My wife has decided she wants a Ferrari 355. Her decision was made when I pointed out that the BMW 535 diesel that we own cost more money (£38,000) than the beautiful second-hand Ferrari 355 (£35,000) that had just streaked past us, exhausts howling, on the dual carriageway.

I also mentioned that the Ferrari would still be worth about £30,000 in three years’ time while the BMW would be worth closer to £20,000.

“The Ferrari is a bargain,” she said, and I had to agree. Launched in September 1994, the 355 was a huge step forward for Ferrari. At about £83,000 it cost barely more than the outgoing 348 model but was quicker, more powerful and better looking.

Under the skin the 355 had an all new monocoque, which made it stronger and more rigid. Power came from a larger 3.5 litre V8 engine with, for the first time in a production Ferrari, five valves per cylinder. With 375bhp and a kerb weight of just 2,846lb, the performance was blistering: 0-60mph in just 4.6sec and on to 100mph in 10.8sec.

It was available as either a fixed-head coupé, the Berlinetta, or as a Targa with a removable roof panel that can be stowed behind the front seats. Second-hand Targas cost about £1,500-£2,500 more than the Berlinetta. Purists say they prefer the extra rigidity of a fixed roof but in reality the differences are minor.

In September 1995 a Spyder joined the line-up. At around 130lb heavier than the Berlinetta the convertible feels fractionally less focused on the road, but potential owners should worry less about that than checking the hood operates correctly and that there is no sign of damage around the wear points or leaks around the seams. A used Spyder will cost £5,000 more than an equivalent Berlinetta.

In 1997 the 355 gained the option of an F1 “automatic” gearbox to supplement the six-speed manual. It allowed drivers to change up or down via two paddles on the steering column and to move through the gears more quickly than with a standard manual box. At about £6,500 it was not a cheap option but it was popular.

No Ferrari, including the 355, is cheap to run. Regardless of how many miles you cover it will require an annual check-up to change oils and fluids, which will cost £700. A “proper” service, due every 12,500 miles, will cost about £1,200. You will also need to change the cam belts every three years, regardless of mileage, and that costs an extra £1,200.

That’s not all. Exhaust catalysts (and there are two) cost about £1,000 each and the two exhaust manifolds can be prone to cracks, which will cost £2,000 per side. You will also need a new set of tyres every 6,000 miles at £1,000 a set and that lovely Italian leather upholstery could do with being spruced up every 12 months at a cost of about £200.

None of this I mentioned to my wife. But then owning a Ferrari is not merely about buying a car — it is about becoming custodian of a motoring masterpiece. Long after the large service bills, heavy fuel consumption and hefty insurance premiums have faded, the memory of the 355’s surging power, intoxicating engine note and breathtaking beauty will remain.

Ride Computer-controlled suspension produces superb handling and reasonably supple ride

Gearbox Standard six-speed manual is one of Ferrari’s best. Optional F1 gearbox adds £2,500 to second-hand values

Accident damage Ferrari keeps a register of damage repaired via official Ferrari body shops. A call to it with the chassis number should reveal any nasty surprises in the history

Engine Pre-1996 cars had twin air box intakes, which produced better engine note and crisper performance. Later cars changed to single air box to improve emissions

Timing belts Must be changed every three years regardless of whether any mileage has been covered

Steering Variable-weight power steering feels superb, although some owners took the factory option of no power steering

Headlamps Standard bulbs are relatively weak but upgraded bulbs can be bought for £50-£150 each

ABS Standard on all cars and can be deactivated by the driver

Service history Must be complete, original and supported by all invoices, otherwise walk away

VITAL STATISTICS

Model Ferrari 355 Berlinetta
Engine 3496cc V8
Power 375bhp @ 8250rpm
Transmission Six-speed manual
Fuel n/a
Acceleration 0-60mph: 4.6sec
Top speed 183mph


THE ONE TO BUY

A 1994 M registration rosso red Ferrari 355 Berlinetta with crema hide, full service history and 30,000 miles on the clock. Pay £34,250 from a dealer or £31,000 privately

OR FOR THE SAME MONEY...

1992 J Bentley Continental R coupé



1996 N Porsche 911 Carrera 4 Turbo



1999 V Aston Martin DB7



2002 52 Maserati 4200 GT coupé

VALUES



Source: estimates based on confidential CAP black book prices. ‘Trade’ is what a dealer would pay to buy your car; ‘Retail’ is what you would pay a dealer