458 purchase - complete noob and need expert advice
Discussion
Ferrari - PistonHeads
Hello
Feels very odd writing this, but through a variety of circumstances I’m about to come into some money which wasn’t planned in any way. Just waiting on the final confirmation in the next two weeks.
My original plan was to dump it all straight into our mortgage and be very boring. But having spoken to our mortgage company, I’d forgotten that we can only put in a certain amount in a lump sum in each year, we only recently tied in for 5 years, so suddenly I’m going to be sat on a rather large pile of cash...
So my thought process is this. I’d like to buy and run an awesome car for 1-2 years. You only live once and all that.
Semi justifiable. We have no plans to move, have use of other cars which are paid off, kids are miles away from private school fees (5 and 3), job is pretty secure and going well. I don’t mind losing a bit of money, but not catastrophic amounts. Plus I don’t won’t be to a balding old bloke in a flash car (no offence intended, I’ve just started on that path myself!). I’ve even convinced my wife that this isn’t a terrible idea and she has told me to go away and do the sums and she is opening to listening.
I drew up a shortlist of cars based on the following criteria:
1. Established premium brand w/ good residuals
2. Has approved used programme (for warranty - want to avoid any massive bills)
3. V8/V10/V12
4. N/A
5. Manual (as a preference)
6. Coupe (don’t like convertibles)
7. Budget between £75k and £200k
8. Model with minimal depreciation potential (flat or appreciating preferred)
9. ‘Last of the line’ preference (worked in the industry and know the last models have always got everything as good as it can be)
I narrowed it down to late model AM V12 Vantage S with dogleg manual and the AM DBS, as well as the last generation Audi R8 V10, a Honda NSX-R (likely imported from Japan), or perhaps a Cayman GT4 or 911 GT3 RS (assume 997 Gen2). But...
I can’t get the 458 Italia out of my head. It’s my dream car. Although I’d prefer a manual, I do live in London and have a DSG car now and I really don’t mind it at all. Otherwise, it ticks all the boxes and then some.
But I don’t know where to start. I’ve got a few questions and wasn’t really sure if this was the best place to ask them, but Ferrari Chat forum didn’t seem that busy. Thanks in advance if anyone can help.
Model year changes
It seems like 2012 onwards got some software changes (which could be retrofitted as an option to earlier cars) as well as 7 year service pack. Plus understand there were some recalls for earlier cars. My local Ferrari dealer mentioned some 2013 updates to the satnav as well.
Does anyone have a definitive list of MY changes, even minor ones? Or where I could get the list from? Dealer didn’t have a full list.
On that basis, I’m only looking at 2013 and newer models, preferably from an official Ferrari dealer.
Colour / Interior / Options
From a resale perspective, I’m only looking at Rosso Corsa and then black or tan leather.
For options, my local Ferrari dealer said ‘shields and upgrade wheels’ are must haves. Any other recommendations that people can’t live without?
Tech
Does boring stuff like Bluetooth streaming of Spotify via an iPhone 8/X work? Or I do need to buy something else / modify the car to enable this? Assume no chance of Apple Play! Was planning on clipping on phone to a vent and using Waze as it is so good.
Exhaust
I’ve heard Capriso do a remote valve opener - will dealers fit this / will it invalidate the warranty?
Finance
If I put down £75k, it’s roughly £500 a month (dealer quote, rate around 8%, but no guaranteed value). Are there any specialists for high end car finance?
I’ve been recommended Oracle, JBR and the dealer’s own finance. Is there anyone else I should look at? Or other ways I could finance it?
Insurance
I’ve heard about £2.5k to £3k for 5000 miles per year. My plan was to speak to Adrian Flux, but am I missing a trick? Are there any Ferrari insurance specialists I should speak to?
Depreciation
I’m a bit nervous of what might happen in March 2019...but I can’t think of a (relatively) safer place to put my car cash than the last mid engined, N/A Ferrari that is recognised as one of their best ever (Speciale accepted but that is beyond my budget). I’m naively assuming if you can afford a Ferrari the recession isn’t going to hit you that badly, but perhaps this only applies to new models.
I’m budgeting for a 5-10% loss over 1 year. If anyone has a crystal ball, I’d love some opinions because I don’t have a clue what might happen! Looking to keep for 1 year from end of March, perhaps 2. Also - what might be the best way to sell it, sale or return specialist, back to dealer, or on the wonderful PistonHeads classifieds itself.
Servicing
Was planning to get this done at my local dealer (Maranello Egham). Is this the best route? Or are specialists are better option?
I’ve budgeted £2k per year. A 2013 MY will get me minimum 2 years of 7 year service policy.
Other stuff & costs
What is it actually like to have one? Is there anything else I need to budget for? I’m planning on putting £10k aside for a ‘just in case’ budget.
Assume I’m going to have to invest in some special stuff to keep it clean (rather than usual jet wash on family SUV). Where do you park one so it doesn’t get dinged? Do most people buy paint protection wraps (and where from)?
I think that is about everything. Thanks again if anyone can help!
Hello
Feels very odd writing this, but through a variety of circumstances I’m about to come into some money which wasn’t planned in any way. Just waiting on the final confirmation in the next two weeks.
My original plan was to dump it all straight into our mortgage and be very boring. But having spoken to our mortgage company, I’d forgotten that we can only put in a certain amount in a lump sum in each year, we only recently tied in for 5 years, so suddenly I’m going to be sat on a rather large pile of cash...
So my thought process is this. I’d like to buy and run an awesome car for 1-2 years. You only live once and all that.
Semi justifiable. We have no plans to move, have use of other cars which are paid off, kids are miles away from private school fees (5 and 3), job is pretty secure and going well. I don’t mind losing a bit of money, but not catastrophic amounts. Plus I don’t won’t be to a balding old bloke in a flash car (no offence intended, I’ve just started on that path myself!). I’ve even convinced my wife that this isn’t a terrible idea and she has told me to go away and do the sums and she is opening to listening.
I drew up a shortlist of cars based on the following criteria:
1. Established premium brand w/ good residuals
2. Has approved used programme (for warranty - want to avoid any massive bills)
3. V8/V10/V12
4. N/A
5. Manual (as a preference)
6. Coupe (don’t like convertibles)
7. Budget between £75k and £200k
8. Model with minimal depreciation potential (flat or appreciating preferred)
9. ‘Last of the line’ preference (worked in the industry and know the last models have always got everything as good as it can be)
I narrowed it down to late model AM V12 Vantage S with dogleg manual and the AM DBS, as well as the last generation Audi R8 V10, a Honda NSX-R (likely imported from Japan), or perhaps a Cayman GT4 or 911 GT3 RS (assume 997 Gen2). But...
I can’t get the 458 Italia out of my head. It’s my dream car. Although I’d prefer a manual, I do live in London and have a DSG car now and I really don’t mind it at all. Otherwise, it ticks all the boxes and then some.
But I don’t know where to start. I’ve got a few questions and wasn’t really sure if this was the best place to ask them, but Ferrari Chat forum didn’t seem that busy. Thanks in advance if anyone can help.
Model year changes
It seems like 2012 onwards got some software changes (which could be retrofitted as an option to earlier cars) as well as 7 year service pack. Plus understand there were some recalls for earlier cars. My local Ferrari dealer mentioned some 2013 updates to the satnav as well.
Does anyone have a definitive list of MY changes, even minor ones? Or where I could get the list from? Dealer didn’t have a full list.
On that basis, I’m only looking at 2013 and newer models, preferably from an official Ferrari dealer.
Colour / Interior / Options
From a resale perspective, I’m only looking at Rosso Corsa and then black or tan leather.
For options, my local Ferrari dealer said ‘shields and upgrade wheels’ are must haves. Any other recommendations that people can’t live without?
Tech
Does boring stuff like Bluetooth streaming of Spotify via an iPhone 8/X work? Or I do need to buy something else / modify the car to enable this? Assume no chance of Apple Play! Was planning on clipping on phone to a vent and using Waze as it is so good.
Exhaust
I’ve heard Capriso do a remote valve opener - will dealers fit this / will it invalidate the warranty?
Finance
If I put down £75k, it’s roughly £500 a month (dealer quote, rate around 8%, but no guaranteed value). Are there any specialists for high end car finance?
I’ve been recommended Oracle, JBR and the dealer’s own finance. Is there anyone else I should look at? Or other ways I could finance it?
Insurance
I’ve heard about £2.5k to £3k for 5000 miles per year. My plan was to speak to Adrian Flux, but am I missing a trick? Are there any Ferrari insurance specialists I should speak to?
Depreciation
I’m a bit nervous of what might happen in March 2019...but I can’t think of a (relatively) safer place to put my car cash than the last mid engined, N/A Ferrari that is recognised as one of their best ever (Speciale accepted but that is beyond my budget). I’m naively assuming if you can afford a Ferrari the recession isn’t going to hit you that badly, but perhaps this only applies to new models.
I’m budgeting for a 5-10% loss over 1 year. If anyone has a crystal ball, I’d love some opinions because I don’t have a clue what might happen! Looking to keep for 1 year from end of March, perhaps 2. Also - what might be the best way to sell it, sale or return specialist, back to dealer, or on the wonderful PistonHeads classifieds itself.
Servicing
Was planning to get this done at my local dealer (Maranello Egham). Is this the best route? Or are specialists are better option?
I’ve budgeted £2k per year. A 2013 MY will get me minimum 2 years of 7 year service policy.
Other stuff & costs
What is it actually like to have one? Is there anything else I need to budget for? I’m planning on putting £10k aside for a ‘just in case’ budget.
Assume I’m going to have to invest in some special stuff to keep it clean (rather than usual jet wash on family SUV). Where do you park one so it doesn’t get dinged? Do most people buy paint protection wraps (and where from)?
I think that is about everything. Thanks again if anyone can help!
There are so many threads here covering the purchase and running of a 458 so spend some time reading a few and then come back with anything that remains unanswered
Its all been covered before be it insurance (depends on age & location - no hint from you yet!) or whether MY applies outside USA (It doesn't - upgrades are just introduced when they feel like)
PS congrats on your windfall
PPS there's no way you'll get away with just a 10 % depreciation over the year due to dealer markup etc - my guess is the first year will cost you 20 % at least
Its all been covered before be it insurance (depends on age & location - no hint from you yet!) or whether MY applies outside USA (It doesn't - upgrades are just introduced when they feel like)
PS congrats on your windfall
PPS there's no way you'll get away with just a 10 % depreciation over the year due to dealer markup etc - my guess is the first year will cost you 20 % at least
It looks like you've got your head screwed on. 458 is a good choice - if you can't stop thinking about it - go test drive - but only if you're happy to buy because you won't be able to stop yourself. Assume £20k dealer trade-in to retail price difference aka you'll lose £20k + whatever depreciation happens over 2 years. Your guess is as good as anyone else what that will be. But you'll forget all that when you're driving it! Have fun!
andyvdg said:
It looks like you've got your head screwed on. 458 is a good choice - if you can't stop thinking about it - go test drive - but only if you're happy to buy because you won't be able to stop yourself. Assume £20k dealer trade-in to retail price difference aka you'll lose £20k + whatever depreciation happens over 2 years. Your guess is as good as anyone else what that will be. But you'll forget all that when you're driving it! Have fun!
Really interesting. I’m wondering if I’ve had a different experience. I ran a BMW M6 I bought from a dealer for a couple of years, and the car appreciated over that period and cost me very little overall to run, literally just running costs. I sold it for a good chunk more than I paid for it straight to someone else. So we are saying here (if I have this right), a £160k 2013 458 at an official dealer, when I come to sell in 1-2 years time, I will lose £20k (down to £140k), and then I’d say 10% depreciation each year, so £16k each year.
So at end of year one, i would only be able to sell it for £124k, and end of year two, £108k?
Never had to do the maths at this level!
This is an art, not a science unfortunately as we're talking about a market. If you assume your figures, you may be surprised in a couple of years in a positive way but then again you may not. The market for Ferraris is healthy and since 2014-ish prices have risen. Some people think they will stay where they are now - but a reduction again could happen. Price on a 458 will be more dictated by mileage and condition vs age. so how many miles will you put on it (and add some more because you'll like it so much).
Go and plough your way through this and come to your own conclusion :
https://www.pistonheads.com/gassing/topic.asp?t=13...
Go and plough your way through this and come to your own conclusion :
https://www.pistonheads.com/gassing/topic.asp?t=13...
Radioegg said:
Ferruccio said:
Buy the car that makes you feel the best when you test drive it.
Allow 25%+ dealer to dealer spread over 2 years.
Are you able to explain this? Do you mean 25% loss in value, plus something else I don’t understand! Allow 25%+ dealer to dealer spread over 2 years.
Obviously, if you’ve financed part of the cost, you need to add that on top.
The froth has clearly come off the car market.
Ferruccio said:
All I’m saying is that if you buy from a dealer and sell back to a dealer two years later I would expect a 25%+ difference.
Obviously, if you’ve financed part of the cost, you need to add that on top.
The froth has clearly come off the car market.
I agree. Over 2 years 12K interest payments, c£18k dealer spread if you sell it back (very difficult to sell these privately) and if you put 10,000 miles on over that period probably £20k depreciation. I.e I think you should expect it to cost you £50k before fuel and any out of warranty work that may be required. I would be surprised if it cost you much less. Will you really get £50k’s worth of fun and enjoyment out of it, particularly knowing that could have been £50k off your mortgage?Obviously, if you’ve financed part of the cost, you need to add that on top.
The froth has clearly come off the car market.
25% sounds crazy to me.
I sold my 458 back to the same dealer that supplied it just over a year earlier, for about £2k less than its previous sale price. 458 values had been strong and rising during my ownership though.
I had expected and made peace with a £20k+ loss on trade in, but almost broke even which was a pleasant surprise (tax, insurance, new tyres notwithstanding).
I wouldn't obsess over the depreciation if you can help it. If you do, you'll be in danger of sucking most of the enjoyment out of it. I can't think of much worse than getting in it and thinking about your per/mile costs, etc.
That said the usual axiom applies - the guaranteed most expensive way to lose money on the car is to buy it from a main dealer and sell it back to one. It's also the most safest - you get a 2 year warranty and likely goodwill from the dealer/Ferrari in the event of something outside warranty failing (oil leaks aren't covered on the Power warranty, for example)
Your budget spread is huge, and would get you into a late 458.
Regards the differences between MY2010 cars and 2011-on are not massive, but some of them can't be retrofitted - e.g. 2011 on cars let you put the speedo on the right LCD display. I wouldn't really lose any sleep over this stuff though, the base car - optioned to the max or not - is incredible. 2011 on cars do have the 7 year service plan which has a value.
Options wise - shields, upgrade wheels about sums it up (the stock wheels are horrible). I'd go further and say nav (its crap, don't worry about map updates - the ones you can get are old and useless, but people expect nav), LED steering wheel and CF driving zone. Buckets are to taste but I found them amazing and not uncomfortable at all. Beyond that, it's to taste imo. Again though - options are a contentious subject.
They are fantastic cars though and can absolutely be used every day. The ground clearance even without lift is good.
I sold my 458 back to the same dealer that supplied it just over a year earlier, for about £2k less than its previous sale price. 458 values had been strong and rising during my ownership though.
I had expected and made peace with a £20k+ loss on trade in, but almost broke even which was a pleasant surprise (tax, insurance, new tyres notwithstanding).
I wouldn't obsess over the depreciation if you can help it. If you do, you'll be in danger of sucking most of the enjoyment out of it. I can't think of much worse than getting in it and thinking about your per/mile costs, etc.
That said the usual axiom applies - the guaranteed most expensive way to lose money on the car is to buy it from a main dealer and sell it back to one. It's also the most safest - you get a 2 year warranty and likely goodwill from the dealer/Ferrari in the event of something outside warranty failing (oil leaks aren't covered on the Power warranty, for example)
Your budget spread is huge, and would get you into a late 458.
Regards the differences between MY2010 cars and 2011-on are not massive, but some of them can't be retrofitted - e.g. 2011 on cars let you put the speedo on the right LCD display. I wouldn't really lose any sleep over this stuff though, the base car - optioned to the max or not - is incredible. 2011 on cars do have the 7 year service plan which has a value.
Options wise - shields, upgrade wheels about sums it up (the stock wheels are horrible). I'd go further and say nav (its crap, don't worry about map updates - the ones you can get are old and useless, but people expect nav), LED steering wheel and CF driving zone. Buckets are to taste but I found them amazing and not uncomfortable at all. Beyond that, it's to taste imo. Again though - options are a contentious subject.
They are fantastic cars though and can absolutely be used every day. The ground clearance even without lift is good.
What about LHD Ferrari 430 scuderia or add more and buy 360 CS
Radioegg said:
Ferrari - PistonHeads
Hello
Feels very odd writing this, but through a variety of circumstances I’m about to come into some money which wasn’t planned in any way. Just waiting on the final confirmation in the next two weeks.
My original plan was to dump it all straight into our mortgage and be very boring. But having spoken to our mortgage company, I’d forgotten that we can only put in a certain amount in a lump sum in each year, we only recently tied in for 5 years, so suddenly I’m going to be sat on a rather large pile of cash...
So my thought process is this. I’d like to buy and run an awesome car for 1-2 years. You only live once and all that.
Semi justifiable. We have no plans to move, have use of other cars which are paid off, kids are miles away from private school fees (5 and 3), job is pretty secure and going well. I don’t mind losing a bit of money, but not catastrophic amounts. Plus I don’t won’t be to a balding old bloke in a flash car (no offence intended, I’ve just started on that path myself!). I’ve even convinced my wife that this isn’t a terrible idea and she has told me to go away and do the sums and she is opening to listening.
I drew up a shortlist of cars based on the following criteria:
1. Established premium brand w/ good residuals
2. Has approved used programme (for warranty - want to avoid any massive bills)
3. V8/V10/V12
4. N/A
5. Manual (as a preference)
6. Coupe (don’t like convertibles)
7. Budget between £75k and £200k
8. Model with minimal depreciation potential (flat or appreciating preferred)
9. ‘Last of the line’ preference (worked in the industry and know the last models have always got everything as good as it can be)
I narrowed it down to late model AM V12 Vantage S with dogleg manual and the AM DBS, as well as the last generation Audi R8 V10, a Honda NSX-R (likely imported from Japan), or perhaps a Cayman GT4 or 911 GT3 RS (assume 997 Gen2). But...
I can’t get the 458 Italia out of my head. It’s my dream car. Although I’d prefer a manual, I do live in London and have a DSG car now and I really don’t mind it at all. Otherwise, it ticks all the boxes and then some.
But I don’t know where to start. I’ve got a few questions and wasn’t really sure if this was the best place to ask them, but Ferrari Chat forum didn’t seem that busy. Thanks in advance if anyone can help.
Model year changes
It seems like 2012 onwards got some software changes (which could be retrofitted as an option to earlier cars) as well as 7 year service pack. Plus understand there were some recalls for earlier cars. My local Ferrari dealer mentioned some 2013 updates to the satnav as well.
Does anyone have a definitive list of MY changes, even minor ones? Or where I could get the list from? Dealer didn’t have a full list.
On that basis, I’m only looking at 2013 and newer models, preferably from an official Ferrari dealer.
Colour / Interior / Options
From a resale perspective, I’m only looking at Rosso Corsa and then black or tan leather.
For options, my local Ferrari dealer said ‘shields and upgrade wheels’ are must haves. Any other recommendations that people can’t live without?
Tech
Does boring stuff like Bluetooth streaming of Spotify via an iPhone 8/X work? Or I do need to buy something else / modify the car to enable this? Assume no chance of Apple Play! Was planning on clipping on phone to a vent and using Waze as it is so good.
Exhaust
I’ve heard Capriso do a remote valve opener - will dealers fit this / will it invalidate the warranty?
Finance
If I put down £75k, it’s roughly £500 a month (dealer quote, rate around 8%, but no guaranteed value). Are there any specialists for high end car finance?
I’ve been recommended Oracle, JBR and the dealer’s own finance. Is there anyone else I should look at? Or other ways I could finance it?
Insurance
I’ve heard about £2.5k to £3k for 5000 miles per year. My plan was to speak to Adrian Flux, but am I missing a trick? Are there any Ferrari insurance specialists I should speak to?
Depreciation
I’m a bit nervous of what might happen in March 2019...but I can’t think of a (relatively) safer place to put my car cash than the last mid engined, N/A Ferrari that is recognised as one of their best ever (Speciale accepted but that is beyond my budget). I’m naively assuming if you can afford a Ferrari the recession isn’t going to hit you that badly, but perhaps this only applies to new models.
I’m budgeting for a 5-10% loss over 1 year. If anyone has a crystal ball, I’d love some opinions because I don’t have a clue what might happen! Looking to keep for 1 year from end of March, perhaps 2. Also - what might be the best way to sell it, sale or return specialist, back to dealer, or on the wonderful PistonHeads classifieds itself.
Servicing
Was planning to get this done at my local dealer (Maranello Egham). Is this the best route? Or are specialists are better option?
I’ve budgeted £2k per year. A 2013 MY will get me minimum 2 years of 7 year service policy.
Other stuff & costs
What is it actually like to have one? Is there anything else I need to budget for? I’m planning on putting £10k aside for a ‘just in case’ budget.
Assume I’m going to have to invest in some special stuff to keep it clean (rather than usual jet wash on family SUV). Where do you park one so it doesn’t get dinged? Do most people buy paint protection wraps (and where from)?
I think that is about everything. Thanks again if anyone can help!
Hello
Feels very odd writing this, but through a variety of circumstances I’m about to come into some money which wasn’t planned in any way. Just waiting on the final confirmation in the next two weeks.
My original plan was to dump it all straight into our mortgage and be very boring. But having spoken to our mortgage company, I’d forgotten that we can only put in a certain amount in a lump sum in each year, we only recently tied in for 5 years, so suddenly I’m going to be sat on a rather large pile of cash...
So my thought process is this. I’d like to buy and run an awesome car for 1-2 years. You only live once and all that.
Semi justifiable. We have no plans to move, have use of other cars which are paid off, kids are miles away from private school fees (5 and 3), job is pretty secure and going well. I don’t mind losing a bit of money, but not catastrophic amounts. Plus I don’t won’t be to a balding old bloke in a flash car (no offence intended, I’ve just started on that path myself!). I’ve even convinced my wife that this isn’t a terrible idea and she has told me to go away and do the sums and she is opening to listening.
I drew up a shortlist of cars based on the following criteria:
1. Established premium brand w/ good residuals
2. Has approved used programme (for warranty - want to avoid any massive bills)
3. V8/V10/V12
4. N/A
5. Manual (as a preference)
6. Coupe (don’t like convertibles)
7. Budget between £75k and £200k
8. Model with minimal depreciation potential (flat or appreciating preferred)
9. ‘Last of the line’ preference (worked in the industry and know the last models have always got everything as good as it can be)
I narrowed it down to late model AM V12 Vantage S with dogleg manual and the AM DBS, as well as the last generation Audi R8 V10, a Honda NSX-R (likely imported from Japan), or perhaps a Cayman GT4 or 911 GT3 RS (assume 997 Gen2). But...
I can’t get the 458 Italia out of my head. It’s my dream car. Although I’d prefer a manual, I do live in London and have a DSG car now and I really don’t mind it at all. Otherwise, it ticks all the boxes and then some.
But I don’t know where to start. I’ve got a few questions and wasn’t really sure if this was the best place to ask them, but Ferrari Chat forum didn’t seem that busy. Thanks in advance if anyone can help.
Model year changes
It seems like 2012 onwards got some software changes (which could be retrofitted as an option to earlier cars) as well as 7 year service pack. Plus understand there were some recalls for earlier cars. My local Ferrari dealer mentioned some 2013 updates to the satnav as well.
Does anyone have a definitive list of MY changes, even minor ones? Or where I could get the list from? Dealer didn’t have a full list.
On that basis, I’m only looking at 2013 and newer models, preferably from an official Ferrari dealer.
Colour / Interior / Options
From a resale perspective, I’m only looking at Rosso Corsa and then black or tan leather.
For options, my local Ferrari dealer said ‘shields and upgrade wheels’ are must haves. Any other recommendations that people can’t live without?
Tech
Does boring stuff like Bluetooth streaming of Spotify via an iPhone 8/X work? Or I do need to buy something else / modify the car to enable this? Assume no chance of Apple Play! Was planning on clipping on phone to a vent and using Waze as it is so good.
Exhaust
I’ve heard Capriso do a remote valve opener - will dealers fit this / will it invalidate the warranty?
Finance
If I put down £75k, it’s roughly £500 a month (dealer quote, rate around 8%, but no guaranteed value). Are there any specialists for high end car finance?
I’ve been recommended Oracle, JBR and the dealer’s own finance. Is there anyone else I should look at? Or other ways I could finance it?
Insurance
I’ve heard about £2.5k to £3k for 5000 miles per year. My plan was to speak to Adrian Flux, but am I missing a trick? Are there any Ferrari insurance specialists I should speak to?
Depreciation
I’m a bit nervous of what might happen in March 2019...but I can’t think of a (relatively) safer place to put my car cash than the last mid engined, N/A Ferrari that is recognised as one of their best ever (Speciale accepted but that is beyond my budget). I’m naively assuming if you can afford a Ferrari the recession isn’t going to hit you that badly, but perhaps this only applies to new models.
I’m budgeting for a 5-10% loss over 1 year. If anyone has a crystal ball, I’d love some opinions because I don’t have a clue what might happen! Looking to keep for 1 year from end of March, perhaps 2. Also - what might be the best way to sell it, sale or return specialist, back to dealer, or on the wonderful PistonHeads classifieds itself.
Servicing
Was planning to get this done at my local dealer (Maranello Egham). Is this the best route? Or are specialists are better option?
I’ve budgeted £2k per year. A 2013 MY will get me minimum 2 years of 7 year service policy.
Other stuff & costs
What is it actually like to have one? Is there anything else I need to budget for? I’m planning on putting £10k aside for a ‘just in case’ budget.
Assume I’m going to have to invest in some special stuff to keep it clean (rather than usual jet wash on family SUV). Where do you park one so it doesn’t get dinged? Do most people buy paint protection wraps (and where from)?
I think that is about everything. Thanks again if anyone can help!
Radioegg said:
I drew up a shortlist of cars based on the following criteria:
1. Established premium brand w/ good residuals
2. Has approved used programme (for warranty - want to avoid any massive bills)
3. V8/V10/V12
4. N/A
5. Manual (as a preference)
6. Coupe (don’t like convertibles)
7. Budget between £75k and £200k
8. Model with minimal depreciation potential (flat or appreciating preferred)
9. ‘Last of the line’ preference (worked in the industry and know the last models have always got everything as good as it can be)
I narrowed it down to late model AM V12 Vantage S with dogleg manual and the AM DBS, as well as the last generation Audi R8 V10, a Honda NSX-R (likely imported from Japan), or perhaps a Cayman GT4 or 911 GT3 RS (assume 997 Gen2). But...
!
If you are looking at a 2013 you are likely looking at 160k. The dealer will have bought that in, assuming ha has bought it, for 140/145. So if the cars dont depreciate you are likely to lose just that 15/20k even if you keep the car for two or three years.1. Established premium brand w/ good residuals
2. Has approved used programme (for warranty - want to avoid any massive bills)
3. V8/V10/V12
4. N/A
5. Manual (as a preference)
6. Coupe (don’t like convertibles)
7. Budget between £75k and £200k
8. Model with minimal depreciation potential (flat or appreciating preferred)
9. ‘Last of the line’ preference (worked in the industry and know the last models have always got everything as good as it can be)
I narrowed it down to late model AM V12 Vantage S with dogleg manual and the AM DBS, as well as the last generation Audi R8 V10, a Honda NSX-R (likely imported from Japan), or perhaps a Cayman GT4 or 911 GT3 RS (assume 997 Gen2). But...
!
But - Ferraris are mileage sensitive. I used to reckon that every mile I added to my car depreciated it by £1. This depends on the actuial mileage - the depreciation from 10k to 20k is way more than from 30k to 40k.
But all this assumes a steady market. Until last year prices were going up a bit - I didnt lose that much when I sold my car back to the dealer after a year. But now prices are falling right across the car market, high end or low end. They are falling for classics too - see the Hagerty index. So your loss after a couple of years would be the above 15/20 plus depreciation. Or you might be lucky and prices suddenly reverse and increase. Its a gamble.
Only thing you can say is that a Ferrari will almost always do better than lesser cars like Porkers and Audis and even Astons.
Love the idea for using a windfall for a dream car, awesome. Just wanted to chuck in an alternative idea...
The problem with a 458 it is relatively new and therefore still depreciating. Your point about it being a ‘last of the line’ is true, but will mean it is really valuable in 20-30 years time, not sooner. For now, it will be under pressure from newer models for wealthy people’s money. In fact, anything mass produced (like your other suggestions) will struggle to hold its value, just too many of them.
My recommendation for a great investment and car would be an F355. Terrific, beautiful Ferrari, available in manual, and with recent softening of prices, not likely to go down. Buy from a reputable Indy (eg Nick Cartwright, Forza 288, Simon Furlonger) and I’d think your losses over 5 years will be minimal. Keep it longer, and I’d guess you’d be in profit.
Alternatively, if you do decide to take the plunge and buy a newer supercar of some sort, I’d recommend a chat with the guys at Top555. They deal in a wide range (not just Ferrari’s), always have terrific cars (their website is always a joy) and can help you compare and contrast. Plus they’re enthusiasts first and dealers second, so very un-‘hard sell’.
Good luck, and let us know how you get on!
The problem with a 458 it is relatively new and therefore still depreciating. Your point about it being a ‘last of the line’ is true, but will mean it is really valuable in 20-30 years time, not sooner. For now, it will be under pressure from newer models for wealthy people’s money. In fact, anything mass produced (like your other suggestions) will struggle to hold its value, just too many of them.
My recommendation for a great investment and car would be an F355. Terrific, beautiful Ferrari, available in manual, and with recent softening of prices, not likely to go down. Buy from a reputable Indy (eg Nick Cartwright, Forza 288, Simon Furlonger) and I’d think your losses over 5 years will be minimal. Keep it longer, and I’d guess you’d be in profit.
Alternatively, if you do decide to take the plunge and buy a newer supercar of some sort, I’d recommend a chat with the guys at Top555. They deal in a wide range (not just Ferrari’s), always have terrific cars (their website is always a joy) and can help you compare and contrast. Plus they’re enthusiasts first and dealers second, so very un-‘hard sell’.
Good luck, and let us know how you get on!
I would disagree slightly about the fact that the 458 is "relatively new and still depreciating". You are technically correct, but 458 prices have been pretty static for at least the past 2-3 years. I sold mine a while ago and have been itching to get back into one and it would still cost me at least 15k more than I got for it to get back into the equivalent car from a main dealer.
Supercars don't exactly follow the axiom of predictable depreciation. Take the F430 or 360 as examples, they dropped "predictably" and then had a resurgence and pretty much stayed where they are for a long time. I've been idly following voicey's F430 price watch thread and nothing really dramatic has happened. I feintly recall ~£40k rosso/crema 360s, seems like a long time ago now.
I think the 458 is fairly safe in terms of massive drops. The 488 is still quite a bit more expensive, and the F430 is still acting as a price cushion.
That being said, the sanest way to buy one is to assume that it will depreciate "normally". That way, if it doesn't, you've had a nice surprise when you come to sell it. And if it does start dropping - either due to interest rate rise pressures, etc - then it won't feel so bad because you already made peace with it.
Supercars don't exactly follow the axiom of predictable depreciation. Take the F430 or 360 as examples, they dropped "predictably" and then had a resurgence and pretty much stayed where they are for a long time. I've been idly following voicey's F430 price watch thread and nothing really dramatic has happened. I feintly recall ~£40k rosso/crema 360s, seems like a long time ago now.
I think the 458 is fairly safe in terms of massive drops. The 488 is still quite a bit more expensive, and the F430 is still acting as a price cushion.
That being said, the sanest way to buy one is to assume that it will depreciate "normally". That way, if it doesn't, you've had a nice surprise when you come to sell it. And if it does start dropping - either due to interest rate rise pressures, etc - then it won't feel so bad because you already made peace with it.
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