Which Ferrari to buy on a 45,000 budget?

There are two schools of thought on this:

One is to buy the best example you can afford. And, if you're looking for a low mileage investment, that's probably what you'd do.

(I suspect this is a habit from our younger days when we had to finance the purchase of new cars.)

And very few people sell an Italian sports car when they're really happy with it.
(Even if they're upgrading to a newer one, it's because they're unhappy with the older one for some reason.)

For a used car, if you're on a cash budget, you can get a car whose price reflects the previous owner's unhappiness, and then spend the coin to make it "right".

Then you know *exactly* what you have.

 

A 355 w\o valve guide issues - if you can wait a while. Supply, demand and worldwide economy combined with the number of Ferraris produced from the 355 era forward is producing an abundant supply. Therefore, the price goes down and the amount of car for the dollar goes way up. My two cents-

 

I bought my fav. 308GTBi, but being somewhat of a perfectionist, I decided to buy way under my budget and prepare to do mostly everything to it, and I did, even though it wasn't necessary. I took it to a shop, where they did the major, rebuilt the A/C with R-34a, all new fuel lines, coolant hoses, fluids, of course, all new front suspension, any gaskets that could be easily changed, valve adj, really anything that could be worn from age, not mileage. Then I had the body stripped to bare metal, repainted in original Nero, all potential rust areas done up better than new, and a full new interior from GAHH, which is being done right now. Of course, I put on all new tires, new battery, changed the fuse blocks, and added window accelerators, oh and I had the exhaust upgraded, so I dumped a ton of money, just about $25K into a $30K car, but now I have a car that many here feel will be overpriced, but it's not for sale and I know that it's way better than any $55 car I could've bought. Better condition that is and looks like new, runs and rides like new. Everyone thinks 308s are $25-30K cars, but not in this condition. So, depending on your expectations of perfect interior, smooth ride, complete reliability, I'd say buy a low priced car and spend a large amount making sure it's the way you like it. Here in CANADA, $55K doesn't even get a great new car, my Audi Q5 was $60K. How can you beat a Ferrari in fantastic condition for less than the price of an entry level Lexus? In the US you should be able to buy a nice $25-30K car and drop $15-20K into it for a wonderful car that won't break down due to old hoses, lines, belts, bushings, tires, battery, etc. Forget that you can buy a 355 for $45K, it won't be nice. Only my opinion, ciao!

 

My view at that price point is a 348.

But note that the ability to buy a Ferrari does not always translate to the ability to own one. I bought my first Ferrari (a 1990 348ts) 12 years ago. I paid cash and a bit above market for a pristine one with full service history, low miles, and impecibally maintained. But I did not realize what it would cost to maintain even a car with no issues at purchase. It was 3-4 times as expensive to maintain to my admitedly high standards as my then BMW's and Mercedes. I did not realize the cost of ownership would be so high. I kept the car in mint condition and loved driving it, but when I did not drive it, I just saw money out the door. That made me enjoy it less and after just 3 years of ownership, I ended up selling it (for a profit it turned out).

After I sold the 348, I decided that I would not buy another Ferrari until I would not blink at the cost of purchase AND ownership and could afford it 10 times over as a toy car. That is what I did and my second Ferrari is also pristine and I have it professionally maintained that way and I never worry about what it costs to own. That makes for a much happier ownership experience.

It also means I can add other cars to my stable like R8's and Aston Martins without worry and feel the same way. Well except that I find it hard to spend more than $150k for a car no matter what I can afford so dunt mind a few year old Ferrari.

 

This is sound advice and realistic in terms of expense.

 

I think a lot of newcomers assume there were progressively "better" Ferraris as they got newer. So, buy the newest and cheapest.

But as anyone who has been around these cars knows, Ferrari tends to experiment a bit, so you get anomalies like the slower 308s (1980-1982); the single-belt/exploding gearbox 348; the early F1 system/valve guides/headers in the 355; the self-destructing variators in the 360; etc.

In most cases, it's a matter of choosing your poison.

The 328 and F430 with manual gearbox are the only two that I consider well sorted, and the F430 is currently still above $50K. With his budget, the '84-'85 308 QV would also be a good choice.

If it has to be one on his list of Ferraris he likes, the Mondial 3.2 would be a good choice for <$45K.

That doesn't mean I wouldn't enjoy a TR, but if the OP is a "frugal" guy with $45K to spend, the prospect of a $10K major service-plus-while-you're-at-its isn't going to bring much joy.

 

I bought a Mondial t for 20k. It needed a major, interior work, and had some minor dings. After I'd spent about 20k more on it, it was a very decent driver, interior and exterior looked great. So, if I were you, I'd find a needy car, pay quite a bit less than what a decent example would cost, and then renovate it to your standard. You won't make money on the restoration, but you'll know your car, and if you plan on keeping it a while, it will be worth it.

I'm planning on supercharging the Mondial to bring the performance up to at least 355 standards, but that will require brakes, and perhaps some suspension work. Of course, when that gets done, it will be a long term keeper.

Art

 

On a $45k budget , you should be looking at a max $30-$35k carto give you sufficient cushion to cover what you find over the first year of ownership...so look at 308s, 308GT/4s, Mondials, 365GT/4s and 400s

 

348 Spider - best bang for your buck. However, major services are almost 3x that of a Mondial.

 

My Testarossa!

308s are fun, but they are slow compared to most modern cars, and they are getting pretty "vintage" by now.

348s are great cars - but they were called Baby Testarossas for a reason. Didn't Enzo say that "real Ferraris have 12 cylinders?"

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=230450391998

 

Nope. At least not in any quote I have seen in my research, nor is it in his autobiography or in Richard Williams exhaustive biography either. But hey, there's always more to learn.

FWIW, he didn't say nor believe half the stuff that people spout on this board. But that's for another day and another thread

 

Great point, if he does not like these 2 models, why do people continue suggesting them? No Ferrari makes sense to purchase unless you are passionate about them. If they do not float his boat, we should move on and let him make his own decision.

 

Really if he doesnt want a 308/328 then he probably isnt excited about a Mondial which means he is left with UNO choice. A 348.

If he buys a 355 in his budget he is probably going to face large bills and be a pretty unhappy camper in 6 months.

 

"Budget" and "Ferrari" can not be used in the same sentence. If you "only" have $45k to spend you are barking up the wrong tree. This is a rich man's game.

Yes, I will get some grief from F car owners who swear that their 20 y.o. Prancing Pony is as reliable as their daily driver and as cheap to operate. I know better.

$1,200 alternators. Front wheel bearings that fail in 40k miles. Seals that do not.

Get yourself a new 370Z and drive the hell out of it, or buy an old Ferrrari that will look good in your garage.

Scott

 

I second this - I am (sort of) in the market for a 308...The Euro 308s have better performance and look fantastic.

My Jag E-Type is slower than most modern cars, but I didn't buy it to go fast. Otherwise, I'd spend $20K and get a 2002 / 2003 Corvette Z06.

308 styling is timeless, they just look great. They drive nice too. Although the Dino 206/246 guys may kill me for saying it, the 308 is really the spiritual successor. Small, tight handling, fun to drive...I'd get a great '84 / '85 Euro QV!

EDIT: I see he said he doesn't like the 308 / 328, so my bad. I am a typical man, I don't read the instructions or ask for directions...sorry!

 

IMHO, Ferraris are only as reliable as your willingness and stomach for vigilant and proactive maintenance---which is very expensive if you can't competently do the work yourself. If you don't have the stomach or financial ability to aggressively maintain these cars, your ownership experience will be miserable and shortlived.

Those who swear their car has never had a problem are either not looking hard enough, ignoring the little things...or doing exceptional preventative maintenance.

My car is more reliable than my daily driver...but that's because I spend a fortune on very frequent maintenance intervals to insure all the little problems (like failing wheel bearings, hoses, CV boots, etc) get addressed before they become big ones.

Its too much to ask a 20+ year old car, any car, to be reliable if your not willing to meet your end of the bargain---especially a car that leads as hard a life as a Ferrari.

 

Couple great looking 328GTB's listed in ferrariADS.com.

 

People are always discussing the latest 348s coming up on eBay or in the FerrariAds in the 348/355 section. So if you're still considering a 348 then perhaps you should have a look there?

FerrariChat.com > Model Specific Discussions > 348/355​

As with any other model (308/328, etc) you might be interested in, I'd suggest visiting the model specific discussion forums for more detailed information. You'd be surprised how much you'll uncover.

I'm not an owner yet either, but I have my heart set on owning a Ferrari 348 someday - by the time I'm ready to buy (years from now), I'd expect to be paying somewhere in the $35k range and have at least $10k in reserve for unexpected costs... so goes the 'plan' anyway.

Good luck with your research and future purchase.

All the best,
Andrew.

 

328GTS for me!

 

Like your mama said, "It pays to shop around." Do your homework. (In fact, the hunt is half the fun.) But, don't be afraid to pay up for a good car. There's an old saying that the most expensive Ferrari is the cheapest one. Find a car that someone has already poured buckets of money into it. (Remember parts are outrageous.)

As far as the price, the way it used to be done was you'd go low, and the owner would go high. After meeting somewhere in the middle, the owner would agree to a PPI with the understanding that he would pay half and you would pay the other half of any required repairs.

Or, you'd make a low-ball offer and accept the car as is.

However, things seem to be nastier now-a-days. Dealers are refusing to do PPIs for a number of reasons. Buyers appear to be more fearful, and individual sellers are digging in their heels.

But make sure you actually drive one before you buy. Before I brought my first Ferrari (a 550 Maranello), I was all hot to trot to buy a 328 until I drove one. Not my cup of tea. I didn't care for the lazy boy seating. But you might love it.

Dale

 

It's not a Ferrari, but a Lotus Elise is a kick in the pants. And the looks, wow. Toyota drivetrain has an impact on maintenace costs. An Elise shouldn't have anyone parking the car while saving money for a service. I'd like one myself, but won't give up my Mondial to get one.

 

Been quite a few Toyota impacts lately

Kidding... great little cars. But ya gotta be the "right sort" of person to sit in
one and drive - not for everyone.

Jedi

 

Now wait just a minute - I tested one out while I had my 348 Spider. The Elise feels like a Toyota... dull, lifeless. Toyota feeling clutch, Toyota feeling acceleration. Basically a Toyota built by Lotus... couldn't figure out why someone would lust over one???

Pick the 348 Spider already & call it a night.

 

Did you break 6K rpm? The Elise is a total jekyll and Hyde affair. Above 6K rpm it is an absolute animal, and in the corners...sublime.