News

What is this worth? Any help appreciated!!

Discussion in 'Ferrari Discussion (not model specific)' started by ferrarioneday, Mar 26, 2004.

  1. ferrarioneday

    ferrarioneday Rookie

    Mar 26, 2004
    6
    Full Name:
    Marta
    I have found a 1997 Ferrari 355 GTB 6 speed with around 14K miles and is in mint cosmetic shape. The 30K service (belts) need to be done and the service records exist for the last couple of years only where it was bought with a Ferrari certified warranty by previous owner.

    Car is silver/tan and everything is stock and includes tools/books.

    What should I offer on this car to be a fair price?

    Thanks for your help!
     
  2. To remove this ad click here.

  3. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
    Full Name:
    Chris
    From my own shipping experience, yes I am in search for one too, it is worth low 70's prolly.
     
  4. 575Mike

    575Mike Formula 3

    Mar 11, 2004
    1,698
    Midwest
    Full Name:
    Michael
    I agree with Ear. You could feel really good about the purchase in low $70s. The 355GTB looks really really good in Silver!
     
  5. ferrarioneday

    ferrarioneday Rookie

    Mar 26, 2004
    6
    Full Name:
    Marta
    I don't think they're going to budge for less than around 80K. Is that completely out of the ballpark? It is in excellent condition...
     
  6. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
    Full Name:
    Chris
    I would pay high 70's if the 30k service is done, but it is not.
    You see, it's not just about the money for the big service, it is the fact that the 30k SHOULD HAVE BEEN done due to the car being 7 yrs old already, even thought mileage is still low. Service is due when a certain mileage or time in service is reached, whichever 1st.
     
  7. To remove this ad click here.

  8. ferrarioneday

    ferrarioneday Rookie

    Mar 26, 2004
    6
    Full Name:
    Marta
    OK. I understand what your saying. It seems from the cars I've looked at both eBay and dealerships that they're not SELLING for anything less than the 80K's. If services are complete they're in the high 80's to 90's. This is for 1996-1999 cars with teen range miles. Ask's are another 5 to 10K above these numbers.
     
  9. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
    Full Name:
    Chris
    Yeah you just need be patient and keep looking.
    Cavallino Motors(he is on this board too) had reasonable price on 2 cars, a '98 GTS for low 80's(which I really would have bought but someone beat me to it), they have another '98 red Spider with service down for under 85k I believe, I think it's fair but I don't want a Spider.

    So, occationally good cars at reasonable price does come up, just get the money ready and keep looking, lol.
     
  10. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
    8,933
    NEW JERSEY
    Full Name:
    BRUCE WELLINGTON
    75K W/O THE 30K..........30K SERVICE BETWEEN 4500.00 TO 6000.00
     
  11. labcars

    labcars Formula 3
    Rossa Subscribed

    Jan 22, 2003
    1,531
    Phila. + Scottsdale
    Algar, in the Philly area had a silver/tan '97 GTB on consignment a few months ago. As I recall, the owner wanted stupid money (+/-105k) so the car got little/no action. Ultimately, they returned the car to the owner. Is this the same car?
     
  12. To remove this ad click here.

  13. ferrarioneday

    ferrarioneday Rookie

    Mar 26, 2004
    6
    Full Name:
    Marta
    No, this is a left coast car.

    Thanks everyone for your input!

    One think I'm considering is proximity to the car. If the car were on the other side of the country that is going to add around $2K to the cost including personal transport to see car and then transport to ship car back 3000 miles.

    From what I have heard in replies it is anywhere from low 70's to mid 70's. With the service on top the net cost of the car will be in the high 70's to low 80's.

    Of course there must be some premium placed on doing the service "yourself". In other words, rather than someone else do it, have your own shop do it so your sure it is done right and ALL work that is needed is done not just the bare minimum.

    I'd guess a "premium" of around 2-3K (30% of 30K service). So maybe around $80K for a unserviced car is OK and maybe just slightly north of "nominal".

    ASKS, particularly most dealer ASKS seem way out of touch from reality. After listening to the responses and thinking about it, offering around -10% to -15% of the ASKS seems more inline for a serviced car and maybe as much as -20% for unserviced.

    Any comments welcomed and appreciated!
     
  14. 38 Off

    38 Off Karting

    Nov 4, 2003
    246
    Pace, FL
    Full Name:
    Phil Crain
    Having gone through the process, and taking a year to do it...if the car is cherry, you should expect to pay more than some of the figures mentioned. I saw a number of cars that were not in near perfect shape, and can understand that with cars like that on the market, some prices are going to be much less than for a car in fine shape. Sounds like the $80K you mention is in the ballpark based on the condition. Would also budget $5-10K for additional mechanical to get it 100%.
     
  15. ferrarioneday

    ferrarioneday Rookie

    Mar 26, 2004
    6
    Full Name:
    Marta
    Thanks very much for your input

    I understand if anyone is going to resist overpaying for a Ferrari it will be the group of informed individuals on this website.

    Therefore I understand the agressive pricing that has been suggested into the low and mid 70's. I have seen undesirable (to me at least - yellow) colors with no service history, no tools or records, bumper overspray, and very short previous ownership period in the 60's.

    I wonder how prices are going to compress any further on the 355's. Are we going to see the day where 308's 328's 348's and 355's are only seperated by a few thousand dollars?

    As the prices compress downward, parting out of the cars will increase on the very low end and provide a buffer to forward decline. Supply will start to dissipate while demand will (big assumption) remain at a current rates.

    It is hard to see any Ferrari that functions dropping much below the $20K mark no matter how undesirable it is (which in relative terms isn't much). Once much below $20K it becomes more valuable to strip and part out.

    So, my general knowledge on V8's is:

    308GT4's (20K+/- -30K)
    308's 30K-40K
    328's 40K-50K
    348's 50K-60K
    355's 60K-110K
    360's 120K-220K

    It seems virtually bottomed out on the 355's on the low end. They may compress from 60K-110K to 60K-80K. Who knows?
     
  16. Robin

    Robin F1 Rookie

    Nov 1, 2003
    2,893
    Arlington, VA
    Marta,

    Is this the car that was at Ferrari of Orange County? They had a gorgeous 97 355B in titanium with a tan interior. I posted some pics of it in a thread about titanium 355's a few days ago. I don't think there are too many cars with that color combo, so I'm wondering if it's the same one. I'd kill for that car... but it disappeared from FMSoCal's website about a month ago.

    -R
     
  17. sherpa23

    sherpa23 F1 Veteran
    Silver Subscribed Owner

    May 28, 2003
    9,501
    Colorado
    Full Name:
    Bastuna
    Marta, PM me. Silver 355's are great, btw.
     

Share This Page