My 355 mini-Restoration story

So I finally realized my dream and got my 355 Ferrari at 37 years of age and I am quite proud of it. However, it's not exactly in showroom condition but it has a lot of potential. It's a green (verde inglese) color that automatically seems to reduce the value by 20k compared to a red one in the same condition/year/mileage.

I therefore decided to take the plunge and buy it. Paid under 35k for a 1995 355 spider with only 13,000 miles but somewhat neglected (someone had it parked outdoors in the rain and under the sun for a while) It also had a minor accident in the back which was not properly fixed but wasn't very noticeable.

I am therefore going to share my adventure with you guys as I try to get this baby in pristine condition and share the exercise of sharing the time, budget and what gets done to the car.

I will regularly post the progress and update the expense list along with pictures until we get to the final day which I hope to be 6 months from now.

So, first things first, here are some pictures of the car:
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So here is my wish list for the car and I am hoping to stay under 15k and get it all done:

1-Do a major service on the engine and hope there aren't too many issues (fingers crossed)

2-Full paint color change to Rosso scuderia 323 (I love that orangy look to the ferrari red and the fact that Ferrari did not issue this color in 95 on this model is a "plus" for me. I know some will argue that you should not paint or change the color of a Ferrari but I do not care. when I was dreaming about the car, it was red (not green) I bought the green one because I had an opportunity to pick it up for cheap. The car needs a paint job because of discoloration and rust spots all over. (see pics)

3-change the windhsield (the original has major white oxydation stains and looks horrible (see pic)

4-change the door sills since they are rusted and look horrible (see pic)

5-fix the issues with the interior (broken air outlet vent cover, upper dash shrinkage, sticky black parts) see pic

6-fix/refinish the mags because they have major scratches (see pic)

7-Change the exhaust to a better sounding options than the stock one.
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(NOTE: I am posting several updates at once because they were all pre-written and I finally decided to upload on fchat today, I am not trying to be funny in case the mods are wondering why my progress is going so quickly on day 1, lol!!!)

So my mechanic has done a few ferraris and is a dedicated reliable person who estimates a major service will run me 40 hours of labor at 60$ + parts

After shopping around for a kit to do a major service, the average price was between 1000$ to 1600$ for the exact same kit. I located a great special for the 5.2 motronic at a Ferrari dealer in New jersey for 825$. Since my car is a 2.7, I had to buy an extra part that was wrong in the kit and it brought the price up to 870$

Estimated cost for the major: 3270$

Budget: 15000$
remaining balance: 11730$

Also got a quote on a full paint job including labor to change the windshield at 8500$ from a really great paint shop who has done several nice ferraris.

Budget left: 11730$
after paint: 3230$ (Wow that money is going fast, perhaps 15k was a "little" optimistic

 

Hey Gus355, why don't you do the same with yours and we'll have a little fun competition on who does a better job per dollar spent? It could be motivating and fun....

 

So, another update:

Engine has been taken out and is very dirty from being left outdoors but besides that, everything appears to be in great shape (see pic)

I was reassured that the mileage had to be original and untampered because the engine has zero leaks and there isn't a drop of oil anywhere. Manifolds are also in great shape and, altough they haven't been checked, the valve guide issue seems to be absent from this car (No oil burning and it purrs like a kitten). there was a minor problem with so much moisture and water that the oil had traces of being cream due to humidity but was told not to worry)

There are, however, other parts needed:

-fuel pressure regulators
-inner CV rubber boots
-idler pulley for the alternator belt
-thermostat
-sleeves for air boxes
-exhaust clamps

More money to spend....what the hell, we're in deep now so we're going to spend what is needed to get this done.

Any advice on interchangeable parts or how to save money would be greatly appreciated. I know the fuel pressure regulators sell for more than 1000$ and I can use the Bosch ones for 150$ instead (that's a relief!) I also was able to find a used air vent outlet for 150$ instead of spending 400$ on a new one.

Budget remaining: 3230$
air vent: 150$
budget remaining: 3080$ (and there is still all the parts above that I am going to need)

I also got my bodyshop to fix the rear frame as the previous repair from the accident was done with the engine in place and it was still caved in which caused the rear plate to rust as there was no gap between it and the bumper and it became the perfect place for water to just sit and rust away the body (Seeing someone take a hammer to your Ferrari is tough to see but it was necessary and everything is nice and even now)
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Thanks for all the replies and suggestions....I will definetly post pics of the car once it's stripped and also just before it gets sprayed so I can get your feedback.

As far as the windshield is concerned, I am not sure what procedure my paint guy is going to take but I know it will be convenient to have removed because of the painting and also for the process of refinishing the upper dash with new leather (which I plan on tackling myself)

I also found a windshield for 675$ (Of course it does not have the antenna but I plan to put an internal antenna and/or play CDs if I have to. It's worth saving over 2k in my book!)

-For the tensioner, it is indeed only the 50$ bearing that needs change.

-I also just found out I will need to get a set of wires....

 

Hey guys,

Looks like my 15k budget was insanely optimistic...

I realize some of you are suggesting replacing the exhaust but it can be done later while the engine is in place so I'll skip that for now and use the money elsewhere...

I did, however, order some parts online today and managed to save some money

fuel regulators 179$ at rockauto each instead of 738$ quoted by local dealer
cv boot 79$ at awparts instead of 142$ qbld
thermostat 145$at awparts instead of 278$ qbld
air box rubber sleeves 38$ at rutlands instead of 90$ qbld
oil filter 25$ at rutlands instead of 35$ qbld
tensioner bearing 58$ (same price as qbld)

I also need spark plug wires. I found them on rockauto.com and they cost 15$ for all 8 (they told me on the phone it is the exact same thing as the originals) Most sites sell the wires anywhere from 300$ to 800$ so I'm not sure if this makes any sense but I will have them in 3-4 business days so we'll see if this is a joke or what? If anyone knows what the rockauto ones are like, please let me know.

I will let you know exactly what comes in the box for that price. at 14$, I took the bait and we'll see....

 

I am in Montreal, Canada and we're bracing for 3 feet of snow shortly so there is no more driving it this year at all.

I also hate the color so much that driving it didn't give me that proud sense of driving a Ferrari just yet (I actually kept the top on the few times I drove it because the green bugged me so much!!!)

 

Yes it was...do you know it?

 

Do you have a site/link where I can buy that or an idea of what a kit would cost? I've been reading about the connectors and how crappy they are, I can only assume mine are even worse with the car being left out in the rain all that time....