575 major service

Both my fcars had great ownership history and records before I purchased, but there are still inevitable things that pop up that are costly and have prolonged down time waiting for service (often weeks to months waiting for a spot) and parts. Ferrari ownership is definitely not financially wise, it really is a passion. It does not matter that mine have appreciated in value since I don’t plan to sell them.

I think it’s funny because I had the same thought as Hawkeye. If u love driving your Ferrari, u need to have 2 at a minimum since there is a good chance one will be out for maintenance/repairs!

 

A long long time ago in a galaxy far away I was a young helicopter mechanic in the US Army Air Cavalry. At a precise amount of flight hours, the helicopter would be brought into the hanger for a phase inspection. You can always count on a certain number of aircraft being unavailable for an undetermined amount of time. As a the lowest member of an aircrew, a private with one stripe on my arm, I could RED X an aircraft, meaning that if I didn't think it was suitable to fly, it didn't fly. My superiors would evaluate my RED X in the log book and verify my findings or override them, which was extremely rare. We had maintenance log books and checklists that would rival the maintenance procedures in a Formula One Team.

There are a few sayings in the Ferrari world that we all know to be true: Don't buy one Ferrari unless you can easily afford two of them, and the cheapest Ferrari you buy will end up being the most expensive. It's not the fault of the car in the case above, it was neglected and is now in need of phase or depot level maintenance. Does this owner hate his sick dog that is accumulating vet bills?

Buy another Ferrari and love this one right along with it, bring this Ferrari back to the way it should be in the capable hands of @Rifledriver, he has that responsibility or he can absolve his choices in life and take it to the pound. The fact is that he likely doesn't deserve the car in the first place. Advise him to go buy a Porsche Boxster and a new pair of sunglasses.

 

When I brought my 1998 550 in 2003, I did all the right things. I beat up on the Ferrari sales manager for over six months. The car started at $165k. I brought for $115k. It was a "known" car because all the work had been done at FOH. I even negotiated a one-year power warranty (they were new then). All services were current. The car had 8,000 miles on it. First owner had put 7,500 miles. Second owner only did 500 miles because he got wrapped up in the Enron mess.

First problem was when the car "blew up" at the Ferrari French Quarter Classic in NOLA. Turns out it had blown the cheep ass front plenum hoses. $5,000 later, including tow, I get the car back from FOH. After that, there was this and there was that. I don't think I ever took the car to FOH that it didn't cost a minimum of $1,000 to get the car back. Three years later on the hottest day of the year, the car "blows up" again. This time is was the cheep ass REAR plenum hoses. I had an independent fix it, but I went to the FOH service manager, Giuseppe Di Blasio, and asked him why in the **** didn't he replace the rear hoses when he did the front hoses. See my previous comment about coming this close to smacking him.

By the time I sold the 550 to a collector in 2008, I had also purchased and sold a Challenge Stradale (brand new) and a 330 GTC. I had put 20,000 miles on the 550 and sold it for $75k. I'm guessing I had put at least $25k in cash into the car, and there were still issues such as the evaporator core leaking. The collector put another $20k into the guess and had the work done by his full-time mechanic. If you assume the mechanic's time was worth $20,000, this means $65k of work was done on this car during its first ten years of life. The MSRP was $210,000. You do the math.

I broke even on the Stradale. I made enough money on the GTC to cover the cost of the 550. At least, that's what I tell my wife.

I loved that 550. I really loved driving it. Will I get another one? **** no. Will I get another Ferrari? **** no. I'm a driver, not a lover. I just bought a e36 M3 for say $30k. This car is more fun than the law allows. I haven't had this much fun with a car in a long time. So, nope, no Ferrari for me.

 

I love these type of stories.

I love hearing about guys crushing 20k miles in 5 years in a 550.

I wish I had more free time to enjoy my 550 and the other toys.

Keep those kinds of “ownership and cost stories” coming!

 

There is definitely not a linear correlation with money spent on a car and enjoyment, very likely an inverse at a certain point. There are definitely a lot of bang for your buck cars out there.

I feel the inflection point may be Porsche. Peak performance with minimal headache, and not so precious as to worry where to park it. Don’t get me wrong, I still love Ferrari, but realistic in being able to accept the downsides without tarnishing the enjoyment.

 

Porsche certainly makes a good car but the motivations of Porsche buyers and Ferrari buyers are quite different. Ferrari buyers generally are not looking for performance per dollar. There are other motivations. That said there are reasonably priced repairs and then there are bills I wonder if a gun was used to get payment. We also have a disproportionate number of unqualified charging outlandish prices to cover for their incompetence. The outlandish seems far better equipped to survive in this business than most. I see it every day. We recently fixed an issue for $500 or so dollars that the owner was already $25,000 into with no resolution. I know people in the Ferrari business that could not get a job at Jiffy Lube.

 

The Ferrari world is the perfect setupfor this type of shenanigan. It’s a limited market with very few repair shops per region that are bursting at the seams with business. I’m not eager to negotiate price when I’m just happy enough for my car to get in. I certainly don’t want to piss him off. I’m just fortunate my Indy is awesome, takes great care of my car with sort of high prices I’m glad to pay. Alternative is a dealer that usually charges double. Also there are plenty of f-car owners who equate price with quality and bragging rights. And it’s hard to haggle about repair price for a nonessential toy worth the price of a small house.

 

I don't work on cars. Me with a wrench in my hand is a scary sight.

What I do is find someone like Brian that I trust, and I say "fix it." If the dollars start adding up, call me.

 

A big part of my problem was ignorance. The 550 was my first Ferrari. It was the culmination of a dream. Because I didn't know any better, I had all the work done at FOH. I now know better. There is only one way I will own a Ferrari again. There has to be an independent like Brian and few others within driving distance. Anything else means you're asking for punishment.

 

I agree with that statement.

one positive shocking outlier (assuming the work was good)….was a 550 that sold “semi recently” out of Oklahoma City…..not a Ferrari indy, just an Indy and I was just shocked at what I would give for a $80/hr rate.

I’ve said it before….in Felton a Santa Cruz mountain town I take my diesel…that “small town mechanic” charges $185 an hour.

I don’t have a clue what Silicon Valley Ferrari charges

the receipts on this one were fun to go thru…

https://bringatrailer.com/listing/2000-ferrari-550-maranello-13/

as a counter point one of our own had an open checkbook policy at Ferrari of Atlanta on this one and it was staggering….I even built a spreadsheet on it I was so shocked.

https://bringatrailer.com/listing/2000-ferrari-550-maranello-15/

here is a snip from my original review

I built a spreadsheet one night when I couldn't sleep and there as a sizable stereo/radar line item and some cosmetics but total spent over 11 years was $85,822 over 11,222 miles that's $7.64/mile.

https://www.ferrarichat.com/forum/posts/147661561

I don’t want to pressure @dhalperin13 but if he ever sells his now unicorn status fabio/6MT converted 575 and we see what he spent for all of the amazingness - that will be a heavy one as well….Dan absolutely did win from timing the low price to buy in on both 575’s he bought.

they say…..love has no limits…..

 

Part of the problem is 550s were 90s cars. I'm told things have gotten better. I sure hope so.

 

Actually its worse. They now have horrendously expensive extended warranties and buyers are justifiably scared not to but them. But buy them they do..

 

Brian, I have your skill set, but unfortunately it is with the IRS. If I knew how to work on a 550, I'd buy one in a heartbeat. But I don't, so I don't.

 

So many stories from people not doing their due diligence when buying............

 

I've done only major services on 550's. Nothing breaks. I'm on 550 #2. I have never spent more than cost of parts to do my services and things I wanted like Moton double adjustable shocks and MSW goodies. I have been a 550 owner about 20 years I think. It's just a mostly analog car and simple to fix.

 

Every….single….online….auction…

So rare for any of the guys buying at online auctions like BaT…to do a PPI.

 

But to the same point, Mecum, BJ, Southeby etc have decades on BaT. Is there more lipstick on a pig now, uneducated buyers, or do we only hear about the squeaky wheels and their problems vs the majority of cars sold

 

I have never bought with a ppi and never will. Interestingly it seems bat cars get pretty worked over my the peanut gallery in a very timely way long before auction ends. The big boy auctions don't seem to have that same level of scrutiny. Each buyer does his private onsite due diligence and hopes.

 

I had never bought with a PPI before my 550.

the car I bought before the 550 was The Popular Hot Rod magazine car #PriojectTalladega and the result was me having the opportunity to pay tuition to the tune of $15k….not taking that class again ;-)

I won’t buy a classic or exotic car again without a PPI unless it’s “throw away money”.

 

Problem is majority of PPIs are superficial and aren't worth it not to mention inconvenient and hard to fit within a 7-day auction duration. Don't think there are many Ferrari experts out there with open time slots available on short notice for PPIs at randon times. Agree with @fatbillybob that on BaT the comment section and seller engagement tend to provide good information about the car and its ownership.

 

Something I have done for many existing clients is to go over the photo arrays. A great deal can be told from the pictures alone. In many cases a more thorough job simply cannot be done. Buyers are their own worst enemy. They fall in love knowing nothing about the car overlooking so many warning signs. They buy it then tell me about it. Really bad idea and it happens every day. If there are no under hood pictures, there is a very good reason. If there are no leather dash pictures, there is a very good reason. If there are no really good drivers seat pictures there is a very good reason.
It ain't rocket science. If there are good pictures, blow them up and get a good look. A great deal can be found out if you know what to look for.

 

Point 1. Why is that? You chose them. Who's fault is it that you chose idiots?
Point 2. Thats the excuse used because for people who are not existing clients we really don't want the liability of doing a job so many have been sued for.

 

It’s not much of a choice when you have to accept what’s available long distance. You rely on who is available near where the car is located. If the car is local, I can have more control in getting it to where I can get good PPI. In all my search only one car met that condition and the PPI was worth doing as it identified additional costs that needed to be factored into the purchase price that the seller was not willing to accept discounting. All other cars were too far away from me, and many were even too far away from reputable specialist who is willing to do PPI. Most specialists just don’t want to deal with PPIs period so you end up with what’s available which is usually not worth it.

 

I have flown all over the USA inspecting cars. I have also advised clients on locals who are good.

Again whose fault for choosing a poor service provider? All the resources needed are at your disposal.

 

You would be perfect for a Discovery Channel show. Just need to think of a catchy name…

Up Your Tail Pipes?