News

458 milage

Discussion in '458 Italia/488/F8' started by Arash Behravesh, Dec 28, 2017.

  1. Arash Behravesh

    Dec 25, 2017
    7
    DC Metro
    Full Name:
    Arash Behravesh
    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?
     
  2. Oengus

    Oengus F1 Veteran
    Rossa Subscribed

    Sep 29, 2004
    7,790
    Between timing belts or OH, SC, CO, CT
    Full Name:
    Chas
    no more like 175k
    I would say a 458 with 40-50k miles would be about 150k ish...just wait a bit.
     
    Arash Behravesh and Afonsolaw like this.
  3. kiryu

    kiryu Formula Junior

    Mar 28, 2016
    372
    Los Angeles
    There’s a couple of high mileage 458s for sale around 139-150... about 38k miles and up, some pretty good options too


    Sent from my iPhone using Tapatalk
     
    Arash Behravesh likes this.
  4. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,906
    New jersey
    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 $$$$
     
    F430abdo, saraojo and Arash Behravesh like this.
  5. Arash Behravesh

    Dec 25, 2017
    7
    DC Metro
    Full Name:
    Arash Behravesh
    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.
     
  6. kiryu

    kiryu Formula Junior

    Mar 28, 2016
    372
    Los Angeles
    I heard about 3-4K per year. In comparison, R8 is 3-4K for 6 years


    Sent from my iPhone using Tapatalk
     
  7. dustman

    dustman F1 Rookie
    Rossa Subscribed

    Jun 12, 2007
    4,998
    I just paid 4300
     
  8. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,906
    New jersey
    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.
     
    saraojo likes this.
  9. JimPVB

    JimPVB Formula Junior
    Rossa Subscribed

    Apr 24, 2016
    576
    Florida
    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
     
  10. Doug_S

    Doug_S Formula Junior

    Apr 8, 2007
    448
    NJ
    Full Name:
    Doug
    #10 Doug_S, Dec 29, 2017
    Last edited: Dec 29, 2017
    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.
     
    Melvok, Afonsolaw and kiryu like this.
  11. saraojo

    saraojo Formula 3

    Mar 9, 2015
    1,274
    Northeast
    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+.
     
    Afonsolaw likes this.
  12. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,906
    New jersey
    Good advice.
     
  13. saraojo

    saraojo Formula 3

    Mar 9, 2015
    1,274
    Northeast
    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.
     
  14. kiryu

    kiryu Formula Junior

    Mar 28, 2016
    372
    Los Angeles
    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
     
    jbswiss, Afonsolaw and saraojo like this.
  15. Townshend

    Townshend F1 Veteran
    Rossa Subscribed Owner

    Jul 20, 2005
    6,474
    Chicago
    Full Name:
    Walter
    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)
     
  16. tres55

    tres55 Formula 3

    Sep 18, 2012
    2,187
    Canada
    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?
     
    Atlanta355, Afonsolaw and saraojo like this.
  17. Melvok

    Melvok F1 World Champ
    Silver Subscribed Owner

    Jul 25, 2008
    12,977
    Amersfoort, Holland.
    Full Name:
    Mel
    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.
     
    Oz-ATL, Afonsolaw and saraojo like this.
  18. F430abdo

    F430abdo Karting

    Mar 8, 2017
    81
    SE Florida
    Full Name:
    Joseph
    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.
     
    Afonsolaw likes this.
  19. JP12345678

    JP12345678 Rookie

    Dec 19, 2017
    26
    If you’re a former gambler like me just do it. You only live once.


    Sent from my iPhone using Tapatalk
     
  20. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,462
    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).
     
  21. AlfistaPortoghese

    AlfistaPortoghese Moderator
    Moderator

    Mar 18, 2014
    3,580
    Europe, but not by much.
    Full Name:
    Nuno
    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.
     
    bz458, JP12345678 and xfrgtr like this.
  22. Jasonfcarfan

    Jasonfcarfan Rookie

    Aug 2, 2015
    27
    Sounds like you can’t afford one . Don’t buy it
     
    Afonsolaw likes this.
  23. JimDeaton

    JimDeaton Rookie

    May 21, 2017
    5
    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.


    Sent from my iPad using FerrariChat.com mobile app
     
    Afonsolaw likes this.
  24. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,906
    New jersey
    Preach on!!!
     
  25. HighCountry

    HighCountry Rookie

    Mar 17, 2017
    15
    Mid-Atlantic
    Full Name:
    Greg
    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?
     

Share This Page