The average price of a F355

One of the things that I do every week is keep track of the asking price of Ferrari F355’s. I do this partly to have an idea of what the insurance value should be but also because I believe in the long run the F355 will increase in value.

The method I use is to track the asking price of F355s for sale via the auto classifieds on the internet for local Australian F355s. I then throw away the value of the most and least expensive ones and average the rest. That gives me the chart you see above.

The blue line is the average asking price, while the red line is a 52 week moving average (to give a better indication of price over time). This 52 week average has been fairly static around the $136,000 mark. However, you can see that in the last few months the average price for a F355 has taken a substantial dive.

Of course, this measure is by no means scientific and in many ways is biased towards unpopular or low quality cars that take many weeks to sell. Also, the average is only conduced across no more than a dozen cars every week. However, that could therefore be taken as a worst case scenario?

So what does all this mean? The figures certainly indicate that the asking price of a F355 is now well below the 52 week average which suggests that if you are in the market for a F355 now is the time to buy (if you can find the right car of course).

It is never as simple as this, and as I said the figures (especially now) are skewed towards cars that are taking a long time to sell for various reasons. As with purchasing anything of this value you need to do your research and hopefully this might provide some information around what price you should expect to pay.

Some say that the value of classics cars is at an all time record high. I’d like to see where they get that from as the number I track on F355s certainly don’t seem to indicate that all at the moment!

I’d love to be able to extract an automated data feed from the auto classifieds so I could the break up the models to know the average asking price of different colours, models, years, etc. Having all that data accessible automatically would mean I could concentrate on developing ways to analyse it. At the moment I simple hand end the basics every week which is time consuming and I’d do more if I could. I plan to contact the auto classified people to see whether a data feed is available somehow but I’d guess not as that information is part of the value they provide. Worth a try anyway.

So there you have it. A good time to buy a F355 if you are looking? If you can find the right one, maybe. Maybe.

FCA National Rall 2014

Every year the Ferrari Club of Australia (FCA) organises get together for Club members from all over Australia in one location. This year it was Sydney’s turn and I was lucky enough be assisting with making this week of events happen.

The week kicked off with registrations at the Four Seasons hotel in the heart of Sydney.

It was certainly a sight to behold in the car park below the hotel but the initial challenge proved to be getting all of these cars out of the car park the following morning on their way to the concours at Woolwich.

Provisions had been made for the cars to exit via the normal exit route, however this proved too ‘scraping’ for some, even with boards in the gutter, so it was decided that the cars should exit via the entry.

This took a little bit of co-ordination and logistics but by about 9am those wanting to exit had done so and were on their way to the concours.

Having travelled into the city via public transport I opted to continue that and hopped on a ferry for the very pleasant trip around Sydney Harbour to the foreshore location of the concours.

After a short walk from the ferry terminal I cam upon the spectacle as you can see above. A fantastic location filled with fantastic cars.

Only problem was that the wind had come up to a point where it prevented the erection of all the banners and flag which was disappointing as they would have really capped a great atmosphere.

Having all the cars linked up on the foreshore was a truly spectacular site with Sydney Harbour as the backdrop. You just can’t beat that.

Unfortunately, after lunch (but luckily after judging had completed) the weather started to close in and it started to rain.

That was the signal for everyone to make a beeline for their cars and to call it quits for the day and head back to the hotel. However, all in all the day went well and everyone enjoyed themselves. I strolled back to the ferry terminal for a leisurely return via public transport.

Day 2 of the Rally signalled the start of a drive day down to a winery in the Southern Highlands. My job for the day was to arrive at the way point ahead of participants and guide them as to what to do.

The first way point was at Dolls Point in the southern suburbs of Sydney. It is always interesting to see the reaction on residents faces when 40+ Ferraris all rock up to their quite neighbourhood street.

The next stop was Panorama House at the top of Bulli Pass for morning tea.

Once again, an impressive sight to see so many prancing horses in one location.

The final stop for the day was the winery where some major traffic management was required to get everyone accommodated. Unfortunately, by this stage the weather had turned quite chilly and wet but everyone was safely inside enjoying a fine lunch. I headed back home the short way along the freeway as I had work commitments to attend to for the rest of the day.

The third day was the highlight for most attendees, that being track day at Sydney Motorsport Park at Eastern Creek. Because some serious bragging rights where up for grabs all cars had to pass scrutineering.

My roll was to marshal the troops and keep them happy and caffeinated.

Next came the driver’s briefing (basically don’t do anything stupid).

And then they were off, split into three groups.

After lunch the skid pan was also opened up for people to complete a tight course through some cones over a wet surface. I was lucky enough to be a passenger for one of these runs and caught it all on the video you see above.

After many more laps and a great deal of fun, everyone head back to the hotel. This was my last day of helping with the Rally as I had work commitments for the rest of the week.

I had a blast meeting some very passionate Ferrari owners from around Australia and sharing the events with them. A great way to spend a few days!

No bull

Somehow I managed to get an invite to the launch of the new Lamborghini Hurcan. Here are some pictures of the event.

The two year anniversary

As I move into the third year of ownership of my Ferrari F355 it is once again time to step back and reflect on what has transpired in the previous 12 months.

You can revisit my musing at the one year anniversary here:

https://blog.lovethe355.com/2013/09/the-one-year-anniversary.html

So let’s get on with a wrap for the paper anniversary.

Costs

Maintenance costs for any sort of supercar are always going to exceed those of a ordinary road car. Now the most interesting thing this year is that I drove the F355 over 7,000 kilometres which was a 48% increase on what I did the previous year. This was directly reflected in a 48% increase in the amount of fuel I used, so no surprises there.

Interestingly, that usage is about 60% of the usage of my normal road car. Total maintenance costs for the Ferrari fell below $9,000 for the year which was about a 9% decrease over the year prior. That figure also included the cost of insurance which is the major running cost of the car. This year I switched insurers after shopping around (and going through some renewals dramas).

Over the twelve months I did not make any major improvements to the car, unlike the previous year, so the totals costs all up for everything associated with the car was just over $10,000 which was 40% less than the year before.

Travel

The car has now done about 12,500 kilometres since purchase, completing over 7,000 this year (a 48% increase over the previous year as mentioned). That averages out to 142 kilometres per week this year verses 100 the year prior.

This years learning’s

1. As last year, the number one thing you need to have with cars like these is a great mechanic and luckily Sal DiMauro from Racing Red is just that and his assistance in the prior year once again proved invaluable. Answering my questions during my panic with overfilling the car with oil was just one example of what a great job he does. So if you need Ferrari mechanic, Sal’s the man.

2. The car won’t dissolve when you take it out in the rain. Although driving in the wet is far from being the most pleasant experience with the F355, it doesn’t prevent the car from working! After a number of trips in the car this year in quite heavy rain I have shattered my preconception that it only works when the sun is out.

Low Points

1. Backing the car into a road sign and splitting the bumper.

2. Overfilling the oil level.

3. Insurance woes

4. The car getting over sprayed by a fire extinguisher.

High Points

1. Every day I get to see the car. Whether under a cover or from behind the wheel, I thank my lucky stars every time.

2. Finally taking the car onto the track.

3. Road to Sydney Cavalcade.

4. Ferrari Racing Days.

The year ahead

The end of this calendar year will be a major maintenance appointment for the car. It will the engine taken out and serviced and the timing belts replaced. This has always been a know quality with the F355 as it needs doing every 3 years or 15,000 kilometres. I will also probably take this as the opportunity to get the shock absorbers refurbished as they have been showing signs of wear. All this won’t be cheap but it needs to be done.

I see the car doing more kilometres given the number of outing that the Ferrari Club is undertaking. This is also in part due to my increased confidence with the car and the realisation that it isn’t going to ‘fall apart’ just by being driven long distances.

Summary

Owning a Ferrari F355 still challenges me but I am finally beginning to be more comfortable with driving it. I doubt whether I will ever be as casual about driving as I am with a normal road car but another year’s worth of driving the F355 has greatly increased the comfort levels.

I also think that ‘repairing’ the bumper that I cracked has overcome much of the fear I had about doing something ‘wrong’ to the car, simply because I DID something wrong if you know what I mean. Actually sanding, filling and painting the car has perhaps removed that ‘pristine’ misconception I had about the car. The difference this year is that rather paying someone to fix a problem (like the dent I previous put in my door) I had a go at fixing it myself. Although far from perfect, I was rather proud that it turned out as good as it did. Most importantly, I learnt a lot throughout the process.

I have been on so many amazing drives this year where it was simply a pleasure to put the roof down and just drive along. Doing so has allowed me to experience some great scenery as well as interact with some great people from the Club. That, above everything else, has made the previous twelve months ownership more than worthwhile and something I’m so glad has happened.

The final note is a thanks to anyone who reads or follows along with this blog and my YouTube channel.I need to get back to making more videos which I promise to do soon. Hope you have enjoyed another year of ‘entertainment’ and hope you’ll stay with me to see what transpires in the coming 12 months.

The above video is what I reckon is my best one for the year.

Rain, rain go away

Unlike most people I like rain. I think rainy days are much more unique than other days. Unlike most people again, I actually enjoy driving in the rain as I find it far more challenging. Driving in the rain also allows me to get ‘amongst it’ while remaining in a comfortable observation capsule.
One of the things that I did learn when I took my drive day in some Ferraris all that time ago was that driving an old convertible car in the rain is no fun. Why? Because over the years the folding roof tends to stretch and not fit so well, allowing a good deal of water inside. That water then causes the car to fog up and that is really no fun.
When I initially purchased my F355 I was completely rain adverse. I didn’t want the car to get wet at all. My major fear was that water would get into the engine electrics and cause a failure.

The reason for my paranoia, as you can see, is that the engine is pretty much exposed to the world. So to me, when it rained, then the engine would get soaked, which is never a good thing right? Silly I know as the rain DOES splash up from underneath after all on ALL cars.
This aversion to weather is a very common thing for most super car owners I have found, although I think most fear getting the car dirty than it not running, but no matter what the reason they avoid rain like the plague.
Early on with ownership, I’d wake up early and pensive for a drive and if I found the weather outside to be in the slightest moist I wouldn’t go out. However, there is an overriding need for the car to go out for a run at least once a week to give everything a work out. Failure to do this is asking for guaranteed mechanical and engine problems. So when it was raining on a weekend I wouldn’t go out but I’d then be forced to take the car for ‘maintenance’ spin during the week sometime (usually around midday) to satisfy this. Now playing chicken in the weekday traffic was many times more unnerving than taking the car out in the rain. Ah, the joys of owning a super car eh?
However, a few years in to ownership and having HAD to actually take the car out when it was raining has taught me that it won’t self destruct at the first sign of H2O. The exposed engine always gave me cause for concern but speaking with Sal from Racing Red I learned that the engine in the F355 is sealed pretty good. This also comes in handy after the fire extinguisher incident recently.
With that knowledge I can now happily (well almost) take the car out during inclement weather. I even did so recently on a trip into the country where the weather was particularly foul before the kick off and the car had to stand for a fair while in the pouring rain.
Of course, I’d prefer there to be no rain during my drives and it is not for the reasons you may think:
Reason 1 – Other people do REALLY STUPID things in the rain. They drive too fast, they drive outside their lane, they jump red lights, and so on. Not being on the road at the same time avoids this.
Reason 2 – Rain seems to magically cause potholes to open up and swallow wheels whole. Roads here are bad enough in the dry but in the wet what can look like just a puddle can if fact hide a wheel shattering pothole.
Reason 3 – The car does leak a little during showers. It is no where near as a bad as a convertible though.

The water gets in just where the window and the body meet and just where the angle of the body changes as illustrated above. That is, just above the mirror and just at the roof line. This probably has something to do with the rubber seal deteriorating somewhat over the years. It isn’t a huge issue but you can get a fair dribble, especially in heavy downpours so a rag is always something handy to have available in the cabin during these time (and of course, remember there is no glove box to put it in!).
Reason 4 – It does get dirty. if you allow the rain water to stand on the car after you have it back undercover you’ll be greeted with annoying dirty spots the next time you take it out. I have therefore learned that upon return to dry the car off as best as possible with a microfiber towel.
However, now when it rains on a weekend I no longer have any hesitation in taking the car out for a ‘maintenance’ run. I simply need to be more vigilant for the reasons above but experience has shown me that I and the car have nothing to fear from the weather. It is just a car after all and cars are deigned to go in the rain (well most cars anyway).
Avoiding taking the car out simply because it is damp should not be an excuse for giving the engine a work out as that’s far more important. In short, there is no need to fear the rain in a F355.

Three pointer

I am pleased to report that the F355 now has a fully verified 3 point alarm system. It took a few hours and a few hundred dollars to get sorted but in the end I am glad it is done.

Interestingly, one of things that we checked upon completion was the override code. Basically you switch the ignition on and off in accordance with the code and the alarm is disabled allowing you to start the car in event that you don’t have access to the fobs.

When we tried the code that was provided it turned out not to work. Luckily, after some further examination of the alarm we found the working code. This means that the details that have been provided with the car since the day it was installed have been incorrect. Thus, if any of the previous owners had needed to start the car without the fob they would have been dead in the water!

This experience has highlighted another learning experience when it comes to buying a super car. You need to firstly check exactly what the alarm does to disable the car as many insurers want three point alarms. Secondly, and perhaps most importantly, you need to check you have all the documentation about the alarm, especially if it is after market.

Most super cars build after the year 2000 have factory three point alarms, so that makes things easier, however if you have or desire one prior to 2000 then you really need to do you homework.

So, the long and short of it is that I am a few hundred dollars poorer but I have a car that is more secure and more complaint with what insurance companies request. Downside is I have found an alternate that doesn’t car about the alarm being three point or not. However, having a three point alarm and a known override code does remove any future worries (in that respect at least) when it comes to insurance.

Now all I have to do is pony up the money to pay for the insurance. Ouch.

Eye candy

One of the advantages of being a Club member is that you do occasionally get the opportunity to attend a Ferrari event.

So it was this weekend when FMS opened its doors. This is always too good an opportunity to pass up as you get to see some really cool things like:

A Testarossa engine being worked on,

A 458 Speciale,

An F12 (although not my colour if I’m honest)

A 550 Spider.

A 430,

A 458 (I really like the rims on this one!)

and basically everything else they have in the show room.

The other benefit is great coffee and pastries, so a great time all round if I’m honest. What else could you ask for?

Where there is smoke

So I took a trip with the Club to a location about three hours from the city. The drive there was a bit bumpy but it was good to let the car stretch its legs a bit.

Stayed at local accommodation overnight (car parked right outside the room) with plans to head back the following day after breakfast. However, at about 3am I heard all this shouting and wasn’t sure whether I was having a dream or not. Unfortunately, when I emerged later in morning I found my car covered with what appeared to be some form of powder.

Turns out that someone had discharged a powder fire extinguisher over a Ferrari two cars along from mine. The overspray had covered the car next to me as well as mine (although less so). The powder in the extinguisher was ammonia phosphate which is really not something you want sprayed on your car.

The best I could do when I discovered this was to wash it all off using a fire hose and a microfiber towel (leant to me by another Club member). I made sure I went over the car a number of times with the hose and the towel until everything was removed.

I wasn’t too concerned with the paintwork because because it was merely overspray and secondly I am pretty confident that the Permoanon I have on the paintwork provides excellent protection. Still, having what are nasty chemicals on the paintwork for five or so hours along with damp overnight conditions is really something you want to avoid and there is always that worry in the back of your mind.

My concern driving back was, had any of the overspray gotten into the engine? My assumption was that, hopefully it would have been burnt off, shaken loose and blown away during the 3 hour drive back. The 355 has its vitals pretty well sealed so I don’t think I have to worry there.

I checked the paintwork again carefully upon return and can’t see any ill effects but I’ll give it a good wash as soon as possible to ensure any remnants are removed. The car needs a good clean after a country drive anyway.

Hopefully the other Ferrari that was directly sprayed also shows no ill effects but it is disappointing when things like this happen. The positive is that it could have obviously been a lot worse, so small mercies there. But this sort of incident, although rare, is part and parcel of being an owner because not everyone admires the car regretfully.

A bit of weather

My previous post on Permanon vs Nanloex showed the sheeting capabilities of both sealants but flooding the surface is a bit of an extreme test. The above is the results of some light rain on the same panel.

As you can hopefully see, there is a not an apparent difference between the two coatings as there was in the previous test.

Like I said previously, the next test is to clean the surface with the Nanolex cleaner BUT THEN use Permanon and see if that results in any differences. I doubt it but I’ll let you know what I find.

Nanolex vs Permanon

So back to my car detailing research.

A while back a professional detailer put me onto using Permanon and it has proved to be fantastic! I really like how you simply mix it with water, spray in on and them wipe it off to leave a brilliant shine.

However, I wondered how different a product like Nanolex was? Well, here’s a very interesting video comparison I did on the same panel, washed and clayed prior to using each product. On the left hand side of the panel I used Nanolex and on the right Permanon. Here’s what happening when you hose it down:

<img src="http://lh5.ggpht.com/-nP4GUxLcD_4/U8tnY-_G8KI/AAAAAAAARhA/1_loFXWXHno/video49deb95f35be%25255B47%25255D.jpg?imgmax=800" style="border-style: none" galleryimg="no" onload="var downlevelDiv = document.getElementById('46b0e011-f492-488d-8b98-fec6086cddf4'); downlevelDiv.innerHTML = "

http://www.youtube.com/v/Gi6vjWKQNRA?hl=en&hd=1“;” alt=””>

As you can see, the water does shed from the Permanon coated part of the paintwork but it doesn’t do that nearly as fast as the Nanolex.

So although it may look like the Nanolex wins hands down there are a few other considerations here.

Firstly, the Nanolex process involved using a Nanolex surface cleaner and then Paint & Alloy Sealant Premium. This means more time is required as well as more product and cleaning material. It isn’t a lot more but it is extra.

The Nanolex items seem not be be as eco-friendly and are certainly more flammable. Also, the Nanolex instructions also state:

“Allow the sealant to cure for a minimum of 2 hours before driving or getting wet.”

Finally, Nanolex only appears to be for paint whereas the Permanon can go on everything. I also haven’t done a price comparison here either yet.

So, I think the next step is to try the Nanolex surface cleaner with the Permanon to see whether that makes any difference (I doubt it, but worth testing).

My thinking is that once you clean the car you should protect the paintwork with Nanolex and then use Permanon over everything including the paintwork. Again, something to test on another panel on the car next time it gets washed.

I’m leaving the panel you see above coated with both sealants to see how they fair over time. I’ll work my way around the remaining panels on the car trying different combinations as part of my ongoing investigations. I’ll also do some more reading on the suppliers web site to see if I can work out what they exactly do and why the results vary.

Stay tuned for more detailing experiments.