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salvage 355?

Discussion in 'Technical Q&A' started by RedF355, Mar 1, 2004.

  1. RedF355

    RedF355 Karting

    Mar 1, 2004
    56
    Seymour, Indiana
    Full Name:
    Todd
    In looking at f355s, i have found a salvage car that has full history and been serviced, less than 10k miles, pics of the damage which was only the front bumper, letters from the insurance co that salvaged it stating they couldnt get parts... any idea what one might pay for a car like that? I am shopping for another one, this one is cleaner than any I have ever seen truly...

    worth 73k?
     
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  3. richard_wallace

    richard_wallace Formula 3
    Rossa Subscribed

    Feb 6, 2004
    1,950
    Cincinnati, Ohio
    Full Name:
    Richard Wallace
    I guess we would need to know the year and make (Spider?)....

    From there I will give you my thoughts...

    Rich Wallace
     
  4. RedF355

    RedF355 Karting

    Mar 1, 2004
    56
    Seymour, Indiana
    Full Name:
    Todd
    The car is a 1997 GTS. Red and tan interior, i inspected it and drove it, one of the tightest I have driven. I also have a 95 GTB that is my daily driver.
    It is a 6speed car the 97 I am looking at. It has complete records, and it is clean. He is asking 73k. It is on ferrari ads.com for sale. Is it worth the 73k?
     
  5. Sean F.

    Sean F. F1 Rookie

    Feb 4, 2003
    3,003
    Kansas
    Full Name:
    Sean F
    no, clean cars w/ a real title are not that much more (maybe +10%). Salvage can really kill the value if you ever try to resell it.
     
  6. ILuv4Res

    ILuv4Res F1 Veteran
    Lifetime Rossa Owner

    Aug 8, 2002
    6,507
    Full Name:
    Fred
    I don't know exactly how much difference there is between a good and rebuilt titled car. However, I do know you will multipy the difficulty in reselling that car many times over. Additionally, as the car ages (it's a 97, so say in 3-5 years) there will be even more difficulty reselling it. This will become a white elephant. Only my opinion.......... Stay away unless you want a track car and/or plan to keep it forever.
     
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  8. richard_wallace

    richard_wallace Formula 3
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    Feb 6, 2004
    1,950
    Cincinnati, Ohio
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    Richard Wallace
    I would sound in - with the same - if you plan to keep it long term - should not be a problem if fixed correctly. As mentioned the resale is what will get you. You are saving 10 - 15K - however when you go to upgrade to a 360 - you will have problems trying to explain the wreck...

    But if you plan on putting another 40 or 50K on it in the next 5 years, and don't mind selling it for about 10-15K less than others down the road - you will net net the same.

    Odd that the insurance company indicated that they couldn't find parts... if the wreck was not that severe - any authorized Ferrari dealer would have the parts (Bumpers, etc...) The 1990 on up are very easy to get parts for (minus F40, F50, Enzo)... That is the only really big red flag I see...

    Hope that helps,
    Rich Wallace
     
  9. f355spider

    f355spider F1 World Champ
    Rossa Subscribed Owner

    May 29, 2001
    17,072
    USA
    Full Name:
    Hugh G. Rection
    The whole letter from the insurance company thing sounds a bit fishy to me. I would want to follow up on that and call them. I have never heard of parts being that difficult to get, or why that would cause a car to end up with a salvage title. Regardless, if the car checks out, I would still bargain like hell, as he's got a tough sell, and he knows it..... :)
     
  10. RedF355

    RedF355 Karting

    Mar 1, 2004
    56
    Seymour, Indiana
    Full Name:
    Todd
    I called the insurance company today, and talked with 4 different people who told me that they wouldnt discuss it with me due to the confidentiality of the client. I left a phone nmber for them to call, and a private adjuster called me back and was able to pull the file for me after some heavy digging. He said that the parts list for it was all mounting and assemblies (??) for the front bumper cover, fog lights, a-arms. He said the file indicated that the front bumper was not available and had to be ordered and a backorder time was several months. The file indicated that the car was replaced for him and it was to simply be sold at an auction where the individual (actually the guy that has it now) made a cash offer to buy it. He seems pretty tight on the money, but it checks out clean, and the insurance story seems ligit. He said it comes with the original front bumper that was damaged, and the other parts they replaced. My dilemma is I have a 348 budget due to my other car and 355 taste, and the gut in me for a GTS... i am considering offering 70k for it, and no more. I had a compression/leak down done, i have examined his records, anyone want to talk me out of it prior to an offer? any thoughts much appreciated....
     
  11. lawwdog

    lawwdog Formula 3

    Dec 4, 2002
    1,178
    Northern California
    Full Name:
    Mario
    I'll talk you out of it for the following reasons...but if you don't care buy it!

    1) Salvage title cars are branded for life. To ever get out of it you have to find that needle in the hay stack buyer who will believe your story. Kind of like the guy who has you on the hook...you are a hay stack buyer letting $$$ and explanation drive your decision.

    2) Cars with stories always lose value at a susbtantial rate because they have a story. This car has a story and everyone's gut reaction will be negative. You started negative which is why you are trying to convince yourself to buy it. If you knew salvage title didn't mean anything you would have bought it without needing an opinion

    3) You will always have a doubt about your car for some reason because it is salvage title

    4) The exotic car market will never forgive you for owning a salvage title car. Hey face it...the exotic car market is filled with people who have enough money to drive cars that are not salvage title. Salvage title owners typically are buying/owing cars they would not be able to afford...

    5) Are you getting a 20-25% discount based on current market of a clean title car? If the answer is no...it's not a good deal.

    Hope this helps :)

    Mario
     
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  13. Birdman

    Birdman F1 Veteran

    Jun 20, 2003
    6,687
    North shore, MA
    Full Name:
    THE Birdman
    If you look at what 355's are going for on eBay (a good resource for what people are willing to pay, whether you want to buy one that way or not) you will see that 355's are coming down, and while $73K is a good price on an early mid-mileage 355 (like a 1995 with 40K miles), it seems a bit high for a salvage title, even with low miles. If the guy were asking like $60K-$65K, that would be more reasonable for the salvage title.

    Just my $.02.

    Birdman
     
  14. Wayne 962

    Wayne 962 Formula Junior

    Nov 27, 2003
    434
    Don't buy it if you want to ever resell it. If you're going to keep it - no problem. However, you will be hard pressed to get good money for it when it's time to trade it in.

    -Wayne
     
  15. richard_wallace

    richard_wallace Formula 3
    Rossa Subscribed

    Feb 6, 2004
    1,950
    Cincinnati, Ohio
    Full Name:
    Richard Wallace
    If you really want to do the deal - I would offer 63K max. This is the best deal he would have... If you say this is your deal - and you are prepared to walk away - you may end up with it at 60K. If he doesn't want to deal at that price - give him your name and number - and in about a week he will be calling you back - because he will have a very hard time selling it.

    That way you know you have 10K that you would have spent in your pocket for the unexpected stuff - and you lowered your price point for resale if/when you sell in a few years.

    Keep us posted on the events!
     
  16. Ade

    Ade Formula 3

    Jan 31, 2004
    2,095
    UK
    Just FYI:

    Here in the UK, you can picked up the car you have described in excellent condition non-salvage (RHD 97 GTS mid-mileage 355)for about 50K pounds (around 70K dollars?). For a LHD model around 45K pounds (65K dollars?). So, presumably a car with salvage/insurance write-off history here would be at least 15-20% off those prices - so 55-60K dollars equivalent here in London.
     
  17. racedecknc

    racedecknc Karting

    Nov 24, 2003
    198
    Winston Salem
    Full Name:
    Ed
    It sounds like the car is as documented as it could be, so I wouldn't worry about the salvage history or explaining it to the next buyer. It sounds like you have everything but a letter from the guy's mom. Geez.

    That being said, the discount doesn't seem high enough. Make a firm offer considering what you've seen the others post, figure-wise, and see what happens.

    Best of luck,

    Ed
     
  18. SONNY

    SONNY Rookie

    Nov 13, 2003
    16
    Having purchased a couple of salvage cars, my recommendation is STAY AWAY!!!!! You will have a very tough time reselling it, no dealer will touch it and it will have hidden damage of sorts. The insurance people are not dumb.......
     
  19. RedF355

    RedF355 Karting

    Mar 1, 2004
    56
    Seymour, Indiana
    Full Name:
    Todd
    I got it bought for 65k and picked it. So far so good, it is cleaner than my GTB now... and i thought my gtb was clean...

    Hope for the best, and even though i am new to ferrarichat as a poster, you guys have been great help the last year or so....

    Many thanks...
     
  20. vincer77

    vincer77 Karting

    Dec 12, 2003
    70
     
  21. Wayne 962

    Wayne 962 Formula Junior

    Nov 27, 2003
    434
    Congrats!

    -Wayne
     
  22. thecarreaper

    thecarreaper F1 World Champ
    Silver Subscribed

    Sep 30, 2003
    15,974
    Savannah
    Full Name:
    I NEED A JOB
    GREAT NEWS.... WE NEED PICS!!! congrats on the " new " ride!!!! michael
     
  23. f355spider

    f355spider F1 World Champ
    Rossa Subscribed Owner

    May 29, 2001
    17,072
    USA
    Full Name:
    Hugh G. Rection
    Congratulations, I hope it turns out to be a great car, and a great buy for you. Keep us posted on how you like the car, and do post some pictures!
     
  24. Cavallino Motors

    Cavallino Motors F1 World Champ
    Lifetime Rossa

    May 31, 2001
    14,143
    Florida or Argentina
    Full Name:
    Martin W.
    So Red 355,

    where are those pictures?

    are you pulling a Matt Lemus on us?
     
  25. 2mmuch

    2mmuch Formula Junior
    BANNED

    Nov 3, 2003
    324
    Ontario
    Full Name:
    Luigi
    I bought my 87TR with a salvage title and with a little tlc my car is in great shap. I've even had a couple of local people offer me twice what I paid for it. CASH. I did my own engine out service this year and rebuilt the water pump. Just fired it up a couple of weeks ago and it runs like a clock. It even passed the emissions test with flying colors. I love my TR and probable never get rid of it, but one day I hope to buy either a 355 spyder or even a 360 spyder.

    Enjoy it. Life is to short.

    Lou.
     
  26. BrentC

    BrentC Formula Junior

    Aug 13, 2003
    278
    Ade,

    Just as an FYI, 50K Sterling is more like $91K USD, based on yesterday's exchange rate of $1.825/Pound Sterling.
     
  27. Cavallino Motors

    Cavallino Motors F1 World Champ
    Lifetime Rossa

    May 31, 2001
    14,143
    Florida or Argentina
    Full Name:
    Martin W.
    Well I don't know what our friend here was smoking that day but Mike and I have the car. Mike bought it into stock and it has been delivered yesterday.

    So I don't know what you picked up there red355 but not this car buddy.

    Martin
     

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