Looking for some advice on buying first Ferrari - Ferrari Life
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post #1 of 22 Old 06-24-2013, 11:25 AM Thread Starter
 
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Looking for some advice on buying first Ferrari

I think I'm to young for a "mid-life crisis" but I find myself thinking about and wanting to own a Ferrari more and more of late. I'm a classic car kind of guy, so when I say buy a Ferrari, I mean something along the lines of a 1989 328. What do I need to know? More importantly, what questions do I need to ask? Where do I get insurance for that, and what would be reasonable for a monthly premium, I doubt a "discount double check" will handle this. I own several classic cars now (65 Mustang, 54 Belair, 69 Crown), so I know that repairs can be costly and take time to find parts. What's going to be the most important thing for me to have checked out before I buy? Do I need to take the car to a dealer to have them look it over, or can other "high-end" auto repair shops do the same job?

Any help would be greatly appreciated.
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post #2 of 22 Old 06-24-2013, 11:44 AM
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A Ferrari specific shop needs to be used. Dealer or independent, but not just a high end repair shop.


Buy the best you can find. In the end it will be the cheapest. It is impossible to save yourself into a good car.
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post #3 of 22 Old 06-24-2013, 01:33 PM
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Welcome to Ferrari Life. A 328 is a good choice, although I like the looks of the earlier wheels better. But with an 89 you get ABS, so a trade-off. Relatively easy to maintain, too, with no engine out belt changes.

Whoever insures your other cars will likely be happy to insure an older Ferrari with "only" 280 hp.

You can download 328 tech data for free from ferraridatabase.com.

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post #4 of 22 Old 06-26-2013, 06:12 AM Thread Starter
 
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Thanks Terry.

And I agree with you, I'm not a huge fan of the wheels. What I have planned was to update a few items, like the wheels, seats, and interior. Nothing wild, but the car is 20+ years old there is room for improvement.

I got a quote from my classic car company for insurance (Hagerty), for a 32 male, married with kids and a $1,500 deducible my yearly premium was just under $1,500. Does that sound about right? My only worry with Hagerty is they limit you to 1,000 miles a year. Now that's never been a problem with my other cars but lets be honest, the reason you own a Ferrari is to drive it. Good thing there is I will be a little while before I buy, I don't plan on running out and buying the first 328 I find.
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post #5 of 22 Old 06-26-2013, 10:39 AM
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Frank- That is not too bad for a young guy. My 575M is about the same through USAA.

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post #6 of 22 Old 06-26-2013, 06:21 PM
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Insurance cost can vary quite a bit. I have been with State Farm for many years and my 2004 360 with $500 deductible cost me $900 per year. I am over 60 though, I expect if I were 32 it would be a bit more. We have three cars and home insured with them and there is no mileage limit on my 360 ... but it is listed as recreational and not a daily commuting car.

Steve
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post #7 of 22 Old 06-26-2013, 08:23 PM
 
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welcome

Hi Frank,

not sure what your record is like but i think for the 328, that number sounds high. I also think limiting you to 1000 mils per year is insane. My Bro-inlaw whom i sold my 68 mustang to in WI, has collector plates and is limited in miles per year but he only pays an insanely low amount for insurance (i think 50-200 bucks per year). again, thats because he has limited miles he can drive. now if one was paying 1500-2000 per year, take them limits off! look into Geico, thats who i am using for our cars. I just turned the big 4-0 though ( my biggest motivator for making the Ferrari Dream come true). good luck on the 328 purchase! i agree with Brian in that you should buy the best you can afford.

i think if 360 wheels would fit, that would look awesome! saw that done on a testarossa at a car show and it looked HOT.
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post #8 of 22 Old 06-27-2013, 08:51 AM Thread Starter
 
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Not helping

My daily drivers (mine and the wife's) are with State Farm, as is my house. I was concerned using them due to what had happened with my Mustang. Long story short, they only wanted to insure it for about 25% of what it was appraised for.

And to make matters worse, this was parked in my office parking lot today as I was leaving for an appointment. I think it's a 458 Spider. If I'm wrong, please tell me.

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post #9 of 22 Old 06-27-2013, 09:02 AM
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Frank- It is a 360 Spider.

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Every day I look around, and if nobody is shooting at me, it is a pretty good day.
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post #10 of 22 Old 06-27-2013, 10:21 PM
 
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wow!

Is the 360 really that much smaller than that chrysler and jeep??? nice ptrs to show relative sizes. So to get from 328 to the 360, you would have to go past the 348, 355 then the 360. all are beauties but of the bunch, i would save my pennies for the 360. The F430 replaced the 360 in 2005 which was then replaced in 2010 by the 458 which you mistaken the 360 for.
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post #11 of 22 Old 06-28-2013, 06:57 AM
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I live in NJ where we have some of the highest car insurance rates in the country. I insured my 2004 360 with my standard insurance company with a $500 deductible for $1900/yr. I'm in my mid 40's and married with one child that's not driving age (yet). Because I did not go specialty insurance, the mileage is unlimited. Although your younger, the cost with mileage limitation seems to be a bit high in my estimation. Did you check with your standard insurance company?
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post #12 of 22 Old 06-28-2013, 08:46 AM Thread Starter
 
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@ Cheng, I'm not skipping over the other models, I just happen to see this car and seeing it has increased my desire to own a Ferrari more. I don't work in the most affluent area of Atlanta, so we don't see to many Ferrari's, Maserati's, etc. Now if I lived/worked in the Roswell/Buckhead area I'm sure I'd see more.

State Farm wants just under $1,200 a year for unlimited mileage, $500 deductible. But I also have two other cars, and two houses insured with them as well.
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post #13 of 22 Old 07-02-2013, 07:20 PM Thread Starter
 
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I was suprised

So this past weekend I had an appointment (work related) that took me very close to the Ferrari dealership in Roswell GA; Ferrari Maserati Atlanta. I figured that when I finally buy my Ferrari that it would be a good idea to try and meet some of the people where the car would be services (as there are no other Ferrari certified techs that I know of between my house and the dealership). I have to admit I was a bit nervous walking into the dealership. You hear all the horror stories of how the sales people, and really everyone that works there, are rude to people. I was pleasantly surprised. While I didn't have the sales crew falling all over themselves to talk to me, I was able to walk around the show room and view all of the beautiful cars they had for sale.

I did speak to one of the sales crew, Steven, and explained to him what I was looking for, and ball park of what I wanted to spend. He took the time to listen, took down my contact information and some notes about what I wanted. I've bought many cars in my life, been to car lots of all different makes, and have to say I felt like I was treated with the utmost respect, that I was NOT an inconvenience at all.

So now the search begins, read on here that one guy took 16 months searching for his car, and that was a couple years ago. As time is no friend to any car, I'm sure that it will take me some time to find the car I want that is well maintained as I would like.
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post #14 of 22 Old 07-12-2013, 05:02 AM
 
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Hi

You don't need 16 months. Just gotta sort out what model and what options are "optional" and which are not negotiable or must have. Once that is sorted, there are many cars out there. Consider posting a want ad on F-chat or looking at dupont registry.com. Ebay actually helped me locate my car...not my first choice but it gives you some idea of what cars are being listed and sold for. good luck and feel free to PM me. reading your description of how you felt walking into the dealership is reminiscent of how i felt in the spring when i first visited a dealership. I cheated and took my wife along for confidence Then i thought about what my dad had taught me about buying cars: "you're the one with the money. you have the power. spend it when you want and where you want." basically the lesson was not to let someone presssure you into buying something you don't want. i was 17 and we were looking at used cars for me to drive to high school as my parents grew sick and tired of driving me to school everyday.
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post #15 of 22 Old 07-12-2013, 09:20 AM
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does not have to take 16 months...my search took 2 days.

I was looking but really more hoping for a 3X8 for a good 10+ years, would look around for a while and then decide I could not lay out that much cash for a car and stop looking, this happened 4-5 times a year. Finally decided to get one and went and looked at one, decided it was not the right car, next day looked at another and made a offer which was turned down. I got frustrated as my offer I thought was very fair (turned out it was, owner sold it for $3k LESS than my offer about 4 months later), as I was frustrated I talked with my wife about upgrading to a 355 since they would be more comfortable for frequent driving, I even went out a purchased a 2-post lift strictly for doing the engine out on a 355. A few weeks went by and I saw a non-Red 360 for sale on the other site, that was my one rule, I did not want a Red Ferrari. That was Tuesday...Wednesday he e-mailed me some PDF's of the service records, Wed. night I called him again and talked to him again. Made a offer, he accepted. Called PenFed and paid to expedite everything. Saturday I flew out and drove the car home the 1,100 miles. No PPI, no nothing, just bought it and voila after a lifetime of dreaming about a Ferrari, I had MY Ferrari in the garage. Not regretted a single second of it, the only thing I regret is that I waited so long to pull the trigger.

I knew everything there was to know about a 3X8, driven lots over the years but I had never given the 360 a second thought, it was just that beautiful but too expensive Ferrari to me. I had never even sat in one, never had driven a paddle car, none of those thing. But the only rule I had was non-Red. I would have preferred a stick car but really only because then I could do the clutch myself and the F1 potential costs scare me. I had no preference of spider over coupe, I am 56 years old and have owned lots of cars ALL of them since my very first car in 1974 have been convertibles, so a 360 spider would have been nice but I own 2 other convertibles, a coupe was fine.

So after saying all that, I am of the belief that if you spend 16 months looking, you dont really want a Ferrari when I decided it took me 2 days.
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post #16 of 22 Old 08-14-2013, 10:12 PM
 
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Used328

Hi Frank, are you still looking for a 328 GTS?
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post #17 of 22 Old 08-19-2013, 05:44 AM Thread Starter
 
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I am still looking, but not as hard as I should be. Work has kept me fairly busy of late. Do you know of a good one for sale Orbit?
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post #18 of 22 Old 08-19-2013, 12:58 PM
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Quote:
Originally Posted by gearhead329 View Post
I am still looking, but not as hard as I should be. Work has kept me fairly busy of late. Do you know of a good one for sale Orbit?


There are 8 in FML and 6 or so on Ebay. A few of them look pretty good at reasonable prices.


That's 14 cars assuming no duplicates.
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post #19 of 22 Old 08-19-2013, 06:43 PM
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I have had one for almost a decade and i can highly recommend it.



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post #20 of 22 Old 08-19-2013, 11:59 PM
 
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I do own one that I'm trying to sale only because I'm trying to buy a Testarossa. I can send some pix if you like. Everything works even the clock and air condition and I have all the paperwork. I put a red spoiler and European side mirrors which I think looks a little better but you can decide.
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