badabing

Ok, obviously this question is better posed on an F-car forum but I not a member of any yet and if they treat newbies asking value questions anything near what's been going on here lately, I'm probably not going to get very far.

I have made a decision to acquire an F355 GTB, manual, mid to late production. Based on my research this is the most desirable configuration.

My question is not how much, but why so much. According to the Hagerty valuation tool and other sources values on the car (condition A) steadily declined from new until about April 2009 when the value was pegged around $60k. Then the value fell off a cliff bottoming out around $42 - $45k by Jan 2010 and continue trading in that range until Dec 2012

Now it seems well accepted that the reason for the sharp decline was the market crash and the overall state of the economy.

However, the data point for April 2013 shows prices spiking up to north of $65k and holding there.

Does anyone have an explanation as to why prices suddenly increased almost 50% between Dec2012 and April 2013?

M. Schneider

+1

David993S

Having owned several Ferraris and I currently own a 360, so I'll throw in my 2 cents worth:

Certainly the economy had, and to some extent still has, an impact on all exotic and high-end car values, not just Ferraris. While I'm more familiar with 360 prices than with 355 prices, there are some similarities. 355 prices (and 360 prices for that matter) did indeed take a hit around 2009/2010 and stayed somewhat low for a couple of years. 355's with needs or deferred/neglected maintenance have been available in the mid-$40's to low $50's for quite some time now. Truly nice and properly maintained ones have always brought more than one with needs....probably as much as $20K more. You have to really do your research and make sure you're comparing apples to apples when looking at 355 asking prices as many factors come into play, especially maintenance or lack thereof. Additionally, maybe more so with Ferraris than with other marques, you'll see a typical Spring price jump.

Standard production Ferrari prices have had their share of ups and downs over the years, and today I think you will need to spend somewhere around $65K for a properly maintained, no-stories 355. Believe me, there's nothing more expensive than a "cheap" Ferrari.

Lastly, don't be scared off by a "high mileage" Ferrari. High mileage is certainly defined differently in Ferrari vs. Porsche circles, but a properly maintained modern Ferrari is a reliable car. It's always amazed me how some Ferrari people categorize 30,000 miles as high mileage. My personal experience has been that a Ferrari that's regularly driven and maintained is more reliable and trouble-free than a rarely driven, ultra low mileage one. My 360 has over 50,000 miles, runs like new and has been completely reliable and very trouble-free......but it's also been properly maintained. (you understand a 355 is more expensive to maintain than a 360...right?). Just make sure you get a PPI and the car has documented, recent service records and history. Enjoy the search and be patient for the right car. When you find it, you'll love it.

Cheers.

Jay J

David that's funny you say that... a 355 costs more to maintain than a 360, and a 360 costs more to maintain than a 430 lol...

David993S

Absolutely true, and a 430 is more expensive to buy than a 360, so I'm not sure I understand your point. My point, which I didn't make very clearly, was that if one is willing to spend more to buy a 360 vs. a 355, the maintenance costs are less. And there's a big performance difference.

Jay J

A close friend was thinking about buying a 360, and the other guys chimed in saying the 430 is better to daily drive and more affordable to maintain (Something about the 360 needing 40,000 mile t-belts and the egear clutches going out more frequent)

Quadcammer

the 355GTS is the most desirable model, but its also the most rare and therefore expensive.

A good 355 coupe will cost you $65k give or take with a recent service.

DEFINITELY check to see if its had the headers replaced, the cat ecus done, the sticky interior bits, etc. Also, definitely do a leakdown to make sure you aren't getting yourself into valve guide problems.

I'd also like to see hill tbelt tensioners and some of the standard upgrades like welded gear fences and upgraded coolant hoses.

355s are some of the best looking ferraris out there, but they are problem children if you ask me

Quadcammer

egear is lambo.

430s use timing chains not belts, so that service is no longer. 360s don't require an engine out t-belt change as there is an access panel in the cabin. You can get a 360 belt service done for about $2,500.

reversing up slight inclines is hell on the F1 clutches but i'd guess the 430 isn't immune either.

tcsracing1

The 355 is an interesting ferrari. Always enjoyed them.
You can get them for fairly cheap nowadays. Good examples are a little higher.
Service is important on them.

The 360 is a significant ferrari as it is the first all aluminum shell used by ferrari.
They too require belt service but with that being said you can buy them cheap.

The 430 is the easiest to service of the bunch.

All these cars in manual transmission configuration are a nice ferrari experience.

Some say the 348 and 355 sound better then the 360 and 430....

badabing

David, Oliver & TCS,

Thanks for your input. I am going into this eyes wide open and I have been doing my homework. I think I have a pretty good handle on the known issues and pitfalls.

Headers, valve guides, stick interior bits, cracked buttress, and the list goes on. Haven't come across gear fences (don't even know what that is) so please enlighten me.

I also know that deferred maintenance can turn into a $10k - $20k hit like nothing and that beginning with the 360 the engine doesn't need to come out nearly as often. But it is the aesthetics and sound of the 355 I lust after. After all, i already have a faster, ultra reliable, and fairly low maintenance car in my 993TT lol.

The sentiment regarding cars that have been exercised regularly has been echoed many places and I am not looking for an ultra low mileage example. The car I am looking at now has about 20K on it.

But to David's point regarding pricing seasonality; take a look at the value chart for 1998 F355 GTB;

[IMG][URL=http://s1374.photobucket.com/user/badabingjr/media/f355chart_zpsc5c80d41.jpg.html]

I think that big spike has got to have more behind it than spring fever. Maybe the Hagerty data doesnt have enough data points (not enough comparable sales? i dont know) Also, according to them the Berlinetta is commanding higher prices than either the Spider or GTS.

Also, regarding apples to apples on condition, stories, etc. The green line is meant to represent the best specimens available so I would have to assume that the variable for condition, proper maintenance, etc has been controlled for.

I just want to make sure I'm not jumping in on a bubble.

Quadcammer

gear fences. I believe this is still an issue with 355s, but it could have ended with 348s. Don't hold me to this.

In any case, the cam gears which are driven by the timing belt have a lip on the end of them to keep the belt from sliding off. I'm not sure how they are original attached, but there have been reports of the lip ("or fence") falling off, the belt falling off, and bobs your uncle, bent valves and a five figure repair bill.

good luck in the search.