Ferrari F355 Buyer’s Guide: What You Need to Know About Values, Problems, and More (2024)

From the March 2015 issue of Car and Driver

After the arrival of the sublime, daily-drivable Acura NSX in 1990, Ferrari thoroughly reworked the underwhelming 348 to create the modern and excellent F355. In March 1995, we called the F355 “easily the best eight-cylinder Ferrari [we’ve] ever driven” and advised drivers to “just zing this little V-8 to eight grand or so and listen to the music.” The F355 remains a great driver’s car, and depreciation has put it within the grasp of mere mortals.

ENGINE

The F355’s 40-valve V-8 produces 375 horsepower and 268 pound-feet of torque. Bronze valve guides in some 1995 models wore out early enough to tarnish the F355’s reputation, and even though the issue has popped up in models as late as 1998s, the vast majority of problems were revealed in the first year or two of the F355’s run. But one inevitability is having to replace the timing belt every three years, which can cost $7000 to $9000 because it requires that the engine come out. Also, the exhaust manifolds are known to warp and crack—replacing them costs up to $4000.

SUSPENSION
Actuators at the top of each of the F355’s shock absorbers that regulate damping force occasionally fail. Replacement is cheap as far as Ferrari fixes go, about $1000 each.

TIRES
Rears last 7000 miles or so, the fronts roughly 15,000, usually at around $700 per tire. Make sure to have a Ferrari pro change the tires, as the magnesium wheels can be damaged by tire-changing equipment. Also, balance and alignment jobs on F355s are trickier than most.

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OTHER PROBLEM AREAS
Failed catalytic converters can cascade into further repairs. Also, while the 355 F1 would debut Ferrari’s race-inspired automated gearbox starting in 1997, this transmission lacks the refinement of current dual-clutch gearboxes. And anyway, shouldn’t you really be saving the manuals?

ASK AN OWNER: DON G. (1996 F355 BERLINETTA, 23,800 MILES)

C/D: Have you had to replace your exhaust manifolds?
DG: Yes, I replaced both cracked manifolds with used, good-condition OEM manifolds about 3000 miles ago.

C/D: Have you gone through a Ferrari dealer or found an independent shop?
DG: I have all the work done at the Ferrari dealership that first sold the car. I think it’s more reassuring for the person who may eventually buy the car from me.

C/D: Have you had valve-guide issues?
DG: I had my valve guides replaced at 20,000 miles, at the same time as the major service. Bad valve guides, I’m told, are what cause the manifolds to crack because they induce higher exhaust-system temperatures that can fry the catalytic converters. The cost for OEM converters is around $8000. The first course of action for anyone buying a F355 with the bronze valve guides is to replace them, otherwise it can get costlier.

C/D: What are regular costs like?
DG: Set aside $5000 a year for maintenance and you should be fine. Some years you’ll skate by with $1500; other years it’s $6500.