So I got rid of my 2010 Ferrari California.......

I think you completely missed the point about extended warranties for used cars.

You don't buy extended warranties for every year you own a used car. You arrange to have the warranty in place at the beginning of your ownership, for at least 1 year and this forces the car to undergo a rigorous PPI. You wring out the car for the next 8 months or so and flush out any issues the previous owner missed or did not inform you of. You then have any issues repaired under warranty.

OTOH, if you owned the car from new, you would have done your own PPI and would know if you have a turkey or a keeper. If you get rid of a keeper out of unfounded anxiety, it's your loss and the buyer's gain.

I think you have it wrong and you are probably not familiar with how depreciation is determined. The depreciation for any new car is at its steepest rate during the 1st and 2nd years.

Proof of this is the depreciation statistic from The Telegraph that I posted indicated the '09 Cali depreciated to 63.7% after 3 years. This means it LOST 36.3% of its original value over 3 years... and was still considered the 6th best car for depreciation in the UK in 2011 by The Telegraph article.

I also actually modeled the depreciation a '10 Cali and it averaged out to 8.56% per year from 2010 to 2016.

Unless a new vehicle is in high demand and the factory cannot remotely meet the demand, new vehicles take the biggest depreciation hit in the 1st and 2nd years.

If you are worried about Fcar depreciation, check out the FF and F12.

 

No doubt, but it's steeper for Californias than 458s, so in effect I paid for a different car while also buying myself a slightly shallower depreciation curve (and a "new" car that's about as old as my Cali was, so at about the same point in the curve, time-wise).

 

Confirms my mantra - Buy at 2 and sell at 5.

 

if I remember correctly California actually held up really well during the first 3 years of production, surprising everyone. am I wrong?

 

I don't follow this as well as some, but despite Ferrari ripping off the name of the most beautiful car ever made, I think you're right.

BTW, I saw one parked the other day, it was stunning. It looked like a smaller and meaner Maranello. I guess they don't make one in a stick, huh?

 

I had to buy one to get another car early on and after 3 months I think I got sticker - I was pleasantly surprised

 

Enjoy. And, uh, you know if you grow tired of the car and want to, well, you know, move it on along...

 

This is spot on. Not sure what 4thgear is arguing against Rob and others.

Compared to the f12 and 458 the Cali has issues.

Op, pick up a 458 spider. Depreciated nicely and reliable.

 

My Cali had a transmission issue this year which was completely solved free of charge under the extended warranty I have. When that happened and after reading several post here I was convinced that the Ferrari gear-box issues were a specific problem of the earlier Calis. While my car was being repaired there was a 2014 F12 standing next to her with exactly the same problem (faulty gear-box main shaft sensor). My Ferrari's dealer chief mechanic responsible for repairing all the gear-boxes told me several times that problems in this area are not exclusive of the Cali because they've already repaired F12, 458 and even FF faulty transmissions.
There are many Cali owners in this forum which never had a problem whatsoever with their cars what makes me think the factor luck has also some influence on how our cars behave.

 

Rob, if you read my messages you'll see I proved to the OP that his ($30k) repairs would have been covered by a warranty (extended or otherwise). When you buy any expensive used car, you should always insist on or at least arrange for a 1-year warranty. It would make sense wouldn't it, you wouldn't buy a very complicated used car for $120-$150k+ and have no warranty protection?

As for the $90k depreciation over 3 years.... Here are the 3-year depreciation for the 458 Italia and 458 Spider, ranked 5th at 64% and 3rd 66% respectively by MSN Cars in 2015 for highest retained value - REMEMBER, the 2009 Cali was ranked 6th best in depreciation at 63.7% retained value. Both the 458 Italia and Spider are more expensive than the Cali so we should expect more than $90k depreciation over 3 years for the 458s.

BTW, the angst re Cali/Cali T depreciation were already discussed in the California T depreciation speculation? thread.

IMO, just drive the cars and enjoy them. If you truly love cars, you buy them to drive, not to flip, sell or trade in.
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If you actually read and acknowledge what I wrote you wouldn't be asking this question. I just answered Rob but here's my answer to bobbyd again in case you missed it. It's about the value of getting extended warranty:

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I have news for you. All Fcars have issues.

The more expensive an Fcar is and the likely the owner is hoping to flip it, the more reluctant that owner would be to complain about it on a PUBLIC FORUM. Many people buy the 458 for its boy-racer looks and specs. preserving value so as to flip them for the next model, and not for everyday use, hence the usual low mileage. Early 458s also had a penchant to catch fire - supposedly fixed now. Some picky 458 Spider owners complain about cowl shake which is not fixable. All DCT Fcar models use the same DCT and they all have the same DCT failure risk. Convertible roof problems occur to ALL CONVERTIBLES - I don't like knocking other people's cars but you can Google for yourself.

The best policy for living with an Fcar is to use it. Used Fcars with low mileage are potentially insufficiently tested by their owners. Make sure they come with at least 1 year of warranty.

As for the F12, it's a great car even if I'm not crazy about its looks but depreciation is steep. Think about it, how much in options will need to go in a "proper F12"? Minimal options usually run around 20% of base price. Nobody pays extra for options in a used Fcar, they pay for low mileage and perhaps a really nice and rare colour. You'll lose the money you spend on F12 options if you sell your new F12. Do you own math on how much the options come up to. F12 depreciation is an issue for people who like to sell after a couple of years of ownership. I buy my cars with cash and don't flip them. I pick them very carefully and like to explore them for years instead of buying the latest thing at the drop of a hat. So depreciation means nothing to me. My cars average 12-16 years old by the time I need a new replacement. I prefer to upgrade and mod my cars, or just enjoy them as they are.

I simply don't like to see people make outrageous and ignorant remarks.

BTW, today's weather is great, Indian Summer? I'll take a nice drive in the country in my Capristo Cali30 before I clean her up and put her away for the Winter.

 

Not sure what you're referring to Rob. I didn't tell the OP to get a CaliT. The OP has already paid for repairs to his troublesome 2010 car so there's nothing I can do but give him advice for the future, which I did regarding extended warranties.

I also just proved to you the original Cali has great depreciation performance so if the OP likes the CaliT, I don't see why he shouldn't buy one so long as it's either new or has at least 1 year of warranty left.

Quit worrying about the money. It's gone. If you like cars, just enjoy the car and drive it as often as you will enjoy it.

 

That's a strange conclusion being that the 458 Italia and Spider both depreciated more than $90 in 3 years and yet they and the Calis are all ranked amongst the best performers for depreciation.

These are all some of the best cars to own if you worry about new car depreciation.

...if you are a worrywart about depreciation. Just keep in mind a used car may come with problems, regardless of what the service records may indicate.

Which is what I suggested.

OK, I'm off for my drive!

 

I agree, about getting the warranty. As ALL makes in recent years have become super high tech electronic jukeboxes on 4 wheels, I tell people, get the longest extended warranty you can. It will be the cheapest money you will spend on the car. As they get more years & miles on them, the cost of parts & labor to replace the electronics, will far out weigh the value of the product. The automaker's call it "planned obsolescence".

 

You are ignoring the 2015 report from MSN Cars which has the 458 Italia and 458 Spider "losing" more than $90k in depreciation over the same period... and they are amongst the best for depreciation.

All cars depreciate unless they are rare and highly-sought after. The best way to handle this realization is to simply enjoy the car. In the old days, people bought cars with cash and there was no Autotrader or Internet. Too much information can unnecessarily complicate our enjoyment of the present. Like I said, if you don't intend to sell, depreciation is meaningless. So long as you can afford to keep the car for as long as you wish, you should enjoy the moment.

Frankly-speaking, I don't understand why people nowadays have to treat personal car ownership like they are all in the used car business.

 

Personally-speaking, when I buy a car, I buy it to drive, not to resell. Try to live more for the moment and enjoy your car. Nowadays, you never know what else might happen the next day, let alone months and years down the road.

I had a blast on my drive yesterday. I linked up 2 of my regular driving routes, doing one and then making a new detour to the second route. Capped it all off stopping at a farm on the way back, picked up some homemade apple crisp, pumpkin pecan crunch and local apples.

My new Capristo muffler is great fun to play with, does much more than just improve the noise. Here's an iPhone recording of the engine start and rev - the mic on the iPhone was overwhelmed and the noise is actually louder and sharper but you get the idea. I had to downgrade the iPhone recording to 8-bit mono to get a small enough WAV file to upload.

Probably no more warranty of course but who cares? Car goes into storage soon but there'll be more mods next year.
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It's just a question of scale. The same loss on a $23,500 Toyota is about $2850 a year compared to $28,500 on the Ferrari. Best to concentrate on the percentage, not the actual dollars or you will go completely crazy about hemorrhaging money.

Same deal with the warranty ... the $4500 warranty that covers the $25,000 transmission on the Ferrari would probably be $450 to cover the $2500 transmission on the Toyota. In either case odds are that the transmission won't fail but that's a $20,500 spread on the F-car if it does go. Murphy's law and all that.

 

Michael, I assume that your startup recording was done with the valves open - true? Also, how much louder than stock is it when the valves are closed. Just curious as I'm considering a Capristo and I live in a very quiet neighborhood.
Leo

 

Howdy... Thanks for the recording. Was it made from inside the cabin or outside?
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