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What does a first time Ferrari buyer need to know?

Discussion in 'Ferrari Discussion (not model specific)' started by SecretSquirrari, Dec 4, 2020.

  1. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
    61
    Chicagoland
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    J
    I'm thinking of getting a CPO Ferrari, which would be my first. I'll solicit comments on specific models in another thread. For now, I'm looking for guidance on the process.

    For example, how firm are dealership prices? What questions do I need to ask the dealer? Do I need to have a CPO car inspected elsewhere before buying? What's the best time of month/quarter/year to buy? What else should I be thinking about?

    Thanks in advance for any pointers you can provide...
     
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  3. Yellow Compass

    Yellow Compass F1 Veteran
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  4. Regular Guy 01

    Regular Guy 01 Formula Junior
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    May 10, 2011
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    Eugene Greer
    Congrats on beginning your adventure to Ferrari ownership.

    I purchased my first Ferrari about 1.5 years ago and it was a blast.

    Most important thing for me was not to be afraid to travel anywhere in the country to find the right car.
    Make a long weekend trip out of it and you might come home with a new car.
    If you are really lucky you will develop a relationship with a dealership that might last a lifetime.

    Have fun and remember that this should be a fun process.
    When it isn't fun any longer then you should stop and take a break. Resume the search when it becomes fun again.

    Best wishes,
    GG
     
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  5. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
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    Thanks - good point about casting a wide net. I happen to have found an appealing car close buy, but I'll definitely start looking farther afield for better and/or alternate cars.
     
  6. fatbillybob

    fatbillybob F1 World Champ
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    Arm candy and car candy cost more than you think in ways you never thought of.
     
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  8. Regular Guy 01

    Regular Guy 01 Formula Junior
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    May 10, 2011
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    My wife and I flew to Chicago from Seattle to buy my car.
    It was Memorial Day weekend and it was a heck of a trip.
    1st class all the way as I thought my wife deserved it (she was 100% behind the purchase).

    I still have a personal relationship with Continental AutoSports post sale.
    I am treated like a valued customer and invited to store functions even though I live 1500 miles away.
    Nice feeling to have.

    I am wishing the same for you.

    GG
     
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  9. gilly6993

    gilly6993 Formula 3

    Aug 20, 2009
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    The seller is just as important as the car....


    Sent from my iPhone using Tapatalk
     
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  10. 96redLT4

    96redLT4 Formula Junior

    Feb 20, 2009
    424
    California
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    Jim
    So true. I too am looking at becoming a first time owner Here in Kalifornia where taxes and fees tack on another 10% before you even start shopping for insurance
     
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  11. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
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    1. Purchase price is just the cost of admission to the party. Keep in mind that these cars can throw a major $$$ repair bill your way at any time. Factor that into your purchase calculations.

    2. Once you zero in on a model or models, read everything you can in the relevant F-chat model section about their quirks and common failure modes.

    T
     
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  13. ginoBBi512

    ginoBBi512 Formula Junior
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    Oct 9, 2016
    488
    When you get the machine, take a driving class / course, these new Ferraris have lots of HP and lots of driver aids, there are a good amount of people who have destroyed their Ferraris because of over confidence , and getting in way over their heads without being able to recover . You Tube is filled with examples.

    Thank you
     
  14. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
    61
    Chicagoland
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    J
    #11 SecretSquirrari, Dec 6, 2020
    Last edited: Dec 6, 2020
    Yeah, besides the eye-watering price of entry, I'm estimating (and budgeting) an annual increase in fuel and insurance of around 5-6 thousand dollars, depending on how gas and insurance prices change once the pandemic lifts and we get back to "normal", whatever that will look like. And trying to keep a significant reserve for any surprise expenses, though I hope to get a CPO car that will let me hide behind Ferrari's maintenance and included service programs for as long as possible.

    That's a good call. I definitely need to knock some of the rust off, but I used to do HPDEs 4-6 weekends each summer. Mostly in an e46 M3 (with upgraded brakes, suspension, and tires), but also in a moderately modified 640hp Corvette C6Z06 and a bone stock 991 911 Turbo S. I even did 4 days at Porsche's Sport Driving School at Barber Motorsports Park (in their cars) where I got a little tutoring from Hurley Haywood (and some other past and then-currently-active professional racers). But I recognize that I'm likely to end up in a car with a lot more horsepower, and a lot more steering sensitivity, than any car I've driven so far. While the uncertainty around how the pandemic will play out makes any firm scheduling impossible right now, I have started looking into some options for HPDE weekends. In part to knock off the aforementioned rust, but also because that's the only safe way to really get the most out of cars like these.
     
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  15. Circle K

    Circle K Karting

    Dec 21, 2017
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    KC
    Research, how reliable, maintenance cost, how often. Guess all this depends on your financial status. Most important PPI from independent shop/dealer, not from the one your buying from unless your buying new. I flew to Phili to get mine, best of luck
     
  16. Husker

    Husker F1 Veteran
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    Dec 31, 2003
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    western hemisphere
    don’t forget the wife tax, which can amount to up to 100 percent of your purchase price.
     
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  17. 19633500GT

    19633500GT F1 Veteran
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    I wish someone had told me "anything but red"
     
  18. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
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    Chicagoland
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    J
    Red is definitely low on my list, along with yellow. I want something that will fly under the radar as much as one can in a Ferrari V12. But I'm buying used, so condition, functional options, price, and seller are going to be what matters most, and I'll have to take what I can get when it comes to appearance options like color.

    Ha! Fortunately, I'm single with no kids, which is why I have the money to do it, and also means I don't have to get anyone else's approval. (Conversely, it also means there's no one to talk me out of what is objectively a dumb way to spend such a large chunk of cash, especially at a time when such conspicuous consumption won't be considered appropriate by most; don't care, going to do it anyway. )
     
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  19. Themaven

    Themaven F1 Rookie
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    Nov 2, 2014
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    What model are you looking at? V12 CPO suggests F12, 812, Lusso?

    you are right to mention the steering. Contemporary Ferraris have hyper quick steering. It can catch people out, even those used to powerful cars. More so in the mid engined cars where the centre of inertia is behind you. A typical case is taking a fast corner which gets unexpectedly tighter, you haven’t input enough, then react and overdo the input and you are on the wrong side of the road, or worse. Lots of videos on the internet. It’s not an issue of safety systems, because the car hasn’t lost traction or adhesion at any point, it’s an inexperienced driver literally driving the car into another car, a lamppost, a wall, because of the hyper fast steering. The steering also has very little feel and doesn’t weight up as you pile on the lock. It’s amazing engineering, but handle with care.

    this is not a criticism by the way. I own two V12 Ferraris and the 812 is a magnificent car.
     
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  20. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
    61
    Chicagoland
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    I'm thinking 812. I want the latest model I can afford, with the most remaining warranty and included service, and I want a car that is closer to sports car than GT. The 812 looks to be the best car out there for that. Although I wouldn't mind a Lusso as I love the way they look, and you can't argue with the increased practicality, but (pending an in person inspection and perhaps a test drive) I think it's a little big for my personal tastes.
     
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  21. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
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    I'd also add a recommendation to talk to look FCA members, tifosi and enthusiasts about your service options.
    Unless you're very handy, and do your own repairs and maintenance, I think the relationship you have with your
    service provider will be the most important in your F-car ownership experience...T
     
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  22. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
    61
    Chicagoland
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    J
    Thanks. With my other cars, I've always used the dealership. For F-cars, is that generally a good idea, a bad idea, or something that will depend on the dealer and the other options available?
     
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  23. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
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    I would say "it depends." I see from above that you are eyeing a newer V12. So, I think that more or less means an official dealer for service, but I am sure the locals can clue you in better than I could for your area. I see also that your are in Chicago area, which I think means 2 dealers - Continental and Lake Forest - so you do have options even on the dealer front. Good luck in the hunt and please post-up when you find "the one."...T
     
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  24. sampelligrino

    sampelligrino Formula Junior

    Apr 16, 2017
    881
    You'll be hooked for life, wonder why you waited this long, and assuming your Fcar is out of warranty live in slight fear of repair bills
     
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  25. robstand

    robstand Karting
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    May 13, 2019
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    If you're getting an 812, you'll have the balance of the 5-year factory warranty and 7-year maintenance. Once the warranty is over, you can buy a New Power warranty every year. You will definitely want to take it to the dealer for its annual service and any warranty issues that come up. I think buying a CPO car, with factory warranty, from a dealer, is a great place to be.

    Re: the dealer, I could barely get Ferrari of Denver to budge on the price. They seem to hold the upper hand these days. You might have better luck in winter than I did in summer, but the available stock will be lower, I think. One thing to try is to work through your local Ferrari dealer to acquire the car you want. That way you have a relationship with them from the outset. Case in point: Ferrari of Denver (where I bought the car) invites me to events and stuff all the time, but Ferrari of Seattle (my local dealer) doesn't. Just something to think about.
     
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  26. SeaBayR

    SeaBayR Karting

    Sep 15, 2003
    66
    On the Chesapeake
    First while its not just any car..it is just a car. Don't be one of those guys. Give the car to your wife and have her drive. On Insurance costs, I found that if you've had Geico insurance for more than ten years they will insure any car (must ask for a supervisor, agents don't know). I insured both my 348 & 360 for stated values and the insurance was about $650 each for 6 months. Thats' extraordinarily low.
     
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  27. SecretSquirrari

    SecretSquirrari Karting

    Dec 3, 2020
    61
    Chicagoland
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    J
    Thanks. I agree, and have always treated my cars as cars, used them every day, and not worried about using it when it's raining, etc. May be a little harder to maintain that outlook at this price point , but I'll try. I already have insurance quotes in hand. It was amusing because they (State Farm) didn't have the 812 in their system. IIRC, they had the Portofino and the 488, and one other that slips my mind, but neither the 812 nor the Lusso. I had to send them links to online car listings to get those quotes.
     
  28. alex

    alex Formula Junior

    Dec 19, 2003
    320
    Crystal Lake, Illinois
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    Alex
    Welcome to another Ferrarista in the Chicago area! My advice is to always check tire and battery age on any car you plan to buy. True, these items can be replaced, but they could mean $2000 to $3000 in additional expenses. Batteries need to be new to under three years old for maximum power, and must be replaced every three years. Tires should be under four years old, and again should be replaced every four years. In the Midwest, if you plan to drive when the temperature is less than 45 degrees, you'll need winter tires too. Enjoy your quest!
     
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