Have you ever wanted to own a Ferrari, specifically one with a V12? Who wouldn’t, right? Well, you might think differently after finding out the maintenance costs for one over the span of its lifetime. Fortunately, we won’t have to actually buy one, own it, and eventually find out. One YouTuber that goes by the name “Number 27” handily detailed it for us.
The 1999 Ferrari 550 costs more than an arm and a leg to maintain
To take us through the running costs of a 1999 Ferrari 550, Jack from “Number 27” was able to borrow his friend’s car for a day. During that time, he went over the car’s comprehensive maintenance records that date back to 2003. Starting with the cost of the car, this particular 550 was purchased in 1999 for 143,000 pounds – or $175,503. As for the start of the maintenance records, the car was only four years old and the owner was billed for the standard maintenance service and a crankshaft seal replacement, which cost them $5,362.
In 2004, the car needed new tires and a new water pump, which added up to another $1,400. A year later, the car required another routine maintenance service and another oil leak repair, which brought the running total up to around $10,645. Keep in mind that at this point, the car was only six years old.
The Ferrari needed routine maintenance every year and the cost added up quickly
We won’t bore you with all of the nitty-gritty details of the Ferrari 550’s maintenance costs. You can just watch the video posted above for that. But by the sound of it, the Ferrari in question needed routine maintenance every year, which cost around $700 to $800 each time. The car also needed a few major and minor repairs along the way in addition to its scheduled maintenance.
In total, the grand total to maintain the Ferrari 550 since it was new up to 2021 is a whopping $59,876. That’s right, you can technically buy another luxury sedan for the price that it costs to keep a Ferrari V12 running. However, do keep in mind that the total cost is through a span of 18 years. Most drivers only keep their cars for five to 10 years at the most, so this car is quite the exception. That’s still a lot of money to spend on maintenance, though.
If you currently own a cheap Japanese car, give it a hug
What have we learned so far? We have learned that it costs an astronomical amount of money to keep a Ferrari with a V12 engine maintained throughout its life. Also, we have learned that if you currently own a new or used Japanese car, like a Honda or Toyota, you should give it a hug.
Why? Because the maintenance and repair costs to run one of those for 10 years are nowhere near the amount it would cost to own a Ferrari. So, then next time you face a repair bill at the dealership for a couple of hundred dollars, be glad that you don’t own a Ferrari. Instead, just rent one for a day if you really want the experience.