One of the biggest dream cars most people have falls within the line of Ferrari sports cars. These are top-of-the-line luxury and performance vehicles that don’t come very cheap.
While the price tag for one of these is sky-high, it’s not the only cost associated with owning a Ferrari. Parts and upkeep are some of the other factors that will drain your wallet quickly if you’re not prepared for it. CNBC explains how much Ferraris cost and how much profit the automaker gets from it.
Just how expensive are Ferraris to buy?
As CNBC states, a Ferrari can run you from $200,000 to $300,000. Because, they use top of the line materials to offer ultra-luxuriousness while sporting premium performance. Every part on the Ferrari comes with a high price tag.
The exorbitant purchase price hasn’t hurt them since they’ve made around 8,400 sales in 2017. With a profit of about $80,000 per car, their brand pulls in billions each year. So, some people aren’t bothered by the high price.
How much will it cost for routine maintenance?
As with any daily driver, routine maintenance will be important to perform to keep the car running as smoothly as possible for a long time. However, a Ferrari requires more than your normal oil changes and tire rotations.
The F355, for example, requires what they call an “engine-out service”, which is basically an overhaul for your motor. This needs to be done every three to five years, depending on how many miles you’ve put on the vehicle and how much you drive it.
But the service costs an average of $7,000 if the motor doesn’t need any extra work. If it does, then you can expect to pay around $25,000 to $30,000.
If you own the Ferrari for six years, and you’ve had it maintained twice, for example, you’ve probably spent close to $60,000 just for maintenance. That’s more than most new cars on the market today. It’s also close to the price of some other sport luxury vehicles, like BMWs.
The reason that Ferraris are so much more expensive is that parts don’t come cheap. One bolt, for example, could run you over $45, whereas a bolt on a normal daily driver could cost as much as $5.
An engine overhaul usually requires changing out things like valve guides, manifolds, and sensors. The price of parts can run around $16,000 as the one mentioned in Autoblog’s article. The labor, of course, will run you more.
Are Ferraris worth it?
Autoblog’s author reported that the F355 he drove over 5,000 miles in, seemed to guzzle fuel during the trip. Add that to the price of parts, regular maintenance trips, and labor to maintain the Ferrari, it makes you wonder if it’s really worth paying a ton for this car.
Despite the price tag, and the cost to own the vehicle, owning a Ferrari is well worth it. The enjoyment of driving one, and seeing it parked in your garage, alone, make it worth buying one.
Having cool new features at your fingertips to experiment with and seeing the jaw-dropping response of your friends and neighbors let you know you’ve made the right decision.
However, buying one takes careful consideration and planning. If you know you can afford the price of the car, regular maintenance costs, fueling costs, and potential repair bills, you can get the green light to go purchase one. Otherwise, finding another new car, that costs less, just might bring you the same amount of joy without the high price of owning it.