Too good to be true?

I wouldn't touch it. Why pay $47.9K for a questionable car with a questionable past? For not much more, I'd rather pick a higher mileage car that's in good condition and no stories.

BTW, why do these cars that come with "stories" all seem to be sold by someone claiming to be selling the car for a "friend" of that person? Why can't the friend just sell the car him/herself?

 

Price is ok but one thing I've learned about wrecked/salvage cars is no matter how well they are fixed there is always something that just isn't right.

 

You can't buy a car "from a friend" of an owner. You can only buy a car from the owner.

The whole "I'm selling her for a friend" scam is designed to move a car that's been fraudulently titled, and that's not always what it seems.

You've got to remember that there is a whole class of greasers who will do *anything* to be in a Ferrari, and they don't have the money to actually own these cars...so they aren't going to pay the registration/sales tax to the state if they can instead get a "Dealer Tag" from a buddy to drive around in, for instance. Of course, that leaves the title in a prior owner's name, often from a different state.

Of course, with a Salvage title, not only do you run the risk of the above, but then you've got added worries.

For instance, to obtain a license plate in Alabama you have to schedule an appointment, trailer your car to Montgomery, and have the state physically inspect and then approve (not always) your rebuild. Only then can your title be upgraded from "Salvage" to "Rebuilt" or "Clear" or whatever...and only after you have your upgraded title can you obtain your valid state license plate for the car.

Obtaining insurance can also be a hassle.

Basically, you don't *want* a street Ferrari that has a "duplicate" or "salvage" title due to the large number of scams that revolve around them (e.g. cloned titles, unpaid sales taxes, stolen cars, wrecked cars, etc.).

Now, for a track car...sometimes that's OK.

But notice that the car being sold doesn't have a valid and current personal (non-dealer) license plate for California. That's a hint right there that the next Buyer could be on the hook for unpaid sales taxes...and/or have a difficult time obtaining a street license plate.

Plus, when you go to pay for the title, you are going to be paying a "friend" instead of the Owner listed on that salvage title.

Thus, you aren't paying for a clean and clear transaction. Buyer Beware.

 

If you really want it.....get a copy of the title......go to your local DMV and have them run it..... and get a PPI from someone of your choice.

Also from what I understand insurance companys avoid selling insurance to 'salvage' title cars. So do your homework and see if it is worth it to you...

 

I work in high insurance claims. Rarely do I get anything auto related unless it is high-dollar. At times, insurance carriers who do not wish to perform $80k worth of repairs on a $150k 360 spyder will, how does one say it, massage the estimate so the vehicle is a total loss. The vehicle will end up being more trouble than it is worth because more often than not, that $80k repair will never end. There will always be something else to fix. We call them never-ending supplements. Many carriers assume a car like that could have serious supplements that would push it over the limit. Regarding this 355, find out why it was salvaged, get pics after the loss, and get the estimate that made it a total loss. Get your hands a little dirty prior to diving in, otherwise you might be nickle and dimed with all the stuff they missed. THey may just have wanted to do enough to make it look presentable, and then dump it.

The first thing the Ferrari factory tells people in their seminars regarding their aluminum frames is to never ever bend anything back. No matter how easy it is. It will always be weaker. Always replace the structural piece that was damaged.

 

Here's it's SMOG history with the CA Bureau of Automotive Repair:

As expected, it didn't copy/paste well into the post, but I bolded the last time it was SMOG'd - 2004 - so it's well past-due for it's biannual test. The earliest record the state has on it is 2002. At least they're both "PASS"es.