Question on used Ferrari's: - Ferrari Life
 
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post #1 of 9 Old 09-14-2007, 02:11 PM Thread Starter
 
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Question on used Ferrari's:

Hello;

Great to find a site about Ferrari's like this. I'm getting out of a divorce this year but the credit damage has been done and I've decided in the last year or so why spend money on a SUV or Corvette when you can get a car that you personally love, and I've found nothing more beautiful than a Ferrari. The respect you get because you know what you want and accomplished it.

Too some of us a Ferrari is an invenstment, as I'm not no house owner, have no trust fund, or born with a gold spoon in my mouth. I've tried to read up on each model so I thought about a 308, 328, 400i, Mondial 8 (3.2? am I correct) and my most wanted is the Testarossa. I'm very good with repairing engines and doing Ferrari repair would not be that much harder with good information. I would never ever be able to afford a new Ferrari, like the F-40, 550 Maranello, or anything like that... I guess I'm old school and I can't get over ther Testarossa side strake air dams... The sound of the flat 12 cylinder at full song, well the Ferrari bug has bitten and there is no cure for it!!!

I live in Nebraska were there are miserable winters, like other states have, but since I've never owned a Ferrari. I've seen a black TR it was a 90' model for $49,995 and it has the 512 TR wheels on it.

Can anyone tell me if there is bank / dealership that would work with a guy wanting to build his life back? What kind of payments do average people pay on a Ferrari. They couldn't be as bad as a Corvette or Firebird Trans Ams W-30s..

What model would be a good model too start out with..Nothing too expensive...
Let me know ok;
Eric Thankyou all;

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post #2 of 9 Old 09-14-2007, 02:23 PM
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Welcome to you Eric.
Once that Ferrari bug bites, it won't let go and there's no cure.
I can't offer any advice on the market in the USA or even credit terms because I'm in the UK.
I suggest that you read the buyers guides here on the forum as they will give you valuable information, good and bad points on the models you are looking for.
I'm biased towards 328's, but they aren't for everyone and are a bit of a squeeze if you're above average height and build. But despite the lack of hedroom I love mine.
Best wishes.

Archie
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post #3 of 9 Old 09-14-2007, 03:57 PM
 
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Hi Eric,

welcome to the Forum

When calculating the budget for a used Ferrari, keep in mind that even if you can work on the car yourself, spare parts may be extremely expensive, and in some cases it may take a some time for parts to be delivered.

A Ferrari is also not meant to be a daily driver or an alternative to your everyday SUV. I wouldn't consider a Ferrari an investment, either.

Always my best,


John
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post #4 of 9 Old 09-14-2007, 04:29 PM
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It is generally agreed that the 328 is probably the best "starter" Ferrari. If you really wanted "Nothing too expensive" then you could take a look at the 308's and Mondials. I've found the 308 to be fairly easy to work on for the handyman or backyard mechanic. So that is something to think about also, if you are making payments on the car can you afford to take it somewhere to be repaired when it breaks?

As for the financing, J. J. Best Banc & Co. does just the sort of financing you are looking for. http://www.jjbest.com/

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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post #5 of 9 Old 09-15-2007, 12:37 AM
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Quote:
Originally Posted by ericjmoheng View Post
Too some of us a Ferrari is an invenstment, as I'm not no house owner, have no trust fund, or born with a gold spoon in my mouth. I've tried to read up on each model so I thought about a 308, 328, 400i, Mondial 8 (3.2? am I correct) and my most wanted is the Testarossa. I'm very good with repairing engines and doing Ferrari repair would not be that much harder with good information.
Your best bet is a 308 QV or a 328. I think there was an article on best 1st Ferraris in one of the recent issues of Ferrari Life Quarterly.

Quote:
Originally Posted by ericjmoheng View Post
Can anyone tell me if there is bank / dealership that would work with a guy wanting to build his life back?

...
Try http://www.putnamleasing.com/
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post #6 of 9 Old 09-15-2007, 12:45 AM
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Suggest you take a look at our Buyers Guides:

http://www.ferrarilife.com/library/guides.php

Resources: Parts List | Buyer's Guides
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post #7 of 9 Old 10-13-2007, 06:09 PM
 
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I'm in the same boat looking to buy an early to mid 80's Mondial or 308gts / gtb.

The two things that do turn me off are:
1) There's a frequent major tune-up has to be done every so often, costs like 5-8 thousand and it involves replacing the timing belt. This may only be on the Mondial but I am not sure, what I do know is this tune up is crucial because some ferraris sport an interference engine and thus if the timing belt were to break then the pistons would smack into the valves... So it has to be done often, at a dealership.
> On the Mondial and perhaps the 308, seems like every repair beyond the simple involves removing the engine. It is not a daily driver thou I drive just under 5,000 miles a year so it would probably be ok.
2) This is a 200mph car, it does 60 or 70mph in first gear and not until 2nd gear does the power kick in. The ferrari is only slightly faster than a Mustang GT from 0-60, the Corvette outruns it up to around 90, which means by the time I get to feeling the true power of the ferrari I'm doing 90- 120mph and I still haven't even got much past 3rd and there are 6 gears..? That to me is a problem when there are no roads anywhere within the radius of the continent where I can legally and safely do anything even close to it.
> If only once, but you can't DO it on a US highway, the road isn't made for that.

This isn't a turn-off per se but it needs mentioning:
3) A car is never an investment, because it almost always decreases in value over time, and rather severely so. Perhaps the 1983 Mondial I can buy today for 20,000 is worth more in 20 years IF I keep it in my living room AND keep up on the maintenance, or maybe not, but most cars never increase, few even keep their value.

Other than that...
I currently own two early model classic-style bmw's and I tell you there is no secret to the financing aspect, with these cars you don't finance. Because there's no financing these 18-25 year old cars, once they're past 20 years there's no blue book, and most places that could finance are dealers (so you pay more), banks won't touch it, they don't want something that old as collateral, much less if purchased via private party and by the time you get it valuated you're out another thousand...

But that's not all, finance it and you have to have full coverage insurance, not only do you risk paying interest, but you will pay more, I carry minimum liability on mine, a spotlessly perfect driving record is essential, hence another damper on my enthusiasm with the abilities of the car.

And if the car turns out a lemon or I otherwise feel I made a bad choice, at least I'm not stuck with the payments... You can't sell a car while you're making payments, more than a few try, but I myself and most level-headed folks won't buy it unless the title is free and clear.

So ...
First you need an impeccably clean driving record, absolutely no violations or citations or marks of any kind as far back as the DMV in your location goes. I think in VA where I live that's 5 years but really 8-10 is better (mine's been clean for 7 now).

That's the first step, then you need to work with your current budget and income and make some room for additional savings. These savings need to come out over top of retirement or anything else, find places to cut costs fine but don't mess yourself up.

At my rate I can put away 4-5g a year, that takes about 4-5 years to get 20g.
Of course these two things can be done at the same time (no tickets, save money).
Once I have the money or I'm within a few months of having it, I start looking.
WHEN I find the car I want, I first call to make sure it's still there and gtg, then I fly or get driven out to the location, inspect it, and if all is well, pay for it cash, get the title and drive it home.

Once I get the car home, it's time to immediately go over the entire thing and fix as much knick knack as needs it, do all the maintenance you can because it might be the only time it gets done over so good... Most owners, once they own a car for some time don't do squat much past oil changes, I'm no exception, so there needs to be a 1-2 thousand dollar buffer to accomodate for that first excitement burn off, and that's one way I burn off the excitement is working on it, usually for several weeks, sometimes 1-2 months.

That's how I paid for the bmw's, 4 and 5g each, not quite 20 but that's just one more step.
That's how I do it, I go through a good 5-600 dollars easy as SOON as I get it home, that's on top of ttlir, sometimes as much as 1-2g, I fix anything and everything I can think of.
On the notes of investment, see I've sunk another few (2-3) thousand into the bmw's over time, but they're only worth maybe 1-2 thousand each today, so there is no investment here.

Thus in the end it boils down to that thing, either you can afford it, or you can't.
What's 5 years?
I'll be 45 by then, what if it takes until I'm 50, who cares?
Then if all else fails, I at least have the money lol.

Perhaps this is why it's always the old guys drive the super cars,
and oh yeah, they drive uh slow, the speed limit.

In the meantime, I DROOOOL.
And I may in the end opt for a different classic, perhaps an Excalibur or a Tiffany, the Panther Kallista is nice thou the 2.3L is a turn-off, I'd love to get a nice DeTomaso Pantera but that's really just an over-rated Ford, Deloreans turn me off, a few others exist, some Alfas come to mind...

Last edited by 8307c4; 10-13-2007 at 06:42 PM.
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post #8 of 9 Old 10-14-2007, 03:27 PM
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8307c4,
Love your post. You are definately a guy who is looking at Ferrari ownership with both eyes wide open. I do have some comments on what you have posted, perhaps there is something in here you can consider.
Quote:
Originally Posted by 8307c4 View Post
There's a frequent major tune-up has to be done every so often, costs like 5-8 thousand and it involves replacing the timing belt. This may only be on the Mondial but I am not sure, what I do know is this tune up is crucial because some ferraris sport an interference engine and thus if the timing belt were to break then the pistons would smack into the valves... So it has to be done often, at a dealership.
> On the Mondial and perhaps the 308, seems like every repair beyond the simple involves removing the engine. It is not a daily driver thou I drive just under 5,000 miles a year so it would probably be ok.
All the Ferraris are interference engines and the timing belt does need to be changed as preventative maintanence. Like you, mileage is not an issue with me but age is, I go 5 years on the belts. The belts are only like $28 each and they can be changed on the 308 without removing the engine. With the Mondial you do have to drop the engine to change the belts but the engine does drop out pretty easy. If you do your own work, 308 ownership can be very reasonable, if you don't do your own work, well if the 308 is easier to work on for a backyard guy, it is sure enough cheaper than a 355 to have the work done for you. You do not have to go to the dealer, you can find an independant mechanic who does Ferrari work and you can save a few $$$.
Quote:
Originally Posted by 8307c4 View Post
2) This is a 200mph car, it does 60 or 70mph in first gear and not until 2nd gear does the power kick in. The ferrari is only slightly faster than a Mustang GT from 0-60, the Corvette outruns it up to around 90, which means by the time I get to feeling the true power of the ferrari I'm doing 90- 120mph and I still haven't even got much past 3rd and there are 6 gears..? That to me is a problem when there are no roads anywhere within the radius of the continent where I can legally and safely do anything even close to it.
> If only once, but you can't DO it on a US highway, the road isn't made for that.
From this I can tell that you have looked at the specs but you have not actually driven a Ferrari. I used to have a Mustang GT, 15 years newer than my 308 and twice the engine size. I thought that car was a dog. I hated it. The Ferrari is a different driving experience, you don't have to be driving 90 mph to feel the power, you just have to keep the rpms above 5,000. It takes some getting used to. The big V-8 Fords redline at just over 5k, this is when the Ferrari starts to make real power. If you are used to driving American muscle cars you have to get used to being in one gear lower than what you think you should be in. You drive the Ferrari around 30-50 mph in second gear on a back country road and there ain't no stock Mustang than can catch it.
Quote:
Originally Posted by 8307c4 View Post
3) A car is never an investment, because it almost always decreases in value over time, and rather severely so. Perhaps the 1983 Mondial I can buy today for 20,000 is worth more in 20 years IF I keep it in my living room AND keep up on the maintenance, or maybe not, but most cars never increase, few even keep their value.
True. I paid $26k for my brand new '95 Mustang GT convertible. About 6 months later I saw a used one for sale for $16k, same exact car but that one had leather seats where mine had cloth. The 308 is worth more than what I paid for it. I'll never lose money, you are right, it is not an investment, the money you pay to maintain it is the cost of ownership.
Quote:
Originally Posted by 8307c4 View Post
I currently own two early model classic-style bmw's and I tell you there is no secret to the financing aspect, with these cars you don't finance. Because there's no financing these 18-25 year old cars, once they're past 20 years there's no blue book, and most places that could finance are dealers (so you pay more), banks won't touch it, they don't want something that old as collateral, much less if purchased via private party and by the time you get it valuated you're out another thousand...

But that's not all, finance it and you have to have full coverage insurance, not only do you risk paying interest, but you will pay more, I carry minimum liability on mine, a spotlessly perfect driving record is essential, hence another damper on my enthusiasm with the abilities of the car.
You are correct, paying cash is the best way to go; however, there are a number of creative financing options to help you out if you are a little short. Classic car financing such as the J.J. Best I mentioned earlier, they specialize in non-blue book cars. Basically, they buy the car and lease it to you, at the end of the lease they sell it to you for $1. Alternatively, you can get a home equity loan. Say you owe $180k on your home and it is worth $200K, you have $20k equity, you tell the bank you need a loan for $30k and guess what? Your home is now worth $210k and you have $30k equity. If you are just a few thousand short you can always charge it with a credit card advance check and then transfer the balance to an interest free card.

Insurance, collector's car insurance. I've got full coverage, agreed value, for $218 per year.

Well, I'm sure I left some stuff out and I probably generated more questions than answers but there it is.

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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post #9 of 9 Old 10-15-2007, 06:11 AM
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Eric I have found that a good service history and a reliable place to buy are much more important then the initial purchase price I am in Des Moines IA I purchased my 89 Rossa with 14k on it from motorcars international in springfield MO they are one of the most meticulous dealerships I have ever dealt with I could have eaten off the undercarrage when I came to pick her up and the rossa is pretty easy to work on if you can pick up a service manual if you end up buying one I can burn you a copy of mine. website is www.motorcars-intl.com
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