Made a deal on F355 Spider pending PPI

So I did it!!! I am purchasing my friend's 1997 Red/Tan F355 Spider 6spd. Car has 27,000 miles. I went to a big car show and was able to see a spider and a berlinetta next to each other and I just love the lines of the spider. My friend and I went for a 2 hour test drive around town, on the highway, and up through a mountain canyon. We drove top up, and top down. I was truly amazed with this car. There is less wind buffeting in the spider than in my P-car Targa. I could not feel any chassis flex or any reason to go for a Berlinetta or GTS as I originally was thinking. The clutch and shift action are PERFECT. Its amazing how fast these car can turn in. Its not nearly as powerful as my 3.6 turbo p-car but its more fun and easier to drive. The sounds, o the sounds. When I get this car I may just have to live in a tunnel.

The car's top works perfectly, the valve guides were replaced under warranty. The headers were replaced with better ones. It has test pipes but a stock muffler. The exhaust bypass is wired open. The car sounds great.

My next step is to get a leak down and compression test. Should be done this week or next. We are getting these tests done at a trusted Porsche shop, my friend does not trust Ferrari of Denver. The last major service was done last summer. My friend has a shop and services Ferrari's and I personally saw the engine out last summer. This car has been his baby for the last 6 years and he assures me that he has never had a single problem with the car. The CEL is on though, and he said he once got a slow down light.

If the car has good leak down and compression, what do you guys think is a fair price? If I wind up with the car I promise to post pictures.

Anything else I should be thinking about or looking for specifically? Can I expect a good car to go another couple years without costing me much, till the next major? I plan to drive the car, probably 1500-2000 miles a year in good weather.

Thanks to everyone on this forum for providing such valuable info, and being so passionate about these cars.

Brian

 

He is not someone I know really well, more of a friend of a friend. I called him to see what advice he could give me and if he could help me in looking for a F355. We spend many hours talking about the cars, when I said, would you consider selling me your car? He said no at first, but called me back a few days later and said he would sell it to me, as he is now interested in getting a Lambo Diablo SV.

 

We are getting the Leakdown and compression test this week. I've read about the debate on wiring open the bypass, but I'm not sure what to believe. He said its only been wired open for 2000 miles, and he is willing to fix the bypass valve for me and unwire it. Given that this car is de-catted ie: test pipes, is the wired open bypass valve still an issue? I would think not having cats would allow the exhaust gas to flow more easily through the exhaust system and out the tailpipes rather than being sucked back into the engine???

I will check the CEL codes to see if its anything more than the expected faulty bypass valve.