Used Ferrari Buyerâ€™s Guide: What You Need to Know
Merlin Auto Team October 2019
Purchasing a Ferrari is a dream come true. However, that dream can quickly become cluttered with what feels like homework and formal assignments if you are in the business of buying a used Ferrari.
Buying brand new appears like the only way of owning one of these exotic cars. But when it comes to a name like Ferrari, there are decades of highly desirable models that, even by today’s standards, are performance icons. With that in mind, the cost isn’t the only thing to drive one to look for used models.
The problem is that these cars demand tons of attention and not just from other motorists and pedestrians. They are high maintenance and delicate works of art that can become a risky investment – especially if previous owners did not keep up on maintenance. Because of this, we are going to take a look at some of the top things you should keep an eye out for when purchasing a used Ferrari.
Read on below, and click on this image to see the Used Ferrari models currently available at Merlin Auto Group.
Finding a Fair Deal
Purchasing a Ferrari is no minor expense, and with any considerable sum of capital on the line, one will want to know that they are getting their money worth. Unless you are purchasing a newer model such as a Ferrari 488 Pista Spider or Portifinio, knowing an appropriate price is going to take some preliminary knowledge.
Each and every Ferrari model is a work of art, and like art, their value is subjected to the intricacies, condition, and history of the particular model at hand.
Though Ferrari is a lead producer of exotic cars and has been developing some of the most beautiful exotics for the greater portion of a century, performance is not the only contributor to value. Fine details go beyond the moving parts and are found in every last inch of the vehicle.Â
Cost of Ownership
The cost of ownership is something that goes well beyond the initial investment. Proper maintenance, servicing, preservation, and proper storage should all be considered when purchasing a vehicle of this caliber. This is something you will need to be prepared to commit to as an owner to preserve the value of the vehicle.
- Ferrari Service
Properly servicing of Ferraris isnâ€™t something to take lightly. These are far from the run of the mill automobile found on the roadways of today – as is the case with any exotic car. If this is your first time owning a Ferrari, be sure to do the legwork to find where you can have the vehicle serviced reliably.
This isn’t something you will want to approach as merely finding a technician who can service Ferraris in general either. Take the time to make sure that the technician is experienced with the model that you intend to own.
- Vintage and Classics
Another aspect to keep in mind in terms of servicing is whether or not the parts needed are available to you. Many older models have components that are no longer available because the parts have been discontinued. This does not mean that they are no longer in existence; but they are much harder to track down. This again emphasizes the importance of acquainting yourself with an experienced technician.
Exposure to these situations over many years will have given the technician the necessary information needed to track down these parts. The owner can also contribute to the hunt by networking through car clubs and online forums.
Service and maintenance costs may be something one will need to associate themselves with immediately depending on the condition of the car. Small scuffs, faded paint, and worn leather seats are all going to reflect on the value of the car, and though you may be excited to finally get your hands on that 360 Spider, you will not want to overlook these details in the slightest degree. Being as scrutinous as possible may seem rude or even confrontational, but by at least identifying any existing issues upfront, you can be saving yourself from any unexpected expenses shortly after your purchase.Â
- Pre-Purchase InspectionÂ
Many issues can be easy to miss with a brief overlook. It’s best to have someone with the proper experience and equipment give the Ferrari a pre-purchase inspection (PPI) before making your purchase. Finding a qualified shop to send someone to provide the car of interest a proper look over can take some leg work, but by setting yourself up on regional forums, you can quickly get yourself headed in the right direction. The Ferrari community is beneficial with this, and PPIs are far from uncommon. Any reputable establishment will have the means and hospitality to make sure you receive adequate assistance.Â
Has the Vehicle Been Serviced Regularly?Â
As you approach closure of the deal, you’ll want to make sure every last detail is in check.Â This means going further than getting a thorough understanding of the vehicle’s current condition. Make sure to give a good look over the vehicle’s service records. This will not only help you understand the true condition of the exotic as it sits, but will help you further understand the vehicle’s history.Â
- Quality ServicingÂ
As you look over the vehicle’s service records, you’ll want to be sure that a qualified technician also performed the work. Pennies pinched by opting for a low-cost service can have tipped the first domino leading to eminent expenses in costly repairs. This is certainly not something you will want to go through shortly after the Ferrari exchanges hands.Â
Is it Original?
In the quest for your Ferrari, you will have many factors to calculate into your decision-making process. A big one to keep in mind is how true to form the vehicle is and how that fits into your reason to own a Ferrari. A completely original model will have a major impact on the vehicle’s current value along with the resale value.
No Ferrari owner wants to think of reselling the car during the initial purchase. But to protect yourselfÂ if that day arrives, the vehicle should remain as close to factory spec as possible for top resale value. Serious collectors like to get as close to full factory spec as possible.
Owning a Ferrari arrives with a significant perk – they garner value overtime. It’s rare in this industry to find cars that have values that will climb over the years. Ferraris are one of the few exceptions out there. With that said, purchasing a Ferrari is often treated as an investment opportunity.
With regular upkeep of even a used model in fair to excellent condition, one can almost guarantee that over time they will be able to turn around and sell their Ferrari, walking away with more than they put into it.
Merlin Auto Group consistently carries a large selection of used Ferraris ranging from older models to the 2010’s.