Am I Crazy or Not?

[speedracer]

So, I've always been a Ferrari fan, just like most of you guys I'm sure. I just love everything about the marque, and it has always been a dream, a very distant one, to actually own one. But, I'm soon turning 55 years old, life has been pretty good to me and I think it's time to poop or get off the pot, to maybe go from fan to owner. It's at least time to seriously consider making the move or to finally put it to bed.

Now, I'm talking 308GT4, 308GTB/GTS, or possibly the Mondial, my least favorite. These cars are at the bottom of the Ferrari food chain and they are actually doable price wise, and decent deals can be found on them for less than a boatload of money, but, they are still Ferrari's with the sound, performance and styling that is just awe inspiring. So the price isn't really holding me back - it's the maintenance costs! Scary stuff! They can be very costly to maintain and I won't be turning my own wrenches on one.

I admit, I have some Ferrari envy when I drive my Spider. I love driving my Spider, I love the looks of her and I love the thumbs up and positive comments I get when I'm out to, but, it's not a Ferrari. A Ferrari is my passion, it's the one luxury I'm willing to splurge on. I'm getting tired of just wearing Ferrari hats and shirts, and my friends are tired of seeing them to!

So, what-to-do, what-to-do? Am I a fool to consider this move, or should I seriously consider doing it? Anybody else ever consider this?

All opinions are welcome!

[TX82FIAT]

How often will you drive your Ferrari? The anticipated use will have a big part in the maintenance cost. The enjoyment will be big for a short period of time or what you currently experience frequently. Your call.

[SunnySideUp]

Interesting dilemma. One thing for sure is that the prancing horse crowd is a different domain. The seem to eat their own and pick apart each others cars to the Nth degree in detail. Don't DARE talk about the fact that our beloved Spiders share common ancestry with them - they won't hear of it and deny it altogether. Kind of like that odd in-law we inherit with when we marry someone.

You could always bridge the two worlds with something that is uncommon but highly desired in both: http://r.ebay.com/Nf7kBz

If you've got the means and passion, go for it. But, in my opinion, you can have a lot of fun and a lot less pain on this side for what it would cost (money, time, culture, etc.) having a horse in your stable. Sometimes, you just gotta do it to find out. If you do make the leap and decide you don't like it, just know you'll always be welcome here.

Good luck!

[Jimb]

I've always been of the opinion that you're far better off investing (say) $30-$50,000 and getting back your investment of $30-$50,000 when you sell, than investing $20,000 and getting $10-15,000 when you sell. Not meaning to single out any particular manufacturer here.

So, as long as you shop wisely then go for it. But when it comes to high end cars like Ferrari, it's all about originality, and documentation.

Have fun,
Jim

[speedracer]

Good stuff guys.

TX82FIAT - She would be a weekend rider in the spring/summer/fall, with a couple of 200 mile weekend trips in the summer. My guess is no more than 1000 miles a year. Yup, in the end, my call...

SunnySideUp - Yeah, I didn't give much thought to the differences between the Ferrari guys and Fiat drivers! Interesting. I'm a working class guy, so I'm not sure I would be a great fit, but in the end, we all put our pants on one leg at a time! I love the Fiat Dino's, and I should have bought one 5 years ago when they were actually doable. Goodness, their prices have really climbed and they are now much more than the Ferrari's I'm looking at.

Jimb - Ferrari's are a great investment and probably one of the safest commodities out there right now. A 308 only 5 -7 years ago, was going for 20-30k, and they are now about 35k to 50k. Shopping wisely is extremely important, your correct about that!

[SunnySideUp]

There's probably $80-100K difference between these two cars... http://youtu.be/G-_dVRFk31k Just sayin'!

[speedracer]

There's probably $80-100K difference between these two cars... http://youtu.be/G-_dVRFk31k Just sayin'!

Very cool X1/9 - lousy Ferrari driver!

[azruss]

Initial cost of a"magnum PI" Ferrari is probably as low as it will ever get. But, the other part of the equation is the cost of maintenance. I have heard that you can expect to spend $10k a year in keeping your prancing horse in top condition. I have talked to Ferrari owners who say there is a line of demarcation between the owners of newer models and older model. Eventho some of the older models may be worth triple what the newer cars are worth the newer owners hold no reverence there. Then there is the negative perception by the general public that if you own an exotic, you're a rich show-off. I also love Ferraris and owning one is on my bucket list.....way down on the list. Is it worth it to me to buy a $30k exotic with all the baggage that comes with it. No.

[DanD]

I had a chance to buy a decent Mondial a few weeks ago for 19,000. Had a decent service history, but I couldn't pull the trigger. They are a lot like an X/19 but this one had mechanical fuel injection. Electronic fuel injection would be my first choice for self service, but CIS is manageable.

In the end, the car has to speak to me.

[btoran]

it's tough to justify the cost of a hobby, but if it won't bankrupt you or the family, why not go for it? you can always resell it if needed. for the time it is yours, drive to other places on your bucket list.

[spidernut]

In 1981 I went to the Fiat/Ferrari dealership to buy my first Fiat Spider new. I could not resist sitting in the 308 that was on the showroom floor. I loved the look on the outside but hated, and I mean really hated, the driving position, the pedals were way too close for my feet to depress the clutch without tapping the brake, and the instrumentation was not to my liking for a car that cost $64K at the time. On the other hand, I loved the Fiat Spider inside and out.

I, too, am in the over 50 crowd (57) and dreamed much of my life about owning a Ferrari. Like you, I did the research on the lower cost Ferraris like the 308 and Mondial. I visited the Ferrari forums and read everything I could. Here's what made me stick with the Fiats (but still love the Ferraris).

- Timing belt replacement every 30,000 miles requires the engine to be removed from the car. The cost was insanely high to replace it.
- Ferrari owners are very picky about the cars being worked on only be Ferrari certified mechanics. Anyone else touches them and the price drops like a rock.
- Much of the electronics (power windows for instance) are the same as the Fiat. Lots of problems but at 10 times the cost to repair.
- Routine maintenance is wickedly frequent and at a very high price. Even the cost of oil changes astounded me...I guess Ferrari dealerships can demand a very high price for such things. The K&N filter is only $15 but they will charge much more to say the least

That wasn't quite enough to deter me from purchasing one though. What tipped the scales was realizing that I couldn't just park it in the Home Depot or even leave it in the church parking lot for any length of time, or take those two or three day trips to places like Santa Cruz, Monterey or Lake Tahoe, CA, and just leave the car in the parking lot while going for a three or four hour bike ride. I'd constantly be afraid of people touching it, stealing the prancing horse emblems, breaking into it,or stealing the car itself.

For occasional drives, a Ferrari would be a blast. If none of these issues creates a problem for you, I say go buy one! By the time we're in our mid-50s, we only have so many years left to enjoy life's simple pleasures. By the time you're 70s or 80s you probably won't really enjoy the car as much as you could now.

For me....I now own three Fiats. One that I restored and drive regularly and two that are waiting to be put back on the road for either me or others to enjoy.

Best of luck in making a decision. Find a gem that had the maintenance recently done and chisel them down in price. I found people put them up for sale because of the reasons I mentioned - that means you might score a great price on one.

[narfire]

Cool idea. I to would like to own one, however my choice of Ferrari's have gone up in value to something I can just dream about (73-74 246 gts).
I wouldn't mind the 348, I kinda like the style a bit more than the 308.
As mentioned, I believe these cars are similar to a boat,, relatively easy to purchase if funds available, but the maintenance and other costs are what get you.
Chris

[azruss]

By the time you're 70s or 80s you probably won't really enjoy the car as much as you could now.

Boy are you in for a big surprise. I would expect a comment like that from a 20s something. I few years ago I threw a family reunion attended by my cousin who is 10 years older than me. His observation was the older you get, the more your perception of old age changes. I look at my 99 year old dad who still goes dancing twice a week. Still pissed off he cant drive because he couldnt pass the eye test. He still owns a town car that runs like a swiss watch. It will be your physical limitations, not your mind set that will limit how you drive, not how you want to drive. Is my ability to soak in what is happening around me at 68 as good as when i was 25. Absolutely not. That doesnt mean i havent got the ability or interest to find some twisties and put the car to the test. From what I can tell, your driving ability at old age is more a product of practice rather than physical prowress. What I notice from seeing my parents and their friends, mid 80s is when age starts getting in your way. Several years ago, i was playing golf. Signing up in the clubhouse, the pro pointed out a guy behind us and said he just scored 2 strokes under his age. This was a par 72 course. I get as much enjoyment out of cruising down country lanes with the wifey as i do pushing the car to the limit.
The moral of this story is I still expect to be in love with this car on my death bed and when i am too old to drive it, I'll stick my grandson behind the wheel and make him take me for a ride.

[djape1977]

just swap the engine in your 124 for one with 140-150bhp, and you'll be smiling from ear to ear at fraction of the cost for next several yers

[speedracer]

I, too, am in the over 50 crowd (57) and dreamed much of my life about owning a Ferrari. Like you, I did the research on the lower cost Ferraris like the 308 and Mondial. I visited the Ferrari forums and read everything I could. Here's what made me stick with the Fiats (but still love the Ferraris).

- Timing belt replacement every 30,000 miles requires the engine to be removed from the car. The cost was insanely high to replace it.
- Ferrari owners are very picky about the cars being worked on only be Ferrari certified mechanics. Anyone else touches them and the price drops like a rock.
- Much of the electronics (power windows for instance) are the same as the Fiat. Lots of problems but at 10 times the cost to repair.
- Routine maintenance is wickedly frequent and at a very high price. Even the cost of oil changes astounded me...I guess Ferrari dealerships can demand a very high price for such things. The K&N filter is only $15 but they will charge much more to say the least

Great post spidernut.

You made some great points above. They are all important, negative points to Ferrari ownership and they would make anyone that isn't rich hesitate a bit.

That wasn't quite enough to deter me from purchasing one though. What tipped the scales was realizing that I couldn't just park it in the Home Depot or even leave it in the church parking lot for any length of time, or take those two or three day trips to places like Santa Cruz, Monterey or Lake Tahoe, CA, and just leave the car in the parking lot while going for a three or four hour bike ride. I'd constantly be afraid of people touching it, stealing the prancing horse emblems, breaking into it,or stealing the car itself.

Another great point, although I don't even leave my Spider at the Home Depot! I do get the point about a weekend trip though. But all-in-all, I don't see this as a huge obstacle for me.

For occasional drives, a Ferrari would be a blast. If none of these issues creates a problem for you, I say go buy one! By the time we're in our mid-50s, we only have so many years left to enjoy life's simple pleasures. By the time you're 70s or 80s you probably won't really enjoy the car as much as you could now.

I agree! (although azruss doesn't)I probably won't even be able to get into a Ferrari, or Spider for that matter when I'm into my 70's. That's why I feel I have to make a decision now.

Best of luck in making a decision. Find a gem that had the maintenance recently done and chisel them down in price. I found people put them up for sale because of the reasons I mentioned - that means you might score a great price on one.

Good advice. Thank you!