458 milage

Hi Everyone,

I am in the market to purchase a Ferrari. However, i have given myself a budget of $150k. I really like the way the 458 looks. What is considered to be a high mileage car. Is it possible to get a decent 458 at about $150k?

 

no more like 175k
I would say a 458 with 40-50k miles would be about 150k ish...just wait a bit.

 

There’s a couple of high mileage 458s for sale around 139-150... about 38k miles and up, some pretty good options too


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I understand you want to get a Ferrari at a discount ... however... it may cost you a lot more in the long run and it usually does.

Example. If you are paying 150 for a car with 40,000 miles what do you think it will be worth when it has 50 or 60,000 miles? Then you must also factor in repair bills a car with 60,000 miles is more likely to need repairs than a car with 30,000 miles. Just like a car with 30,000 miles is more likely to need repairs then a car with 10,000 miles. Also if this is your first Ferrari I wonder if you have an idea what parts and labor cost on these cars. Everything is electronic on these cars nowadays there are dozens of computers and A lot of the work requires equipment that is very expensive and most indi shops cannot afford therefore you are required to go to the dealership and that means big $$$$

 

Thank you Afonsolaw. Your comment brings me to my next point. Has anyone purchased an extended warranty on their Ferrari 458? As I understand, you can only purchase extended warranty one year at a time. Does the extended warranty price goes up as you accumulate more mileage and years on your car? How much is a bumper to bumper extended warranty.

 

I heard about 3-4K per year. In comparison, R8 is 3-4K for 6 years


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I just paid 4300

 

But the warranty does not cover everything. And it certainly does not cover wear and tear items either. So breaks shocks springs rubber items will not be covered so factor that in as well.

 

There are no "bumper-to-bumper" warranties after 5 years. The initial B-to-B is 3 years, extendable up to 2 additional years at a cost of about $5K per year after that period you can purchase (annually) what is basically a drivetrain warranty that seems to be priced between $4K and $5K depending on dealer and location (I'm basing that on comments from other owners posting in Fchat).

Regarding buying a high mileage car, if it's been properly maintained you may find a great deal.


Jim

 

My advice on a 458. A very reliable car with fairly low routine maintenance (no clutch replacements, no belts replacement, no engine out routine maintenance). But it is a Ferrari and parts can be very expensive. If a dash screen goes out and they say the only fix is a dash unit replacement for 15 grand, well that's that. If a hit like that on maybe even two in succession would cause you hardship in any way, don't buy the Ferrari. Why would you want to take on hardship in your life voluntarily?

And you don;t want your freedom from hardship dependent on the luck that nothing breaks or goes wrong.

If you could write $30,000 worth of checks in a year (in addition to the other normal expenses) and it would be no big deal or no change in your other plans, then go for it. I'm not saying you need to budget or spend 5 figures per year to drive the car, but you might at one time and you do not want it to make you miserable.

Also insurance will be higher, a collectors policy will allow very limited driving, a regular policy will be expensive. Most people have a collectors policy and drive limited miles each year.

 

Do it! Buy a high mileage 458 for $145-150k as long as you understand that you need to have money put aside for repairs. Also just because it's 150k doesn't mean that it won't depreciate any further. Hey why not stop at a high mileage. If you want a better deal you can consider a flood damaged or a accident car.
But if you want more piece of mind then buy something like most of us with less mileage. I think going prices for early models are 170+.

 

Good advice.

 

It also depends on how much you plan to drive the car. If you have 5+ other cars to drive and will only put on about 500-1,000 miles a year on your 458 then a high mileage one might be right for you but only if you have money set aside for repairs. In this case get a ppi. If a car has 35,000 miles then and it will only have 35,800 when you decide to turn it after a year then hopefully there won't be many issues to arise.

 

to add things into consideration, it's difficult catching everything in a PPI...almost impossible. For $300-800 very little gets covered. Removing the under belly doesnt really uncover a lot of the hidden issues, especially the DCT or the electronics. Doing a compression test doesnt help much either. PPI only catches the most obvious issues that a lazy dealer fail to cover up, like old tires, brakes, overspray and stuff missing or not working. Definitely need to budget more for repairs. If the budget is 150k, probably better to set 20k aside for surprises

 

Have you also looked at a 599 or F430? Both solid cars that would be well within your budget with room to spare for repairs and other needs (tires, etc)

 

In my opinion, if you can spend $150 on a high mile car, why not fork out another 20k for something with half the miles and likely half the issues arising in the short term?

 

Well, maybe it is his absolute limit to find his dreamcar ...

I would still say: DO IT imo

A proper PPI (official Ferrari document that will be put in the Modis system) IS good, 190 point will be checked.

Never forget to do this before any purchse ... if the F dealer will not do it, simply don't buy that car.

 

I personally wouldn’t buy unless I got certified preowned, and a 1 year full warranty which I purchased with mine last month. Also a car 2012 + with some maintanance free. Afonsolaw you are correct, fishing for ragged out miled Ferrari’s to get a “deal” may not end up being a “DEAL” after all. When I bought my first F car I decided to go with low mileage and one driver maybe two clean car fax history and I did pay slightly more than I could have going with a “cheaper” option. But my F430 never had major issues and my 16 months with it ended up being a great experience which led to me buying my 458 a few weeks ago. Get a good car, do your homework and you will enjoy the ride.

 

If you’re a former gambler like me just do it. You only live once.


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I did a short market survey on ask pricing a couple of weeks ago. I used the following criteria:

Only noted colors I liked (for me that means no black, silver, etc)
Only noted cars with miles up to 23,000
Only noted cars from either Ferrari dealers, private owners, or major independents I have confidence in (ex FCI, or CNC)
Only used autotrader and cars websites

Using the criteria above, the 5th lowest price car at ask was $175k (I usually want to use the 5th lowest price car so I have choices).

So my guess is you can get a good car for $167k (5% from ask). All in for my state would be around $183k or so.

I'm still a couple of years away to be comfortable with buying one (don't want to finance more than $50k).

 

Modern day Ferraris (post California/year 2008) are as strong and reliable as most of german cars most of us use as daily drivers. Mileage is no longer a factor in a Ferrari, like it once was in the 1980s for instance. Buy the car with the color combo you love and that is up to date with its maintenance schedule, is accident-free and with all accessories. Everything else is of little consequence.

Kind regards,

Nuno.

 

Sounds like you can’t afford one . Don’t buy it

 

A nice 458 is $200K. Don’t waste your money on a high mileage, tracked car. Pay $150 now and another $50 in repairs later.


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Preach on!!!

 

I’m not a Ferrari owner (yet), however the high mileage issue is of interest. Its good to hear that the reliability has really improved over the last ten years or so according to an earlier comment. From a distance it would appear that the 430, 458 and California must have started the trend.

I notice a multitude of businesses around the US offering “SuperCar experience” opportunities to drive on a track or around an auto-cross course. Most all include a 458 in their line-up. Obviously they would have determined it to be a reliable vehicle or the maintenance would be detrimental to their business model. Wonder what mileage they use as a break-even point?