A Potentially Controversial Conclusion (or What a "Major" *really* means).

I shall dub it : annual dues


on the serious side, I understand and concur with your premises with one exception: The $10k 'major' is a factor according to the model. Mondials getting a 'major' as described for $10k is way too much. On a 512BB, just a downpayment.

my two

 

First of all Collin, you can begin by stopping the ranting and raving on what a major is!

Owning a Ferrari is not about a "major" or major service. Its about fulfilling a life dream, its about passion, its about spirit of driving a beautiful Italian exotic that no one on your block has, well unless you live in Beverly Hills.

Like any car, there's maintenance involved. Cars made for the masses tend to be cheaper on the maintenance parts and service as its volume business. Ferrari's are rare, parts are expensive, labor for a good mechanic is pricey. Okay, so now lets get into what a major service is. Its an arbitrary marketing term for shops to drum up business.

There's certain things that needs to get done in this process as so many hours on the engine and so many years has passed for rubber hoses and belts need replacing.

As long as you cover the important things, like timing belts, bearings, oil changes, checking hoses and water pumps, you should be okay.

I don't know what model Ferrari you are looking to purchase but depending on the year and model, servicing can be as little as $1500 - 10,000 or more. The mechanics will find more things that will need replacing once they start digging into it. There's cars with engine out and cars with engine in for maintenance that also weigh into the costs of repairs.

I try to do all of my own service with documented receipts and photos to show and I have learned alot through the last year. I use to be afraid of owning a Ferrari because like you, I was not sure of the costs of ownership. But its only been alittle more than maintaining my Porsche or Jeep if you do your homework. It helps to buy the best car you can afford with good service history!

I hope this helps you from a regular guy that does not make alot of money, but fortunate enough to have my health, a beautiful and understanding wife, and 2 beautiful kids who also enjoy my Mondial 3.2 on family outings! And to me, that's all of the justification in the world, life goes by fast, enjoy the journey (why not in a Ferrari)!


Quote of the Day:
When you drive an open car, your driving in technicolor,
When your in a tin box, its like being in black and white.

 

I think any car has potential to cost but with any exotic it will probably cost a little more than your average 'daily' car.
I can't comment on service prices in the USA but can in the UK. I owned a Mondial and I did do a total cost of ownership, excluding insurance (Road Fund license) and fuel. I think over five years it was about £4.5k - £5k (an average of £1000/year) a low mileage car and if I'm honest a bit of a garage queen of which many say will need more money spent on it?
So far my F355 has cost me circa £9k in two years over the asking price, though I did buy the car knowing it needed some work. I expect this £4.5k/year average to drop!

I have required less things in two years on my F355 than I have on my daily Alfa Romeo, the Alfa parts though are sooo much cheaper. I have spent less than £300 in six months on that.

I don't do all the work on the Ferrari (which increases cost due to labour) but do on the Alfa.

 

If you buy a car with service records you will be able to see what was done and when and you will know what the car will need right away. Also if you buy a car that has been well sorted and looked after you shouldn't have any issues BUT these are old cars and things break down. I bought my Mondial this year had the car gone through before I started driving it and so far I have put about 600 miles on it without any issues and I'm sure there are others who can say the same.

 

Live the dream...buy a Ferrari and enough with what it costs to maintain one. There is no logical financial argument for ownership. If you want a cheap car to own, buy a Toyota. These are old, expensive cars, most of which need TLC. Factor that into your budget and enjoy life.

 

I am no billionaire but I know that when I buy a Ferrari I am expecting it to cost me minimum $2500 annually in maintenance regardless of history, and that's made it a lot easier for me getting used to it 27 Ferraris later. There is always going to be a cost attached to the purchase price.

 

Buying a Ferrari is a lot like getting married. The wedding is only a part of the cost of the relationship. I've been smiling a lot since I made this purchase. Its been an incredibly happy marriage.

Not once did you mention the biggest cost of car ownership - depreciation. I can tell you that my Mondial is the only car that I've ever owned that has actually appreciated. ( I was recently offered more than what I paid for it and I wasn't even trying to sell it.)

Life is short. Don't worry so much. There's no rational decision here, only an emotional one that you will be thankful that you made. I am.

 

Ferraris are expensive to maintain. That shouldn't be news to anybody.

However, save my brief experience with a Lamborghini Countach, I've never driven a car that offers me the visceral thrill of a Ferrari at full song. I've never seen a car more beautiful or more definitive in its personality and purpose.

You've been on this board for 5 years. There must be something that keeps you coming back. My advice, there is no way to rationalize your way into a Ferrari, but a million ways to rationalize your way out of one.

FWIW, owners, both rich and poor, have made the financial sacrifices necessary to own these wonderful machines because they understand one of automotive worlds' simple truths...

There is Ferrari and then there is everything else.


I hope that when I am on my deathbed, I will have long forgotten the money I spent, but not the memories I have created.

Viva Ferrari.

 

Buy the car you like. Try to find a good shop to work with you and your level of maintnance to keep the car in good running condition. Maintain it up to YOUR standards and enjoy it. Keep all your bills to prove what have been done to it and let the future buyers decide if they want it or not when time to sell come. Enjoy YOUR car and YOUR life.

 

Your post is excellent and well thought out but the bottom line is... what kind of Ferrari experience are you looking for? Granted, if you plan on having a perfect example to win trophies every time then yes, the 10 grand rule will apply. Nothing wrong with that.

However, if you want to enjoy your car like most of us do then I wouldn't worry about the details.

I look at it this way; I'm not making payments so any "costs" (other than normal service), even if you consider the high side of $2K per year, that's only $167 per month.

 

Buy a new Ferrari with a warranty. Problem solved.

 

Your conclusion is correct.

Don't buy a Ferrari.

Too much Head, not enough Heart.

No one ever chiseled on their gravestone "He owned many affordable vehicles."

 

+1

 

I respectfully disagree with the OP's contention that the market's perception is that every Ferrari needs at least $10K worth of work at any time. It obviously depends on the model. The prudent suggestion to potential buyers of a Mondial or 3X8 is that they be prepared for a car to require $10K worth of work when they buy it, because even a thorough PPI will miss certain things which can increase repair costs rapidly.

As a Lotus Esprit owner, you must be more than passingly familiar with an exotic with a relatively affordable purchase price which leads to deferred maintenance issues on a lot of examples. Not to say yours necessarily suffered from such a fate, but so many of those cars have been bought by individuals excited to get into supercar performance and rarity for Corvette money, and then found out later that their cars needed more money for maintenance than they were willing to cough up.

A "major" starts with timing belts & tensioner bearings, rebuild or replacement of the water pump. It becomes a major because of all the "while you have that apart..." stuff. Easy stuff like oil change, coolant flush, spark plugs, ignition wires, inspection of fuel lines & coolant hoses, etc. Since you have viewed the 2012 major costs & services thread, I know you know all this, and you have obviously gleaned that being a responsible owner does not mean replacing fuel lines and coolant hoses and the clutch every three years.

So, when you write: "Am I wrong to conclude that all of you owners consciously committed to this when you bought your car?", the answer is yes. I committed to the possibility that there would be several unforeseen maintenance issues that might require up to approximately $10K right off the bat, but I did not commit to some position whereby I had to spend $10K the first year or I'd be deferring maintenance in some way which would shame myself and embarrass any other Ferrari owner who crossed paths with me.

When you write: "How did you (mentally) get past it?," well, quite honestly, there are some buyers out there who will run from a car that has had the maintenance and even major repairs done by the owner him (or her) self rather than by an established mechanic. On the other hand, there are plenty of buyers who recognize that a 25 or 30 year old Ferrari is not that complicated a machine to work on (even if it takes a bit more time than a more "user-friendly" engineered car of any vintage), and appreciates the care and attention that a loving owner gives to the car. I do as much as I reasonably can to my own car. Anything over my head, yeah, it goes to someone who has more time, tools, and training (the three ts). But I would not hesitate to buy a Mondial from PVDirk, were his for sale and I in the market, or from many of the other owners here on this site who self-maintain.

As for how I mentally got past "Understand[ing] that everyone will regard your car as having "major" problems at all times, *even if it doesn't*," I really don't care what anyone else thinks about my car. I love the car for what it is to me, not for what anyone else thinks about it.

Wow, that was longer than I meant it to be. There are a lot of great responses here that convey the message better than I'm doing it. Bottom line: Buy the car you want. Live the life you want.

 

I'm on board with most of your comments but I think what gets missed is that a sorted car has few issues and maintenance really isn't that bad. However all Mondials are old cars now. If I'd have known I was going to sink 10K into mine I never would have purchased it but I'm glad I didn't know. I also went far beyond what was necessary. I took on what I call a minor mechanical restoration. I had a plan to use my car extensively for a year driving all over the country, and I did. The car was reliable with no breakdowns. In 3 years and 18K miles the car has never left me stranded so it's been great.

It seems that many of these cars are punished regardless of maintenance so if you look and find one where its been properly maintained and updated you might get a car you can use for years with a very small output.

If I had unlimited funds I could probably dump 10K into the car right now but it would be redoing the a/c which I live without. It would be rebuilding the front end which my car does not need now but will some day. It would be pulling my alternator apart and having it rebuilt for no good reason other than it looks dirty. These things aren't necessary and I didn't even replace my water pump when I did my service and it's still going like a champ.

I think we all have to decided the level to which we keep these cars. Some keep them at show level. Some drive them on a 10 year or longer belt interval and a little smoke out the engine bay is normal. I just drive mine, don't want compromised performance and prefer that it does not leak oil. I want a driver and I've been very happy. Since my work 2 years ago I've had 1 new cv boot tear and put in a fuel pump because it became noisy once. Running costs have been very low.

Ultimately each persons experience will be different but similar to others here. All I can say is while mine has been used regularly it is not fussy at all.

 

Brilliant, absolutely brilliant.

 

Speaking for myself I agonized for years over buying a Ferrari and what it was going to cost and if I should do it but once I bought the car I find that I don't think about it. You have to reach a point where if you can afford it just go for it and if you find you don't have the stomach for it get rid of it.

 

Thats awesome!

 

Collin

Everyone who has responded to you is exactly right, even the surly ones. Don't question this purchase, unless of course it means food or college for your children. I have the dubious distinction of having one of the most expensive and lengthiest "major" in recent Mondial history and most here probably think i'm a loon for going through it but in the end it will be a well sorted car for me to enjoy and i've already forgotten the money I've spent, unfortunately the time issue is still going on.

As crazy as it is, i'm looking to add another to my foolishness. I'm middle aged now, and i simply don't care to be logical or pragmatic about my choice in cars... although i shop for clothes on the clearance racks only, go figure. its a priority thing and i have to agree with my buddy Jay, too much head and not enough heart, stick with the Lotus.

 

I own four of the damned things- And I maintain them to a somewhat ridiculous degree. It ain't cheap. They're not the fastest and in the case of three of my four Fcars- not the prettiest- but really... there's nothing like a Ferrari. Even an "unloved" one.

I've never had the Brit-Car feeling (As a graduate of the Joseph Lucas night time driving academy i think I can comment on this) when driving ANY Ferrari- that feeling of impending doom "What's going to break now". A well maintained Ferrari is a strong reliable car, not a rolling ball of compromise. There's a sense of style and purpose and engineering brilliance in every Ferrari. There's also a lot of really stupid "What were they thinking" stuff on all of them. What can you do.

The only thing better than owning a Ferrari is owning MORE Ferraris.

 

+1,000!

 

Hello,

Several years ago I was looking at a Ferrari Mondial Coupe. It was on consignment at my local Lamborghini dealership. It was the right color with the right miles and a full service history.

At the time I was driving a Porsche 944S (underrated car, but thats for a diffent website) and was used to the $1,200 "major" and the $1,000 brake job. So when I saw the prices paid for the Ferrari service, I turned away and purchased another Porsche instead.

To this day I still regret that decision.

IMHO

Joe

 

I like to say, if you buy a $2K VW beetle and put $2K into it, you still have a 2K beetle that just happens to run and stop better now. You can do it with any old car. Most cars require more $ in than they are worth to make them a reliable driver unless they are in great driver condition already. The trick is finding that car that is driver grade that has had loving care and appropriate maintenance and then you'll have a great car.

Talking out my backside, I think putting $10K into these cars might generate another $2K in sale price or maybe just make them a wee bit easier to sell than an equivalent car (excluding exceptional show type cars). They are old cars with a small market and high overall costs. $20K for a toy is a lot of money for the vast majority of people on this earth. I try to drive mine at every opportunity for every reason. It helps to call it a car instead of a toy, but everyone knows its still a toy.

Your analogy is spot on. For an old exotic in equavalent condition the costs for all cars will be high to get them to reliable driver stage. For me it was only how great the car is that keeps the smile on my face as I'm handing over the credit card.

I've also got the 412 bug but I have no money and other goals so it's easy just to poke around that area of the forum and try to read only about the problems.