Would I bankrupt myself buying a 355 ?
Discussion
I'm being tempted at the moment with thoughts of 355's. I'm trying to fight the urge. I'm trying to tell myself that it's financial suicide and keep saying words like "money pit" to myself.
The plain truth is that I've heard to many horror stories of 355 repair and insurance costs, like £2000 a service or £2000 for insurance. Plus they're still on their depreciation curve of course.
And, to be honest, I've got a cracking little car in the 308, she's utterly reliable, a really corking example, brings me lots of pleasure in her own way, and in Ferrari terms costs peanuts to run. It's just a pity she's not a bit faster.
I could afford to pay cash for something like a 50k or 60k 355, say a 1996 model (NOT lhd ... personal aversion). And assuming I traded the 308GTS in for a reasonable amount.
Is this likely to be the biggest financial mistake I'm ever likely to make. Or am I going to get 3x the joy out of the car, for 3x the running costs ?
Thanks for any thoughts ...
The plain truth is that I've heard to many horror stories of 355 repair and insurance costs, like £2000 a service or £2000 for insurance. Plus they're still on their depreciation curve of course.
And, to be honest, I've got a cracking little car in the 308, she's utterly reliable, a really corking example, brings me lots of pleasure in her own way, and in Ferrari terms costs peanuts to run. It's just a pity she's not a bit faster.
I could afford to pay cash for something like a 50k or 60k 355, say a 1996 model (NOT lhd ... personal aversion). And assuming I traded the 308GTS in for a reasonable amount.
Is this likely to be the biggest financial mistake I'm ever likely to make. Or am I going to get 3x the joy out of the car, for 3x the running costs ?
Thanks for any thoughts ...
With respect it sounds like you cannot really afford a 355.Sorry to sound patronising,but if you are in the fortunate position to get £60k together,then maybe you need access to £70k...That is £60k for the car and £10k just in case money...Hopefully you will not eat into the £10k too much on running costs,but certainly be prepared of the apparent possibility that you may.
You are clearly not over emotional on a 355 to the point that you must have one and are ready to sell body parts to fund the experience,,yet at the same time the magnificent 308 is not quite quick enough,,
Maybe look out for a late low mileage 328....a bit more power and I wouldn't expect running costs to be much higher.
You are clearly not over emotional on a 355 to the point that you must have one and are ready to sell body parts to fund the experience,,yet at the same time the magnificent 308 is not quite quick enough,,
Maybe look out for a late low mileage 328....a bit more power and I wouldn't expect running costs to be much higher.
Appreciate the honest thoughts. Being ABLE to afford one is not the problem, being HAPPY spending that amount of money is a different thing. I mean, we're not just talking double the running costs here (as I see it ?) we're talking 3x or 4x .... now, is it 3x or 4x the car (I'm asking) or will I just end up thinking "I wish I'd kept the 308, that was just/almost as much fun for 1/4 the price" (i.e just because I've got the money, doesn't mean I want to throw it away !)
BTW the performance difference between my (slightly tweeked) 308 and a 328 isn't that great .... put it this way, I can easily keep up with my mate and his 328
BTW the performance difference between my (slightly tweeked) 308 and a 328 isn't that great .... put it this way, I can easily keep up with my mate and his 328
Sounds like your 308 is a keeper,particularly as you have tuned it and got it to your liking.
Being concerned about running costs is not being able to or prepared to pay them as far as i am concerned personally. Like you I could buy one,but cannot get excited about spending potentially crazy money to keep it running.
Seriously,those that can afford to run the cars do not get over concerned by losing £xxx on depreciation on running cost,other wise we would never have the opportunity to consider the relative bargains secondhand 456 & 550 represent.That is all I was getting at....having said,that apparently this is no dress rehearsal.
Being concerned about running costs is not being able to or prepared to pay them as far as i am concerned personally. Like you I could buy one,but cannot get excited about spending potentially crazy money to keep it running.
Seriously,those that can afford to run the cars do not get over concerned by losing £xxx on depreciation on running cost,other wise we would never have the opportunity to consider the relative bargains secondhand 456 & 550 represent.That is all I was getting at....having said,that apparently this is no dress rehearsal.
I’ve worked my way up through the mid engined models from GTS Turbo, 355 to a brand new 360.
The 360 left me a little cold & selling the 355 was one of my biggest mistakes! So I’ve now sold the 360 & gone back to a manual 355! If you chose the right car & your budget should allow you plenty of choice, the car should prove very reliable. All the problems with 355’s are well known & servicing with one of the respected independents should be relatively economical. A service should not be £2k unless it’s a major inc. belts.
A £10K contingency is comforting, but really should not be necessary, that’s a major failure & very unlikely. F1 cars are more prone to expensive repairs, but my first 355 was F1 and suffered not a single failure in 18months/8000miles, not even a clutch change. Clutch’s on a 355 are easy & relatively cheap to change, a competent home mechanic could easily do the job.
My advice is test drive, buy the right car, and develop a relationship with a good independent. Of the modern Ferrari’s it’s the best!
The 360 left me a little cold & selling the 355 was one of my biggest mistakes! So I’ve now sold the 360 & gone back to a manual 355! If you chose the right car & your budget should allow you plenty of choice, the car should prove very reliable. All the problems with 355’s are well known & servicing with one of the respected independents should be relatively economical. A service should not be £2k unless it’s a major inc. belts.
A £10K contingency is comforting, but really should not be necessary, that’s a major failure & very unlikely. F1 cars are more prone to expensive repairs, but my first 355 was F1 and suffered not a single failure in 18months/8000miles, not even a clutch change. Clutch’s on a 355 are easy & relatively cheap to change, a competent home mechanic could easily do the job.
My advice is test drive, buy the right car, and develop a relationship with a good independent. Of the modern Ferrari’s it’s the best!
The 308 is a nice looking car and full of charachter but it does feel its age to drive.
Its not that powerful, the brakes are very outdated and certain components are becoming scarce which over time will bump up the running costs.
For sure a main dealer service on a 355 is expensive, but presuming you dont use a main dealer for servicing on your 308 why would you start doing so? QV is very reasonable and the belts only need doing once every 3 years.
A 50k RHD 355 if looked after may only loose 5k over 3 years which makes the depreciation £150 a month, seems a low price to pay for a modern, very pwerful ferrari.
Bennno
Have a look in my profile for running costs for my 355. It wasn't cheap, but I really did drive it hard and am pretty amazed at the quality and durability of the car. It pretty much spent most of its life at the red line, but never failed to start or anything like that. Clutch bearing failed, but clutchless changes got me home from Docklands so I wasn't really stranded 
I think I must have spent about £5 or 6K on it in terms of servicing and repairs in just over a year of ownership. Things do go wrong, so be prepared. But otherwise its a great car to drive. Only you can judge whether its worth the extra, but it is a much more modern car than the 328/308. I can't say a bad thing about the 355, really rate that car. Its much more like a go kart than the 360, you can toe and heel easily in it compared to the 360. Its power delivery is really well disguised, but it is a seriously fast car.
Personally, I'd bet you won't regret it, get one with the belts done recently, otherwise your next service might cost you a bit. At the price you are considering, I'd say get one from a dealer and get a warranty. Another option is that Verdi's do an aftermarket warranty that is apparently very good.
I think I must have spent about £5 or 6K on it in terms of servicing and repairs in just over a year of ownership. Things do go wrong, so be prepared. But otherwise its a great car to drive. Only you can judge whether its worth the extra, but it is a much more modern car than the 328/308. I can't say a bad thing about the 355, really rate that car. Its much more like a go kart than the 360, you can toe and heel easily in it compared to the 360. Its power delivery is really well disguised, but it is a seriously fast car.
Personally, I'd bet you won't regret it, get one with the belts done recently, otherwise your next service might cost you a bit. At the price you are considering, I'd say get one from a dealer and get a warranty. Another option is that Verdi's do an aftermarket warranty that is apparently very good.
enhancement package put on yet? well ive had a few 355s , my latest is now the last produced F1.
As with many smaller manufacturers Ferrari needs its customers to do development work for them so early cars are perhaps better avoided.
On 96 cars there seems to be an issue relating to valve guides and the exhaust manifolds crack on all the cars.
Its been the most reliable car ive owned, looked after by Bob Houghton in Glocs (formerly MHT)
costs have been as follows
Insurance £900 per year from classic line
Interim service £750 every year
2 years ago cambelt and a service £1900
In my opinion cars purchased from dealers are not necessarily the best vehicles, its nice to know how the owner looked after it!
As far as depreciation is concerned ive lost about 8K on my car in the time ive owned it so not bad!
If your lookng for a suberb 355F1 99 6K miles I know where one is- it isnt mine!! let me know I think price is about 70K
As for mechanical insurance I purchased mine from a main dealer with the Ferrari formula warranty and in four cases of trying to claim for issues within a month of ownership, each time they refused to pay!
As for some of the independants, well its cheaper for sure, the standard of workmanship however varies !!
>> Edited by 355f on Saturday 4th October 15:33
As with many smaller manufacturers Ferrari needs its customers to do development work for them so early cars are perhaps better avoided.
On 96 cars there seems to be an issue relating to valve guides and the exhaust manifolds crack on all the cars.
Its been the most reliable car ive owned, looked after by Bob Houghton in Glocs (formerly MHT)
costs have been as follows
Insurance £900 per year from classic line
Interim service £750 every year
2 years ago cambelt and a service £1900
In my opinion cars purchased from dealers are not necessarily the best vehicles, its nice to know how the owner looked after it!
As far as depreciation is concerned ive lost about 8K on my car in the time ive owned it so not bad!
If your lookng for a suberb 355F1 99 6K miles I know where one is- it isnt mine!! let me know I think price is about 70K
As for mechanical insurance I purchased mine from a main dealer with the Ferrari formula warranty and in four cases of trying to claim for issues within a month of ownership, each time they refused to pay!
As for some of the independants, well its cheaper for sure, the standard of workmanship however varies !!
>> Edited by 355f on Saturday 4th October 15:33
Nev,
In my experience as long as you budget 3k a year for servicing & maintenance then you should be ok. I've had Ferrari's for 3 years now seems to be about the right figure. I would also recommend having an emergency fund just in case something crops up.
As had been said 355's are pretty bullet proof. There are a few common problems which can be avoided through careful selection at purchase. You could also use someone like Scuderia Systems to help you in this process.
I have started to use Verdi's for my car now. In my opinion the quality of work and attention to detail is at least as good as the dealers and a lot cheaper too. There are other indepedants with equally as good reputations and I don't think having an official dealer stamp is really that important, especially on cars >5 years old.
Running a Ferrari is a big financial committment for me also. The way I look at it is that you only get one chance in this life and if you didn't do it you would only regret it at some point.
Frostie
In my experience as long as you budget 3k a year for servicing & maintenance then you should be ok. I've had Ferrari's for 3 years now seems to be about the right figure. I would also recommend having an emergency fund just in case something crops up.
As had been said 355's are pretty bullet proof. There are a few common problems which can be avoided through careful selection at purchase. You could also use someone like Scuderia Systems to help you in this process.
I have started to use Verdi's for my car now. In my opinion the quality of work and attention to detail is at least as good as the dealers and a lot cheaper too. There are other indepedants with equally as good reputations and I don't think having an official dealer stamp is really that important, especially on cars >5 years old.
Running a Ferrari is a big financial committment for me also. The way I look at it is that you only get one chance in this life and if you didn't do it you would only regret it at some point.
Frostie
Daz/Guy,
Not had the tubi done yet.
Thinking about going the full decat route but don't fancy any warning lights?
Not sure if I can make it to Brunters, but will let you know. Need to get the thing armourfended asap. Its the solid black (not Nero Daytona Metallic), with black interior. Sounds boring at first, but got it because it seemed a good deal, and blacks bloody hard to get hold of. And its grown on me. It was only 3 months old, with something like 900 miles, so thought it was a good deal?
I've mailed you both, so maybe we can sort something out? See you soon!
Not had the tubi done yet.
Thinking about going the full decat route but don't fancy any warning lights?
Not sure if I can make it to Brunters, but will let you know. Need to get the thing armourfended asap. Its the solid black (not Nero Daytona Metallic), with black interior. Sounds boring at first, but got it because it seemed a good deal, and blacks bloody hard to get hold of. And its grown on me. It was only 3 months old, with something like 900 miles, so thought it was a good deal?
I've mailed you both, so maybe we can sort something out? See you soon!
. Just make sure you keep it cleaner than Rich1231's when he was at the Virginia Water meet earlier in the year. I could swear that his car had marblised custom paintwork. 
Nev,
a 355 might well cost 3x as much as the 308, but would it be 3x as good? Normally I would advise suggesting the spare £££ on another different car that is good in a different way, or a boat...plane...etc. However, I think we all know that buying a Ferrari is not something you plan with your calculator! So if you really want one, then go for it
The 355 was known for being one of the best Ferraris in a while, so I'm sure your money won't be wasted.
Dan
a 355 might well cost 3x as much as the 308, but would it be 3x as good? Normally I would advise suggesting the spare £££ on another different car that is good in a different way, or a boat...plane...etc. However, I think we all know that buying a Ferrari is not something you plan with your calculator! So if you really want one, then go for it
The 355 was known for being one of the best Ferraris in a while, so I'm sure your money won't be wasted.
Dan
If you can afford it - do it
It is a question of your heart not just your pocket - in asking us all you know you can afford to do it - you just need someone to say don't worry all will be well....no-one canb guarantee that it will BUT from experience I have not met anyone who has had a nightmare with a 355...those such as Ali and myself who have spent a fair amount on their cars have either done a lot of miles and want to ensure that we spare not one cent in looking after them - if i am ever in doubt with anything on the car it goes in for a little check over to put my mind at rest - prevention is better than cure (I used to own TVR's so I am no amateur to this philosophy)..... however the only problem i ever had was needing to change a clutch as I had done a fair few miles on the last one...and that was only about £800....services have always been around the £1k mark although interim servoice was £500.....i DECIDED to spend the money on the exhaust system and the Air induction system along with the stereo.....oh and the manifold did crack - not cheap at £1400 inc fitting but necessary and one of those things.....the 355 will reward like no other.....still catch myself walking out of a restaurant and thinking 'nice looking car that' before i realise it is actually mine.....then you turn the key and take her over 3k revs and the whole world can hear you somewhere...you flat plane v8 howling like a banshee towards the redline heaven.....308's are beautiful almost historical car - the car that many of my age fell in love with...but the 355 is the car of the modern age.....I know of many who have sold their 360 to come back into the 355 fold.....
It is a question of your heart not just your pocket - in asking us all you know you can afford to do it - you just need someone to say don't worry all will be well....no-one canb guarantee that it will BUT from experience I have not met anyone who has had a nightmare with a 355...those such as Ali and myself who have spent a fair amount on their cars have either done a lot of miles and want to ensure that we spare not one cent in looking after them - if i am ever in doubt with anything on the car it goes in for a little check over to put my mind at rest - prevention is better than cure (I used to own TVR's so I am no amateur to this philosophy)..... however the only problem i ever had was needing to change a clutch as I had done a fair few miles on the last one...and that was only about £800....services have always been around the £1k mark although interim servoice was £500.....i DECIDED to spend the money on the exhaust system and the Air induction system along with the stereo.....oh and the manifold did crack - not cheap at £1400 inc fitting but necessary and one of those things.....the 355 will reward like no other.....still catch myself walking out of a restaurant and thinking 'nice looking car that' before i realise it is actually mine.....then you turn the key and take her over 3k revs and the whole world can hear you somewhere...you flat plane v8 howling like a banshee towards the redline heaven.....308's are beautiful almost historical car - the car that many of my age fell in love with...but the 355 is the car of the modern age.....I know of many who have sold their 360 to come back into the 355 fold.....
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