cost of maintaining a Ferrari?

P

Pete

Seeing Peter 147's new signature - trainee Ferrari driver - has prompted me to ask a question I've been contemplating for a while.

Only out of curiousity, ATM. :)

What are the costs of keeping/maintaining a Ferrari?

I've seen some beautiful coupés at the local dealer. Very low mileage ~1997 models. V8. F355's. Asking price ~$220,000

I wonder how much it would cost for insurance, routine servicing, whatever.

One day .............?
 
Pete said:
What are the costs of keeping/maintaining a Ferrari?
Click to expand...
Hi Pete,

About $44,000 pa plus petrol and maintanance :p
(The real cost)

Well motor vehicles depreciate at approx 20% per anum!

Maybe if you use it for business purposes then you can get a deduction.

Property of $220,000 will double in 10 years at 7%
Motor vehicle will be an eighth after 10 years

$440,000 = $27,500 :confused:

Rather buy shares :)

:D:D:D
Steve
 
Hi Steve

Some vehcles do very well on the "appreciation" stakes.

I have a client with a highly modified Mustang which is worth 40 % more than when the lease was taken out 3 years ago.

I work with a broker whose little fleet of Bolwell Nagaris hae doubled on value over 3 years.

A well maintained classic will at least hold its value while you drive it.

The general assertion of 20 % per year isnt far off for garden variety cars, except for the depreciation kings, apparently Ford Fairlanes and Holden Statesman Cars are worth 35 % of their new price after 3 years ?

Another challenge is that 20 % on a 15 k Korean Car is 3 k, but on a 250 S class Benz its 50 k, suppose you cant change the laws of percentages.

Good article here.
http://www.mynrma.com.au/carbuying_usedaus.asp



Ta

rolf
 
Thanks Steve,

One only "needs" so many houses. When one has enough houses, why not a little treat?

And I reckon I've about lost enough money in shares (& bad loans) that I could've bought a Ferrari! :eek:

The idea of buying such a car is more real than the reality of buying one. If that makes any sense - it is late for me.

Actually, having worked in third world countries and having a few compassionate cells in my body, I find the idea a little hard to stomach. See what I think in another year....!


Rolf,

Those beautiful big Aussie "depreciation kings", as you call them. Well 35% after 3 years is 65% depreciation, so very much in line with the 20% p.a.

I've bought all my cars at public auctions. First one was a '72 VH Valiant for $220 - not too flash, that one! Current is a VT Calais bought 18 months' old for $34,000 in 1999. 5L motor, leather trim. I think they were still available new at the dealers for ~$60,000 at the time. So over 40% depreciation/discount...

150,000km later still going beautifully. Probably now worth $15,000 to $20,000. Say 50% depreciation in 5 1/2 years.
 
Hi Pete

Sort of on the money

I wasnt talking flat line depreciation.............. a 60 k Luvely Statesman/Fairlane to get to 21 000 k dumps 30 % of its retianed value every year - scary.

Funny how much $ is lost during the first 2 years.

If you think things are bad in Australia, see how much a 3 year old S Class Benz is worth in Europe

ta

rolf
 
Tainted Love

Hey Pete

Thanks for admitting you also share the Love that Shall Not Be Named ( Love of Sports cars) :D

Being serious there is a number of websites on maintenance, etc..

Personally I like the older ones, Dino, 330gt, 246, 308 328, etc...so depreciation is not an issue. Buy for $80k and it will still be worth $80k in ten years but yes, it will only go up if that model has a recovery in collectors eyes.

Here are some on my secret websites I hide from Mrs 147 for fear of the shame. :eek:

http://users.skynet.be/sky38711/allfiles/garfiles/fer3028.htm

http://www.parrotbyte.com/330GTRegistry/

She thinks they are all dumb and thinks it is a mid-life crisis but respects it is less hassle and cheaper than a Mistress. ;)

Visit the site with your head held high and learn about cambelts and tuning 8 carburettors at once.

Peter 147
 
Of course, Rolf. I realised later that I'd got it wrong. Thanks.

Realised too that Steve wasn't entirely serious and also a '97 Ferrari worth $200,000 today sure isn't depreciating at 20% per annum.


Peter,

As long as I can remember Ferraris have held a special attraction. It was always a joy to see a 246 or 308 or 512 around Brisbane (or in Sydney town when I very occasionally visited) as a young fella'.

Porsches generally seemed like fancy Volkswagens!

I dropped by the Brisbane Ferrari dealer late one night mid last year when I was in town. The last night before I drove back to Perth. There were over a dozen glorious masterpieces on display. More art than machinery. Michelangelo couldn't have designed some of the lines any better!

I'm off to the secret websites. Thanks.

:)
 
Hi Pete,

Yes was definitely tongue in cheek :p

However on a more serious note:
I am definitely one who believes in rewards for effort and enhanced lifestyle.
The method to achieve this is via our investment portfolios.

It remains paramount to get our hard earned dollars into investment assets.
(These that produce INCOME + CAPITAL GROWTH + HAVE COLATERAL VALUE)
And then let these assets buy the luxury item.

I will just have to stick to my 'garden variety' car :D

Regards,

Steve
 
Steve Navra said:
Hi Pete,

I will just have to stick to my 'garden variety' car :D

Regards,

Steve
Click to expand...

Hi Steve

Just wondering what garden variety is? If you don't mind.

And consider this logic given to me by another car tragic.

Buy a Ferrari say 308 for $80k

Interest at 7% LOC say $6k
Rego & GPT $600
Insurance ( special weekend only use) say $2k
Maintenance say $2-4k
Depreciation NIL
Appreciation Possible?
Helath factor Yes, drinving on weekends and polished on every other day :D

All up $11k to $13k

Instead take up Golf.

CLubs???? No idea but lets say $1 to 5k
Membership ???$1 to 5k p.a.
Green Fees $5to $15k in Sydney p.a.
Other $20 a visit for round of drinks

Depreciation YES in clubs
Appreciation NO
Health factor SOME but offset by drinks

Got to spend it on something??

Peter 147
 
Hi everyone,

Reading this thread makes me wonder what an adherent of the Anita Bell school of frugality would be thinking. Maybe;

"Buy a Travelpass and catch a Mercedes."

Is it only guys who crave for an indulgence in motor vehicles?

Regards,

Kenny

PS. Rolf, I've already asked the missus. No, I'm not allowed to buy a Ferrari either, so the mortgage is safe :D
 
Guys,

I have nothing against car enthusiasts - my husband drives me crazy with his desire to own a Ferrari in the coming years, but I still don't get what the big deal is about Ferrari's!! Can someone explain it to me?

Lets face it - their engine sounds like a bloody lawnmower, and until the owner of the company died they never even had radios installed in them! :)

I'll stick with the Merc's I think.

PS.. even the porche is much ado about nothing!
 
JoannaK said:
Guys,

I have nothing against car enthusiasts - my husband drives me crazy with his desire to own a Ferrari in the coming years, but I still don't get what the big deal is about Ferrari's!! Can someone explain it to me?

Lets face it - their engine sounds like a bloody lawnmower, and until the owner of the company died they never even had radios installed in them! :)

I'll stick with the Merc's I think.

PS.. even the porche is much ado about nothing!
Click to expand...
I agree, save for a Harley instead
 
JoannaK said:
Guys,

I have nothing against car enthusiasts - my husband drives me crazy with his desire to own a Ferrari in the coming years, but I still don't get what the big deal is about Ferrari's!! Can someone explain it to me?

Lets face it - their engine sounds like a bloody lawnmower, and until the owner of the company died they never even had radios installed in them! :)

I'll stick with the Merc's I think.

PS.. even the porche is much ado about nothing!
Click to expand...

A guy thing. I dont understand it too but my 5 year old nephew collects matchbox cars and my niece collects dolls.

Whilst we are explaining these thing can anyone explain this.

WIFE & I walking past shoe shop to buy goceries.

WIFE Mumm, there are nice.

ME But dont you already have a pair with red shoes just like that. :confused:

WIFE No mine have square toes. They are pointy toes , TOTALLY different :(

ME ???? They are still red shoes ;)

WIFE No they have pointy toes, which is in now, and besides they were $250 and are marked down to $199 so I am saving $51 and would be foolish not to buy them. :mad:

ME But.... :eek:

WIFE Or dont you want me to have nice things like my girlfriends :mad: :mad: :mad:

ME :rolleyes: I can see the need now honey

ME (thinking) At least they come with a matching handbag :D

Peter 147
 
Not all little girls played with dolls and not all adult women expect a man to buy them nice stuff- I think it's a generational thing- I know some baby boomers who who live like that, but not X'ers and beyond. I don't know many women who are not making their own money now and thinking up ways to spend it on fun stuff. Do women still really rely on men to make the money? wow- not in my world!

I love cars too- have done so all my life- from that first hillman hunter :), but a subaru is more my style- flashy shows of wealth are so 1980's :rolleyes:

Cat
 
Rolf Latham said:
Peter has learnt a basic premise of married life

HAPPY WIFE HAPPY LIFE
Click to expand...
OK, but...
Rolf Latham said:
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice
Click to expand...
At least you give free professional marriage counselling, Rolf :D
 
Thommo said:
black denham, burbon, matt black skid lids or pretty tassells. :D
Click to expand...
I don't know what sort of morbid, kinky and twisted activities you get up to Thommo, but I want in ! :D

My old man has spent decades working in the local automotive industry. According to him, the rule of thumb is that any new local car will lose half its value in the first 3 years.

Ad(ios)
 
Kewl Topic!

I have time to kill - so here goes :)

a) Ferraris are overrated - sorry! VERY nice cars and I wouldn't be upset if I won one but they reek of old retired dude, I will never get that lotto advert out of my head that features the 80yr old bloke cruising in one at 20kph.

b) MERCEDES = OH YEAH BABY. Go for a drive in a SL 65 AMG (Base Price $455,900) and you will be ruined for life. I had the opportunity to do this prior to its official release date when I visited Germany in April. Its a 6ltr V12, so it costs about a days wage to go for a drive ;)

Have a look at the "Worlds most Powerfull Convertable."

http://www.mercedes-benz.com.au/

c) Any lady who pretends not to be into cars is Fibbing. They may not drool over wheels magazine, but any man who steps out of a $100,000+ car usually becomes a lot more attractive to the fairer sex (generalisation). Therefore it could be said that in the right context all ladies appreciate classy vehicles (NOT Volkswagens).

d) I am glad the topic of upkeep came up - the biggest fear of buying one of these monsters in the future for me was wether or not I was buying above my 'station' and could afford to have a nice life and upkeep the car.

Having said all of the above I would be tempted to buy an old bomb and spend the 200k on a kick butt boat :cool:

<KS>

P.S - I have a lovely Ford Futura Ghia 2000 model and as far as I am concerned it kicks butt. It runs on gas and has hardly any upkeep costs. So I fully intend on running it into the ground and making my next car purchase 'the one'.

P.P.S - It has Collingwood plates which makes it even cooler (yes, I know I am from Perth but I cant stand the Eagles or the Shockers).
 
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