BUYING A FERRARI
Current Market
Peak Performance
Ferrari has managed to preserve its captivating allure despite experiencing significant growth and intense commercialisation. Nowadays, it's difficult to go to an airport or petrol station without being tempted to purchase a cap or keyring featuring the famous prancing horse logo. However, the actual Ferrari products themselves remain untainted by the overwhelming merchandise.
Presently, their lineup consists of the F8 Tributo, a mid-engine model, the front-engine 812 Superfast, the four-seater GT4C Lusso, and the retractable hardtop Portofino. Additionally, Ferrari offers an appealing yet exorbitantly priced selection of limited editions and special models, catering to their exclusive clientele who seek even more exclusivity in an already exclusive world.
Buying a pre-owned Italian supercar can be a bit tricky, but with caution, there are fantastic deals to be found in the UK. Since the introduction of the 360 Modena in 1999, owning a higher-mileage, multi-owner Ferrari no longer necessarily raises red flags. Moreover, the increased production numbers have significantly expanded the available choices compared to the past.
Are Ferraris a good investment?
Given Ferrari's universally acclaimed and highly sought-after status, the most coveted cars from various eras such as the 250 SWB, F40, or Enzo have reached such astronomical prices that it's challenging to envision significant future gains.
Among the current lineup, a model like the 488 Pista, which is both rarer and more desirable due to its enhanced performance compared to the standard version, is expected to retain its value well. However, unless you're considering the exceptional hybrid flagship LaFerrari or the recently unveiled Monza SP1, a modern Ferrari is primarily focused on providing driving pleasure rather than serving as an investment.
While any well-maintained Ferrari will always have a market, it's worth noting that the market has stabilized at a high level, and the opportunities for quick financial gains are a thing of the past. Purchase a Ferrari to enjoy driving it, to preserve its legacy, or to undertake restoration projects, and remember to exercise patience.
How much to spend?
Regardless of the level at which you are purchasing, it is crucial for a Ferrari to come with a comprehensive service history, preferably from an authorized dealer. Despite the increased durability of current models, these vehicles are still highly specialized and under significant mechanical stress, requiring expert attention at regular intervals. Additionally, similar to any high-performance car, there may be substantial future expenses. Therefore, it is advisable to seek out warranties with extensive coverage and be prepared to incur the cost of a pre-purchase inspection if buying from a non-dealer source.
With the exception of rare lightweight special editions, the relatively widespread availability of modern-day Ferraris allows for easy assessment of their current market value. By conducting thorough research, you can confidently determine whether you are paying a fair price or being overly ambitious when making an offer.
However, the scenario is different when it comes to classic Ferraris. The brand's history consists of a unique blend of some of the most desirable and expensive sports cars in the world, such as the iconic 250 GTO or F40, as well as less impressive models like the angular and automatic 400 or 308 GT4. While these less desirable classics can still be acquired for relatively low prices, they often turn out to be money pits and are unlikely to provide a profitable return when it comes time to sell.
FINANCE OPTIONS
The best way to finance a Ferrari
There are several financing options available to help you acquire a new or pre-owned Ferrari.
One such option is hire purchase, which allows you to make monthly payments towards the car and provides the opportunity to buy the vehicle outright at the end of a fixed-term contract.
Next there is Personal Contract Purchase (PCP) which allows you to keep, exchange or return the vehicle at the end of the agreement. This product is the most flexible form of car finance.
Once obtained, refinance is always an option. Refinance is a form of equity release that unlocks cash from your vehicle. The released funds can be used for whatever purpose you wish.
THINGS TO CONSIDER:
1. CAN YOU AFFORD IT?
The improved reliability of modern Ferraris compared to their predecessors offers a certain level of reassurance. It allows you to reasonably estimate your annual expenses and budget accordingly. However, regardless of the chosen Ferrari model or driving style, the purchase price is only part of the overall equation. If you're considering purchasing a classic Ferrari, it's important to consider the additional cost of specialized care. Even a seemingly affordable classic car will still require the costly maintenance and attention typically associated with more valuable vehicles. This aspect can make you feel overwhelmed and uncertain about the financial commitment. It's undeniable that owning a Ferrari is an extravagant endeavor that comes with a hefty price tag if you want to do it right. Ultimately, only you can determine if it's worth it, but for many enthusiasts, it represents a once-in-a-lifetime experience that cannot be quantified solely by its cost.
2. MAINTENANCE/INSURANCE/ADDITIONAL COSTS
Ferraris are known for being expensive to purchase and maintain. However, the days of having to remove the engine to change the belt are mostly in the past. Despite this improvement, expect the cost of an annual service to exceed £1000, and a cambelt change to be at least half of that amount. If you regularly use a Ferrari like the 458, achieving 20mpg is considered good, but fuel expenses can accumulate quickly.
Additionally, performance tires for such vehicles can cost around £300 per tire. Classic Ferraris, as expected, have their own unique requirements. Specialist garages often charge significant amounts for their services, and the parts can be extremely costly. Nevertheless, properly maintaining a classic Ferrari is crucial and will ultimately benefit you as a driver and, if necessary, as a seller.
3.WHAT TO LOOK FOR
When considering modern Ferraris, it is crucial to seek a comprehensive service history from an authorized dealer. If any records are missing, it is advisable to avoid the purchase. Given the nature of Ferraris being driven vigorously, it is important to inspect for signs of wear such as warped discs and uneven tire wear. These indicators can suggest both mistreatment and inadequate maintenance. With numerous options available, it is best to avoid vehicles that have not received proper care. If purchasing from a private seller or outside the official dealer network, it is recommended to arrange a thorough pre-purchase inspection by a specialist. Additionally, conducting your own background checks is essential to ensure the car has not been involved in any undisclosed insurance claims. While vendors are obligated to disclose this information at the point of sale, not all may do so.
4. WEBSITES WHERE TO RESEARCH/BUY FROM
In the UK, there are twelve authorized Ferrari dealers, and they are supported by a wider network of non-franchise partners across the country. When purchasing a used Ferrari from an official dealer, you will receive a two-year warranty, which can be extended according to your preferences. However, if you consider buying from other dealers, it will be your responsibility to carefully examine the warranty terms. To gather information about a potential purchase, the Ferrari Owners Club is a highly active and supportive organization that provides valuable independent advice. While the Ferrari community is smaller compared to other brands like Porsche, there is a good chance that someone within the club possesses relevant knowledge about the specific Ferrari model you are interested in.
BEST BUYS
FERRARI 812 SUPERFAST
Mixing form and function
Peak performance
Ferrari consistently faces its first and most challenging obstacle when embarking on the development of a new model: surpassing its own previous achievements. This task becomes even more demanding when it involves the creation of a new 12-cylinder engine, the very heart of Ferrari's illustrious history that began 70 years ago in 1947. Through extensive research and development, leveraging the wealth of engineering expertise derived from the track, Ferrari has now introduced the 812 Superfast. This exceptional vehicle aims to deliver unparalleled performance and an exhilarating driving experience. With an impressive power output of 800 cv, 60 more than its predecessor, the F12 Berlinetta, the 812 Superfast stands as the most powerful and fastest road-going Ferrari ever produced (excluding the limited-series 12-cylinder rear-engined models). By doing so, the 812 Superfast ushers in a new chapter in Ferrari's 12-cylinder legacy, building upon the remarkable achievements of the F12 Berlinetta and F12 tdf. To fully harness this immense power and ensure optimal weight distribution, the car employs an advanced transaxle architecture that combines a front-mounted engine with a rear-mounted transmission. Notably, the 812 Superfast also introduces Electric Power Steering (EPS), a first for Ferrari.
FERRARI 296 GTB
The lifestyle Porsche
Practical Performance
The coupe and convertible models, namely the 296GTB and 296GTS, incorporate hybrid technology while still delivering the iconic Ferrari experience. They offer exceptional power, agile handling, precise steering, powerful brakes, and exhilarating speed. The compact twin-turbocharged 3.0-liter V-6 engine, a first for Ferrari production vehicles, is combined with a battery-fed drive motor positioned between the engine block and an eight-speed dual-clutch automatic transmission. These components seamlessly work together, resulting in an estimated acceleration of under three seconds for the 0-60 mph sprint and a quarter-mile time of under 10 seconds, according to Car and Driver estimates. In addition to its mechanical prowess, this Italian coupe and convertible duo offers extensive customization options, allowing buyers to personalize their vehicles to their exact preferences. With over 15 different interior color combinations, various textures and trims, roof and engine bay finishes, and more, the opportunity to create a truly unique Ferrari 296 is a fortunate dilemma to face.
