Faults:

Main hydraulic rams for the convertible top failed.

Catalytic converters failed.

RH exhaust manifold cracked.

LH external door handle broke.

Trunk struts needed replacement.

General Comments:

First, the looks are stunning, and it drives as well as it looks. The performance is about what you get from a new Corvette; zero to 60 time in about 4.7 seconds, and a top speed of about 183. Where this differs from the Corvette is in cornering. There is nothing I have ever driven that comes close to the way this car sticks to the ground.

The practicality of the car is underrated. You can use is almost every day -- and I have, driving it an average of 1,000 miles a month, even in winter. The seats are comfortable and so is the ride -- it's better than many sedans I have been in. The trunk space is enough for a cart full of groceries, and it averages 16+ mpg combined and 20-21 highway.

Outside of a poor sounding sound system, it's very expensive to maintain due only to the price of parts. Mine now has 38k miles on it and I've only had a few things go wrong with the car since I bought it -- but nothing has been cheap. If you are going to get one, I would make sure you could afford $10k for maintenance should something pricey need to be replaced -- and considering the age of the car, something probably will, as parts are getting to their age/wear limits. Also, every five years it needs an engine-out belt service, and the clutch only lasts about 20K miles.

I bought my '99 F1 Spider in June of 2011 and absolutely love it. My car was built in July of 1998, and there isn't a thing wrong with the interior, and no rattles or squeaks, it's unreal.

I live in Michigan, and average driving it 1k miles a month, only garaging it when there is snow and ice on the roads. It's a car that loves to be driven, and driven hard.

I picked mine up for less than $60K from a Ferrari dealership, and it's the best money I have ever spent. Sure, for that price you could get a new Vette, Boxster or whatever, but they are just cars, a Ferrari is a dream.

Faults:

A great car and a lot of fun.

General Comments:

I purchased the car because it has always been a dream of mine to own a Ferrari. This car didn't let me down because it is quick, fast and all that you would imagine a Ferrari to be. If you have a dream and have always wanted one, the 1999 355 F1 is a good way to get started at a decent price. Stick with a 1999; it was the last year of the 355 model and all the bugs are gone - its perfect. I told myself I would keep it for a few years and sell it which I will do, and by the way I will drive it for two and a half years and sell it for what I purchased it for. What a cheap dream to live!