355 purchase

[newguy]

Hello everyone - new to this forum & was looking for a little help before taking the plunge with a 355.

I've done some research through the archives etc and have found a nice F355 GTS, Manual having covered just over 20k. Shes a 1997 model, great condition overall in red with Crema.

I'll be the 4th owner and have secured a cost of £48k.

I havent had the PPI done yet & sale has been agreed that the results of this come back clean, but some work does need doing, namely the belts and a new clutch.

This work will probably set me back approx £2k, so do I have a good deal overall?

[Jonny5]

I think that is very strong money for a non main dealer car which requires work

>> Edited by Jonny5 on Wednesday 19th April 22:59

[tony h]

Hi Phil and welcome. I agree with jon that this car sounds at very top end of retail money.I'd be surprised if you'd get belts nad clutch for £2k TBH. That puts you into car for £50k + ! GTS is quite rare on 355 but i wouldn't be looking to spend more than £45k WITH work done . Good luck

[newguy]

Thanks for the quick response guys, appreciate it.

What kind of cost would I be looking at for the work to be completed?

I've been led to believe that the belts are around £1,100 with QV and the clutch looks to cost out at approx £450, so with a service on top at £500 ish or will there be hidden costs on top like the oil and filters etc?

Incidentally, I will be having a PPI completed on the car - can anyone particularly recommend a garage for me?

I'm in Surrey & have been looking at the Ferrari Centre, but being my first ferrari, have no comparison on cost from previous...

[davidgt4]

If you're in Surrey talk to Rardley Motors in Hindhead - they've got a website.

[355f]

Trade paid me 48K for a 20K miles 355 F1 99

I think the car you are looking at is much to expensive

[360boy]

There are dozens of good 355s out there and just as many "average" ones.
Advice from me, buy a good one from a dealer with warranty. I would be surprised if you don't find one for under £48k.
Re the belts and clutch. By the time they have taken the car apart to do this, you will almost certainly be advised to replace other odds and sods which may be needing attention. I would think £3k more than £2k.
Good luck with your search though.

[newguy]

Thanks again.

Guess it's back to the hunt again then.

Is there much scope for negotiation on price with trade cars too?

[CharlieAlpha66]

newguy said:

Thanks again. Guess it's back to the hunt again then. Is there much scope for negotiation on price with trade cars too?

Being in a similar situation to yourself, I'd be very interested in the answer to this too. For a cash sale (no p/x either) is the price you see (at the likes of Verdi, Kent High Performance etc.) the price you pay or is it possible to talk it down some (and if so, how far!)?

[chrisx666]

I think you will be lucky to get away with less than 2K (inc VAT) for a full belt service, there will always be extras needed like maybe hoses/tensioners/water pump etc.
The clutch prices quoted at around £450 are usually for the friction plate only with no other work - if it has been slipping for a long time maybe it will need the pressure plate as well (another £300?) maybe even a flywheel (£2500?) or release bearing (£350). Best to buy a car that has already had the work done.

[tony h]

re how much is right price, i think most cars will be on SOR and ownwers will give selling dealer a bit of leeway but it's a bit hard to predict how low they'll go . Bear in mind some dealers will take % of price, others will charge flat fee. These costs are in selling price.

[Jonny5]

If a car is stocked by a dealer, I'd say they have 15% minimum profit margin in there

If a car is on SOR, bid them in the balls - the owner can only say no at the end of the day. The market for 355s has picked up, obviously with summer approaching. Bear in mind 355s at christmas were selling at low to mid 30s (a 98 F1 Berlinetta selling for £35k). Once the Summer is over the prices will drop back...

[tony h]

i think £42.5-£46.5 k is fair price generally for '96 onward cars, subject to condition. We've seen 2 spiders sell @ £45k ish on Fcars.co.uk

[355f]

seems they make about 10K a car for main dealers according to my transaction

[newguy]

Thanks everyone for your input, very helpful indeed.

All the car's I've seen are priced at the £49k mark ish and as this is my first trip into Ferrari ownership, I'm just not sure of the mechanics of it all and how the garages operate etc

The other problem I'm finding is that having desperately wanted a 355 since about 1995, the thought of living the dream is taking over and I love every one I see.

It's hard work this - so many variations out there!

Will let you know how I get on and, if I eventually find one, can I join the club please ???

Thanks again for your help,

[CharlieAlpha66]

newguy said:

Will let you know how I get on and, if I eventually find one, can I join the club please ???

You actually don't need to be a owner to join the FOC. They have the so called Prancing Horse Register for non-owners - I know as I have been in it since 1987!

Being a member of the PHR means you can attend club events and largely be included in everything apart from the driving. This means you can go along to the regional monthly club meetings - which is an absolutely invaluable place to learn about ownership experiences.

As an aside, someone earlier mentioned a £10K margin at main dealers - I can verify that, as that's exactly what my RO got taken for when chopping in his 355 for a 430 at Meridien last month.

[vesuvius996]

"Advice from me, buy a good one from a dealer with warranty."

[angelis]

newguy said:

Will let you know how I get on and, if I eventually find one, can I join the club please ???

You could always join the OTHER club.

www.fcars.co.uk

[Jonny5]

angelis said:

newguy said: Will let you know how I get on and, if I eventually find one, can I join the club please ??? You could always join the OTHER club. www.fcars.co.uk

definately the way forward !