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Discussion Starter #1
Folks,

I was thinking of purchasing an exotic this summer to hold me off until the Elise arrives. I've heard that it's quite possible to buy for example, a used Ferrari 355 Euro version for under 60K. Would anyone be able to recommend any other used exotics in this price range or suggestions on where to hunt for good deals on these cars?


Thanks,
Marvin
 

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Discussion Starter #3
$1+??

Mike,

Apologies for my ignorance by what do you mean by $1+ to run a Ferrari?
 

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Re: $1+??

MarvinVA said:
Mike,

Apologies for my ignorance by what do you mean by $1+ to run a Ferrari?
No apology required...

Typical maintenance/repair costs on a Ferrari end up averaging about $1+/mile.
 

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Discussion Starter #5
Will I be able to sell it?

Don't mind paying a couple of k for the usage as long as I can sell it afterwards. How much time do you think I should alocate to attempt to sell a car like this?

How about this site. Do you think this is worth it? If it is, will I be able to sell it afterwards with people knowing that the car had been in a previous accident?

http://www.autosource.ws/NOW/355GTS.HTM

or

http://www.autosource.ws/AD/SPIDER.HTM
 

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If you're planning on only owning that car for a short period, I'd recommend getting an NSX. It'll be reliable (as long as you avoid the early models with transmission snap ring failures) and hold its value. They're a kick to drive.

If you want something European, consider a Ferrari 308 or 328. From what I've heard, they're one of the most reliable modern Ferraris available. They may not be all that fast, but have the wonderful Ferrari V8 sounds and classic Italian styling. Avoid the 348 at all costs (maintenance and repairs are expensive). The 355 is a bit better, but still buggy and expensive to work on. For a first-hand account of owning a 355, check out NSXfiles ...the guy talks extensively about his 355, NSX, and S2000....and drives the heck out of 'em.

The magazine 'Forza' often publishes buyers guides for various used Ferraris. In the guide to the 308, for example, it lists these common expenses:
- Routine repairs and fluid changes $500-1500
- 15k service w/o cam belts: $2-3k
- 30k service w/ cam belts: $3-4.5k
- engine rebuild: $18.5-25k
- transaxle rebuild: $6.5-15k
- Clutch replacement: $1.5-2.5k

As you can see, if you consider buying a used Ferrari, it would be wise to find one with recent 15/30k service and in excellent mechanical condition!

I'd steer clear of *any* wrecked exotic or 'fixer upper' unless it was something I was planning on keeping a long time.
 

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I used to have a Ferrari 308...

I had a 1982 308 GTSi. It was fun, but it still does have some quirks. An example: The suspenion uprights (where the A-arms attach) are prone to breakage. You want to update these to the 328 pieces which are much more sturdy. The car wasn't very quick, but (as mentioned above) it did have a decent Ferrari shriek from the exhaust. The handling was superb though I really disliked the TRX tires I had. Just beware of the "glass" gearbox (in other words, it's fragile.) A lot of "ham-fisted" drivers can't negotiate the Ferrari's gates and end-up damaging the transmission.

As for an affordable exotic, I agree that you might want to look at a used Acura NSX. They have good resale and good reliability. The Ferraris are ALL expensive to operate. The 348 is very expensive because the motor needs to come out of the car for routine maintenance. The 355's are all in the $75K+ range for a decent (non abused) car.

As for buying a salvaged exotic... don't. You'll have a hard time reselling it. Purists won't want a salvage-titled car. People who woud consider it probably won't have the ready cash to buy a salvage titled car. Very few places will finance a car with a salvage title.

Now, if it were ME looking for an exotic, I'd probably look at a used Lotus Esprit (with the turbocharged 4-cylinder engine.) They can be had relatively cheaply ($20-30K), can be maintained by you (with a moderate amount of mechanical skill) and they've already depreciated heavily, so the "hit" you take (hopefully) won't be too terrible.

Bob K.
 

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Discussion Starter #8
I came to the right place

I knew this was the right place to come for information! Thanks gentlemen. I'm not too keen on NSX's but did like 348 idea. I looked some up and saw a couple of great deals between 48 to 65k for spyders with milage between 15 to 40k and years between 91 to 95. I never new this was possible. :D
 

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MattG said:
Avoid the 348 at all costs (maintenance and repairs are expensive).
rtking said:
The 348 is very expensive because the motor needs to come out of the car for routine maintenance.
Marvin, I'm sure they are appreciative of your compliment but you could at least listen to what they said:D
 

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Discussion Starter #10
nothing stands between love

I read. But I LOVE the look of the car. Always have. Just didn't think I'd be able to afford one so soon. Thought they were in the 80 to 90k for a used one. I'm in and out of town and would barely take the car out over the summer but twice or three times per month (on good weather). Like I said I've always LOVED that car. I'm impatient when it comes to things of this sort and reason unfortunately doesn't control these types of decisions ;)
 

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I'd love to have an older Ferrari myself, but the more I've thought about it the more I think it would be a waste of money as many modern cars which cost far less will outperform many older Ferraris. Basically, if you want the image - buy a used Ferrari. If you want the performance, look for something else.
 

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IIRC, 348 is also a dog in performance compared to 355. Last I checked, 355's were still in the 90k range, though.
 

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Discussion Starter #14
you're right

You're absolutely right, I like the car for its looks not performance. Although, I'm gettting the Elise for both and hopefully under 42-43k with all options. The Elise is the answer to my prayers :D
 

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MarvinVA... if you really want the 348...

... I would HIGHLY suggest you find one that already has the 30K service done. This is a VERY expensive maintenance cycle and is roughly $10K. If a 348 has over 20K miles and hasn't had this service done, avoid it. (Or factor the price of this service into your offer.)

The performance of the 348 was actually very good in its day. But that's really the ticket... "in its day." Everything is so much faster today than it was in the late 70's, 80's and early 90's. Manufacturers have learned how to make power from engines while working with emissions components.

Also (if you're truly serious about buying a 348) I would recommend not buying any other color than Rosso Corsa with a tan interior. This is a trademark Ferrari color combination and brings the most money when you resell it. Ferrari Light Yellow (FLY) was popular in the past, but it's not as popular now and there are many used Ferraris on the market painted in FLY.

Bob K.
 
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