Looking at 355 F1 - Some experienced opinions needed

Hello to everyone. I am long time lurker on ferrarichat and have logged hours reading through threads. After about a year of casually looking for my first Ferrari I have moved into active mode. Had decided to look for a 360, but was also keeping my eye on 355s when a car showed up on FML which by complete coincidence lives about 6 blocks from me. I saw and drove the car today and would appreciate everyone's opinions on some of my observations. Thanks in advance.

The car is a 1999 355 F1 Red/Tan with 12000 miles. The vehicle is going to be taken for a PPI to Lindsey Automotive in New Orleans and this will include confirmation of the service history, but would appreciate opinions on what I do know at this point:

1. The vehicle is reported to have had a "major" complete engine out service by this owner (2nd owner) when it was purchased 1400 miles ago. This was however 6 years ago. From what I have read, I am expecting the consensus to be that another major service is overdue.

2. There were some rock chips to the front bumper and scrapes underneath the bumper, nothing offensive or that I might not do to it myself however. Otherwise the exterior paint was in great shape and I did not notice any corrosion or rust.

3. The tires were the original tires. They are dry rotten and cracked, and I wouldn't drive the car with them other then around the block, certainly not on the highway, so those need to be replaced.

4. I was disappointed with the condition of the interior. To be honest if I saw this car online with pictures I would have kept looking. This is not including the stickies on the center console which I expected. The seats were weathered. The driver's side left bolster was actually quite worn, to the point I would want to have the seat (and therefore both) recovered. The carpets were dirty. The paddles were showing wear. The steering wheel was worn and I would send to be recovered. I am basing my impression on an XJS I used to have which I totaled in an accident when it was 19 years old and had 140000 mile on it. The interior was pristine and not in significantly different condition than when my father purchased it new. Frankly I expected this car with 12 years and 12000 miles on it to be in essentially show room condition. Am I expecting too much?? This was probably the major disappointment actually. It may be largely due to not having been garaged (it has been covered but outside).

Bottom line: A lot will depend on what Jim Lindsey has to say about it, so I will have to update that when I have the information. The asking price is $65000. I was thinking with 12000 miles in PRISTINE mechanical and cosmetic condition and not in need of any servicing or major repairs about $60000. After seeing the car at this point, knowing I have a major service, probably extending to brakes, possible headers/exhaust, tires, seat recovering, steering wheel recovering, thorough cleaning of interior and carpets, much less than that. The car gets a few points for being here, so no shipping, I can see and drive it, and manage the PPI myself. There is something to be said for that although maybe not much. What I'm hoping is to just get some thoughts on this with the information I have at this point. Let me have it, good, bad, or call me clueless if its warranted.

Thanks so much!
Paul

 

Well, woke up the day after driving and seeing the car and after getting over being starstruck and the excitement realized...this is definitely not the car I am looking for and am going to pass on it without pursuing it any further.

Thanks so much to everyone who took the time to respond.
Paul

 

No, I meant this car in particular.