I have drooled over several Ferrari's in my time, but can't seem to get over my fear of the service costs, breakdown possibilities, etc. I hear of $10k engine rebuilds, $5k "standard" services, etc and my wallet starts to shake. Are these exaggerations? Do I really need to figure on putting aside $5k or so a year for service/maint? Someday someone will come up with a car for the price of a Hyundai, that can outrun an F1 car, that gets better mileage than a Prius, is more reliable than a Honda and looks like a Ferrari. Is that too much to ask?
Exaggerations?? I think you are being too conservative... those are very low-normal... You should be afraid of: 10K-15K majors 10K-15K SURPRISES Annuals AND more SURPRISES.... Unless you LOVE the car, its not something you want to own... fortunately I do love it, and will keep it for as long as possible... even if it means cutting down on other stuff...
Your numbers are low. If you fear those numbers, you will really fear the REAL numbers. Just dropped 20k on a 355 service...
LOL, my BMW was supposed to "bleed my wallet" but so far it hasn't been all that bad. I guess I'm gonna have to stay on the sidelines until the stock market hits about 40,000
In reality most owners that I am familiar with spend far less on maintenance than what is stated here. It really depends on your driving habits, risk tolerance and of course luck. If something breaks (even Hyundais break down ) all bets are off. If everyone around here spent the "average" at the shop (2NA), I'd be on the list for a new 458.
Totally disagree, The 348/355 are not expensive to have worke on. Depending on which state you are in. Parts are not expensive. GT parts in Phoenix arizona, has the best prices you cannot beat. A major does not cost 15g. A major costs about 5-7g, with waterpump and clutch. So these cars are not expensive to own. I have owned a few, and at first I was worried about the stories. Everyone has their opinon, but in my experience, its actually not been expensive at all. And for those who had just spent20g on a service, unless you have a 1995 that needs a valve job I believe it, but if someone spent 20g on a normal service, then they were overcharged. I know the best mechanics in the united stated who were trained at ferrari in maranello, that will do a major service for you at about 6-7g with clutch.
I also know mechanics in Canada, that will charge 6-7 g for a major parts and labour. So its not expensive, budget 120/month if a major is do every 5 years.
I've seen people posting some pretty crazy service costs lately. I'm sure a major can start to rack up if you get into absolutely everything (like the guides and headers on a 355), but I think 5-7 for a normal major is quite high enough, especially for a 348. Also, if you have any mechanical inclination whatsoever, there are a lot of things you can do yourself, major included. I just did my 348's fluids and saved, according to some estimates, about $1400! Don't give in and pay the "Ferrari tax". Now if you get into engine or gearbox rebuilds, your number IS low. Expect to pay mid-20's for the engine, probably $10K for the box. If you have a 355 that needs attention, a very costly major is not out of the question. Buy smart, get a PPI, and get as clear a picture as possible of what you're getting into...and stop being scared! It's a car, not cancer, and if you have to park it for a little bit - not ideal, of course - it probably won't kill it. IMHO
Good points all. I have lots of contacts in the BMW world which made me very comfortable in case that car ever needed anything major (which, knock on wood, it hasn't). I suppose I need to get out and talk to the local Ferrari folk and get that same kind of network up and running.
As others have said, make sure you fully understand maintenance costs before you make a purchase decision. The thread I posted has some great info: http://www.ferrarichat.com/forum/showthread.php?t=335272 However, the best way to minimize your costs is to buy a properly maintained car. Also, internet users love to post info about how much ownership of whatever car will cost in terms of maintenance, without actually having owned the car: for example, I had a beautifully maintained E46 M3 but spent thousands on repairs when random things broke for no apparent reason, yet I've had two Range Rover Sports - and people love to bash Range Rover - since 2008 and have spent almost nothing on maintenance. That said, this forum is an incredible resource. I would recommend reading everything you can then making an Excel spreadsheet to project ownership costs (including insurance, etc.) over 10 years to determine whether 355/348 ownership is worth it to you (this also depends on the service history of the particular car you're considering). I too was scared but decided that a 355 was well worth it despite high ownership costs - unfortunately, the car I wanted was sold, so I'm going to wait two years and get a new 458. Regardless of what you think you can "afford," making yourself an informed buyer will lessen the impact of future scares.
I purchased my 348 2 years ago. I absolutely love the car. Gives me a smile to just see it in the garage. The reactions to the car are awesome and I cant really get that excited about any other car. That being said, Im going to try to get rid of it this year. The car is impecable, runs great. Its a 93 Red/Tan Speciale TS, kevlar seats, etc. But in "maintenance" alone, no huge surprises and the cost of a major service I will have spent nearly 35% of what I PAID for the car to begin with. In 2 years. My last fluid changes ended up with little things needed to be attended to. Radiators, new drain plug, hoses, etc and that oil change ended with me writing a check for $4,200.00. again, nothing "Major" happened. I knew this going in and I dont blame anyone. I do some DIY and I dont skimp on the car as I dont want it to turn in to a kit car type, but man its tough some days to have a hobby cost so much to enjoy. This is with service being done by a reputable independant--- not a dealer shop. On top of that, I totalled the previous owners "maintenance" costs without a single major unexpected problem, and the costs rise to over $37,000.00. Yes thats right. Clutches, majors, pumps, nose resprays, spark plug wires, fluid changes, hill bearings, etc... All of that considered I get that gutteral feel and smell and excitement driving this car more than any other but my logical brain says to move now before another $6,000-$8,000 winter service is done. P%$(SHE dealer on saturday, here I come. BTW, I happen to have one of the best Speciales out there for sale............
More realistic costs:: Annual service: $1K-ish A major service: Starts at $6K and can actually stay there if nothing is found wrong in the engine bay (rare at this age). A top end rebuild: Figure in the $18K range A complete rebuild: Figure in the $35K range Tire life: Figure 10K miles Brake pad life: Figure 25K miles used sensibly or 5 track days whichever comes first Clutch life: I've got 62K and 5K track miles on mine--still fine. The people who can't get the clutch to last forever are using it improperly. Nose respary: $1.5K about every 2-3 years to get rid of the road rash.
Someone is going to get a great car and will probably have very little to worry about for a good while! You're the type of owner I'd want to buy from! I'm sure you know P-cars can be costly, too. My new Porsche cost me $3K+ in two years because of regular service and "little things", not to mention lost $20K in value. I look at that now and think, "Why didn't I just buy the car I wanted to begin with??" I was scared, I admit it
Probably a wise decision. If you're concerned about the costs then it would be difficult to have fun with the car especially driving it the way Enzo intended. You might consider something like an NSX. I've had two of those and found them to be about as close to a Ferrari as you're going to find that is somewhat cheap (relative term) and reliable to own. Best of luck.
Don't be afraid If you are a great car mechanic the majors only cost the parts - which you can look up at Ricambi. The 348s are old cars, so any car of that age will require the same type upkeep. The 355s are much faster, but may at some point require valve guides, which will be expensive - especially if you don't do it yourself. If I had someone do all the stuff I have done to my 348 it would have been expensive as others have noted, however, doing it myself- which is half the fun - hasn't really cost me much of anything - SO FAR - other than the parts for my 30K major. If you are not planning to do a lot of the work yourself it will cost you a lot and drive you nuts. These are not built like BMWs (mass produced with tight quality standards) I have had BMWs and currently my wife drives an 06 5 series, they are great cars. All that being said, I have several vehicles that cost much more than the 348, but NONE of them contain the experience of ownership of a Ferrari, from driving it to showing it off.
i always love these comparisons from a ferrari to a hyundai - please buy a 93 hyundai and a 93 348 - let me know what you think - also, you mention in your last paragraph - a hyundai that can out run a f1 car, get better gas mileage than a honda -- blah, blah blah, yes, when that happens you and i will most likely be dead - so you can keep waiting for it to happen - or you can start enjoy some type of life. If you want to compare a 2025 hyundai to a 1968F1 car, i guess they maybe the same by then in speed, fuel effeiciency -- but i sort of question your comparisons. since you like the hyundai so much, you maybe better suited in the new 3.0 genesis - my 12 yr old son loves that car - he thinks its cool cause the rear badging looks like the badging of an Aston Martin from far - there is your solution since your worried about the service costs of 348/355 - Post pics when you get the Genesis
You've gotten great advice here on the #s. Your #s are accurate, so if they're scary, then no good. +1 on the NSX. I have had three over the years. My current is Comptech supercharged (Comptech parts were sold and supported by Acura dealers back in the day) and is 400HP at 3000lbs. Its a 99 and is as close to an F355 as you're going to get while still having reliability and low TCO. Majors are $2k every 7 years. There are certain bits starting to "go" at this point (like the CCU which had weak capacitors), but there is a massively supportive and active community keeping the car alive (a CCU rebuild is less than $200) Ive also always loved the F355 but know I cant swing the maintenance. Ive tried Corvette, Porsche (911), Lotus Esprit, Viper... I always come back to the NSX because it really is the closest, IMO, the F355 experience. Of course the gap is a big one, dont get me wrong, but then the NSX is a *lot* cheaper to run and is a *lot* more reliable as well (>200k miles is common for the NSX despite the fact that only 9k or so were made) Dont mean to turn this into an NSX commercial, but there *are* cars out there that actually do meet your criteria. The 996 911s (a super bargain right now) and C5/early C6 Corvettes/Vipers do as well. The Vette/Viper in particular are *dirt cheap* to run and are damn fun/reliable cars. Personally, midengine is an addiction for me which is why I moved away from all those cars.
Here is list of services and major prices form one of the sponsors and is an authorized Ferrari dealer. http://www.ferrarifl.com/service-specials.htm
Good advice Mike. Even if one buys a well maintained car something could happen that will put you in the poor farm real quick and probably piss off your significant other.
