Basic 355 buying do's and don'ts - Ferrari Life
 
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post #1 of 8 Old 12-15-2006, 09:05 PM Thread Starter
 
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Basic 355 buying do's and don'ts

I'm interested in entering the ownership world and could use some advise. I'm looking at spending $100K +/- on a '99 355 spyder. Any general thoughts on reputable places to look (in the mid-west) and what to look for? IE-key issues: F1 vs. manual. Any help would be appreciated-
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post #2 of 8 Old 12-16-2006, 12:35 AM
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Suggest you start with our recently updated Buyers Guide. It can be downloaded from:

http://www.ferrarilife.com/members/guides.php

Good luck !

Resources: Parts List | Buyer's Guides
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post #3 of 8 Old 12-25-2006, 04:48 PM
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Quote:
Originally Posted by Quicksilver View Post
I'm interested in entering the ownership world and could use some advise. I'm looking at spending $100K +/- on a '99 355 spyder. Any general thoughts on reputable places to look (in the mid-west) and what to look for? IE-key issues: F1 vs. manual. Any help would be appreciated-
The 355 that's right for you will depend on what you want from the car (e.g. daily driver, weekend cruiser, concours show car, racer, etc.) and how you service it (e.g. at a dealership, at an independent, yourself, etc.).

A concours 355 needs expensive and failure prone parts (e.g. 355 exhaust headers), whereas the best 355 daily drivers will have aftermarket replacement parts already installed.

Without knowing how you desire to use the car, it's a bit tough to be more specific.

However, if this will be your first Ferrari, be advised that more than half of the Ferraris **for sale** at any given moment will have title issues (e.g. duplicate titles, no title in the case of 355 Challenges, accident or rollback history) or not have valid state license tags (inevitably sticking you with someone else's unpaid tax bills from the years when they didn't register the car).
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post #4 of 8 Old 12-25-2006, 05:37 PM
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Originally Posted by no doubt View Post
However, if this will be your first Ferrari, be advised that more than half of the Ferraris **for sale** at any given moment will have title issues (e.g. duplicate titles, no title in the case of 355 Challenges, accident or rollback history) or not have valid state license tags (inevitably sticking you with someone else's unpaid tax bills from the years when they didn't register the car).
Where'd you get that information? I seriously doubt more than half of all Ferraris have title issues.

$20 will get you a carfax report letting you know if the car has a clean title.

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post #5 of 8 Old 12-25-2006, 07:37 PM
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Where'd you get that information? I seriously doubt more than half of all Ferraris have title issues.

$20 will get you a carfax report letting you know if the car has a clean title.

I used autocheck while shopping for my Ferrari. Choose the unlimited option and you'll be amazed at how many F-cars have "duplicate titles," salvage titles, rebuilt titles, or no annual license tag registration event with the state (and this is crucial to avoid getting stuck with someone else's unpaid taxes - lack of registering a car does *not* immunize the current or future owner of the car from said sales and license taxes, either).

"Half" is being generous. Finding a Ferrari for sale with a license registration paid *each* and every year is a challenge in and of itself.

It is conservative and *safe* to say that fewer than half of all Ferraris currently for sale have no license tag fee annual gaps in their autocheck.com report.

Every year. If you don't see it for *every* year, then you could be on the hook for back taxes on the car.
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post #6 of 8 Old 12-25-2006, 08:19 PM
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Maybe that is the law in Alabama but it varies from state to state. In Maine you only have to register a car and pay "use tax" if you actually drive it on the public roads. If the car is going to sit in the garage you don't have to register it and you don't have to pay "back taxes" when you go to re-register it. If I registered the car in 2005 but not 2006, when I go to re-register for 2007 I only pay the tax for 2007, I don't have to pay it for 2006. You don't use the roads, you don't have to pay for the roads.

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post #7 of 8 Old 12-25-2006, 08:45 PM
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Right. It definitely varies from state to state. It seems to be automated, though. I watched a lady in front of me subjected to Alabama's DMV pulling up the back taxes owed on an out-of-state car that she wanted to register/title here.

It caused quite a commotion in the building (to say the least, she **screamed**), as she clearly had no idea that she was on the hook for the previous owner not registering or licensing the car each year in the previous state.

...And I saw it writ large on the autocheck reports that I ran when I was in the market. Many a Ferrari would have:
1996 REGISTRATION EVENT/RENEWAL
1997 REGISTRATION EVENT/RENEWAL
1998 REGISTRATION EVENT/RENEWAL
1999 REGISTRATION EVENT/RENEWAL
then nothing...


That's *not* a good sign. Sure, it might be legit if the car is stored in a museum...but at the very least it means (for a Ferrari) a track car...and it could mean a wrecked car that had no insurance so there was no notice of salvage...although it probably just means that some bozo is driving around with a borrowed "Dealer's Tag" so that he doesn't have to pay sales tax for registering the car as well as annual license fees to tag the car.
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post #8 of 8 Old 12-27-2006, 04:01 PM
 
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Another point or two that should be mentioned is
(3)the CPU module. I do not know now but they were written up as malfunctioning more then normal.
And if the 355 is a spider
(4)the power tops are tricky.
(5)And lets not forget the all important TIMING BELTS
These (Timing Belts) are still a engine out replacement event...

The (355) is by far, better then what the 348 was subject to with quirks.

(When you think about it in my opinion.... over the long haul of course, the 360 looks to be the best Bang for the Bucks if you can swing the extra $20K.)

Just my two cents...

:drive:
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