Is Ferrari Ownership Right for You?
We all have dreams of owning a Ferrari or Lamborghini at some point in our lives. There are plenty of sleek, affordable cars too, but you won’t find the unique styling of a supercar anywhere else in the world. Many of the components in these cars are made by hand because there’s no substitute for quality craftsmanship.
There’s another side to owning a Ferrari, though; you’ll end up paying more for some repairs and the value may depreciate significantly faster than that of other cars. Before you go blowing six figures on a Ferrari, you should read into Ferrari ownership to make sure it’s the right choice for you.
The Cost of Ferrari Ownership
The first and most obvious cost of Ferrari ownership is the purchase price. A 2017 Ferrari Portofino, the replacement model for the Ferrari California, has an MSRP of just over $200,000. Of course, you can buy a used Ferrari if you’re looking for something a bit more affordable, but expect to spend a good chunk of money upfront.
Keep in mind that a low-end Ferrari like the Portofino is still going to outperform a high-end model from many car manufacturers. The Portofino has a 3.9L turbocharged V8 and packs about 590 HP.
You’ll also have to pay a bit more for insurance since repairs or replacement will cost more with a Ferrari than a standard car. Insurance companies also worry about vehicles like these because of their power; they have that fast car feeling that tends to make drivers speed up just a little bit more. You’ll probably have to carry at least $200,000 worth of property damage coverage, and you may even want umbrella insurance to cover any additional costs your insurance may not cover.
One thing that many Ferrari ownership articles get wrong is the maintenance cost. You may have heard rumors about the thousands of dollars you’ll have to spend to get a simple oil change or brake replacement, but that’s not the case. However, if you’re going into Ferrari ownership expecting to pay the same price you’d pay to get your clutch replaced on your Camry, you’re going to be sorely disappointed.
Another thing to remember with Ferraris is that they’re designed to be precise, high-performance vehicles. While the used car you owned when you first started driving needed lots of repairs, your Ferrari is a high-end vehicle that isn’t nearly as likely to break down. Having said that, you’ll still be in hot water if your Ferrari has a major problem.
Benefits of Owning a Ferrari
Although there are plenty of drawbacks to driving a Ferrari when it comes to the price, there are tons of benefits otherwise. When you purchase a Ferrari, you’re buying into high-end car ownership, which means you’ll feel good about the car you drive because it will perform well.
The first benefit you’ll notice comes when you drive the car for the first time. A light press of the gas pedal will give you a taste of what these amazing cars are capable of. In fact, you may even find it a bit difficult to obey the speed limit—Ferraris embody that fast car feeling that brings out the inner speed demon in people. The interior is carefully crafted to give each car an elegant look and comfortable seating.
Ferrari ownership also makes you the talk of the town. No matter where you’re from, everyone around you will be fascinated by your fancy ride. Kids will want to take pictures and hear you rev the engine up, and adults will have plenty of envy-filled questions about your Ferrari. Every time you pull up to a light or roll into your garage, people will watch in awe.
No matter what your reason for driving a Ferrari is, one thing’s for certain: it’s an experience unlike any other. You may end up spending more money to drive a Ferrari, but the feeling it will give you and its high level of performance are worth it.
That doesn’t mean you should just forget about the cost of Ferrari ownership, though. As is the case with any car, you should do plenty of research before you make your final decision. If you do make the leap, welcome to the club—enjoy.