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Need buying advice - 355 GTS

Discussion in '348/355' started by jakermc, Jan 17, 2004.

  1. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    I am a Porsche guy looking to jump to the darkside and am investigating a 1997 355 GTS. Silver over black interior, 10,200 miles, all books and records. What would be a fair price? I am new to the Ferrari market but found a nice example close to home. Please help .....
     
  2. dwood1969

    dwood1969 Karting

    Nov 1, 2003
    67
    Charlotte, NC
    Full Name:
    David Wood
    Is this the one from Lineback that is now listed on eBay?

    http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=2454086252&category=6212

    It looks like it will go in the $70k-80k range - which is probably a fair price, given the fact that they haven't stated whether the major service has been done (which I am guessing that it hasn't).
     
  3. mondial86

    mondial86 Formula Junior

    Nov 1, 2003
    298
    MA
    Full Name:
    David Holmes
    be sure that the major service has been done it is 30,000 mi. or every 5 years ,a 97 should of had this done in 02
    Thre are so many things that efact the price ,is it at a dealer, that will stand behind ,with you if there are problems after the sale . There lot's of good used car people ,but many that will remove your money then say good buy.any paint work ? how many owners ?how clean is the car? i looked at many 355's before mine ,and all were showing less than 15,000mi but only the one I bought looked like it only had 12,000mi. Was the car tracked ,that puts a lot of extra ware and tare on the car
    if all is perfect I think in the 90's is what is going to be the price
    DAVID
     
  4. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    Yes, that is the car. I just got back from a test drive. They say that they just did the 15,000 mile service so I guess its safe to assume the 30K was not done. There were only a few records related to some minor warranty work that was done in 1998 and 1999. They said they would run the VIN at Ferrari for me to check their records.

    One owner car, appears never to have been tracked. Exterior is in excellent condition, a few stone marks on the nose is about it. Interior had a very small tear on the leather e-brake handle and some wear on the driver's side bolsters. Minor stuff. Dash was in great condition, no skrinking was visible. Aftermarket Kenwood head unit (very ugly) and Precision Power amp in the front bonnet. I decided to listen to the engine instead of the stereo. Nothing beats that sound ....

    Brake rotors were rusty, car has probably been sitting there a while. I think they have had it on the lot since at least November. They say it came in as a trade from a repeat customer. Aren't they all acquired that way? :)
     
  5. Jerrari

    Jerrari F1 Veteran

    Jul 24, 2001
    5,458
    Michigan
    Full Name:
    Jerry Wiersma
    I looked at that car the other day, looks awesome!!! BTW: they COULD HAVE purchased it at an auction.
     
  6. sjmst

    sjmst F1 Veteran
    Lifetime Rossa

    Jul 31, 2003
    9,787
    Long Island, NY
    Full Name:
    Sam
    That is one of the best looking 355's I've seen.
     
  7. dwood1969

    dwood1969 Karting

    Nov 1, 2003
    67
    Charlotte, NC
    Full Name:
    David Wood
    jakermc,

    I think that they have actually had the car since the early summer at least. I considered it back in August/September but decided to go with a 550 instead. Just FYI, they initially advertised it at $109K, then dropped it to $99K, then $89K and I guess they will get somewhere considerably less for it. I think you would get a really good deal for anywhere around $80K. Hope you get it....
     
  8. AnotherDunneDeal

    AnotherDunneDeal F1 Veteran

    Jun 2, 2003
    5,308
    N.Richland Hills, Tx
    Full Name:
    James Dunne
    They have had this car for a long time...... A 30k is due on it due to time. A 15k does not come close to doing what it needs to have done. Take the vin up to FoDallas, about 1/2 mile south and let service run the records for you.

    I do not know the history of it but I know it has been there for some time and is left outside all the time, day, night, rain, hail, snow, sand, whatever, it stays outside. This is very bad on the dash, seats and all interior parts, not mentioning very taxing on the paint.

    Buyer beware.......
     
  9. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    Ferrari of Dallas can't pull the records til Monday ... bummer. They recommended a belt change between 5-7 years and the car turned 6 in November based on the registration date. Sounds like I should factor in $5K for maintenance, a bit more if I did any 'while you are in there work'.

    It is sad to know its been outside for the last 6 months. It still looks great though. I was actually surprised that the dash was as nice as it was.
     
  10. sandersja

    sandersja Formula Junior

    Jan 16, 2003
    367
    Portland OR
    Full Name:
    John Sanders
    About a year ago I flew out to Dallas to look at this car. While I very much like the configuration, this car has not been treated very well and Lineback was upside down on its finances. Am told that they paid way too much for it on trade, and for the last couple of years, wanted a premium price for a much less than premium car. At the time, I posted about the car on the Texas Ferrarichat: http://www.ferrarichat.com/discus/messages/6532/192945.html
    During my test drive, the car lost all oil pressure.
    As far as records... at the time they could not produce any record of service on the car. There were also a lot of reports indicating that the car was used as a rental. It certainly sat outside in the weather for many months before I saw it, and probably since.

    Don't get too hopeful about Ferrari of Dallas being any help on this car. They absolutely would not run records, talk about the car, or even do a PPI on it. In fact, Lineback tried to sue them before about a PPI and they quit doing any for non-FOD cars.

    I sincerely hope that this car finds a good home. With some restoration it could be a nice car.
     
  11. sagaponack

    sagaponack Formula Junior

    Nov 2, 2003
    519
    Full Name:
    Rob
    Car is sold at $79.1k. Very bold of the dealer to sell it without reserve.
    Feels like something is wrong here. Car should trade comfortably in the high 80's low '90s in retail. Price make sense if it was a former rental car.

    By way of comparison, I sold my 1995 348 Spider 10k miles (15k done) mint for $74.5k. Market has softened since then, but not that much.

    Regards

    Bridgehampton Motoring Club

    www.bridgehamptonmotoringclub.com
     
  12. dwood1969

    dwood1969 Karting

    Nov 1, 2003
    67
    Charlotte, NC
    Full Name:
    David Wood
    sagaponack,

    I don't think the selling price on the car is that far off in the current market. There are 99 355 Spyders our there for low to mid 90s. I would expect that a 97 355 GTS in reasonable condition (with books and records but no major engine out service) to run somewhere in the low to mid 80s. This is not to say that the car is not a rental (or doesn't have some history) - just that the price they got is probably not too far below market value.

    Just my $.02....
     
  13. speeder37

    speeder37 Karting

    Nov 18, 2003
    91
    Chicago
    Full Name:
    Matt
    80k on this car is the current market. It was a decent deal. The car did have a challenge grill which is a great option. As a rule, the 355's are not moving without a firesale price. Too many unforeseen problems are plagueing these cars. I think the downward spiral is not near bottom.
     
  14. sagaponack

    sagaponack Formula Junior

    Nov 2, 2003
    519
    Full Name:
    Rob
    What problems are there with the 355? Especially, the late model ones. they seem like terrific values specially when compared to the 360's which look like Nissans.



    www.bridgehamptonmotoringclub.com
     
  15. ze_shark

    ze_shark Formula 3

    Jul 13, 2003
    1,273
    Switzerland (NW)
    You should search the forum archives, frequent question:
    - exhaust manifolds (even on 98 models), I had 2 replaced, f&"("/* expensive. Turn the engine on and listen in the bay: no sign of pfffft sound or garbling throaty noise. The engine should howl perfectly.
    - C pillar cracks if car was driven too hard on bumpy roads in sports mode
    - shredded rear axle seal/hose (not much to replace)
    - valve guide problems (not experienced personally, don't know how it can be checked)

    On a GTS, other PPI items should include
    - washing the car: look for window seal leaks in the mirror area.
    - drive it with the top on and off: car tends to squeak on bumps
    - bubbles on the central console overlay (there are 2 other threads on this in the forum)

    On the leather, check upclose areas where
    - rubbing is frequent: driver seat back lateral support
    - the tension is high, such as the corners of the dash by the A pillar, and the surroundings of the radio/gauges block: make sure the leather is not wrinkled.
    No matter if the leather is in good shape, I recommend undertaking a leatherique treatment, well worth the work.

    Good luck in your purchase, 355 GTS are wonderful cars.
     
  16. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    I passed on the car. Not having any maintenance records had me a little worried. I also didn't like the fact that they never called me back in the afternoon like they said they would. I had shown them my car as a possible trade and the sales guy Lane was supposed to speak with Matt Lineback and let me know if they wanted the car so we could strike a deal before the auction ended. He didn't seem to care enough to call back, even after I left me a voice mail. There are more cars out there, I'm in no rush.

    Anyone have a lead on a nice 355 GTS that can be had for $80 -$85 or so?
     
  17. ze_shark

    ze_shark Formula 3

    Jul 13, 2003
    1,273
    Switzerland (NW)
    Probably a wise move, pass on sloppy or missing maintenance records and take your time. Dealers not calling back when they say they will is also something that annoys me to the highest point.
     
  18. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,893
    Arlington, VA
    Ferrari of Washington has a beautiful '95 red/tan 355GTS for sale. Asking price on cars.com is $89,900... I haven't had the time to stop by and look at it, but from what I've heard, FoW is a safe bet.

    -R
     
  19. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    Robin -

    I just found the listing as well and have traded some e-mail with the dealer. FoW has all the records and have performed all the service since day one. Major service (I assume he means belts) just performed. If you do drop by there to take a look, I'd love to hear your opinion.

    Rob
     
  20. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,893
    Arlington, VA
    Rob - Sounds good. I might actually get a chance to stop by tonight. I've been meaning to run through there lately.. just haven't had much spare time to do so since the only time I'm in the area anymore is when I'm working.

    There have been a few threads on this board in the last year about what a great place FOW is. I've yet to hear a negative story about them, and a lot of the positive ones are of the "best dealership ever, won't shop anywhere else" kind.

    Let me know if there's anything specific you want me to look for or anything to ask while I'm there.

    -R
     
  21. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob

    Just overall condition, especially of the normal trouble spots - dash, a/c controls, stone chips on the nose, leather on seat bolsters and e-brake, etc. The web page shows it being stored in the show room, so a test drive might be tough. I'll get the maint. records from the dealer. Thanks so much if you do drop in on them.
     
  22. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,893
    Arlington, VA
    Ok good.. that's about all I could think of to look at. I stopped by tonight but got there 15 minutes after they closed, so I'll try again tomorrow since I know I have to head that direction anyway. It was parked in the showroom though.. right next to a couple other 355's, including a Fiorano that's been there for over a year. Might be able to haggle on that one ;)

    -R
     
  23. speedemon

    speedemon Formula Junior

    Jan 6, 2004
    611
    Bay Area, CA
    Full Name:
    Chris
    Be very particular regarless of price. I purchased the exact same car (with 10,900 miles) in August except for color (Corso Rosso/Tan). I purchased for $84K and had to put an additional $6k for major service. Previous owner paid roughly $5K for deferred maint (which included new valve guides). I don't have any regrets - I love the car!!

    Great looking car. Good luck.
     
  24. Cavallino Motors

    Cavallino Motors F1 World Champ
    Lifetime Rossa

    May 31, 2001
    14,143
    Florida or Argentina
    Full Name:
    Martin W.
    call me at 305-867-7740!

    I have a rosso barchetta over tan 12K Miles car 1998 sitting in my warehouse. You can buy thatc ar for $ 82,000 today. it does not have records of the 30K service so assume it was not done and do it. The car drives super strong, all books, tools, remotes, etc. One owner and you cans ee he has cared for the car. No scruff marks on the wheels, no leather pulling, no sticky plastic. The car is overall excellent except some rock chips in the front.

    I think we talked today, now that I am looking at your Plano TX local. Trust me, you will love this car.

    Martin
     
  25. jakermc

    jakermc Formula 3
    Owner

    Jan 17, 2004
    1,778
    Palm Beach, FL
    Full Name:
    Rob
    Robin - thanks! They also have a black Berlinetta and a red Berlinetta that might be interesting. Please take a peak at those as well.

    Martin - yes, we spoke yesterday. I am working on flight arrangements today. Hoping to make it in for Rachels.....
     

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