Costing - Ferrari Life
 
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post #1 of 6 Old 05-15-2013, 08:31 AM Thread Starter
 
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Costing

Now ive heard the saying if you have to ask you cant afford it...but seriously its been my dream to own an exotic car like many other teenagers. Im 19 with a good stable job and just wanted to ask the anual price of owning a 355, 348 or a 360. These are all on my mind at the moment

I work as an aeronautical engineer and am currently on 30,000 (about $45k for the americans) At 19 i dont believe this is bad as it should only get higher as i become more experienced. I am currently saving for 2 properties which i will rent. so by the time i am actually ready to buy (10 years or so) i should be earning a total of $91k. Whats the yearly cost of maintaining a ferrari (apart from insurance?)

I would love help from everyone on this website as youre more experienced then i am?

Im sure you get many of 'me' on here but pleasee thanks
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post #2 of 6 Old 05-16-2013, 12:39 PM
 
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hmmm...

I'll start...

I have to be honest in that $45K/yr plus rent/mortgage is going to be hard enough. I am not familiar with anything else about you but given the info you put forth, i think any of the Ferrari's you listed would not be advisable at this point in your career.

Howver to answer your question, when i was looking for a 360, i was budgeting about 1000.00 per year for expected items like fluids and a physical exam (inspection) PLUS extra 150.00 per month for unexpected with a backup fund of $5K for immediate unexpected items. If you can swing that comfortably plus the price of the car, i think you might be okay. Don't forget insurance is not going to be cheap for males under 25 y.o.
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post #3 of 6 Old 05-16-2013, 01:57 PM
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Welcome to Ferrari Life. In the US, annual services are around $1000/yr, with much higher bills every 3-5 years when the cambelts have to be changed. On the 348 and F355, that requires engine removal. The 360 has an access panel behind the seats, so is much less expensive.

UK prices tend to be lower than US prices, so calling your local dealer or independent will give you a better idea.

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post #4 of 6 Old 05-17-2013, 04:02 AM
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In ten years, all three of those models will be old cars. The newest will be just shy of 25 years old, the oldest almost 35. They'll need far more than today's average maintenance/upkeep. And parts will be more difficult to find so probably more expensive.

That said, in ten years time, if your salary predictions are accurate, you should have no trouble.

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post #5 of 6 Old 05-17-2013, 11:26 PM
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Quote:
Originally Posted by Killer58 View Post
They'll need far more than today's average maintenance/upkeep.
I disagree with this David. These cars are already old enough to need a lot right now. If they are maintained well, then this will not change over the course of the next 10 years. It is not more costly to maintain a 308 now than it was in 2003. And since there were over 10,000 made of these models, part supply will not be a problem. Plenty are crashed on a yearly basis. It will, however, be harder to find a good example with lower miles in 10 year's time, and consequently those cars will be much more valuable. I think the main issue would be cosmetics - worn seats, scruffy exterior. You may have to invest in re-trimming or spraying.

To the OP. First thing you need to realise:

It will be IMPOSSIBLE for you to insure the car in the UK at your age. Just plain impossible. I don't know enough about it having not been a teenager there and not having teenagers myself (thankfully ), but I am guessing you will at least need to wait until you are 25 before they will accept you, and even then premiums will be high. I'm guessing several thousand a year.

Personally, I never buy a Ferrari unless I have the money in the bank to pay for it. I think it is very unwise to take out loans for a toy. A Ferrari needs to be the reward for your hard work, and if it takes another 5 years before you buy it, so be it. But don't put yourself at financial risk! It is just a car - not worth getting into trouble for. A cheap 2nd hand Porsche Boxster is fun too.

Then I would make sure that I had funds in the bank to pay any unseen expenses/repairs. 8,000 pound would be a good number.

Then on an annual basis, for 5,000 miles of driving, you need to think in the 1,000 - 1,500 pound mark for maintenance, and once every 3 - 5 years you would need to spend 2,500 - 5,000 pounds (depending on the model).

Add fuel and tyre costs to that.

So to round it off:

1. 50,000 in the bank (is what I would do)
2. 1,500 per year regular maintenance
3. 2,500 - 5,000 service every 3 - 5 years
4. Tyre and fuel costs
5. Insurance several thousand a year

You have to realise that this is the way I run my Ferraris. There are some out there that would violently disagree with me and say you can do it for much less. This is true, but it also depends on how much you can do on your own car, and what kind of quality you want your Ferrari to be. Many people buy a scruffy one, drive it for 3 years without maintenance and then sell it on. That is much cheaper, obviously, but it is not the way that I want to run a Ferrari. If I can't afford to do it properly, I would rather drive something cheaper.

Good luck! You are earning much more money than I did in my first job, at age 28, and engineers are very sought after so I'm sure you will end up with a Ferrari. But don't be in a hurry - make sure you have secured your financial position first.


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post #6 of 6 Old 05-18-2013, 06:03 PM
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Onno,

I think we are actually in agreement. Your cost of the 308 is a good example. During it's quality plateau (after initial warranty items have been repaired), all that would have been needed is the routine servicing and repair of the unanticipated malfunction. However, after that, call it 20 years for illustration, things like rubber and plastic bits would start wearing out, as well as long-lasting items like pumps, shocks, electrical parts, etc. I'm referring to things you wouldn't normally expect to replace or repair during normal annual servicing.

You are probably correct, the 348 and 355 are at that point now, although I think the 360's have a bit to go before they reach that point.

Using my old Jags as an example, like you mention for the 308, most parts are still available and the cost is not much different than in 2003. But the odd plastic bits, trim pieces, and the like, that are not manufactured anymore, whether NOS or from parts cars, are difficult to find and subject to the same age deterioration. Old lever shocks need a specialist who can rebuild them. It was the cost of these types of parts I was referring to.

And I don't even want to think about all the microchips and circuits in these cars. They won't last forever, and by the time they wear out, they'll be rare and expensive.

But again, I agree with you, from a year-to-year perspective, the costs won't grow exponentially.

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