So you can afford a Ferrari?

[Quiggs]

Can you afford the maintenance?

Cheaper than a jet, but more than a Jetta

Only weeks into ownership, the 30,000-mile service was repeated and the front shocks were replaced, for a total of $6,196.57

By Michael Sheehan

Answering daily phone calls and emails provides a never-ending supply of topics on which to pontificate. The "real-world" cost to drive a late model Ferrari is one of the more frequent questions I'm asked.

I recently sold an unusually well-documented 1998 550 Maranello, S/N 111317, with 36,200 miles to a client in the jet aircraft industry, and comparisons between Ferrari and jet costs inspired this column. Like a private jet that requires three to four hours of maintenance for every hour of flight time, Ferraris are not cheap to own.

FIRST TWO YEARS ALMOST FREE

550 Ferrari S/N 111317 was sold new on March 19, 1998, at $225,000, to a wealthy Santa Monica real estate investor and used for weekend retreats to his ranch in Ojai, a 150-plus-mile round trip. Thanks to an unlimited mileage warranty, the first two years were relatively expense free.

The first bite came in August 2000, five months after the warranty expired. At 13,637 miles, the owner brought the car in for a 15,000-mile service, two rear tires, and an oil, filter, and coolant change for $2,665.70. Two months later, in October, at 17,220 miles, noisy cam belts and bearings were replaced at no cost (thanks to a warranty extension by Ferrari). The windshield washer reservoir was also replaced for $529.25. A month later, in November, at 17,618 miles, the front spoiler and three wheels were refinished because of road-rash, at $1,285. Total for the first year out of warranty, and about 4,000 miles: $4,479.95, or $1.12 per mile.

As 2001 rolled around, in January, at 18,124 miles, two ball joints and sway bar bushings were replaced at $253.47, a standard procedure for a heavy, high performance, front-engined car with power steering. Three months later, in April, at 18,998 miles, a coolant leak, new front tires, another repaint of the wheels, and a detail added $2,718 to the ongoing maintenance bill.

A few days later, at 19,002 miles, the check engine light came on and an O2 sensor was replaced at $261.31. A month later, in late May, at 19,329 miles, the dash pod had to come out for an instrument panel repair, at $1,290.18. Five months and 1,289 miles later, in early October, at 20,618 miles, an annual oil and filter service and new rear tires added $2,386.60 to the expense column.

$8,988 FOR SECOND YEAR OUT OF WARRANTY

In December 2001, a service at 21,358 miles for dash lights, rattles, and a radiator R & R for coolant leaks closed the year out at $2,078.82. Total for the second year out of warranty, and another 3,740 miles: $8,988.38, or $2.40 a mile.

In January 2002, at 21,966 miles, the owner had the battery replaced, new suspension bushings installed, and a wheel alignment for $1,228.35. In March, at 22,956 miles, the license plate frame was replaced for $124.99, and in May, at 23,802 miles, the power steering pump was replaced and the fluids serviced, at $500.95.

Four months and 2,657 miles later, in September, at 25,607 miles, the steering box, power steering rack, and rear shocks were replaced, and the wheels were aligned for $8,641.69. The year ended at 26,236 miles, with a compression and leakdown problem discovered in late December at the 30,000-mile service. New cam belts, engine mounts, and a valve job followed, with all 24 valves and valve guides replaced at $7,954.66. Fortunately for the owner, Ferrari supplied the valves and guides under an extended warranty. Another year, another 4,878 miles, adding up to $18,450.64, or $3.78 a mile.

TOYOTA MONEY: 37 CENTS PER MILE

The Ferrari gods were smiling in 2003, with only 672 miles added and one service for hood shocks, in March, at 26,908 miles. Cost of ownership was only $249.38. Little use means no visits to ever-vigilant Ferrari mechanics, who point out problems that need to be resolved. This year cost Toyota money—just 37 cents per mile. Of course, there weren't many miles driven either.

In 2004, 550 S/N 111317 saw little use, but frequent visits to the service center, beginning in January, at 31,688 miles, for a seat control switch and wiper blades at $1,366.43.

A week later, in early February, at 31,860 miles, sway bar bushings were replaced at $208.63. In late February, at 32,035 miles, the handbrake shoes and rear brake rotors were replaced and four new tires were fitted, at $3,365.79. In early March, at 32,122 miles, a coolant leak added $903.21 to the annual cost. Another year, another 5,214 miles, another $5,844.06. The cost per mile, $1.12.

In late December 2004, Ferrari 550 S/N 111317 moved on to her second owner, for $90,000, and no service bills were added to the year. A real estate investor and self-confessed "Porsche guy," the second owner had always wanted a Ferrari and bought the 550 simply because he knew the car through the original owner.

Only weeks into Ferrari ownership, in January 2005, at 32,945 miles, a 30,000-mile service was again done, under the "while-you're-at-it" theory, because of oil leaks. The front shocks were also replaced, at $6,196.57. Only weeks later, the second owner also had the nose repainted, and his 550 "personalized" with the front fenders modified for fender shields and the calipers redone in yellow, at $7,759.70.

NOT FOR THE TIMID: $10.27 PER MILE

A month later, in March, the steering wheel was recovered for $450, and in April the windows were tinted and a "clear bra" installed for $935. Only weeks later, the owner continued to personalize his 550 with a Tubi Exhaust for $3,155.94. In August, at 34,235 miles, the oil hoses and other minor items were replaced, at $3,194.44. Total mileage for the second owner: 2,113 miles and $21,691.65. Most of this work was pure pride-of-ownership personalization, but the financially timid need not apply, as the cost per mile, at $10.27 per mile, was approaching that of an M1 tank.

As 2006 rolled in, our second owner next had a new clutch installed, in January, at 35,625 miles, for $4,852.59. After sitting for six months, the second owner decided that he really was a "Porsche guy" at heart. The 550 was too big for his tastes and so, in August, 550 Ferrari S/N 111317 was picked up from his home and dropped off for an a/c service, at 36,196 miles, for $519.40. Cost of ownership for the second owner, for 2006: 1,961 miles at $5,371.99, or $2.73 per mile.

In August 2006, our subject 550 was again sold for $90,000, with 36,196 miles, to the third owner, the president of a corporate jet maintenance and sales company. During the pre-purchase, an oil leak was found, and while the estimate was $3,000, the final bill was $1,582.58. The third owner appreciated the subtle lines and wanted a user-friendly Ferrari that could be driven daily in New York weather and traffic.

A long-time Ferrari owner, he appreciated that virtually all of the depreciation was reflected in the purchase price and that at 36,000 miles, adding mileage wouldn't kill the value. His last toy was a new Porsche Turbo at $160,000, and while it had been nice to order a car exactly as he wanted, the depreciation wasn't worth the thrill when he sold it after three years for $95,000.

The warranty on 550 S/N 111317 ran out in March, 2000, at about 13,500 miles. Our subject 550 went to the third owner in September 2006 at 36,200 miles, so the total miles out of warranty was 22,700 miles, with a total spent of $65,760.50, or $2.90 a mile, right at $11,000 a year.

Ferrari ownership is both a lifestyle and a socio-economic statement, just as owning a polo pony is a different venture than keeping a draught horse. As one former owner of S/N 111317 put it, "I spend more than that on crap on eBay every year." No other statement quite sums up the difference between those who lust for a Ferrari from those who can pay the price of ownership.

http://www.sportscarmarket.com/articles/archives/939

And to steal a quote from a guy on TCL.net...

People who drive Porsches have good jobs.
People who drive Ferraris don't need jobs.

[Vindesh17]

Nice article, really opens your eyes but I never thought so much stuff would break in a Ferrari. I guess thats the price you pay for owning a high performance car.

[LandQuail]

Great post, Mr. Quiggs.

I've got to say, If I took my car in for new oil hoses and "other minor items," and got a bill for over $3,000, there would be a fight right there in the lobby of the dealership.
"And your bill, sir, comes to $3,194.44?" — Them's fightin' words where I come from. Surely to God Ferrari owners can find shops and materials to perform such ordinary maintenance for less.

After all, Ferrari's belts and hoses clearly aren't superior to, say, Honda's. As far as hoses go, I'm sure a dozen companies make items far superior to Ferrari originals that can simply be cut to size and installed by any wrench monkey.

And sweet Hey-Zeus, another $3,000 for handbrake shoes and four tires?

"Somebody hold me back," I would yell out. "I'm about to beat this poor customer service representative right here in the middle of this ritzy-ass dealership in front of their boss and Jesus and everybody. I must be stopped before the unthinkable happens. Call the S.W.A.T. team and tell them there's about to be murder right here and now before your eyes, right here between this 360 and 575, next to the coffee maker."

Then you've got lawyer bills and court fees. Hell, a jury might let you off if you can present a bag of rubberized canvas hoses with a $2,000 price tag stuck to it to the court.

Point is, these prices are ridiculous, arbitrary fees, and a rescourceful owner could do better by sourcing/adapting/fabricating his own parts.

Of course, you'd have to measure how much the words "maintained regularly by authorized Ferrari Service Specialists" would add to the resale price as opposed to "worked on by my cousin Garth, who measured all lengths of hoses with bits of string and piano wire before carefully cutting them to size with his trusty box knife and attaching them with clamps we found at the local hardware store."

I'd be tempted opt for Garth. Even if, as a percentage of Ferrari owners must enjoy, money is not an object, I'd still be furious over the bills mentioned in the article out of principle — it would take a lot of joy out of ownership to be regularly fleeced like this.

What a bummer.

[LandQuail]

Originally Posted by Vindesh17

Nice article, really opens your eyes but I never thought so much stuff would break in a Ferrari. I guess thats the price you pay for owning a high performance car.

Or you could have a Honda NSX, which makes roughly the same power per liter and would run almost indefinitely with the engine compartment sealed shut and the crankcase filled with skim milk.

I suspect planned failure in some auxillary Ferrari parts. There's now way a species that put a man on the moon and builds Ipods can't make a timing belt or oil hose last more than 20,000 miles, especially, (rather than even) in a Ferrari.

Again, this article is a supreme bummer.

[johnnynumfiv]

Originally Posted by Vindesh17

Nice article, really opens your eyes but I never thought so much stuff would break in a Ferrari. I guess thats the price you pay for owning a high performance car.

Thats the price you pay for an exotic. Not all high performance cars cost that much(cough muscle cars cough).

[Quiggs]

No wonder there's so many low-mileage Ferraris on the market; they spend a quarter of their lives in a service bay.

[Zytek_Fan]

Well I guess 550's suck to own. A F430 would be better I guess.

[clutch-monkey]

Originally Posted by LandQuail

Surely to God Ferrari owners can find shops and materials to perform such ordinary maintenance for less.

to qoute a someone who fixes ferrari's: "the clamps sent from ferrari displayed a level of workmanship i'd expect from a first year apprentice car mechanic. i proceeded to make my own"

[baddabang]

Originally Posted by johnnynumfiv

Thats the price you pay for an exotic. Not all high performance cars cost that much(cough muscle cars cough).

Werd.


Nice post quiggs, brings Ferrari fanboys into reality.

[Quiggs]

Originally Posted by Zytek_Fan

Well I guess 550's suck to own. A F430 would be better I guess.

I'd expect more of the same for the 430.

[Zytek_Fan]

I'd take a Spyker over a Ferrari anyday!

[kingofthering]

If that's not bad enough, an Enzo requires a $300 oil change requiring special Shell oil.

[carsnut]

doesn't it cost more to service a mid-engine ferrari? Damn, getting a Ferrari is harder than i thought

[billabong2]

i own 2 ferraris, Ferrari F430 and a Ferrari 599 GTB Fiorano in red
there both awsome cars. if you guys want a ferrari you have to work hard to acheive your goals thats what i did and my dreams came ture. but the service is where you pay a lot of money.

[Cyco]

Billabong2, there is a lot of kids who come on here and claim great cars, just just be prepared when proof of ownership is requested.

I'm sure you'll understand that this has lead to some doubts about some claims.