I get dozens
of phone calls and e–mails from would–be first–time Ferrari
buyers, and I always ask them the same questions: What’s your
“real” budget? Do you have any idea how much to expect for
maintenance costs? Have you considered the pros and cons of old
versus new? Are you prepared to pony up for the necessary
pre–purchase inspection? What’s your intended usage?
Most often, $100,000 tends to be the magic number for a
first–timer, a sum that won’t get you into too much trouble with
your spouse but is still enough cash to buy a real Ferrari. What
follows is a summary of the current market favorites in this price
range, along with some considerations that can help identify which
car might be right for you.
BEST
OF THE ’60s
The
standard–bearer of the early V12 Ferrari is the 1960-63 250 GTE.
Built at a time when a high performance sports car meant
user–cruel, it was surprisingly easy to drive. Road & Track,
in its August 1962 issue, wrote, “Anyone can drive one and enjoy
the experience, the
connoisseur who can afford one wouldn’t have anything else—this
car is (almost) every sports
car owner’s dream.”
With 954 built, the 250 GTE was Ferrari’s first high–volume model
and a major commercial success. A good driver–quality car will
bring $75,000 today, up from $50k–$60k last year. Be sure to tack
on at least $10,000 for the problems you will find if you buy a
perfect one. Add $25,000 for repairs if you buy one with a few
needs.
ON
TO THE ’70s
While the 365 GTC/4 has its detractors, I feel the C4 is the best
buy under $100k. When new, these cars were more expensive than
Daytonas, and with only 500 built they are rarer as well.
At $75,000 and climbing for an exceptional example, the C4 can
even be rationalized as “an investment.” A major service starts at
about $5,000, but the “while–your–at–its” of new clutches, cam
chains, water hoses, a/c reseals, new synchros, suspension
bushings and shock rebuilds can (and will) quickly double or
triple that amount. At least the C4 is simple enough that they can
be worked on by anyone who is reasonably familiar with a Weber
carburetor—and you don’t need a laptop to check anything.
THE MID–’70S
TO MID–’80s
First in the line of Ferrari’s new mid–engined supercars was the
365 GT/4 BB, produced from 1973–76. With only 387 made, it remains
the rarest of the Boxers, and the quickest, thanks to peaky cams
and short transmission gearing. A good running 365 Boxer is a
rocketship, going through first, second and third gears with
amazing acceleration and the wonderful sound of a very busy
flat–12 with lots of carburetors sucking air. A good example can
still be found for less than $100,000, but don’t hesitate if the
right car comes along at a bit more, as this one is soon moving
into six–figure territory.
The
512 BB came next, from 1976–81. With only 921 cars produced,
carbureted 512s are relatively rare compared to Ferrari’s current
production numbers. While not as quick as the 365 through the
first three gears, the extra 600 cc certainly makes a difference
on the top end, making the carbureted 512 the king–of–the–hill
fastest of the Boxers. With ever–toughening emissions controls
worldwide, Ferrari added fuel injection to the 512, creating the
512 Bbi in 1981. Tuned for more low–end and mid–range performance,
but a weaker top–end, the injected Boxers are more tractable in
around–town driving. Through 1984, a total of 1,007 512 BBis were
produced.
With room for the tallest driver, adequate air conditioning, light
steering and excellent brakes, all Boxers are a driver’s delight.
On the downside, while the balance and handling are good, once the
limits are reached the car will swap ends without much warning on
an over–exuberant or unwary driver.
The rather bland styling and concerns with certification (Boxers
were never sold new in the U.S.) have kept values below those of
the more attractive but less refined Daytona. But with Daytonas
selling for $175,000–plus, a 512 BB or BBi at $75,000–plus is
still a supercar bargain. Bear in mind that an engine–out service
on these cars starts at about $6,000, with typical ancillary work
easily doubling that amount.
FEWER
CYLINDERS
The 1986–89 328 is relatively light and nimble to drive and
beautiful to behold. Plus, it’s instantly recognizable as a
Ferrari, an important factor for most first–time buyers. A 328
will give years of reasonably priced and entertaining driving, but
as the final evolution of the 308, it is a 30–year old design with
only adequate performance, braking and HVAC. Prices range from
$35,000 for a high–miler GTB up to $70,000 for a 1989 GTS with
ABS, convex wheels and low mileage. As the last of the V8 models
that don’t require an engine–out service, $4,000 should pay for
your 30,000–mile checkup (as opposed to $7k–plus for later 348s,
F355s and 360s).
The 348 replaced the 328 in 1989, the first mass–produced Ferrari
with a longitudinally–mounted engine and unitized body.
Unfortunately, the 348 had more than its share of teething
problems, but improved as it evolved, with viable electronics,
great a/c and a user-friendly cockpit. When 348 shopping, run fast
and far from any car that hints at deferred maintenance. Coupes
sell for under $50,000 now, while a great 1995 Spyder can be found
for less than $75,000.
The F355 was the first Ferrari to feature a Formula One–inspired
shifter, a desirable unit that has proven to be relatively
bulletproof and makes the car a great daily driver. F355s have
only two major problem areas: faulty exhaust manifolds and valve
guides that tend towards rapid wear. For those not used to the
world of Ferrari prices, an exhaust manifold for a 355 is $2,500,
not including the labor to install it, and an engine–out valve job
can run $10,000–plus. Expect to pay $50,000 for a 1995 Berlinetta
with over 30,000 miles, while a 1999 Fiorano Spyder with F1
transmission and under 5,000 miles will take you outside this
article’s budget at $125k.
ENTER
THE ’90s
The 456 GT is a technological marvel and will provide a great
ownership experience for the Ferrari buyer with small children and
$75,000–plus to spend. With a 48–valve, 4–cam, 5.5–liter V12
putting out 442 hp, the 456 offers staggering performance,
blasting through the quarter–mile in 13.4 seconds at 107 mph, and
topping out at 186.
The quiet, user–friendly cockpit, luxurious seating, easy–to–read
gauges and six–speed shifter make driving a pleasure, while the
a/c and heater are more than adequate. While the 456 may lack the
soulful exhaust sound of the C4, its comfortable and quiet cockpit
will make a 200–mile drive to your vacation spot a memorable
experience, with no need to get out the aspirin or visit your
chiropractor.
A major service on a 456 starts at about $5,000, but can go up if
you add a new clutch, shocks, etc. These cars have now dropped
from their new–in–1995 price of $225,000 to about $75k–$85k.
Overall, $100,000 should be plenty to get you a decent Ferrari,
one that is good first step on the ladder that ends up at
$15,000,000 GTOs. If after you own one of the above cars, it turns
out the Prancing Horse is not for you, you haven’t risked much and
can probably get most of your money back. If owning a 250 GTE
makes you a 12–cylinder junkie, you’ve got the whole world of six
and seven–figure cars from Maranello just waiting for you to wave
your wallet at them.
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