that a kit car " lol i'll be around for a while tho , I enjoy this forum , there's such a passion here , and its gets entertaining at times . peace to all . john
