Total Cost of Ownership

Ever think about buying something like this beauty:

ferrarit5qr.jpg

Well Michael Sheehan writing at Sports Car Market sold one of these to a client and proceeded to track the actual cost of ownership:

I recently sold an unusually well-documented 1998 550 Maranello, S/N 111317, with 36,200 miles to a client in the jet aircraft industry, and comparisons between Ferrari and jet costs inspired this column. Like a private jet that requires three to four hours of maintenance for every hour of flight time, Ferraris are not cheap to own.

FIRST TWO YEARS ALMOST FREE

550 Ferrari S/N 111317 was sold new on March 19, 1998, at $225,000, to a wealthy Santa Monica real estate investor and used for weekend retreats to his ranch in Ojai, a 150-plus-mile round trip. Thanks to an unlimited mileage warranty, the first two years were relatively expense free.

The first bite came in August 2000, five months after the warranty expired. At 13,637 miles, the owner brought the car in for a 15,000-mile service, two rear tires, and an oil, filter, and coolant change for $2,665.70. Two months later, in October, at 17,220 miles, noisy cam belts and bearings were replaced at no cost (thanks to a warranty extension by Ferrari). The windshield washer reservoir was also replaced for $529.25. A month later, in November, at 17,618 miles, the front spoiler and three wheels were refinished because of road-rash, at $1,285. Total for the first year out of warranty, and about 4,000 miles: $4,479.95, or $1.12 per mile.

$1.12 per mile for the first owner courtesy of the unlimited two year warranty. The second owner takes it in the shorts though:

In late December 2004, Ferrari 550 S/N 111317 moved on to her second owner, for $90,000, and no service bills were added to the year. A real estate investor and self-confessed "Porsche guy," the second owner had always wanted a Ferrari and bought the 550 simply because he knew the car through the original owner.

Only weeks into Ferrari ownership, in January 2005, at 32,945 miles, a 30,000-mile service was again done, under the "while-you're-at-it" theory, because of oil leaks. The front shocks were also replaced, at $6,196.57. Only weeks later, the second owner also had the nose repainted, and his 550 "personalized" with the front fenders modified for fender shields and the calipers redone in yellow, at $7,759.70.

The second owner added a lot of after-market stuff but still, his cost per mile was $10.27! Probably a lot of fun to drive but at these prices, I'm sticking with my eight year old truck...

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This page contains a single entry by DaveH published on December 9, 2006 10:40 PM.

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