Hi all, I’ve been lurking here for a while. I can’t thank everyone enough for all of the information and knowledge shared here. I’ve learned a lot but I have a ton left to learn, that’s for sure. I’m looking to purchase my first Ferrari, a 550. I’ve found a couple that are in the running but I had a few of questions I was hoping to get some guidance on. I’m looking at a 550 with less than 12k miles. 1. Service records are important. But how much does it affect the value if the service records are not comprehensive? 2. For example, one of the 550s I’m looking at was sold by a Ferrari dealership within the last couple years. It has service records from 2011 to current. 3. I’m told that the 550 went through an extensive Ferrari inspection performed by a Ferrari dealership and is certified by Ferrari. But looking on the Ferrari website, from what I can tell, to be certified it has to be a Ferrari 14 years old or newer...? Thanks!
My 575 only had records from 2010 on, I didn’t mind bc everything was up to date. Will it affect the car down the road, maybe but 12k mile car isn’t one a collector is buying anyways and with where these are headed $200-300k or more you probably will be fine either way. Have the seller throw in a new battery and major service and you’re good to go. Also if it needs a clutch try to get them to do everything to get perfect
I'm no expert, but here is my two penn'orth: That will depend very much on how many / big / recent are the gaps, and the guy to whom you are selling (driver or investor). Much better to have good recent records, even if the early years are incomplete, than vice versa. Someone who actually wants to drive his car would probably be quite happy with 7 year's history (if it is good). Depends on what is meant by "certified by Ferrari". Apart from the process you mention (maybe it was "certified" when it was only 14 years old?) there is only the Classiche report, AFAIK. Very few 550s will have been through the Classiche process, as only the earliest qualify (20 years) and anyway that is only about originality: it is no guide to condition. Good luck with your search. I hope you find a good one.
Check out this thread: https://www.ferrarichat.com/forum/threads/bradan-550-major-service.574930/page-4#post-146015475 The car had a PPI. These cars are getting older and there are a bunch of little things that need to be done in addition to the factory suggested service list items. Suspension bushings replacement Shocks rebuilt AC service Radiator service/replacement Leather dash/other interior leather? Headliner? Seat belt retracter Stereo & sound Shift knob peeling? Motor/tranny mounts?
Salutory lesson to tread carefully, but don't let it put you off your search for what is a truly wonderful car - if you go about it sensibly, your time and effort will be rewarded. You really need to read the history carefully to get a sense of how the previous owners have cared for the car (or not!) - little things like how the invoices are presented can tell you a lot about how the owner felt about the car - i.e. was it really his pride and joy, on which he lavished every attention?. If possible, speak to the garage that has serviced it. They can tell you what the owner's attitude towards maintenance was - money no object, or just enough to get by. Then, when you think you have found the right one, get a PPI from a reliable source. I have had mine for over 5 years now and have enjoyed every minute of it. However, as Stu has indicated, there is a lot more to keeping these cars in good shape than just an annual service, so you need to appreciate the commitment that you are making and budget accordingly. Things wear out from time to time and the replacements don't often come cheap. Where in the world are you BTW?
Normally you get what you pay for. If it's an average car, in average condition, there will be things to do like the Bradan major service. To me that was normal and not a nightmare. These cars are getting older. This stuff needs to be done due to age, not neglect. If you come across a car that has had all that done, it probably shows and you will pay for it. They key to me is to get a solid motor and transmission, no major collision repair with everything there. Then pay accordingly.
Go and see and test drive 3-5 cars and you will get more feeling and «knowledge» and that will help you make a good decition when picking the right car.
Here’s another question: I’m seriously considering 2 cars at this point. One was recently sold by a Ferrari dealership and has Ferrari inspection documentation. I’ve also talked with the Ferrari dealership service center where the owner has the car serviced and they tell me the owner was meticulous about service. The current owner has the service history documentation since about 2012. The car doesn’t have many options but has lower miles, about 11k. The second one has pretty much every option you could get. The owner has comprehensive service records from 2008. It has about 15k miles. What would be your advice? Go with the car that has Ferrari inspection documentation, lower miles, base car - or - go with the highly optioned car with more miles?
I'd go with the highly optioned one especially if it has a leather shelf and the full carbon pkg, The mileage difference is insignificant.
No problem - good luck! OK, so I can't make any suggestions as to dealers, PPI, servicing etc., but I am sure that someone here will be able to help. Very much down to personal choice (you haven't said anything about colour, or price), but all other things being equal, I would be inclined to go with the second car.
The first car with lower miles is red (my preference). The second car with more options is black and about $30k more (more than I want to spend... but I’d just like to get the right one).
In that case I would probably be inclined to go for the first: it's the colour you want, although I don't know what they are, I should be surprised if the options justify a $30K premium, and it fits your budget better. Very difficult to say without seeing the cars, reading the service history, etc., however.
I have owned two 550's at the same time. I still own one 550. The 550 I own was given up by an Fchat member. He could not take the pain anymore. I'm a DIY guy never taken any of my 6 Ferraris to a pro mechanic in over 35 years. My 550 is perfect and is swiss watch reliable. The 550 I sold I fixed too. It was driven across country to its new home in canada in the snow. It's reliable. The list above is not an issue. The thread above is not an issue either and atypical. There is some funny business going on there with that car having prior PPI and major yet to have all these issues...humm....Tha is not the car's fault. I'm in SoCal and several of us own or have owned the 550. Even Craig from Fastcars owned or still owns one. There are many good sources of info in Cali. If I can help you in your search let me know. The 550 is a great car. I think the 550 and 328 are the closest Ferraris with daily driver reliability and the 550 beats the 328. The 550 also does not beat you up like the V-8 do but the performance of the V12's are GT.
Oh and don't put too much stock in a PPI. A PPI is a snapshot of a used car. Remember... USED car. You can have a dental check-up and then break your tooth on a cookie at lunch. It isn't the dentist...maybe you got an old tooth with a big old filling. Well yeah the dentist could have told you "you got an old tooth." Yeah your alternator in your old car is putting out 14V just fine. That doesn't mean it won't die tomorrow.
Exactly what Dave says here. However, with the additional information of the $30k difference, that would need to be explained. I’d offer what the car would be worth to me and let the seller decide it’s fate. As a disclaimer in my case, colors, mileage, condition including history all were very important. Options followed. Looking back now options were pretty important. Four years of looking was long enough. If you find something good in front of you, don’t waste the opportunity. Bill FL
You *******. You sold your ****ing car without asking me! I would have said no, but still. To the OP. The frustrating thing about 550s is they are still from the generation of Ferraris that are like yachts, if you have to ask... The major stuff like engines and transmissions are robust. Everything else, and I mean everything else, is the biggest POS the world has ever seen. I mean, come on, gas tank leaks. Are you serious? If you’re like FBB, no problem. But if you’re like me and are a checkbook mechanic, you better have a fat checkbook. BTW, somebody told me recently you can’t get the EFI chip from Ferrari anymore, is this true? That said, that said, I loved mine. Doing a power shift from second to third without the hood dipping? Pure *****. Sent from my iPhone using FerrariChat
But, when you’re behind the wheel, who gives a **** about options? The base car offers more than 99.99% of us can handle. Just drive. Sent from my iPhone using FerrariChat
are you buying it to drive ? when I bought mine it had been sitting for some time, after taking possession and doing 1000-2000 kms, the old dry and brittle power steering hoses leaked, also the shocks leaked and needed rebuilding. why pay extra for a low km car unless it's for display/investment.
Lots of good advice here. I looked at 6 cars before settling on mine (3 from afar, 3 in person), including paying for 2 PPIs. I was amazed at the variance of cars in terms of their relative condition, which I found was not necessarily proportional to the car's actual mileage. So much for putting undue importance on a car's odometer reading. Ultimately I went with a 22K mile car in the best overall condition mechanically and cosmetically (and that had a thorough maintenance history) of the 6 cars I considered, and I had to go above my anticipated price cap to get it (bought it from a dealer who I think had acquired it from another dealer, so of course there was a dealer markup involved. Possibly two!). Be patient, but be ready to jump on it when you find the right one...you'll know it when you see it (and hopefully drive it). As far as options go, to me they are icing on the cake. The car I bought happened to have some nice options, but my #2 choice had very few. Most 550s were custom-ordered "bespoke" cars. Some owners settled for a "bare bones" 550, some wanted a few key options, some wanted every possible option. Of all the options that were available, to me the FHP (Fiorano Handling Pack) would be the single most desirable (the car I bought does not have FHP), but not a requirement. Colors are personal preference, but also of secondary importance, IMO. More important to focus on documented maintenance history and actual overall condition. Again, mileage, while somewhat important, I think is an over-blown metric, especially if the car has been well maintained/documented. In truth, the lower the miles the less it's been driven and, generally speaking, the more mechanical problems you're likely to have. Also, the less you're likely to drive and enjoy it in order to preserve its "low mile" status and thus it's perceived market value. Regardless, these cars really do NEED to be driven regularly, or at least more than a few times a year. As others have said, these are now 17-21 year old cars so don't expect perfection. Do expect one very special car that, once you own it, will get under your skin so much you'll want to do nothing but drive it all the time. As with any purchase of this nature, YMMV. Good luck!
