Potential f355 F1 owner. Please give input.

Hello everyone! My names Dave and I live in Northern Ohio. I own a vintage VW restoration shop called Leroux’s Autowerks, however, I’m a Porsche fanatic and also offer repair service on all Pcars pre 1998.
A local friend of mine has a f355 F1 car he’s offered me at a fair price, but it needs repair. I’m trying to gauge a good price as these cars have nearly doubled in the last few years. It’s a 1998 F1 coupe, black in color, tan leather interior. Just over 27,000 miles. No accident history, near mint original paint. Interior is in outstanding condition aside from the leather dash is wrinkled and beginning to peel back in one small spot. It does not have the sticky button problem, yet. He paid $60k for it a few years back. Unfortunately there’s little to no service history on the car. Which is a deal breaker for most buyers.
I have rode in the car and it was quite lovely, however, after a year or so of ownership the transmission became lethargic. As if the clutch was slipping. He’s no mechanic, just an enthusiastic owner and self diagnosed it as a failed trans pump motor. He sourced a new one and installed it himself. I’m not certain the system has been properly bled, but since the install, the car will not start as it’s in 1st gear. It’s possible the clutch system could of been the culprit. I’m not stressed about the repairs needed. My thoughts were to make the repairs and do a major service on the car, engine out, belts and the whole 9 yards. Then enjoy the car for a season or two and sell it later on. I’m hoping I can do a proper bleed on the system, by pass the ignition and cycle the pump. Then hopefully return it park and start the vehicle. From what I’ve read a SD computer may be needed. I believe my scanners are capable of communication with the F1 system, but I haven’t done my home work on that. He offered me the car for $60k initially, but over the last week I’ve expressed my concern for needing more major repairs, I’m not comfortable paying that and rolling the dice. I’ve currently got him down to $50k. I’m thinking more like the upper $30k to low $40k would be a more realistic price. That could be a ridiculous amount as I’m not in the Ferrari market, or could be a steal?. What’s the groups thoughts? If you need more information please let me know.
This is a personal deal and the car is not offered publicly.

 

So you would pay $50k for one with no history and needing repair? Although I don’t see it happening, but if I had to sell it as-is I certainly not in it to lose money haha.

 

Thanks for the reply! To be honest the car is in outstanding condition cosmetically. I have no doubt it was well taken care of. Having personally rode in the car, I know it’s solid. To be honest I’m already sitting on a lot of cars, some projects, some not. I just want to make sure I don’t over pay, if it sits for 3 years and I decide to sell it, I don’t want to lose money. Being that these cars could be had for $60k just a few years ago. I’m a little embarrassed for even having to join this group for input. Had it been a 911 I would know exactly where to be ‍♂️ I’ll most likely scoop it up...

 

Thanks for the tip. I’ve tried none of these. Battery is disconnected. There’s no concern about the condition of the engine. I know it’s a good running car. I’ve read a ton of threads prior to making this post. Seems a motor mount can collapse and the shift actuator can drag on the frame causing a CEL for the TCU.? This isn’t a scenario where the cars screwed and he’s just trying to off it.
Originally, I agreed to take the car in to fix it for him

It drove as if the clutch was slipping. Sometimes the gear wouldn’t engage fully. I’m going off what he’s told me. But he said that he’d apply throttle and the car wouldn’t move. Like it was slipping. Then the following it day it would drive fine for like a 1/2 hour. Then the same thing would happen. Also stated that shifting from forward to reverse it would do it very slowly.
For the last two years he’s tried to get me to fix the car for him, but in return I expressed interest in buying it. He had no interest in selling it. So all the information I got I know is honest because he really doesn’t want to sell the car. Some property became available that his family use to own and he doesn’t have the capital right now. Hence the offering of the car. I just have little knowledge of the 355 market.
i just thought it’d be a fun investment I could enjoy for a season or two with a nice return. I’d even consider trading it for a v10 R8 once it’s dialed in and UTD on maintenance.
It seems that regardless of the issues, $50k is definitely a reasonable entry point. I just want to make sure I keep my head above water no matter the outcome of its condition.

 

Thanks for your input. I’m definitely feeling more comfortable about making the investment. I feel like I’m going against my flat6 roots ‍♂️

 

Awesome! Honestly, man. Thanks for chiming in! I’m am a fan of the mid engine layout. Just never considered Ferrari. Looking forward to this. I’m gonna go over there tomorrow and seal the deal. I’ll keep it updated as this progresses. Cheers! Dave.

 

Grant, do you mind if I bounce a few things off you? I’ll send you a pm.

 

he offered the price. I’m not trying to swindle him. I bought the car earlier this morning. Sometimes people just don’t mind giving deals. Title states he paid $48,500 for the car. So he got to enjoy the car for year and still made his money back plus a little extra. I did tell them that once it’s sorted all out, I’ll offer it back plus my parts and labor cost. He’s happy, and he’s going to be able to purchase his childhood home and I’ve got a fun new project.