And The Internet Says… Don’t Buy A Used Ferrari
As DCB slowly emerges from its summer break, and as the content slowly begins to roll out again we found this YouTube video that might interest potential Ferrari buyers. Our advice is don’t buy a used Ferrari. A new supercar is an expensive proposition, but it’s fair to say the millionaires who buy new can afford the running and service costs. A used Ferrari can present many challenges.
The problem occurs as a supercar ages, it’s a high maintenance proposition because a rare supercar means the parts are also rare, even so it’s not an issue for a multi-millionaire to burden.
Cars depreciate in value quickly, indeed as a financial investment, they make little sense.
A Used Ferrari makes better financial sense because they are rare but not all used Ferrari’s are rare. However, a used F355 is rare in car terms because only 11k were ever made.
But in Ferrari terms, that’s a lot of F355s which means they are less rare than say… the limited edition variants such as the F355 Fiorano.
But wait, there’s still a catch, even a standard used Ferrari 355 is expensive to buy. The typical price for an F355 is around £78k. We found a 1997 model going for £44k, but that’s a left-hand version with 71,000 miles on the clock.
Obviously, the lower the mileage the more value a car retains, we found a low mileage, 1995 F355 with 7.5k miles on the clock going for £124,000. But it’s in mint condition as they say.
YouTuber’s JR Garage purchased a used Ferrari F355 and within minutes racked up a bill of over $6k to replace the clutch flywheel! They spent a total of $36,000 on service costs covering 1,000 miles.
So, $36k isn’t that much to a multi-millionaire, however, used Ferrari’s are an example of trickle-down economics, where they become affordable to the average punter or not quite a millionaire.
In that regard spending more money on a depreciating asset makes no sense if you are going to end up bankrupting yourself or raid your savings. But that’s the lure of buying a used Ferrari, to simply say I own a Ferrari is worth the potential financial losses.