Costs of Ferrari - Ferrari Life
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post #1 of 49 Old 03-13-2010, 11:38 PM Thread Starter
 
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Costs of Ferrari

Hello,

i'm only in college right now, and i drive a 1987 volvo 240 dl, which i love by the way. i've always wanted to own a ferrari in my lifetime, but the honest truth is that i'm not sure if i'm going to be able to afford it on a working class salary, but i figure if i can plan ahead and save up, it may be a possibility.

i know many of you are owners, so i'm asking you: what are the costs associated with owning a ferrari such as insurance, maintenance, and whatever "hidden" or unexpected costs are out there that i should take into account.

i'm very interested in the berlinettas, especially the f430.


-Mitch
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post #2 of 49 Old 03-14-2010, 01:48 AM
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Ferrari's history spans 63 years. You can imagine that "the cost of a Ferrari" is a question like "how long is a piece of string" - you can't compare the cost of maintaining a 250GTO with that of a 308GT4.

As a very rough guide, if you drive a modern Ferrari like an F430 roughly 5k miles a year, $1 a mile is a sort of a rough guide to get an idea of overall cost (fuel, tyres, insurance, maintenance).

To make a decent start in Ferrari ownership you need $30k for a good 308 and $3k a year, plus some money in the bank for contingency (I would recommend $10k).

I would also like to encourage people to USE THE SEARCH FUNCTION! I have answered this question at least 20 times before.


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post #3 of 49 Old 03-14-2010, 07:11 AM
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Hello Mitch welcome to Flife.

My guess is that by the time you wish to purchase the f430. The prices should be similar to the price of a current 360. However running costs should be lower on the basis that newer models are less expensive to maintain, due to the new technology such as timing belts on the f430.

1. The cost of insurance will depend on age and experience. But that shouldn't be of concern if you were to purchase a ferrari.
2. Maintenance should be relatively straight forward on these modern Ferraris. For example a service for my 550 maranello is around 900gbp.
3. Hidden costs such as my steering rack leaking. It costed me around 1500gbp. Which included refurbishment of the rack, fitting and realignment. (the only unexpected problem i have had with my car.)

note: all the services and works was carried out at a Ferrari main dealer. Specialist may be slightly cheaper.

Regards, Jacob
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post #4 of 49 Old 03-14-2010, 07:23 AM
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I've found that my '06 Chevy pickup truck costs way more to operate and maintain then my Ferrari.

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post #5 of 49 Old 03-14-2010, 07:36 AM
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I've found that my '06 Chevy pickup truck costs way more to operate and maintain then my Ferrari.
Well that's because you have two engines in it!!!
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post #6 of 49 Old 03-14-2010, 11:22 AM Thread Starter
 
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Originally Posted by JazzyO View Post
Ferrari's history spans 63 years. You can imagine that "the cost of a Ferrari" is a question like "how long is a piece of string" - you can't compare the cost of maintaining a 250GTO with that of a 308GT4.

As a very rough guide, if you drive a modern Ferrari like an F430 roughly 5k miles a year, $1 a mile is a sort of a rough guide to get an idea of overall cost (fuel, tyres, insurance, maintenance).

To make a decent start in Ferrari ownership you need $30k for a good 308 and $3k a year, plus some money in the bank for contingency (I would recommend $10k).

I would also like to encourage people to USE THE SEARCH FUNCTION! I have answered this question at least 20 times before.


Onno

Hey Onno,

could you link to me some of your previous answers, or suggest some key words i should use in the search, i'm still getting used to this forum.
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post #7 of 49 Old 03-14-2010, 11:33 AM Thread Starter
 
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Hello Mitch welcome to Flife.

My guess is that by the time you wish to purchase the f430. The prices should be similar to the price of a current 360. However running costs should be lower on the basis that newer models are less expensive to maintain, due to the new technology such as timing belts on the f430.

1. The cost of insurance will depend on age and experience. But that shouldn't be of concern if you were to purchase a ferrari.
2. Maintenance should be relatively straight forward on these modern Ferraris. For example a service for my 550 maranello is around 900gbp.
3. Hidden costs such as my steering rack leaking. It costed me around 1500gbp. Which included refurbishment of the rack, fitting and realignment. (the only unexpected problem i have had with my car.)

note: all the services and works was carried out at a Ferrari main dealer. Specialist may be slightly cheaper.

Regards, Jacob
hey Jacob,

i'm hoping to get the ferrari within the next 15 years or so.... i.e. before i have kids =D, yet after graduate school. if all goes as planned, i'll graduate with a Ph.D in chemical engineering debt free (i have a full ride for my undergrad right now), and will be making around $80,000 a year starting 7 years from now.

so how much do you think for an f430 with a person age 30, with no accidents or tickets would cost how much, in addition to the ~$3,000 US per year for maintenance and repairs?
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post #8 of 49 Old 03-14-2010, 09:51 PM
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Originally Posted by mitchellsliberty View Post
Hey Onno,

could you link to me some of your previous answers, or suggest some key words i should use in the search, i'm still getting used to this forum.
How about the words "ferrari maintenance cost", gives me 107 threads...

It is a bit pointless to try and predict insurance costs for you in 15 years' time with inflation, drop in F430 prices, possible changes in legislation, possible points on your license, previous insurance claims (still to incur) etc.

I like a man with plans Mitch, but I think you're getting a bit ahead of yourself. Life doesn't work out the way you plan, never does. A Ferrari is something you should buy when everything else is sorted out. It should not be a goal on itself - it's just a car. Get your money working for you first, it is better to wait 10 more years to really enjoy the car rather than buying something you can't really afford. I think the biggest point to make here is that if you can afford a Ferrari then maintenance is not a stumbling block.

Finish school, get the degree, get the job, work your way up, buy the house, set up investments, and then we will talk in 10 years' time. If you get a wife and kids (remember - life doesn't go the way we plan) we'll talk in 25 years' time...


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Last edited by JazzyO; 03-14-2010 at 10:05 PM.
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post #9 of 49 Old 03-14-2010, 11:24 PM
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Sage advise, Onno. Always, right to the point. w/ smiles Jimmy
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post #10 of 49 Old 03-14-2010, 11:39 PM
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Onno in 25 years time we'll all be old by then like really old, how depressing!

Cheers
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post #11 of 49 Old 03-15-2010, 12:16 AM
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Mitch as mentioned by onno, it will be impossible predicting how much you would need. As everything would be different in a years time let alone 7 years. I strongly recommend onno's advise. He is after all a wise man with 3 Ferrari's.

One last thing I would add is: Timing. Often at the end of the day you end up in the same place e.g. with a Ferrari. But if you timed the purchase well for example: the F430 still has quite a bit to drop in depreciation, thus instead of purchasing a ferrari you invested in UK bank shares or property and purchased the Ferrari when it is at the bottom of the depreciation curve. There is a possibility that the profit you made on the investment could cover the cost of the Ferrari and more. My message to you is think through your decisions, make sure you build up your foundations, it could save you a lot of time, money and effort.

Regards, Jacob
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post #12 of 49 Old 03-15-2010, 01:38 AM
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Onno in 25 years time we'll all be old by then like really old, how depressing!

Cheers
D
David, if I'm alive in 25 years' time then I guess it is still sunny-side up!

I've never understood people getting depressed about getting old - the only other alternative is pushing up the daisies which to me is slightly less preferable.

I'm turning 40 in 2 month's time. This, to me, is a good thing.


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post #13 of 49 Old 03-15-2010, 02:15 AM
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I'm turning 40 in 2 month's time. This, to me, is a good thing.
Onno, here's a post I made a few years back about turning 40. It's a pretty good read: http://www.ferrarilife.com/forums/showthread.php?t=4332

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post #14 of 49 Old 03-15-2010, 06:00 AM
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Enjoyed that Pete. I recognise a lot of the things you and other people brought to the fore in that thread.


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post #15 of 49 Old 03-15-2010, 06:47 AM
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That was great Pete i turn 40 in 3 years lets see if thats the case i'm pretty sure it is, Onno i'm not depressed about aging just small talk. But this Mitch kid seems so idealistic with the phd and 80k a year in 7 years time boy is he going to feel the real world when he starts working, i wish him best of luck!

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post #16 of 49 Old 03-15-2010, 08:21 AM Thread Starter
 
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hey onno,

i guess you're right. it is better to do it later, and do it right the first time.

i only wish it sooner rather than later because i don't know how much longer my parents will be around, and i'd really like to share something like this with them. my mother had breast cancer last year, and my dad had a heart attack 11 years ago to this week.


and to david lee,

i suppose it is pretty arrogant of me to assume i'm gonna get a job and make $80,000 a year, but i wanted to make a ballpark estimate, something to go off of. regardless of whether or not i get a job, i can guarantee that i will finish my education in the next 10 years, at least.
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post #17 of 49 Old 03-15-2010, 08:27 AM Thread Starter
 
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also, i'm curious... how did you all manage to afford such a prestigious car such as a ferrari?
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post #18 of 49 Old 03-15-2010, 09:29 AM
 
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Good luck to you my friend. I am also trying to get my PHD, but in aerospace engineering instead of chemical. And I also hope to someday own a Ferrari. Maybe I won't get there before 40, but hell with a phd we're still better off than most people. That's the way I think of it.
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post #19 of 49 Old 03-15-2010, 09:32 AM
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Originally Posted by mitchellsliberty View Post
also, i'm curious... how did you all manage to afford such a prestigious car such as a ferrari?
I think the answers would incude everything including inherited money to hitting the lottery but I think you will find most of the owners on FL own them becuase of the love of the car. My guess would be the number one answer to your question is we saved our pennys and bought one.

Most people live paycheck to paycheck regardless of income. A very few people "pay themselves first" which means they put away some money from each paycheck before going out and getting new cell phones or $100 jeans. Do that at an early age and you will find yourself in a very comfortable position. Wait till later and you will strugle and to make it even harder it's hard to break bad habits.

Put away 10% of every paycheck and by the time you are 40 you will be able to buy a Ferrari or anything else you want. Collecting money can be a fun hobby! The first few years can be frustrating since you don't see much return but after a while the miracle of compound interest kicks in and it really becomes enjoyable.

Let me add my two cents here and tell you I believe the difference between rich people and poor people is a state of mind and has nothing to do with how much money is in the bank. Poor people hit the lottery and most often are poor again very quick. Rich people can lose everything and within a few years they will be wealthy again. You decide which of those two you want to be.

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post #20 of 49 Old 03-15-2010, 10:08 AM
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Originally Posted by mitchellsliberty View Post
also, i'm curious... how did you all manage to afford such a prestigious car such as a ferrari?

you don't have to be a kazillioniar to have or maintain a Ferrari. You may even purchase or lease one at a great less per month than one would expect, but you may be making such payments for a kazillion years....even with a healty downpayment

The DIYers [Do It Yourselfers] can do much and save tons of money but then there are the one-off 'things' which require a trained mechanic.

I suspect that if you start downloading the Buyer's guides on this site and reading more and more you'll start to pad your knowledge banks.

Then, you must ALWAYS not finance toys, passions at the expense of your daily living and future needs. That means even a typical car.

You'll have to know, that many of us, have gone into our 'senior' years [well some of us] and I didn't start acquiring a Ferrari until later in life...although I know many who started way younger than I.....depends.

What I'm saying, is many things are established in terms of income and less towards, say, other more needed expenses in life...then although it is not a toy, it almost fits that category in that I can certainly NOT have a Ferrari, but choose to do so.

not the end all advice/observation, but noteworthy and typical in many respects.

Welcome, and keep asking away, but like onno said, doing a search will get you tons of reading, THEN ask away.

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