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Whats a 50k mile, salvage title, needs work 355 worth?

Discussion in '348/355' started by MITengineer, Aug 6, 2008.

  1. MITengineer

    MITengineer Karting

    Feb 18, 2004
    191
    Laguna Beach, CA
    Title says it all. I'm thinking of buying a early production 355 Spyder with 50k miles and a previous salvage title. The car is also showing signs of valve guide problems since blue smoke it starting to bellow from the exhausts. I'm thinking of taking on the car as a project, but I figure realistic value of this car in good condition is 45k-49k at best, so I'm curious as what to offer on a large project for a VERY non-desireable car.

    Making it into a good track car had passed through my mind, but it cannot be made into a racer...spyder.

    Any advice would be much appreciated, thanks all!

    Chris
     
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  3. Challenge64

    Challenge64 F1 Veteran
    Rossa Subscribed Owner

    Jul 28, 2004
    5,797
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    Ron
    dont make a spider into a track car. If safety isnt the issue the flex in the chassis should be.

    If you want a track car there should be several 355 Challenge cars about..as well as possible 355 coupes as possible conversions assuming you can still find the parts
     
  4. jm348

    jm348 F1 Rookie
    Silver Subscribed Owner

    Mar 21, 2007
    2,590
    Redondo Beach, CA
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    Jeff M
    35K? After you put 10K into it...you still have a decent 355 at a decent price this is assuming it is not a complete POS.
     
  5. dwhite

    dwhite F1 Rookie

    It's worth exactly what someone will pay for it. If I were in the market for a train wreck I would offer $30K, if the majoir service was done and it passed a compression check.

    Seriously, why buy a car which can bite you really hard. Also I imagine it's a 6-speed because if it's a f1 trans you could have even more potential issues. From what I have seen 355s are becoming more and more reasonable for a perfect car, even more so, with 50K miles.
     
  6. Fpassion

    Fpassion Formula Junior

    Jun 1, 2005
    589
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  8. MITengineer

    MITengineer Karting

    Feb 18, 2004
    191
    Laguna Beach, CA
    Don't give it away Fpassion!

    1) Bad Top (cut)
    2) Burns oil (blue smoke)
    3) 4 owners at least
    4) Salvage title
    5) Sold by a 'cousin'

    I'm looking for a good project where I can have a decent car at the end of the day. I can do a top end rebuild myself, I just want a car discounted heavily from a labor perspective not a parts perspective.

    Chris
     
  9. jm3

    jm3 F1 Rookie

    Oct 3, 2002
    4,364
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    JM3
    I have seen a couple of medium mileage, clean title cars sell for that price. These particular cars have actually had less problems than $90,000 1998 F1 Spiders, which means it is still just luck of the draw.

    I wouldnt touch that car, there are others out there, and only going to be more.
     
  10. MITengineer

    MITengineer Karting

    Feb 18, 2004
    191
    Laguna Beach, CA
    Jm3 I'm confused? You've seen clean high mileage cars sell for 36k? Or clean cars for 49k? If so I may be very interested...

    Thanks,
    Chris
     
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  12. UConn Husky

    UConn Husky F1 Rookie

    Nov 11, 2006
    4,416
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    Jay
    Heck, at that price I'd be tempted. When done at the time of the major the valve guides aren't a ton extra (a few k). # of owners doesn't matter so much, it's not an F40 or anything. The salvage title will always work against value, so to make this work you should plan on keeping it and driving it for many many years (i.e. you'll never flip it for good $). As for the convertible top...I put the top down on my '69 Firebird in early spring and leave it down through the fall. Just avoid the rain :)
     
  13. darth550

    darth550 Five Time F1 World Champ
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    Jul 14, 2003
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    #12 darth550, Aug 7, 2008
    Last edited: Aug 7, 2008
    <20K. At best, it's gonna need about 20 more to get it running right with a new top. A sorted salvage car isn't worth more than 40K IMO.
     
  14. Fpassion

    Fpassion Formula Junior

    Jun 1, 2005
    589

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