Interested in 550: 2 Cents Welcome!

I owned one for about 4 years in Rosso Barchetta. Loved the car. Kept it tip top shape a Ferrari dealer for service. Check upgraded motor mounts about $1,000 per side new ECU about $1,000 each. Rotors and brakes and sticky knobs about $2400 to fix at the time. See if dash is shrinking about $5,000 to fix. Head lights can go brown on the inside. No way to fix that except with new lights from Ferrari about $5,000 was quoted to me by dealer. My steering rack went so that was $7500 fix.
The engine was great it was all the other things that get really expensive when you deal with Ferrari. But I wanted a perfect car that was not going to do something weird. $32,000 in 4 years just in bills. Not counting insurance which was dirt cheap. DIY guy could be less and an independent shop cheaper than Ferrari dealer. I don’t make my money fixing cars. So I pay them to do it. They fix it then I drive it. But I did trade it for a 458 just because the running cost were and are super inexpensive. I miss the 550 everyday but would not go back. Factor in the major at $8,000 to $12,000 every 4 years or so. Other than that but it. Some like the Daytona seats and the diamond quilted leather tubi exhaust.

 

I'm the same as you, grew up through the release of the 550, and vowed to buy one as soon as I was able, and then drive it at every possible chance. I found a 2001 Grigio Titanio on Grigio in SoCal. I've put 14k+ miles on it since June of last year, and I absolutely love it, as well as the many "lessons" along the way. It has never stranded me, but it has had plenty of oddities. Here's what I've learned so far:

1. Good call on the PPI. Worth it for quality of sleep alone.

2. Oil changes are easy. I buy Castrol Edge 0W40 on Prime Days, and I buy the generic oil filters from one of the online Ferrari parts stores for about half of one that comes in a yellow box. Re-installing the front plastic under-cover is the hardest step, but it's possible to get pretty good at it, and I have found that getting under the car every so often lets me catch issues well ahead of time.

3. Check out equal length headers. These cars should have come with them from the factory, and the good news is they can be purchased and installed today. To me, the sound of them makes the car perfect.

4. Find a good independent mechanic. They were working on these new, and if you're buying a driver's car, not getting work done at the dealer isn't a big deal for resale. Online reviews have changed this rule of thumb, thankfully.

5. If the car has been sitting, pay attention to leaks on the PPI, and plan to replace all soft parts. Mine had been sitting for 3+ years and had minor leaks in a few of the usual places. Most are no big deal, and sometimes they improve with regular driving. I personally wouldn't be afraid of a car with a distant but documented major. Just make sure to build a major in to your budget (and your offer!). My very thorough major was $5k, and I had another $4k in "while you're in there" work done.

6. I had an ECU failure a few months after purchase. New ECUs are $3k+, but there are a couple places that will repair them for about $1k. I had mine fixed by Specialized ECU Repair and now it works great. There are updated fuel maps that can be flashed to the Motronic 5.2 system for $1200 (the $2500-3500 "ECU upgrades" offered by some other vendors are questionable at best).

7. Check clutch life during the PPI. It's an easy check, and can help plan for a $4-5k service.

8. These cars are reaching an age where a lot of the soft parts are going to be breaking down from heat, age, use, etc. Spark plug wires are prone to cracking and arcing onto the head causing misfires. New ones are $3k+, but there is a guy on eBay selling replacement wires for under $300, and it is really easy to rebuild them. He sells the ignitor boots as well, but the spark plug boots are much harder to find. Make sure they are inspected for cracks. Sometimes cracks on these boots can cause arcing too, and they too will need replacement. Headlight trim is another one. They are still available, but for who knows how long.

9. On that topic, unfortunately I have found that older Ferrari parts in general are becoming scarcer and more are being discontinued every day. I've had to perform extensive searches for "that one part" a few times now. The parts search can be fun, but also exhausting. The cross-reference parts thread stickied on this subforum can be a lifesaver.

10. Using the car as it was intended will wear tires fairly quickly. I ate through my 335 Bridgestone RE050 rear set in under 10k miles. Looking forward to seeing how my new Michelin Pilot Super Sports will fare. The car is just too much fun when the wheels are spinning, and way too easy to spin with that V12 torque.

11. Join the Ferrari Club of America and attend some events and drives (once they start back up). Just like this site, and the 456/550/575 community, the Ferrari club is an amazing community with many wonderful people.

12. I wish I had eramic coated my paint and windshield right away. With almost daily use, I've noticed ever so slight clear coat damage in various spots, and it could have been protected. Ceramic coating on the windshield is amazing in the rain, like semi-permanent Rain-X. With the right tires these cars handle wonderfully in the rain.

13. These cars love miles, and they are more comfortable and smoother the faster they go. They are linear to 180+, and feel rock solid the entire time. I am pretty sure 120 is a nicer ride than 20, and it really makes up a lot of the car's understated charm. I would have no problem jumping in my car and driving from Seattle to New York tomorrow. The very idea is exciting, and the car was made for it. I would also invest in a nice radar detector; I love my Uniden R7.

14. The car gets a lot of attention, and it has started many amazing interactions and conversations. This has been one of my favorite aspects of ownership. I love talking about cars, and now it happens on a regular basis.

15. Insurance is cheap. I have State Farm and with the lowest possible deductibles it is still less to insure than my wife's Toyota Sequoia.

16. Specialized ECU Repair makes a keyless entry extender that I recommend. The factory range is measured in inches, and the extender makes it a little better (10-15ft). They can also extract your security pin if the previous owner didn't have it, and they can add fobs. Algar Ferrari can cut new keys.

17. I budgeted about $10k/yr. in maintenance for the first couple years of ownership for"sorting" things, tires, etc. I expect years 3-5 to be substantially less once the 20 year old wear parts are all addressed.

18. Regarding grey market cars, I would have no problem buying one to be a driver. If the deal is right, why not.

19. Carbon package, Fiorano Handling Package, Michael Schumacher Edition, WSR Edition, all are rare options and packages. Accessories such as luggage and toolkits can be rare too. But there weren't a lot of options for these cars, so the differences tend to be less than other models.

I'm sure there's more that I'm forgetting, and I'll add more if I remember anything. Here is my ownership journey with a few lessons in ownership: https://www.instagram.com/niftyfivefifty/
Feel free to reach out if you have any questions or want a second set of eyes on the PPI report. Best of luck with your search and purchase!

 

Hey guys,
I would like to add few more post related questions here. I hope no one will mind. Let me know if you do.

I found one specific car I want to go for. I found in Moscow, Russia. It’s 1998 550 in white. 1 major issue with it. It went through color change. It was black but now it’s white. Paint job is flawless (I’m sort of an expert in car paint), no previous body repairs, it’s all straight as an arrow. Already went through PPI and spoke to local Ferrari club. Everything checks out. My plan is to buy it, repaint it here, bring it back to the states once it hits 25 years old.
What are your thoughts on buying a car that isn’t stock color?
Also, I am looking to get a list of original equipment this particular car came with. Window sticker of some sort. Any ideas where i can source it?

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No way?! I saw this on Instagram and posted on the other thread about white 550s! I didn’t realise it was for sale.

Btw- love the responses in this thread from owners. Super, super helpful and interesting.

 

I am not sure how helpful this is going to be, but, since I bought my 550 almost 8 years ago, the overall running cost has averaged just under £3,500 / year. It has never exceeded £5,000, but in three years it came close to that. Those figures include everything except petrol - servicing, repairs, replacements, consumables, insurance, road tax. I am afraid I don't have a proper breakdown - that's something I keep meaning to do.

 

That was a fantastically helpful post by @niftyfivefifty I also historically had found post 33 below by @padriver insightful.

https://www.ferrarichat.com/forum/threads/1999-550-maranello-award-winner.607801/page-2#post-147065654

 

I think you guys are talking about the "car spotting" post I had put up where another F-chatter showed this russian 550. If it is "driver miles" and you can get a deal on it then maybe keep it white. Heck....keep me on the "interested list" if you can get it back to the US. The 550 in bianco is so crazy rare and I actually really like the look.

 

A few things that come to mind.

1) interior - Not just the dash leather, but also the leather on the rear shelf and trim panels around the rear window. Everything inside these cars is covered in leather, so look everywhere. Look for shrinking leather. Not a big deal to fix, just have to have it recovered. Seat bolsters are often worn. Check for sticky switches and trim that will need to be refinished, or check for poorly refinished switches and trim.

2) cooling - Check the coolant temp with the AC on full and car idling after having gone for a drive. It shouldn’t go much higher than 190F. If you are somewhere where the weather is now cool, this is going to be hard to check. Also note if the radiator fans turn on before or after 190F. If after 190F, the primary temp sensor is bad. Also find out how old the coolant hoses under the intake are. If old or unknown, they should be replaced.

3) suspension - The shock mounts wear out and will make banging noises. Check to be sure the suspension fault light isn’t on. The actuators are the weak point. The gear on the top of the shocks can break, the gear inside the actuators can break. If you’re lucky, the previous owner already had the actuators rebuilt by Captain Z and you’re ahead of the game. All 4 of mine eventually needed to be rebuilt. Check the control arm bushings (flamblocks). If you want to renew all the bushings, you’re in for a bit of a shock when you see the price. If memory serves, it’s something like $3,000 USD just for the control arm bushings.

4) door glass - Check that the door windows are aligned properly. If possible, check if they leak when sprayed with a hose. Not as much of a problem as the 456, but they do go out of alignment and besides water leaking, you will get wind noise. Check the rubber around the triangle part of the side mirrors, they can become deformed and leak. While there, check the rubber seal all around the door opening.

5) electrical - To me, this is the most important thing to check. Look for any funky wiring. Check the fuse panel in the passenger footwell. If you can, disconnect each connector from the fuse panel and check for melted wires or brown spots on the plastic connector indicating overheating. The wires for the radiator fans and fuel pumps in particular start to overheat when the fans and pumps get old.

6) corrosion - check for corrosion under the leading edge of the hood.

I’ve had my 550 for 6 years and covered 40,000 miles. I use it as a partial daily during the spring, summer and fall. I’ve done a few road trips in it, 500 miles in a day is a joy in the 550. It loves the highway and I was surprised how well it handled the track. I do almost all my own maintenance, it’s easy to work on. Timing belt service does not mean engine out. I’ve never been stranded by the car, it has proven very reliable. I absolutely love the 550, I can’t imagine I will ever sell it. It just gets better and better.

Good luck.

 

Me too. I had a 308gts and loved the 550 when it came out. I bought an Argento Euro model and later my favorite Rosso Corso over tan. That was the color that introduced me to the 550 and I had to have it so I bought a second.

I've had no problem but at this game a long time. Maranello skunkworks has put out limited runs of their 550 enhancements. Some are NLA. Cars with an extensive list of MSW parts are going to be more valuable because you can't get a lot of it anymore. MSW produced OEM quality robust aftermarket parts. Forget the $3k spark wires and coils when you could go to 575 style COP ignition. You will not win a concourse but you will have dynamite ignition system using readily obtainable parts like hyabusa COPs that looks like a manufacturer designed it. MSW did the shock top mount, sun visor fix, switchable steering ECU and cruise control. Sometimes you can bypass the Ferrari network by an aftermarket redesign. I'll never have to worry about shock actuators or junk in the truck or shock rebuilds or sourcing HTGC springs because I run a custom Moton double adjustable coilover set-up. Oh and that $7500 steering rack...I had one of mine rebuilt by rotex in gardena california $100 bucks 1 day turnaround!

I see tires as disposable. My race tires are good for 1 race. If I can get 10k out of my 550 tires I'm more than happy. I get 2 seasons on my diesel truck tires. Paint is just paint. Enjoy it. I'm respraying my own bumpers with my hot snot Italian spraygun. Next time it will be perfect. It's a big learning curve but I have it now just not the desire since I track this car too. Get enough rock chips and respray. White repaint is fine it's your car. Just be careful of "turd polishing." I owned a grey market car it was fine. Just as good as the USA car if certified to be in USA. Converting a gray car to USA spec is an exercise in hoop jumping that will drive you crazy and is not worth the price. Only a few places do it in the USA. Just buy a USA car or gray car already USA certified. I'm in cali either car passed smog just fine in the toughest state in the union. I'm 100% DIY because it is part of the hobby. I can't say the 550 costs me even $1000/yr to maintain it. My FOB stock does 15Ft no problem. Those expensive bushings...I custom lathe cut the ones on my Argento 550 for about $50bucks in Delrin. I've been meaning to do my Rosso car but no desire. I'm big on electrical system robustness. The Ferrari is not. But doing the controversial gold connector kit or doing a similar repin with tin pins pays dividends in robustness and reliability. I have done 3 Ferraris with them and a bunch of guys like me are believers despite the controversy. It's like discussing climate change, abortion or gun control. So you will have to make up your own mind on that. I've owned at least 1 ferrari since the early 80's and apprenticed as a Ferrari mechanic. My one piece of advice to you is, if you ever experience Ferrari ghosts and inexplicable poor running suspect wiring 1st.

 

I also live in MN, and bought my 550 in '17.
I recommend you learn as much as you can about the 500 - some very useful items already mentioned here.
You should look up "1998 550 Maranello "sorting thread" on this site. The owner of that car documented (48 +/- pages) his effort to completely go through the car. You will also see valuable tips from some of the most knowledgeable people on this site.
I did this before I started my search, and after considering other cars, was fortunate enough to buy that car!

As for service in the Twin Cities I know of only three choices; Imola in Plymouth, Tim Keseluk in Bloomington, and Donnybrooke (World Ferrari) in Spring Park

Happy hunting

 

Leave it white. That looks amazing.

 

A quality paint job will require complete disassembly of the car. Why would you buy a car in Russia. If you must, it is probably a good idea to use a holding company.

 

Sounds like the sort of thing I should buy, drive back to the UK and make a YouTube video about! I bet it would be a real rollercoaster.

 

I discussed a paint job with Forza Service in Netherlands who have done a full repaint. He said they disassembeled the car completely and sent the parts to be painted and assembeled the car. They did it very well and the cost was 30.000 euro. And they had no profit on the paintjob. The reason is many. Windows, doors and other things which is very expencive to get parts for. Sometimes they break when you try to take them off of the car. I would never repaint that white 550. I repainted my Blu Pozzi 550 and it was so time consuming that it is hard to believe. Then full wet sanding and polish.... For the price of the car and the paint, you can get a F12!

 

'Official' notarized papers in Russia may not be all that 'official.'

I would want the car exported to Finland and pay for the car when it is physically located in a democratic European country.

Consult with a holding company. Repainting a car will add to the cost of the vehicle. Make sure you are not economically upside down after you consider the full cost to obtain the car, import it, repaint, and take care of the unknown. Unfortunately a euro car will bring less money in the USA. Some lenders will not finance a euro car. A few authorized N.A. F dealers will not service it and or order specialized parts for you. This is how the domestic market responds, to a euro car.

 

I’ve enjoyed this thread for sure.

 

IMHO the 550 and 599 are two completely different options.
The 599 could be considered a cheaper alternative to an F12, as it's just a bit older and less technically advanced - but still relatively modern. Whether it's better value for money than an F12 depends on how one values money and technical advances.
On the other hand a 550 is completely outdated (technically and performance-wise) but that's consistent with an emerging classic status.

 

I agree, the 550 and 599 are two different animals. For me the 550 is just the perfect mix of classic car and modern car, and not just because of the manual transmission. I have an FF as well and the 550 is a far more enjoyable car, at least for me. The 550 feels kind of old, but is totally liveable to use every day.

 

It's hard to explain, but the 599 and 550 are different breeds of car. The 599 is in the contemporary bloodline of very fast, hyper-responsive (to revs and steering input) and reactive Ferraris. Nonetheless some think it lacks emotion and feel. It comes from the era when sports car manufacturers were pursuing lap times and figures above all else, and using advanced electronics to help achieve these in a way that previous generations couldn't (the F512M had no traction aids, 550s is very basic, 575s a bit less basic). I drove 599s including the HGTE version all across Europe for my media reviews and I remember getting out and saying to my co-driver, "we've driven 1000 miles at warp speed but we haven't had fun once yet". Sort of the Ferrari equivalent of a Porsche 991 Turbo, despite that amazing engine.

It's not that the 550 is some kind of seat-burning firecracker, in fact it is more sedate. It just feels more comfortable in its skin. Old-school louche V12 manual which can really go when you want it to, and fun at the limit, but more of a fast curvy road machine, rather than a twisty road machine.

The 599 felt too hyper-manic to do the Dirty Rotten Scoundrels thing, but if you want a twisty road 2 seater Ferrari of that era you'd have a Scud/430 manual/458.

I'm not sure which was the true successor to a 275 GTB/4. That car really needed to be on cam to perform, and was a bit listless at low speeds.

But a 599 is a swifter, more efficient, more modern car than a 550, for sure.