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Stealing a 1999 355 Spider

Discussion in '348/355' started by salazem, Mar 31, 2005.

  1. salazem

    salazem Rookie

    Mar 31, 2005
    2
    Hello all:
    I would very much appreciate your help. A very rich friend of mine bought a '99 355 Spider brand new back in 1999. He has only put 3000 miles on it since. It has paddle shifters and a very expensive stereo that he added (I didn't ask him how much he paid for it, but it could very well be $5,000 or maybe more.) He has offered to sell me the car, for, what I hope, will be a song. So, here is where I need your help. I don't want to insult him, but, since he is probably willing to let me "steal" it, what should I offer him? Put yourself in my position. What would you offer him to see if he would go for it? Again, it should be less than what he can sell it to a dealer for, but not insulting. Thanks so much for your valuable input.
    Sam
     
  2. JAM1

    JAM1 F1 Rookie
    Rossa Subscribed

    Oct 22, 2004
    3,024
    FL, NY, and MA
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    Joe
    I would pay 90k
     
  3. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
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    Chris
    90k. and 5000 radio is nowhere near very expensive. ppl with a bmw can easily spend more than that on a ICE.
     
  4. Jati

    Jati Formula Junior

    Dec 3, 2004
    292
    Florida & NC
    Full Name:
    Joe G.
    The 99 F355 would typically be "dealership" priced around $115,000 to $120,000 Most Ferrari dealers would hope to fetch in the high $90,000 for a clean, low mileage car such as the one you are speaking of.
    I paid $97,500 for my 98 355 Spider 6 speed w/8,800 miles, back in November 04.
    My car had a new Tubi, new tires, full docs, & a month old 15,000 service (all belts, hoses, etc.) I'm sure that I could have found a car for less, but all things considered....I purchased from a Ferrari dealership & have a near perfect car....One of my goals was to establish a relationship with a Ferrari dealership.
    Hope this helps, Jati
     
  5. LetsJet

    LetsJet F1 Veteran
    Owner

    May 24, 2004
    9,237
    DC/LA/Paris/Haleiwa
    Full Name:
    Mr.
    NADA

    March 31, 2005 print this vehicle report
    Original MSRP: $147,615


    Low Retail Average Retail High Retail

    $109,200 $115,800 $125,200
    ---------------------------------------------------

    That said, your situation is difficult to figure. It really depends on your friend and what he wants to do. Most dealerships don't purchase used cars. They consign them and take a cut of the sale. You could always go to a dealership and ask what they would give you and take your figure off of that number. Not to be nosy, but can you afford to pay full retail? The reason I ask is he might be put off if your number is low if money is not an issue. He would probably wouldn't be offended if he knew this was a stretch for you.

    Bottom line - Between $70k - $95K (If you plan on flipping this car, your sure to offend him)

    Good Luck
     
  6. salazem

    salazem Rookie

    Mar 31, 2005
    2
    Ok, so to summarize (and, by the way, it is definitely going to be a stretch for me, so it's not like he's going to think I'm being stingy), I should offer him about $80k and see what he says? Do you guys agree with that. I eventually would like to sell it in about 2 years. Assuming he goes for between $80k to $90k, do you think that I can sell it for about that much in two years time? Thank you all SO much.
     
  7. Steve R

    Steve R F1 Rookie
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    Sep 15, 2004
    3,001
    MeSoNeedy, CA
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    TorQ Master
    Whoa........let's hold on a second here:

    Your buddy who hardly drove his 355 probably hasn't gotten around to performing the 30,000 service...which involves dropping the engine out and a minimal cost of about $5k. If other "things" come up....it could potentially cost upwards of $8k. It's a 30,000 mile OR 5 year issue: it's gotta be done no matter what anybody tells ya!

    I just bought the similar car, but mine was a '97 spider. 3,200 miles, original owner, clean as a whistle. No F1, no hotty stereo....but clean. I paid about $90k.

    Add 2 years newer, a nice stereo, F1....I'd say it's worth a clean $98k to $105k, provided it's Red/tan and has had it's 30k service. Course, I'm in L.A. where Ferrari's grow a few thousand more in value.

    Put $80,000 in your wallet, walk upto your buddy....open your wallet and tell him that's all you have. Try to look really pathetic and sad...maybe he'll take pity on ya and get an itchy pen finger near his pink-slip.
     
  8. LetsJet

    LetsJet F1 Veteran
    Owner

    May 24, 2004
    9,237
    DC/LA/Paris/Haleiwa
    Full Name:
    Mr.
    I've seen '98 Spiders on Ebay going for $80k that don't get bids. I'm not saying that Ebay is a great source for Fcar values, but it is one source. What I'm trying to say is $80k is very reasonable. In fact, I would say $70k is prob. better for your situation. You have to budget for mainainence unless he is going to take it in before you purchase. With little amount of miles, cats should be budgeted for. Your situation is very unique, but if this is a stretch for you, be reasonable to yourself as well and don't get over extended. You don't want to have a repair bill that stops you from maintaining it or a situation that requires you to sell it. As for values two years from now, it's anyones guess. Though, if you end up making money on it you owe your friend a nice gift.
     
  9. f-style

    f-style Karting

    Mar 31, 2004
    56
    Anaheim Hills, CA
    Full Name:
    Jimmy
    I paid $103,000 for '99 Spider F1, 9600 miles, Red-Tan, graet condition, in March 2004. I'm being told value today will bring $95k-$100k. My suggestion is to offer the $80k, tell him what it's worth, and see what happens....Jimmy
     
  10. lapeter

    lapeter Formula Junior

    Jun 13, 2002
    885
    SunValley ID&Kapalua
    Full Name:
    Al LaPeter
    f-style,
    I have seen your car and it is probably worth maybe $60,000. Why don't you upgrade to a 360 spider like the rest of the family.
    Me
     
  11. darth550

    darth550 Five Time F1 World Champ
    Lifetime Rossa

    Jul 14, 2003
    58,360
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    St Mark
    Actually, he probably knows what it is worth so if you tell him that you may insult him........

    You're his friend? Tell him You can "only pay him 80-85K and that you'd love to have it."

    It's ALL in the delivery.

    DL
     
  12. Steve R

    Steve R F1 Rookie
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    Sep 15, 2004
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    MeSoNeedy, CA
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    TorQ Master
    Well there ya go...you have 2 choices:

    Listen to Darth's advice

    - OR -

    Listen to him tell you "I f-in told you so" later....... ;)

    In all reality, I doubt your friend is unaware what his car is worth. Most people who can afford a Ferrari have a Ferrari because they are pretty smart/clever to begin with. The unfortunate thing is what I call "ownership price lag"...I can't tell you how many sellers I met who still have their cars value figured at last years higher prices....I can easily think of 3 sellers I encountered who all thought their car was worth $5k - $12k more then fair market value would bear.

    Pigs get fed, hogs get slaughtered: I say come in around the mid 80's and try to get a great deal and not a cruel steal. You want to trigger his "oh what the heck....I'll be done with it" and not his "well, I'd better look into what this thing is worth". I've let some buyers get some great deals from me...but when they low-ball I tend to go cold on 'em.

    Again, make sure the 30k is done AND let us know what happens!
     

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