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How much does owning your ferrari cost you?

Discussion in 'Ferrari Discussion (not model specific)' started by Carsonp, Apr 23, 2005.

  1. Carsonp

    Carsonp Formula 3

    Sep 29, 2004
    1,409
    Minnesota - NW subs
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    Carson Partain
    how much a year does it cost and how many miles do you put on it? Also, a year and model would be nice, pics are a bonus :D
     
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  3. 4retr

    4retr Formula Junior

    Nov 21, 2004
    382
    Southern California
    Full Name:
    David B.
    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
     
  4. etip

    etip Formula 3

    Apr 4, 2004
    2,380
    Washington State
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    Eric
    Mine cost me the $15K for an extra parking spot.
     
  5. venusone

    venusone F1 Rookie

    Mar 20, 2004
    2,809
    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.
     
  6. judge4re

    judge4re F1 World Champ

    Apr 26, 2003
    13,234
    Never home
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    Dr. Dumb Ass
    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.
     
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  8. AJS328

    AJS328 F1 Veteran
    Owner

    Apr 23, 2003
    7,520
    New Jersey
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    Augustine Staino
    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)
     
  9. surfingbuddhist

    Sep 15, 2004
    13
    Santa Monica
    Exactly...
     
  10. imperial83

    imperial83 F1 Rookie
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    May 14, 2004
    2,892
    The financial analyst inside me says "too much".
    The proud owner inside me says "not enough".
     
  11. AJS328

    AJS328 F1 Veteran
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    Apr 23, 2003
    7,520
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    Augustine Staino
    To answer one of your other questions:

    2 years -- 4 328's -- 22,300 miles total
     
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  13. spike308

    spike308 F1 Rookie
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    Nov 8, 2003
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    Mike Z
    I think you need some theray!!
    Troubles committing to one 328?!??!
     
  14. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Three Time F1 World Champ
    Rossa Subscribed Owner

    May 4, 2001
    31,325
    Birmingham, AL
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    Tommy
  15. bernardo66

    bernardo66 The Crazy Cat Man
    Moderator Owner

    Dec 14, 2003
    21,807
    Montreal Canada
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    Bernie
    ...or in my case, wife. ;)
     
  16. branko

    branko F1 Rookie
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    Mar 17, 2003
    3,710
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    Branko Medenica
    If I remember correctly, from previous threads, the feeling was that ownership cost about $1.00 per mile.
     
  17. robert biscan

    robert biscan F1 Rookie

    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.
     
  18. Husker

    Husker F1 Veteran
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    Dec 31, 2003
    8,669
    western hemisphere
    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.
     
  19. bernardo66

    bernardo66 The Crazy Cat Man
    Moderator Owner

    Dec 14, 2003
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    Montreal Canada
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    Bernie
    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.
     
  20. AJS328

    AJS328 F1 Veteran
    Owner

    Apr 23, 2003
    7,520
    New Jersey
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    Augustine Staino
    I already go once a week. Should I up my visits? :)
     
  21. Ken

    Ken F1 World Champ

    Oct 19, 2001
    16,078
    Arlington Heights IL
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    Kenneth
    So you spend $13,600 a year to drive less than 500 miles??? You should consider renting a Ferrari and save some money!

    Ken
     
  22. jsa330

    jsa330 F1 Veteran
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    Oct 31, 2003
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    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.
     
  23. DIGMAN52

    DIGMAN52 F1 Rookie
    Rossa Subscribed Owner

    Jan 30, 2004
    3,522
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    Philip C
    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!
     
  24. PeterS

    PeterS Three Time F1 World Champ
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    Jan 24, 2003
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    PeterS
    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!
     
  25. rob lay

    rob lay Administrator
    Staff Member Admin Social Subscribed Miami 2018 Owner

    Dec 1, 2000
    51,775
    Southlake, TX
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    Rob Lay
    Well, in the past I've always been part of the "Most Ferraris aren't that much more expensive" crowd when considering "cost, depreciation, reliability, etc". However, I'm going to back off that full optimistic a little now. I got very lucky with a very good car. Paid $40k for it back in 2000 (which was a great price) without a PPI (before FC knowledge) and didn't get a concours car, but a very good car that has had few "extra" issues.

    The car has only depreciated a few thousand, but I've kept the service up perfect and have spent thousands on previous cosmetic issues. The car is not cheap. 328 is known as one of the most reliable and problem free Ferraris. I am lucky to have Norwoods in my city which is a very skilled, knowledgeable, and reasonable independent shop. However, I got the 30k when I bought it in 2000 and 4.5 years later I got the 30k again with belts because they were fixing a cam leak anyway.

    I think the $1 per mile is a good gauge for the reliable 308/328 series Ferraris. So that is just a starting point. Like I said, I've been lucky with a good car and still am out about 90 cents a mile over 4.5 years. Although going another 5-8 years before next 30k will bring that mileage cost down a little.
     
  26. darth550

    darth550 Five Time F1 World Champ
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    Jul 14, 2003
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    BCHC
    Hey! I saw that movie. They were filming a different version of it on EVERY STREET in Beverly Hills! ;)
     
  27. f355spider

    f355spider F1 World Champ
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    May 29, 2001
    17,176
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    Hugh G. Rection
    Cost? I try not to think about it. I just drive and drive... :)
     
  28. Wyo550

    Wyo550 Karting
    BANNED

    Feb 9, 2005
    61
    Laramie
    Full Name:
    John
    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)
    =================================
    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)
     

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