How much does owning your ferrari cost you?

If you start calculating the numbers/$ - Lost investment return on $$$ paid for the F-car, annual insurance on a car driven less than 5K miles a year, maintenance, and getting the larger home (Don't want the wife to feel left out - Looking to add another F-car). Don't want to think about it - Life is too short. Enjoy!!! If you own your home(s); have investment returns which are not needed to maintain the household and going into savings/other investments; and are contributing the maximum allowed to your retirement fund(s) Enjoy!!! IMHO

 

Mine cost me the $15K for an extra parking spot.

 

No more than my 3 other highly modified sports cars. After all, the Ferrari is just stock. 89 328GTS. I divide the miles/year between the 4 of them.

 

Here is the current budget (close, but probably not correct) for both cars.

365 maintenance/freshening: ~$2000 (valves are being adjusted as we speak)
Mondial maintenance/freshening: ~$1500 (did belts last summer, this year is focused on sorting the electricals)
Insurance (both): ~$1200
Plus fuel...

Call it about $5k to keep both on the road/year.

 

Let's see here. If I need to think about it, I can't afford it.

Seriously though, I think It's probably cost me roughly $2-5K on average during the last two years (not including financing, insurance, and fuel). I can't really give a truly accurate number because I switch cars a lot. (4 328's in the last year)

 

Exactly...

 

The financial analyst inside me says "too much".
The proud owner inside me says "not enough".

 

To answer one of your other questions:

2 years -- 4 328's -- 22,300 miles total

 

I think you need some theray!!
Troubles committing to one 328?!??!

 

one girlfriend

 

...or in my case, wife.

 

If I remember correctly, from previous threads, the feeling was that ownership cost about $1.00 per mile.

 

What price can you put on perfection. The relationship with the car is worth the price of admission.
Ownership costs vary widely based on which car and how old and how maintained and warranty or not. If the stock market keeps up this slide then owning a car is cheaper.

 

There are a number of factors to consider when considering the ACTUAL ownership costs of any Ferrari. Mine is a 348, so here goes...

- $50K-ish for the initial purchase
- $5,000 immediately for extra "doo-dads" you will need to make it look like "the next newest model". (308GT to 308, 308 to 328, 348 to 355, 355 to 360, 360 to 430, etc., etc.)

As for the yearly costs:

- $2500 annually for maintenance (some years more, some years less)
- $10,000 annually for wife tax (new couches, watches, high-dollar restaurants, etc.)
- $1000 annually for extra "doo-dads" that you need to keep buying so that you car "almost looks like" the next newest model.
- $100 per year for gas (I filled mine up 3 times in a year).

So I figure $13,600 annually, wife tax included.

 

My mechanic had a great line. He would compare maintenance costs to attending weddings: some years you had none, some years you had some & some years you had the impression that your paycheck was only used for weddings.

 

I already go once a week. Should I up my visits?

 

So you spend $13,600 a year to drive less than 500 miles??? You should consider renting a Ferrari and save some money!

Ken

 

Pretty darn close.

I buy 15 gal. of premium unleaded a month @ $2.50/gal, so that's around $450/yr.

Everything else you mentioned for your 348 averages out about the same for my 330 2+2, so it costs me $3500 -- $4000/yr to keep my Ferrari going.

I am going to restore wheels and instruments and finish odds and ends this year, so I guess that will add another $5k to my principal investment column.

I'd say my car costs about $1.25 to $1.50 per mile to operate, depending on the variables.

I do keep a tight record of my total costs, and I feel comfortable spending the $$ this year on the wheels and stuff. As long as I'm no more than $10K overinvested based on the current market indications for the car, it's OK.

My wife tax: $10,000.00/yr on up.

 

I think a $5,000 - $7,500 per year number is in the ballpark. My first 18 months were way above that. Worth every penny!

 

Here's a scenario of an owner of a late model 360 drop-top:

Met girl. Picked up for first date (Trophy wife type) in 360.

Girl was hot for the guy

Got married three months later

Both bought $3.5M home on the beach

Guy starts business, makes new wife a partner.

Business worth $4.5M in one year and baby is on the way

Trophy type wife files for divorce

Wife gets new home, the 360, $10K a month in alimony, the bank accounts and $3K a month in child support and the business.

The cost of owning this Ferrari only costs the owner about $10M!

 

Hey! I saw that movie. They were filming a different version of it on EVERY STREET in Beverly Hills!

 

Cost? I try not to think about it. I just drive and drive...

 

I've had the 1997 550 a year and put 6,000 miles on it in five months of 2004.
That cost $3,000-plus in maintenence alone (mostly due to the previous three owners in seven years putting a total of 11,300 miles on it and neglecting it)
$800 for Wyoming registration
$850 for six month insurance
$1,100 for repair to front air dam (thanks Yellowstone Park)
Plus gas (apx $800 for last season. Could run $1,000 for this year)
TOTAL OF ABOVE FOR 2004
$6,550
(not including depreciated value of car as a trade in)
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AND I still have a crack in the windshield, but it isn't growing and it is hidden behind the mirror ($3,300 cost in future, plus installation)