The potentially ruinous relationship of running a Ferrari...
Discussion
In light of the potentially ruinous relationship between one’s wallet and the little red beasty in the garage, I thought some readers might find the following useful. As someone who took the plunge to buy a Ferrari 355 13 years ago, and has enjoyed driving it ever since, the following may be useful for anyone considering taking the plunge...
And so to the numbers. Below are the total costs (including and excluding depreciation), as well as the costs pertinent the last five years. Costs over the last five years is perhaps more relevant given the age of most of these cars today. The car gets driven regularly, but is not my daily driver – which perhaps explains the relatively low total mileage of 16,000. I don’t make any particular effort to keep the mileage down and just drive it when the mood suits.
Costs over the last 13 years
Servicing and maintenance £34,000 (average of £2,600 per year)
Road tax £2,200
Insurance £16,200
Fuel £4,800
Miscellaneous £3,200
Total £60,400
Average per year £4,600
Cost per mile excl depreciation (16,000m) £3.80
Depreciation over 13 years £65,000 (Bought new £105,000, value today ~£40,000)
Cost per mile including depreciation (16,000m) £7.90
Costs over the last 5 years
Servicing and maintenance £17,300 (average of £3,500 per year)
Road tax £900
Insurance £3,200
Fuel £1,600
Miscellaneous £1,400
Total £24,400
Average per year £4,900
Cost per mile excl depreciation £5.20
Depreciation over last 5 years £10,000 (Value today ~£40,000)
Cost per mile including depreciation £7.30
The highest costs in any individual year for servicing and maintenance was £7,200 in 2010. The lowest costs for the same in the last five years was £1,400 (2008).
Perhaps the only question that really matter is, “Was it worth it?” Absolutely Highlights of owning the car has got to be slicking it down a cog or two every time I go through a tunnel. Juvenile I know, but I just never seem to tire of it...
Happy driving.
Boon
“Life is like a coin. You can spend it any way you wish, but you only spend it once.”
- Lillian Dickson
And so to the numbers. Below are the total costs (including and excluding depreciation), as well as the costs pertinent the last five years. Costs over the last five years is perhaps more relevant given the age of most of these cars today. The car gets driven regularly, but is not my daily driver – which perhaps explains the relatively low total mileage of 16,000. I don’t make any particular effort to keep the mileage down and just drive it when the mood suits.
Costs over the last 13 years
Servicing and maintenance £34,000 (average of £2,600 per year)
Road tax £2,200
Insurance £16,200
Fuel £4,800
Miscellaneous £3,200
Total £60,400
Average per year £4,600
Cost per mile excl depreciation (16,000m) £3.80
Depreciation over 13 years £65,000 (Bought new £105,000, value today ~£40,000)
Cost per mile including depreciation (16,000m) £7.90
Costs over the last 5 years
Servicing and maintenance £17,300 (average of £3,500 per year)
Road tax £900
Insurance £3,200
Fuel £1,600
Miscellaneous £1,400
Total £24,400
Average per year £4,900
Cost per mile excl depreciation £5.20
Depreciation over last 5 years £10,000 (Value today ~£40,000)
Cost per mile including depreciation £7.30
The highest costs in any individual year for servicing and maintenance was £7,200 in 2010. The lowest costs for the same in the last five years was £1,400 (2008).
Perhaps the only question that really matter is, “Was it worth it?” Absolutely Highlights of owning the car has got to be slicking it down a cog or two every time I go through a tunnel. Juvenile I know, but I just never seem to tire of it...
Happy driving.
Boon
“Life is like a coin. You can spend it any way you wish, but you only spend it once.”
- Lillian Dickson
That does sound expensive but buying any car from new you'll always get a kicking with regard depreciation. Are you sure it's only worth 40k?. One owner car from new with 16k on the clock thought it would be closer to 50k.
That aside it's a lot of money to drive a car on average only 1200 miles a year.
That aside it's a lot of money to drive a car on average only 1200 miles a year.
sone said:
That does sound expensive but buying any car from new you'll always get a kicking with regard depreciation. Are you sure it's only worth 40k?. One owner car from new with 16k on the clock thought it would be closer to 50k.
That aside it's a lot of money to drive a car on average only 1200 miles a year.
How can anyone only average 1200 miles a year in a £60k asset that costs nearly £5k a year to run.That aside it's a lot of money to drive a car on average only 1200 miles a year.
It seems crazy to me. Why don't you drive it more?
If you average 40 mph thats less than 30 hours of "pleasure" per year for £4900!
Course, looking at it is pretty pleasurable too I admit.
Justices – You are not far out! As the comedian Eddie Izzard once said, "You have to move to the beat of your own drum.”
JasonSF – If I recall correctly, a cam belt service from a main dealer, front end repaint (stone chips), a couple of new tyres and a few other bits and bobs done whilst the engine was out was responsible for the largest annual bill. Other than that it has not suffered any of the usual maladies 355’s seem renowned for, perhaps as a result of it being a late model and a relatively low mileage. Either that or I have just been lucky.
Jonty355 – You are quite correct. I could probably used an indie, but it has been serviced from the same main dealer since new with no problems, so I have been happy to stick with them.
Happy driving
Boon
JasonSF – If I recall correctly, a cam belt service from a main dealer, front end repaint (stone chips), a couple of new tyres and a few other bits and bobs done whilst the engine was out was responsible for the largest annual bill. Other than that it has not suffered any of the usual maladies 355’s seem renowned for, perhaps as a result of it being a late model and a relatively low mileage. Either that or I have just been lucky.
Jonty355 – You are quite correct. I could probably used an indie, but it has been serviced from the same main dealer since new with no problems, so I have been happy to stick with them.
Happy driving
Boon
I'd like to own a Ferrari some day, but i have to say those costs are pretty high, it's not the depreciation etc, but the servicing and general upkeep
And there was me, thinking 456's look good and maybe i can stretch to one in a few years, thats the kind of outlay i was expecting on a V12 around £3500 a year servicing give or take, but if thats just the V8 costs either i need to get a lot richer or learn how to do all the servicing myself
And there was me, thinking 456's look good and maybe i can stretch to one in a few years, thats the kind of outlay i was expecting on a V12 around £3500 a year servicing give or take, but if thats just the V8 costs either i need to get a lot richer or learn how to do all the servicing myself
OP: stick all those costs in your PH garage summary/blog, that's what it's there for 
Agree with others, that is an awful lot of money to spend doing so few miles. I've noted all my costs over (just under) 2 years of 355 ownership and I'm running at a fraction of that cost per mile excluding depreciation even taking into account £4k's worth of "unnecessary" upgrades. Actually, to be fair, my costs are slightly higher as I haven't included road tax or insurance, but they only come to £850 a year or so.
At the risk of being harsh to the OP, given that you say it;s driven regularly, I'd hate to know what you'd consider a garage queen!
Agree with others, that is an awful lot of money to spend doing so few miles. I've noted all my costs over (just under) 2 years of 355 ownership and I'm running at a fraction of that cost per mile excluding depreciation even taking into account £4k's worth of "unnecessary" upgrades. Actually, to be fair, my costs are slightly higher as I haven't included road tax or insurance, but they only come to £850 a year or so.
At the risk of being harsh to the OP, given that you say it;s driven regularly, I'd hate to know what you'd consider a garage queen!
Boon1000 said:
Highlights of owning the car has got to be slicking it down a cog or two every time I go through a tunnel. Juvenile I know, but I just never seem to tire of it...
Second that. 430 doesn't sound quite like a 355, but I still look forward to the Hyde Park Corner underpass!I found this really interesting - thanks.
I would not criticise the OP as a lot of the ownership pleasure comes from looking at the car in the garage as a bit of a touchstone of success and wellbeing. Personally I would have used it more but we are all different.
That car will now have stopped depreciating (trade to trade) and is still a great looking machine to take out on a nice day.
I would not criticise the OP as a lot of the ownership pleasure comes from looking at the car in the garage as a bit of a touchstone of success and wellbeing. Personally I would have used it more but we are all different.
That car will now have stopped depreciating (trade to trade) and is still a great looking machine to take out on a nice day.
Depreciation only of concern if you plan to sell, OP not selling so depreciation not a factor. Costs will be higher from main dealer but a book full of FSH stamps is always preferred. One owner from new, low miles with full FSH, maintained regardless of cost.. sounds very much like the perfect car to buy if it were for sale. With all the tatty and questionable examples out there it is comforting to know a few will remain in pristine condition.
k me. £1600 in fuel in 5 years?I don't understand why so much criticism regarding the OPs running costs. It iis what it is, that's his experience.
I have owned my 355 for over a decade and I have some pretty hart stopping invoices. Though my cars mileage is 4x of that of the OPs.
Thanks to the OP for posting this up.
I have owned my 355 for over a decade and I have some pretty hart stopping invoices. Though my cars mileage is 4x of that of the OPs.
Thanks to the OP for posting this up.
peter450 said:
I'd like to own a Ferrari some day, but i have to say those costs are pretty high, it's not the depreciation etc, but the servicing and general upkeep i need to get a lot richer or learn how to do all the servicing myself
Sadly doing the servicing yourself is not really an option as you still need the stamp in the service book come resale time.I am more than capable of servicing the car (and will do any big bits like clutch, discs, etc myself) but you still need a yearly stamp in the book sadly :-(
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