So last week this thread really got me thinking. I went off to Fchat and had a look around. I found this great thread http://www.ferrarichat.com/forum/348-355/341922-my-355-mini-restoration-story.html by a guy who bought a low mileage 355 Spider of $35k with only 13k miles on it and did a ‘mini’ restoration. He’d never done anything like this before, he farmed out the engine work and paint, but did the rest himself. It makes fascinating reading and anyone who is working on interiors should read the whole thing. He did an engine out service, replaced the headers as the OEM ones can fail and kill the engine, changed the color from an awesome green to yawn, red, and did a full DIY interior restoration including recoloring the seats, replacing the dash leather at home and restoring all the plastic. That part is a really worth registering and reading, he spent time trying different paints to match color and texture, different cleaning products. This is a must read.
Here are some comments he made about buying this car as opposed to buying a better one to start with:
Now, the color change I wouldn’t have done, First of all , thank you for all your wonderful encouragements and compliments, it's a great motivator to keep going!
As for the question, I bought the car not knowing too much about it other than researching prices. I know I wanted a 355 and it had to be a spider.
When researching, I saw a lot of cars with a lot of mileage and by this I mean more than 30-35 thousand miles selling for over 50k.
When I had the chance of getting a 13 thousand mile car for 35k, I jumped on it thinking I could have the major done and get it repainted all for about 15k and I'd have a pristine car for about 50k
Once I got the car, reality set in: Headers can kill your car, aftermarket upgrades look so cool but are pricey, even the smallest part costs hundreds of dollars, the interior is sticky,
Most of my knowledge came off this chat and I read a lot and learned fast thanks to everyone here and the sponsors.
I could have plunked down more money but I didn't have it so this is allowing me to get familiar with the car, do all the work early in the car's mileage life and make sure it gets done well. It's a lot more than I bargained for in terms of time, money and everything.
Perhaps if I'd have known it would be like this, I probably would have waited or never even bothered buying a car like this.
This being said, I am still very excited and there's no turning back now so I have to plow ahead and get her done. I will appreciate the car a lot more once I get to drive it and enjoy it.
After that post there was plenty of feedback from others pointing out that he has actually ended up with a much better and nicer car than just buying one for $65k to start with.
Having said all that, even allowing for the fact the color change wasn’t needed, here are his costs, sit down first I warn you. And this is with him getting lucky and finding an OEM windshield for less than $1,000 when they can go for 3-4 times that!
Final Restoration budget
-air vent cover for interior: 150$
-major service kit: 830$
-fuel regulators: 620$ for 2
-cv boot kits: 160$
-thermostat: 145$
-oil filter: 25$
-alternator pulley: 50$
-Fabspeed headers, bypass cats and sec. bypass + ceramic coating: 5400$
-powder coating covers: 0$ (Friend of mine, no charge)
-New wire Set: 425$
-head cover gaskets: 15$
-Refinish mags: 700$
-New air tire valves: 50$
-New CV boot heat shields: 200$
-Carbonio carbon Fibre Door sills: 500$
-Stainless Steel Ferrari engraved sill inserts: 125$
-Mirror switch face plate: 28$
-Stainless steel Passenger Footrest: 100$
-HVAC Panel Replacement: 80$
-2 blank Keys: 32$
-5 Aluminium Wheel - Seat Inserts: 40$
-Engine Bay lateral right side protection: 140$
-Door key lock gaskets: 40$
-Euro directional white clear front lights: 275$/pair
-Wheel center caps: 130$
-Valve stem tire caps: 6$
-2 new Muffler clamps: 20$
-New OEM windshield: 1000$
-Labor to replace windshield: 500$
-Full paint and color change: 7500$
-Skid protectors: 150$
-New leather for dash: 175$
-leatherique treatment and dye: 300$
-cleaners/solvents/paint to refinish sticky interior: 120$
-New air bag sticker, paint sticker, wing badges, tire pressure sticker, pininfarina badges: 75$
-New hood struts rear: 60$/pair
-Replacement rear OEM grille cover: 250$
-2 hydrographic carbon fiber dip kits: 200$
-caliper stencils: 10$
-New Kenwood eXcelon XR-S17P speakers: 200$
-New Power steering reservoir: 40$
-Ssnake oyl seat belt repair and new retractors: 250$
-Driver seat mechanism repair: 120$
-Shampoo/steam carpeting: 60$
-3M protective film Clear Bra (for stone chips): 180$
-hi temp paint cans: 30$
-Powder coating various parts: 50$
-Fix leather toolcase buttons: 6$
-Nouvalari SuperSport Exhaust: 1400$
-New carpet retainer clips: 20$
-Ferrari seat belt cushion pads: 10$
-Brake cleaner: 7$
-New Hankook EVO tires: 910$
-Various small parts, gaskets, handle & switch holder from Ricambi: 20$
-Fuel filler guard: 30$
-New air hoses: 110$
-New 3 switch holder for top & seats: 30$
-New wiper caps: 3$
-New tonneau leather cover clip button: 15$
-fan sensors, plenum chamber gaskets & misc. parts: 200$
-new cavalino steering wheel centre emblem: 10$
Mechanic costs:
-prepare the car for inspection: 125$
-oil change: 125$
-Labor for major engine service kit: 2400$
-Other labor (fitting fabspeed, change extra parts): 600$
-Refinish clutch: 500$
-injector test: 200$
-miscellaneous costs (silicone, brake fluid, etc...): 50$
-Labor (install exhaust, remove & reinstall detailed engine parts 7 calipers, replace steering reservoir, change tires & other misc. work) 1020$
TOTAL: 29547$
So, $35k for the car plus $29.5k in work totals a wallet melting $64.5k. But a chuck of that was an color change and labor, take that lot out and some of the vanity parts (carbon this, stainless that) and loose the exhaust (but keep the headers) and your down too ‘only’ $13,500. If you had a car that didn’t need headers or already had them that takes you down another $5k and your suddenly in the not too bad category for a car of this type.
