Depressing state of used Ferrari values

If you're worried about depreciation, you're doing it wrong. I view the purchase price as a sunk cost. If they get cheap enough I'll buy a challenge car for track use.

 

I wish. That was me in '85 when I bought my QV. Now I'm in bucket list mode with a 355. Thankfully I still feel like I'm in my 20's. Trust me. Don't worry about what it cost. Just enjoy.

 

HA!

a friend of mine summed it up nicely...

"what a nice red band aid for your life"...

I personally don't view it that way... the permasmile I get on my face every time I walk in the garage is worth way more than the cosmetic work in my mouth.

It's hard to describe unless you own one.. IMO

 

Dave Has It Right! The smile a Ferrari creates while/after driving is priceless! It may be the single best indulgence/purchase of my life so far.... now to get a 458 Spider may actually exceed the current standard I am enjoying!

 

LOL yeah the 458 is my bucket lister

 

So then, what does he E93 cost to maintain?

Robb

 

A set of tyres just cost me $1500.
Yearly maintenance is probably $1000. Fuel is cheap as it is very economical (it's a diesel).
Insurance is re $1100. Registration $750.

But where it really costs is the depreciation. It's less than 3 years old and has lost around $40,000 from the new price (100k new probably worth around 60k now).

Compared to that the overall cost of owning the 355 is not bad.

 

i think you are on to something here. I have seen quite a few 355s (as well as 308s, 328s, 348s, Mondials and Testarossas) that have been "maintained" by people who do not really know what they are doing. They think their work is fine and the car is the problem. Once they have had enough of the problems they sell the car to some poor soul who does not know what to look for and the situation gets worse (new owner cannot understand why the car is so unreliable). I think that is why getting a Ferrari's service history is so important to so many when they are purchasing. I think reading reading these forums also can help in that their are several cars that I know to avoid based upon both the cars well documented problems and its self service history from people who do not know what they are doing. There was a very prolific poster that was doing engine work several years ago that burned quite a few people. For me, I would want a car that had maintained by a quality dealer or one of the really good independent shops like Dave Helms, Brian Crall or Eugino. These were very expensive cars to purchase back when they were new and are more affordable to purchase, but the maintenance costs have not decreased creating this perfect storm (similar to Mercedes, BMW, etc.). It will be interesting to see if the 360 falls into a similar situation now that they are becoming so affordable, or if the the reliability truly is better, time will tell.

I agree with those that profess their love for a great running 355, I cannot think of another car at this price point that is as much fun, is this beautiful and sounds so terrific. I think the European market is recognizing this and is slowly moving upwards, hopefully the US market will follow as the problem cars are either fixed properlyi or put out of their misery.

Forza 355!

 

That averages around $12,300 a year in depreciation (knowing that it probably has been stable the last couple of years)! Talk about catching a falling knife, ouch! That is why I have never bought a new car.

 

50,000 quid is almost $80,000 US dollars it isn't even close.

 

Yup.. All mercedes over $100k new takes a beating after a few years especially SL class

 

Don't agonize over depreciation / resale values. A Ferrari is like art: enjoy it because it gives you pleasure regardless of the price.

Years ago, I bought a large $15,000 painting by a pseudo-famous artist, and I assumed it would appreciate over time. I later moved, and it didn't fit in my new house so I tried to sell it. Nothing but low-ball offers around $4000.

 

I have an '88 328gts, and a '77 512bb. I enjoy both of them immensely. With that said, they are both completely different driving experiences. I too have recently purchased a 2014 MB E350 as a daily driver. I have to say that the E350 has far exceeded my level of expectation. There is no question that the value of the Benz will drop like a rock. My question for you is, how can you even remotely compare the ownership and driving experience of a Ferrari 355 to that of a Mercedes E350?

 

Who said I was comparing the driving experience of the 355 to the MB??

I recently had esophageal cancer surgery and after coming home the Ferrari was great medicine in helping me recover. However I got tired of driving a 12+ year old Asian import as a daily driver and the Ferrari languishing in the Garage, again due to our mostly constant wet weather in Seattle.
As this 355 was my third Ferrari, (365GT 2+2, 308GTSi) I've noticed that after 4 or so years they lose their appeal for me. Add in the depreciation and service costs and mercenary Dealer and I felt that at 61 I should have a nice daily driver - that's all.
I have never owned a German car and was very impressed after test driving a 2014 E350.
So after selling both cars I'll write a check for $13,000 and get a new $66,000 Benz.

Who knows in a couple of years I may get the itch again and get a 430 when they are going for $80k. Probably won't be long.

 

I can appreciate losing interest in a car, most people do. Myself, I have always wanted a Ferrari, any one would do, so I haven't looked back and never will. My 348ts has fit the bill perfectly and I fix what I can and leave the rest to professionals. I hope I never sell mine because the market is definitely on an upswing. I caught mine at the bottom, you apparently didn't. Just luck of the draw.

Also, having a car that just sits in a garage is a tough thing to deal with as well. I owned 2 Porsche 944's one time. one a daily driver (944 Turbo) and the other a garage queen (944 Cabriolet). I eventually got rid of the garage queen and kept the daily driver because I was getting to enjoy it (over 300k). But I have no problem with having a Ferrari just sitting there and try to keep it at no more than a 100 miles a month, though it is tough at times and I live in the FL keys so I can drive it year round.

Maybe the new will wear off at some point but as for now, every time I go look at her I get to say "WOW, I own a Ferrari!!" It makes my heart smile.

 

Used cars loose half their value every 3-5 years. Ferrari are actually not that bad in comparison. I just bought a 95 F355 for $45K with all the interior and belts/cats done and expect to sell it for about $30K in a few years before it needs another major

 

Consider that that $45K Ferrari retailed for something like $110, and we have $65K depreciation in 18 years or $3.6K per year!

This has to be one of the least steep depreciation curves ever (for a car unlikely to appreciate.)

 

Actually 95 355 spiders were $130,000 and they went up from then on.

 

Considering that many cars (most in fact) depreciate to zero this is a good deal.

Now factor in maintenance and the ownership experience is a bit different...

 

Maybe the new will wear off at some point but as for now, every time I go look at her I get to say "WOW, I own a Ferrari!!" It makes my heart smile.[/QUOTE]

Well said George! Cheers...

 

The price listed on the title for my '97 states $149,000 but likely sold for more. I paid $103,000 less for it a few years ago with 33k miles on it. I consider it the bargain of my life and plan to own it as long as I live.


Rob

 

By "a few years" I hope you mean 10 or more.

 

I think he means that he paid ~$46k for it a few years ago.

 

Right, I missed the "less".

 

Money? We can always make more.
F355's...they're not making any more
For the price of a used Corvette, I'm driving mine like I stole it.