348 first year costs, a reality check.... | FerrariChat

348 first year costs, a reality check....

Discussion in '348/355' started by darkkaangel, May 3, 2008.

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  1. darkkaangel

    darkkaangel Formula 3
    Owner Silver Subscribed

    May 20, 2007
    1,238
    North Texas
    Full Name:
    Jeff
    #1 darkkaangel, May 3, 2008
    I have seen posts every so often from people asking about the costs of owning a Ferrari, so seeing as I am just about to hit my one year anniversary (5/19/2007 is when I purchased Eva) I pulled all of my invoices and made a list! "scary"
    A few notes:
    I broke down what I have spent in my first year of ownership into 2 sections.
    Maintenance/repairs and Cosmetic improvements/add ons as the cosmetic stuff is going to vary on someones personal likes/dislikes and those expenditures will vary alot.
    Also if you happen to purchase from an owner like myself who makes every effort to have the nicest example of their model of Ferrari your costs will probably be lower, but a large majority are not cared for as well as they should be and you will have surprises even with a PPI.
    So with all of that said, here is a reality check based on my experience for those considering on making that first Ferrari purchase, this list does not include the Car purchase price, PPI or Insurance.
    Not everyone is as anal about their cars as I am, but Ferrari for me is my childhood dream and a passion.
    Safety tip: save lots of money as your gonna need it, oh and an understanding wife helps too. ;)

    Car: 1995 Ferrari 348 spider purchased 5/19/2007 (named her Eva after my favorite desperate housewife)

    Maintenance/Repairs:
    30k service performed including all electrical connections treated with stabilant 22a
    Smog check
    Replaced defective window ecu unit
    Replaced cigarette lighter with power port
    Welded/repaired drivers side window guide
    Corrected hand brake adjustment
    Replaced hand brake shoes
    Replaced shift boot
    Replaced all 4 cracked wheel caps
    Replaced car battery
    Corrected bent pin on connection for the a/c ecu
    Replaced drivers side rubber for window motor
    Corrected drivers side door exterior panel (shimmed out to correct interference problem)
    Lubricated all convertible roof mechanisms and scotch guarded top
    Repaired, painted front bumper of all damage and rock chips
    Stripped & repainted interior door handles
    Stripped & repainted entire interior center console area
    Stripped & repainted interior mirror covers
    Total Maintenance and Repairs: $13,123.09

    Cosmetic improvements/add ons:
    Purchased 360 Modena wheels with Michelin pilot sport tires
    Installed 2008 Larini stainless steel sport exhaust with G-cat hyperflows
    Purchased fender shields
    Purchased front skid plates from Ricambi
    Purchased custom engraved chrome license plate frame
    Purchased vanity plate
    Purchased custom 348 engraved aluminum passenger side foot rest plate from Hill Engineering
    Purchased oem satin car cover
    Purchased custom fire extinguisher mount created for passenger seat
    Purchased halon fire extinguisher for custom mount
    Purchased aluminum pedals from Ricambi including dead pedal
    Replaced stock audio with custom created between the seats fiberglass console, door pod panels and trunk area using matching factory Rosa Corsa paint and chrome Cavalino with Focal speakers and amplifiers with an Eclipse tuner (project pictures coming soon of this!)
    Total Cosmetic improvements/add ons: $ 13,801.70

    Total first year of ownership expenditures: $26,924.79

    Results of all of my efforts can be seen in the 2008 online car show thread with the exception of the audio project which was not started until after I took those photos, but I will be posting pics of my audio project soon!

    Jeff
     
  2. James-NZ

    James-NZ F1 Veteran

    Jun 26, 2007
    5,822
    Hamilton, NewZealand
    Full Name:
    James
    #2 James-NZ, May 3, 2008
    Good write up, I bet it scared you when those totals came in! :D

    Ohh, and this thread is useless without pic's :D
     
  3. gandalfthegray.

    gandalfthegray. Formula Junior

    Jul 18, 2006
    692
    Pinewood, MN
    Full Name:
    Steve
    #3 gandalfthegray., May 3, 2008
    However, I would bet your second year of ownership will be less than $2000.
     
  4. Andy348

    Andy348 Formula 3

    Nov 4, 2007
    1,241
    Canada
    Full Name:
    Andy
    #4 Andy348, May 3, 2008
    Wow! Now thats a lot of work.

    As Gandalf said, next year your car will be in tip-top shape and barely need any garage work.

    Kudos to you!

    Andy
     
  5. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    26,367
    socal
    #5 fatbillybob, May 3, 2008

    Jeff if you are in Torrance you got to hook up with the stooges...Bruce, Ernie, etal that $13K would have cost....parts only at the ricambi lower than FNA price. So do the math on that! Then Your wife could have had at least a couple more Gucci handbags.
     
  6. darkkaangel

    darkkaangel Formula 3
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    May 20, 2007
    1,238
    North Texas
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    Jeff
    #6 darkkaangel, May 3, 2008
    Yea Bruce has helped me out before with my skid plates, but I don't like to intrude to much on others free time.
    and:
    "Good write up, I bet it scared you when those totals came in!

    Ohh, and this thread is useless without pic's "-pics are available in the 2008 online car show thread under darkkaangel
    and
    "However, I would bet your second year of ownership will be less than $2000." - god I hope so!
    Jeff :)
     
  7. brent Lachelt

    brent Lachelt Formula 3
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    Dec 6, 2003
    1,828
    Brownsburg, INDIANA
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    Brent R.Lachelt
    #7 brent Lachelt, May 3, 2008
    Ditto..You've done all the work the first year. I keep a binder with all my records and they look very similar in dollar amounts.. However, I did mine over 3 years. After I totaled up all my bills I about died!! I find if I look too closely at the bottom line I need to titrate up on my medications :) Better just to look at the car :):)
     
  8. No Doubt

    No Doubt Seven Time F1 World Champ

    May 21, 2005
    72,740
    Vegas+Alabama
    Full Name:
    Mr. Sideways
    #8 No Doubt, May 3, 2008
    Great thread! This thread hammers home the point that the original purchase price of the car isn't the big hit (after all, you'll get most of it back if you ever sell her).

    Last year I added up my multi-year costs in someone else's thread and it was something over $2.10 per mile in non-purchase expenses (but I included in that calculation my annual insurance, annual license tag fees, gasoline, and the initial sales tax/registration on my 348).

    No doubt that average per mile has come down some, however, since it's been two years now since I've rebuilt my top end.
     
  9. RossoCorsaItaly

    RossoCorsaItaly F1 Rookie
    Rossa Subscribed

    Jun 9, 2004
    4,545
    LA
    Full Name:
    Kevin
    #9 RossoCorsaItaly, May 3, 2008
    99 Ferrari F355

    Bought 10-x-07

    14,xxx miles.

    Costs:

    Oil Change - $80 (filter/oil, did it myself)
    Oil Change - $80 (filter/oil, did it myself)
    Oil Change - $190 (didn't have access to lift, payed shop to do it)
    New Rear Tires - $520
    Total - $870



    Today 05/02/08 I have 22,651 miles on it.

    Cost per mile $0.10

    Moral of the story - I'm either one lucky bastard or these cars hold up fine if you drive them everyday.
     
  10. andecorp

    andecorp Formula 3

    Jun 5, 2005
    1,104
    Melb
    #10 andecorp, May 3, 2008
    Last edited by a moderator: Sep 7, 2017
    Sounds like mine. Bought it 6 weeks ago, she's cost me so far $27,000. But now she's perfect mechanically and cosmetically in and out. But I usually overdo things. Like the interior, I thought I'd tidy it up a bit, $6,000 later she got a brand new interior in black Nappa leather with red stiching.
    Image Unavailable, Please Login
     
  11. bushwhacker

    bushwhacker In Memoriam

    May 25, 2006
    8,883
    Phoenix Az.
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    Dennis
    #11 bushwhacker, May 3, 2008
    I dropped about 24 big ones the first year and a half..........but worth every penny in smiles:D
     
  12. brent Lachelt

    brent Lachelt Formula 3
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    Dec 6, 2003
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    Brent R.Lachelt
    #12 brent Lachelt, May 3, 2008
    The new interior sounds awesome can you post a few pics?
     
  13. andecorp

    andecorp Formula 3

    Jun 5, 2005
    1,104
    Melb
    #13 andecorp, May 3, 2008
    Give me a day or two to take some.
     
  14. Husker

    Husker F1 World Champ

    Dec 31, 2003
    11,790
    western hemisphere
    #14 Husker, May 3, 2008
    It all depends on how "nice" you want your car to be. If you're aiming for Showroom, there is almost nothing that doesn't need attention after 15-20 years.
     
  15. ernie

    ernie Two Time F1 World Champ
    Lifetime Rossa Owner

    Nov 19, 2001
    22,575
    The Brickyard
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    The Bad Guy
    #15 ernie, May 3, 2008
    Like I tell people wanting to buy a Ferrari.

    It's not hard to obtain a Ferrari.
    The hard part is MAINTAINING a Ferrari.

    Which is also the reason I do my own work, and why I do my best to share any info I can on how to fix your car yourself for FREE! When I first bought my 348 I had a mechanic fix the clutch. During the replacement turned out it also needed a new flywheel. I had a few other "small" things taken care of and the bill came to a few dollars shy of $7,000. Then I was informed that the timing belt would need to be changed soon and was quoted around $5,000. Yeah riiiiiiiiigh! The quote for the clutch job was less than $2k and it ended up costing me more than double the quote. Yeah I needed a flywheel, but then again, had I know fatbillybob in those first few months I would have been driving my car around with a solid flywheel at a HUGE discount. Well the last thing that sent me over the edge was the very first time the alternator went out. That bill ended up being in the area of $900. (We all know now that the alternator can be rebuilt with superior parts for $50). That was the last straw, and that was the day I man'd up and started turning my own wrenches.

    Had I not man'd up I would have already bought my car twice over by now.
     
  16. 348SStb

    348SStb F1 Rookie
    Owner

    Apr 9, 2004
    2,985
    Palm Beach County, FL or Nassau County, NY
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    Dave
    #16 348SStb, May 3, 2008
    Wow. Lots of stuff to sift through.

    Breaking it down into simple terms, it looks like you had one thing on the car that actually broke during your ownership:
    <Replaced defective window ecu unit>

    Or, maybe it was even broken before you bought the car.

    Alll the other stuff is either voluntary repair work or stuff that could have been seen with a thorough check before purchase. So I think it is a mistake to actually call this stuff cost of ownership.

    Let's be careful because we do not want to spuriously project the notion that the 348 is a disaster to maintain for the first year. The trick is to either buy a car that doesn't need this stuff or to price it all in to begin with.
     
  17. darkkaangel

    darkkaangel Formula 3
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    May 20, 2007
    1,238
    North Texas
    Full Name:
    Jeff
    #17 darkkaangel, May 3, 2008
    "Wow. Lots of stuff to sift through.

    Breaking it down into simple terms, it looks like you had one thing on the car that actually broke during your ownership:
    <Replaced defective window ecu unit>

    Or, maybe it was even broken before you bought the car.

    Alll the other stuff is either voluntary repair work or stuff that could have been seen with a thorough check before purchase. So I think it is a mistake to actually call this stuff cost of ownership.

    Let's be careful because we do not want to spuriously project the notion that the 348 is a disaster to maintain for the first year. The trick is to either buy a car that doesn't need this stuff or to price it all in to begin with."

    No offense taken, I think.
    Yes the window ecu died after purchase about a month after as well as the shift boot failing and some other items that were fine at PPI and purchase, but as I said, unless you happen to purchase from an owner like myself who makes every effort to have the nicest example of their model of Ferrari and keep it that way, there will be surprises and you should ensure that you have the funds or the mechanical talent or better yet both.
    What you see as voluntary I see as mandatory.
    Never said it was a disaster to maintain nor am I projecting it, I love my car.
    I think it is fair to let people know as many seem to ask here from time to time that owning a Ferrari can and often is more expensive then some may think especially if you are a passionate owner.
    I did not intend my list to be a represenation of the norm or rule, but I believe that after seeing others comments above they have shared the same realm of expenditures and I bet they did their homework just as I did and if you spent less than good for you.
    Jeff
     
  18. Denis GTPRO

    Denis GTPRO Karting

    Apr 25, 2008
    91
    Fullerton, CA
    Full Name:
    Denis Dickerson
    #18 Denis GTPRO, May 3, 2008
    OMG, you never told me her name Eva, ive been calling her DAMNIT! I cant wait till you get her back man. I hope you like it. I have tried to meet your expectations, but being a ferrari,,,i have to have it turn out a certain way and being that you have my cell phone number, i cant really hide from you. Your car is trully the finest example of a 348 i have seen.
     
  19. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    22,367
    Indian Wells, California
    Full Name:
    Jon
    #19 Bullfighter, May 3, 2008
    Well said.

    Which is why all the threads about haggling between $48K and $50K purchase prices need to be put into perspective.
     
  20. PAP 348

    PAP 348 Nine Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    99,341
    Mount Isa, Australia
    Full Name:
    Pap
    #20 PAP 348, May 4, 2008

    Looking forward to seeing pics too mate!! :):)
     
  21. Denis GTPRO

    Denis GTPRO Karting

    Apr 25, 2008
    91
    Fullerton, CA
    Full Name:
    Denis Dickerson
    #21 Denis GTPRO, May 4, 2008
    Well guys,,,,Jeff picked up his car from the shop tonight at 11 pm. I must say,,,hes about the coolest ferrari owner i have ever met. I think he might have the nicest sounding sound system ive ever heard in a ferrari. I would like to take a moment to thank him for leaving his car with me for so long and letting me be creative with it. I still have some little things i want to wrap up with the install, but they will be taken care of thursday. THANKS JEFF!!
     
  22. andecorp

    andecorp Formula 3

    Jun 5, 2005
    1,104
    Melb
    #22 andecorp, May 4, 2008
    Ash put some that he took yesterday on AussieExotics.
     
  23. PAP 348

    PAP 348 Nine Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    99,341
    Mount Isa, Australia
    Full Name:
    Pap
    #23 PAP 348, May 4, 2008


    Sweet!! :):)

    Actually.........looking, cant find them. Got a link there mate? :):)
     
  24. andecorp

    andecorp Formula 3

    Jun 5, 2005
    1,104
    Melb
    #24 andecorp, May 4, 2008
    348 pic thread in the Ferrari forum.
     
  25. PAP 348

    PAP 348 Nine Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    99,341
    Mount Isa, Australia
    Full Name:
    Pap
    #25 PAP 348, May 4, 2008
    I found it. Still no interior pics. :):)

    Looks awesome man!! Love the 360 wheels. Definitley paint behind the front grill black and the rear tail light grill also. ;);)

    Looking forward to seeing interior pics when Ash gets around to it. :):)

    Sounds like he didnt enjoy the drive eh?? I love my 348. I suppose the newer Ferraris are a lot nicer to drive than my 348, but I have also driven Moretti's 308QV and LOVED that drive also. :):)
     
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