I Bought a Cheap $19,000 Ferrari Bargain or TOTAL Nightmare !!

I spent just over $10K the first year sorting out deferred maintenance and essential repairs.
Luckily, my GTA had the valves guides, windows, and shocks done prior to purchase.

Since then, it's been extremely low cost and trouble free.
Even so, I've got another $10K of non-essential items to go.

 

Pretty good estimate Paul:
My first major w/belts was $8K, but included servicing neglected brakes and trans.
Valve guides were $11.1K

 

@J30022 don't mind him, he's like that with everyone.

oh yeah...welcome!!

sjd

 

An M GTA is a blast on a track, BTW. Easiest car to drive fast ever. You have a go pedal, and a slow pedal, and the handling is 100% neutral. The auto is slow to respond, so you just mash the pedal to the floor on every exit. Zero chance of breaking the back end loose in Sport mode. Randy thought it was amazing.

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have fun, I'm looking forward to seeing the progress.

 

You're not a slow at all! Just wanted to give you a hearty welcome!!

Cheers

 

The car is very user friendly, I couldn't agree more. Look forward to taking her on the track and reporting my findings myself.

Cheers

 

Here is an article of an early chop top. Hope you enjoy.

Cheers

 

Thanks @killer58 I was worried about the valve guides myself, my compression test came in at 180+ on all 12 cylinders. Did you find this test exposed the faulty valve guide issue you experienced?

Thanks again for any insight.

Cheers

 

me too, im not sure what Boke was referring to lol
my 98 m3 has been bullet proof since i bought it new fwiw

 

keeping things in perspective......
the car he bought was a left hooker in the uk, so discounted there.
and it was first gen - which had far more issues than the m's
its a usa salvage title, and an automatic. and it had sat for a while.

i wish the guy luck, but i know where this story usually heads....

 

Hehehe, that’s true.... the two legged ones are the best!

 

I think the huge plus here though is the owner is DIY, that alone could be all the difference even if the car needs TLC.

 

yes. that and the fact that he can use any old part that does the job.
BUT, there are still some things that will be unavoidably expensive if they go wrong - ecu's for example. there are no substitutes. there is oem or nothing.if i remember correctly they were $2500 each, and there are 2, one for each bank

 

Good point, there is certain things that will cost you no matter how much of a DIY you are.

 

Compression test can help, but the leak down pinpoints the valve guides.

Im far from an expert, and there are pros on both sides of this issue. But after all I’ve read and the discussions I’ve had with several highly respected techs, I’ve come to believe that ALL these cars will eventually need their guides replaced. That’s both 456’s and 456M’s.

Data point: Mine’s a 99 GTA. In 2011, with 17K miles, the car started smoking from both exhausts.

Absolutely!!! The transmission is another. Certain of its internal parts are becoming unobtainium. Seat ECUs, motors, and sensors. Headlamp motors. I’m sure there’s more....

 

Thanks @killer58 for your response. Could you explain further the smoking from both exhausts? I just want to know what to keep an eye out for.

Again, thanks in advance and appreciate the info.

 

yea, you are reminding me of a few of the smaller items....
seat ecu - almost unfindable - so rebuilt the existing failed ones.
ashtrays - you can actually get fiat ones and swap out the emblems.
seat belt tensioner - gotta take it apart and rebuild but there is a fiat part that fits
on the first gen, that rear under-bumper moveable spoiler will probably not work - have to rebuild the little motor and sensor.
gas tank - do not over fill, you will crack the plastic around the outlet hoses, and swapping that out is a monster.
standard battery is inadequate. the first time it dies and wont come back and you have to remove the expansion tank to put the new one in...do yourself a favor and put a much stronger battery in so you dont have to repeat this process 3 more times like i did.
dash bulbs go out - have fun taking the dash apart !
do not EVER over fill the oil .....thats a whole thread worth of trouble.

 

No slight to your BMW or to @J30022 .

I took your response to Paul's post as an "if you don't want Ferrari maintenance costs, drive a practical car". My bad if I took it wrong.

Sorry that I am ******, but I am.

I'm still not wearing pants either.

 

You got away without buying fuel pumps??? The gas must have been better in your neck of the woods.

 

i listed fuel pumps in the first post....

 

My bad. The fuel system, the cooling plumping, and radiator are really "special".

How many times was the intake off the motor???

 

well the good thing was that apart from that battery bs, i only ever fixed any one thing ONCE.

 

Around long enough? Are you still poorly Sid? I'm pretty sure you're younger than me (I'm 55). Anyway I hope you are well and/or getting well.

 

Yes mate, still bad and getting worse.... not quite 50 yet. Don’t worry, I’m making sure plenty of young blonde ladies audition for head nurse as often as I can!