Short term Ferrari Ownership

[steve z]

Ever since I was a boy i've always wanted to own a Ferrari. Having worked my way in to a position where I can afford to own one I now find myself in the situation though where I do 20k+ miles per annum, and I have to be frank the reliability/servicing/warranty costs scare me at those sort of mileages.

So I was thinking why not scratch the itch by buying a low mileage car (c.10k miles), say something like an 04/05 plate 360 Spider, put 10k miles on it over the summer and then move back into the obvious 911/R8 territory.

So the burning question is what sort of depreciation could I expect over that 6 month period at that sort of mileage.

[3200gt]

Why not get a cheap oil burner for the big miles and keep the P&J for those special occasions and sunny weekends?

[whitey83]

Sounds like a good idea. If your going to get one then you may as well get the use out of it.

I don't think anyone would be able to put a figure on the depreciation. If you buy sensibly and aren't in a hurry to sell you may be able to sell if for what you paid for it.

[NDA]

Four or five thousand I'd guess. Depends how well you buy it.

Will it be parked in a vandal proof location?

[1JEB]

Assuming a 2005 360 spider is 70k and a 2001 one is 43k, thats 27k over 4 years...ie 7k a year. The issue is that you're at the steeper end of the depreciation curve so it's likely going to be more. Also, if you're buying at the beginning of summer and selling at the end, you'll pay a premium for that.
http://pistonheads.co.uk/sales/1110408.htm
http://pistonheads.co.uk/sales/1069575.htm

There are lots of people on here who have had very little trouble and you could find that the 6 months will only cost you depreciation, insurance and petrol. The problem is if you get unlucky. I found that it's the little things that go wrong and add up... clutch 2k, air flow sensors 500, clutch pump 1500 etc etc. Prob best to budget for those things too.

After an R8 you might find the 360 a bit "primitive". Why not go for an early 430 coupe for the same money and save on the depreciation and running costs?

Either way, if you've got an itch, just scratch it. You'll love it. :-)

[4rephill]

I think the biggest problem You may face with a sort term ownership is that many potential buyers will suspect there's something wrong with the car,despite what You tell them.
Too many of these cars(and I include other makes) are bought by people who can just about afford to buy the car,run them until a big service is due and then off load them.
I'm not saying that this the case with You but it may be peoples perception.

For Me,I think owning a Ferrari should be on a par with being married,not to be entered lightly,forsaking all others,for better and for worse until death do you part!.

[justin220]

3200gt said:

Why not get a cheap oil burner for the big miles and keep the P&J for those special occasions and sunny weekends?

I'd agree with this!

[steve z]

justin220 said:

3200gt said:

Why not get a cheap oil burner for the big miles and keep the P&J for those special occasions and sunny weekends?

I'd agree with this!

I work away from home at the week and come home at weekends. Not sure I could resist the temptation of just taking the F-Car when I leave every Monday morning!

[justin220]

Yeah I was the same with my last couple of cars (TVR/Exige). I had a run about aswell, but I honestly never used it.

Now I just have the one car.

[lambo_xx]

Just bought a Ferrari re3cently absolutely love it. When I was looking a lot of people aid you couldn't use it everyday and that's not true you could, but you wouldn't want to. You would constantly worry about it when it's parked somewhere, fuel economy isn't great and you don't want to be putting millions of miles on it unless you plan to keep it. Although putting on a lot of miles shouldn't be a problem for reliability it will just be disastrous come resale time.

My advice would be to buy the Ferrari and also buy a cheap run about. That way you can enjoy it when you want to but not have the day to day stresses of using the Ferrari as a main car.

Good luck with your search and keep us posted on what you decide.

[AstonZagato]

I had a second-hand F360 for 9 months a few years back. I bought it very well and sold it for a reasonable price but it still cost me the thick end of a grand a month in depreciation. I didn't do that many miles but it was a daily driver - c7,000 miles if you annualised it.