550M as 1st Ferrari

Its a manual gearbox and ten years older than 599/430 - if that's ok for you then go for it - lots of good advice etc here for you to look up & read

 

It was my first Ferrari, I found a 2001 with 10k miles on it. I still have it after 7 years and adding more than 40K miles. In my eyes, it is the sweet spot between old car and new car. It is old enough to feel like you are driving a classic car, but modern enough to be useable. I guess it's what they call a modern classic. It has enough power to impress, but it doesn't have crazy silly power like the new cars that you just can't use unless you are on a track. I do my own maintenance and it is fairly easy to work on, parts are for the most part available, and it has been very reliable. I have added an FF to my collection, it is awesome car and I really like it, but the 550 is more special, there's just something about a 20 year old car that a new car just doesn't have. It's perfectly happy puttering around town, it's fun on a track even though it is not a track car, and it is fantastic for long road trips, actually road tips is its forte. It definitely gets attention, but it is less showy than the mid engine cars. Oh, and every C6 Corvette driver will wave at you as they drive towards you because they think it's a Corvette until they get close enough to realize it's not.

 

Having owned 12 cylinder manual gearbox Ferrari's for over 45 years and my 550 for around 15 years, it will be my last Ferrari. For me it's the last of the logical progression of front engine, manual rear transaxle cars that defined the top of the line and started with the 275 GTB. I understand the need for the complexity of DCT and paddle shifters to stay competitive, but I do not enjoy not playing as active a role as a driver. I do have a much faster car where the driver is hardly connected at all and doesn't need to shift (it's electric) but the 550 is far more entertaining as a driver. Oh, I forgot to mention, another advantage is this car can also be maintained by me, much as my older Ferrari's in the past.

 

I'll add that my 550 is the favorite in my stable (past and present). I have a 599, 360 Spider, 612, and recently sold a 488 Spider.

 

Exactly as I think too. The only 2 pedal ferrari I would consider is the 430.

 

550 was my first Ferrari and after 8 years of ownership, I have only one regret - I sold it!

There are only two Ferraris that I have ever wanted and have been able to afford, and I am lucky enough to have owned them both - 550 and 246.

 

Just like @AVIMAX , the 550 was also my first Ferrari and I now have an FF, 100% agree with everything mentioned above. The 550 was one of my childhood poster cars and it did not disappoint, this is one of the heroes you should definitely meet!

Just make sure, regardless of which model, that you find yourself a well maintained car. No matter if it's a 550, 430, 599, if maintenance and small repairs have been ignored, it will cost you big during your ownership. Don't be afraid of higher mileage cars, a higher mileage car with good service history means most of any issues would be sorted out and fixed for the long term already. Cars that sit and are treated as collectors will almost certainly have more problems come up as your start driving them than cars already regularly driven.

I've also always worked on my cars myself and the 550 was just as easy as any other car I've owned to repair. This community is a huge help with that, tons of owners out there who can help diagnose any possible issues. Mechanically The 550 does not have any inherent issues, obviously if the car has not been maintained well it will give you problems like any other. But if you find yourself a well maintained car, it's a Ferrari so most are well sorted, then there's no reason for any major problems. If you prefer to have someone else work on the car, annual services and minor part replacements are on average about $2-3k per year. And the major belt service is every 3-5years which cost about $3.5-$5k, assuming you also fix other "while you're in there" preventative fixes. The engines themselves are pretty bulletproof, the main issues are the engine bay gets very hot so plastic parts and rubber hoses tend to crack and damage more regularly than other cars.

One thing I would check on any 550 you're interested in, is if any of the fuel cell's rubber/plastic parts or pumps have been replaced. Since these cars are getting old now those parts are starting to get brittle, it could save you potential headaches down the road if they've already been dealt with.

Report back on how it all goes! GL

 

Lots of good advice here. The 550 was my first Ferrari too, had it almost 9 years now. I have absolutely no desire to change it either which is unusual. I go through cars like some people go through socks.

 

Unlike in many previous posts, the 550 was not.my first Ferrari, it was my fourth. When I bought my first 550 in 2004, it wad still a relatively recent high performance car. Then I moved on (575, 599, 488) but I still could remember the 550 as a brilliant car. Today it's certainly outdated performance wise but it has gained a classic appeal, so much so that I thought it would be a very nice addition to the 488... I bought another one one year ago and am very happy with it.

 

Go for it!
As some already said: Perfectly positioned between the old and new world as an overall package - although for almost each aspect you will fjnd a car that can do it better... More than enough performance (and especially torque) for any situation outside of a race track. That wonderfull feeling of old fashioned "real" manual driving. Very high degree if usability as a grand tourer, while still a two seater sportscar. And at the same time not too vintage, and enough spares available, not to be scared every time you drive it or leave it in a hotel parking over night... Last but not least one of the most beautiful and timeless lines, in my opinion (yes, it's a matter of personal taste and I am biased - but the design is in my personal all-time top 10...).

 

While I like the 550, I always gravitate back to wanting a high revving mid engine V8 sport model for a first Ferrari.....because those have been the primary influences for me since the 70s, with a big exception being a Boxer, which I would buy right now if someone handed over $250k.

But some of that depends on your experiences with other cars. If you own a GT3, I think a GT car like a 550 would be a better fit.

 

There are so many reasons a 550 is a perfect first and only Ferrari. Relatively modern, manual box, six speeds, still fast now, much more usable than some Ferraris.

I guess you need OP to be more detailed about what you expect from a first Ferrari. Shark nailed it above. If you want the instant thrill and excitement of a mid engined super sports car, you are better getting it from a 430. 550 is not about instant thrills. It's about deep satisfaction. I am not denigrating either. I love instant thrills and the midengined V8 balance of a gated 430, which you can afford on a 550 budget, is addictive.

The ownership satisfaction of a 550 lies elsewhere, but you have to be in a place mentally and physically where you get that. The V12 is something else.

also in my experience a 550 is a lot more maintenance cost than a 430. 90s vs 00s Ferrari. Quality kept improving. Apart from the stickies.

Actually I wouldn't rule out a Cali 30 Handling Speciale as a first Ferrari either. Looks great and fabulous interior in the right colours, same kind of power as 550 and 430, newer than either, back seats, folding metal roof, don't believe the rep.

 

OP, I just read your posts and comments on the other forum.

200k euro budget gives you lots of choice. Are you not fussed about transmission type, manual or two pedal?

No need to limit yourself anyway to 550, 430, 599.

if you would like two pedal, for 200k euros you can get a F12, better car than 599. Or a very nice 458 or 458 spider, or a 488 if you prefer those, I don't.

if manual matters to you, 200k euros will buy you a gated 575 or an top notch gated 430.

As well as all the other options in this thread including a 550.

maintenance cost will vary though, I would keep 10k a year aside for a 550, at the other extreme a 488 or F12 with approved warranty should cost you peanuts in maintenance.

 

575M was my first Ferrari (not first driven) but I always wanted a 550/575 and was in the air between one and a 599. I chose the 575 over the 599 for: 1 style and 2 planning on selling to buy a 599 at some point and prefer to go from older tech and lower power to newer/higher power than vice versa. Never considered 360/430. 575 and 430 have identical straight line performance without launches, so 550 is a few ticks back, while the 599 will run away from them all.

F430 will be more firm than the 550 (GT car), but the 550 softness can be dialed out.

 

You could do a lot worse. Buy the best mechanical and cosmetic example you can find. This point is the same with every exotic.

 

My 550 is my first Ferrari. It's what I wanted and I didn't consider anything else. I would like to have a V8 mid engine Ferrari someday. A 430 Scuderia would do nicely.

Hard for me to contemplate cross-shopping a 550 vs 430 (or other front engine V12 vs mid engine V8 Ferrari), though, because they are such completely different cars. I can see wanting both, not finding an example of one that suits you, but finding a good example of the other. Or, if you can possibly afford it, buy both!

 

Sometimes the car just speaks to you. I’m a mid engined guy, most all of the cars I’ve dreamed about are mid engined, 288gto, f1, TR, cgt. However of all the cars I’ve driven/owned the 575 is hands down my favorite. Performance and sound are great, and it gives me that sensation of connection to the classic ferraris of the past. No question I would pick it over by 430 if I had to choose. Hopefully it will never come to that.

 

OP, for 200k euros you could certainly buy a nice 550 and a nice F1 430. Or, a higher mile 550 and higher mile 458, even.

 

A good place to start is to think about what the 550 is not: it is (obviously) not the latest and greatest, it will not beat a Tesla 3 off the lights (but what will?), it does not grab the attention of passers by and Instagram followers like any of the mid-engined cars of any era…

But what it does do is evoke (not replicate) the sensations of driving a classic 60s front engined Ferrari - it requires skill and engagement to get the very best out of it, but also allows you to surf along in a wave of torque enjoying the feel of the road, the heady aromas of hot oil and fine leather and the admiring glances of people who get it - in a package with modern reliability and performance that still exceeds 95% of today’s ICE cars.

 

And for those reasons it remains one of the greats.

Also lets not forget to add it's a fantastic GT.

 

True. And I deliberately omitted the satisfaction of using the gear change mechanism which is one of the great automotive experiences (but can’t help myself now).

It is also a relatively simple car so in the U.K. maintenance using one of the many specialists is not ruinous - I reckon on 2-3k a year to keep everything mechanical in perfect shape. Obviously if something does go bang it can cost a lot - simply because there are 12 of not quite everything, but if you stay on top of it this is unlikely to happen.

 

I agree with all of the above. The 550 is a glorious car. But should mention mine was the most expensive to maintain Ferrari I have owned (of six). Around £25k in less than five years, including one cam belt service. F512M, 575, Testarossa, two 430s, all cost much less to maintain, at the same specialists.

I am not the only owner with a big bills story for a 550. Still a great car, but maybe like the 355 Luca pushed it into production too fast, with the glitches fixed for the 575, though I am not an expert on glitches.