If you own an older vehicle, you may wonder if it qualifies as a collectible or a classic. And if it does, would you -and your passion project- benefit from a specialty car insurance policy? From our point of view, it doesn’t matter what year the car is. “What really matters is does the vehicle have collectability today,” says Drew Yagodnik, President of Classic Auto Insurance, “or is this a model that may have demand down the road?”
A “Young” Collectible at 25
For instance, the powerful Ferrari F355 marks its 25th anniversary in 2019. Does it have a lineage of collectability? Possibly. It’s a Ferrari after all, born between the F40 and the F50, equipped with a 375bhp V-8 engine and does a top speed of 183mph. Styled by Pininfarina, some collector aficionados say its understated attractiveness helps the car “age better,” which is why it’s still sought after today.
Benchmark Sports Car of Its Era
The Ferrari F355 is manufactured by the Italian automaker for only five years, from 1994 to 1999. The emphasis for the design is significantly improved performance and drivability, both aesthetically and aerodynamically. As a heavily revised version of the Ferrari 348, the Ferrari F355 has tighter driving capabilities at different speeds, such as in slower city traffic. Other major advancements include power steering, variable damping and a 100cc engine enlargement to 3.5 liters. Considered the first truly reliable Ferrari, it is the last of the breed to be hand-built, becoming a benchmark sports car of its era.
Berlinetta, GTS, Spider
At the time of its introduction, the Ferrari F355 is available in the Berlinetta model (coupé version) priced at $130,000 and the GTS model, which is similar to the Berlinetta with a “targa-style” hard top roof. In 1995, the Spider (convertible version) is introduced, priced at $137,000. Later in 1995 the Ferrari F355 Challenger is introduced as a race-ready vehicle; basically, a Berlinetta with a $30,000 factory-to-dealer supplied kit that includes such modifications as a roll cage, racing bucket seats, safety harnesses, fire extinguisher, competition steering wheel and other things that convert the Ferrari into a race-ready vehicle. The Formula One style paddle shift electrohydraulic manual transmission is introduced in 1997. Originally called the Ferrari 355 F1, all models at this time become known as F355 – the “35’ stands for the 3.5-litre motor and the extra “5” stands for the five valves per cylinder. The Ferrari F355 is the last of the series of mid-engine Ferraris with the flying buttress rear window that had been a feature since the 1965 Dino 206 GT.
The Most Beautiful Ferrari of the Modern Era?
Many consider the Ferrari F355 to be the finest example of a Ferrari no matter the body style. Collectors tend to value the car more on its condition, history and mileage. Since the F355 is the first road car to offer an “F1” paddle shift transmission alongside the traditional chrome-gated manual, “it is a sweet spot in the transition from ‘analogue’ to ‘digital’, blending timeless looks and an honest character with just enough modern influence to make it a tempting proposition today,” according to Classic Driver.
Collector and Classic Car Insurance for Less
Whether you own a Ferrari F355 or another “young” collectible, let Classic Auto Insurance customize a specialty insurance policy to fit your needs. We offer affordable, Agreed Value coverage for a variety of collector, classic and custom vehicles. Our friendly, knowledgeable staff can answer your questions and give you a quote on the spot. Call 888-901-1338 or get an instant quote online and see how we can help safeguard your dream car.