shmark

Everything is on sale these days and for those who prepared, now is an incredible time to buy just about anything. And it's going to get worse/better for a while yet. There is plenty of money out there just sitting on the sidelines, waiting for the right time to jump in. The $97k GTS is a good case in point, beautiful car and will find a buyer, just not me.

So in this depressed market, I spotted a toy I have jonesed for my whole life and it was right in my wheelhouse. Talk about an opportunity! Then I saw a bunch of them for similar prices and decided to make a move. So I put my car on the local craigslist, for sure at a premium price for an '83 - $12k. Still less than I have in it, but top of the market for anything short of Blue82. I figured it would take a long time to sell at that price and might not go at all, giving me plenty of time to consider the new toy. Well hells bells I got SIX emails the first day, the first just an hour after I posted the ad! One with a firm offer for a very good price, but less than I would part with the car for.

Local PCA guy and I talked for a while and even with the current PS and cam tower leak (car got mad I posted the ad), he still wanted to come see it today at lunch.

I just called him and canceled the ad. I drove the car around a little last night and I just can't sell it, wow do I enjoy driving it. So I'll continue to save my pennies and enjoy my 928, and maybe towards the end of the year when prices have fallen even further I'll add a second toy to the garage.

Marine Blue

+1

Don't buy into what the media and many are saying, money is out there.

shmark

320hp, 2 seats, fly yellow....

MGW-Fla

Ferrari's are the only ones who "fly" yellow right???

Rob Edwards

I see someone else has been reading the 348/355 forum at Fchat?

shmark

Busted.

Sailmed

Totally agree with the post.
The money is out there, and people are buying. I have, however, noticed a reduction in "tire kickers".

Now is actually a great time to be buying and selling. I have never been one to try and make money on hobbies, and that is what cars are to me. Those that are looking for toys just have more options and you need to price accordingly.
Ferrari's aye? I might want to put a more comfortable bed in the dog house.

F451

My '96 Volvo 850R is for sale at a premium price and I've gotten a good response on it. And I've considered selling my '88 S4 5 sp, and taking the sale money from both, and putting it into another 928. A '86.5 5 sp, or a different color S4 5 sp then my arrest me now red S4. But, good sense is telling me to stick with my S4 that I have now and that I know inside out.

Still, its tempting...

Marine Blue

Whoa.....so what exactly are prices for 348/355's these days? Since you've already done some research I assume you have also compared their maintenance costs against a 928, how do they compare?

Tass 928

Having seen your car in person, I don't think I would be able to sell it either. Some of the 928's out there are so unique that when you get your hands on one it is tough to let go.

Cosmo Kramer

Well, the price to purchase either of these cars easily surpasses the price of a clean clean low mile GTS. Most Ferrari's are garage queens and don't get driven like Porsche's, that is why they are all high $$ and you don't get as many rough ones as you would see with a 928.

blitz928

A friend recently sold his '97 355 Spyder for $60k, had it for sale for $70k for quite awhile with no takers. 30k maintenance was just completed for around $12k.

Marine Blue

Something that I have seen with Ferraris (at least up until the mid 90's) is that many of them appear to have incorrect mileage. I've heard all sorts of stories about how it happens and judging by the condition of many of them I truly believe it. The cosmetic wear and tear I've seen on some Ferraris just doesn't look right considering the low mileage shown on the odometer. In many case you can see that someone has tried to restore the leather, paint etc. and there is evidence of it. Just an observation I've made.

How many miles and what kind of cosmetic condition?

shmark

Actually you'd be surprised. Ferraris are much like Porsches, they love to be driven and will reward those who use them as intended. The ones that languish in a garage with zero miles are maintenance nightmares, while the ones that are driven often are very reliable. Prices on good, enthusiast-maintained 348s with > 25k miles are in the mid-$30s right now, and I've seen a couple higher-mileage examples go a good bit lower. Higher-mileage 355s (>40k) are in the $40s now, and $50k will get you an excellent example. The biggest expense is the major service, which will be $5-8k if you have a shop do the work, considerably less if you DIY (similar to a 928 actually), and there are a lot of 348/355 owners who do their own wrenching. Great cars.

If you want a 4-seater, a really nice Mondial or Mondial-t can be had in the $20s or even the teens. Amazing, and the prices are going to keep going down this year. 360s and 550s are well under 100k and falling fast, basically the bottom has fallen out of the Ferrari market completely.

shmark

Wow, coming from you that is a high compliment! You're right, my car has a definite unique-factor and I don't think I could replace it. There just aren't many around, and when I told the guy this morning that I couldn't sell he said he completely understood...but to call if I changed my mind.