Every exotic car owner I ever spoke to always told me how fast their cars were, how amazing to drive they were, how much they loved them. None of them ever really talked about the elephant in the room, which is the cost of exotic (or exotic-ish) car ownership. Cost of insurance, gasoline, and speeding tickets aside, all of these cars need special TLC from a handful of people who have the required skills to properly perform service on these machines. Parts are never cheap either.
A friend send me a link to a Ferrari forum where one of the owners of a 1993 Ferrari 348 Series Speciale summed up his expanses over the six years and 14,387 miles of ownership. He included gas, insurance, maintenance, and even depreciation if he chose to sell the car now. The bottom line is – $57,026 or $3.96 per mile with depreciation, and $37,026 or $2.57 per mile not including depreciation. Click the jump for detailed explanation.
[Source: FerrariChat.com | Thanks for the tip, Mike!]
From the FerrariChat post:
As of today (Sept 7, 2013), I’ve owned my 1993 348ts Serie Speciale (#55/100) for six years. Back in 2008, I published my one-year ownership report, which was well-received. Over the years, I’ve continued to keep fairly detailed records on the car, and I recently had a major service done (the first under my watch), so I thought it would be a good time for an update…
Current mileage is 56,765. I’ve driven 14,387 miles over the course of the six years I’ve owned the car, for an average of just over 2,400 miles per year, or 200 miles per month. As shown in the graph, I’ve been pretty consistent with that, with just some seasonal variation, and the occasional up-tick due to a road trip. By far, the majority of the miles were accumulated during spirited drives on my local back roads, i.e., “trips” that both began and ended in my driveway. Overall, I’ve averaged 17.4 mpg – not bad for the type of driving I do.
Over the course of 6 years, I have spent a total of $37,026 (excluding purchase). That figure breaks down as follows:
- Scheduled maintenance – $18,872. This includes yearly fluid changes, 2 sets of tires, 2 alignments, a clutch replacement, a battery replacement, and of course, the aforementioned major service. The major service alone was $9,465, but in addition to all the “usual” items, I also replaced all the bearings/tensioners/chains for the oil pump and timing drive (a significant additional expense).
- Unscheduled maintenance – $5,687. This most significant items in this category were replacement of the aircon compressor, replacement of the throwout bearing, replacement of CV boots (one side only), and replacement of the heater control valve. There were also other less significant items that were typically performed during one of the yearly services.
- Operating costs – $8,893. This comprises an estimated $2,983 for gas, plus an estimated $1000/yr for insurance and registration.
- Miscellaneous costs — $3,484. These are discretionary appearance/accessory items, with the bigger hitters being a set of OEM wheels, Yoshi shields, a replacement tool bag, a canvas folding targa top, plus a set of aluminum cam covers that I had installed during the major (I consider the cam covers discretionary because the original plastic set was still in fine shape).
I have had most of my maintenance work done at the two reputable independent shops that are local to me. Looking back over the receipts, it looks to be approximately 50/50 parts vs labor. So if you were a dedicated do-it-yourself-er, you could cut the maintenance costs I cited above in half.
On a per-mile basis:
- Maintenance costs – $1.71 per mile
- Operating costs – $0.62 per mile
- Miscellaneous – $0.24 per mile
… for a total cost of $2.57 per mile.
One thing I didn’t touch on in my one-year report was depreciation. But as we know, the market dropped out from under these cars in 2009, and it’s only now just starting to climb back. If I’m honest, I have to believe I’d be facing at least ~$20k in depreciation if I were to sell the car today. That would jack up my total ownership cost to $57,026, or $3.96 per mile.
But fortunately, I’m not considering selling this car today, or anytime soon for that matter. Even after six years, I still am not bored with it. The raw, visceral feel you get with a 348 means that every drive is an event, and it’s never boring. My BMW daily driver outperforms the 348 in every objective measure, but I certainly don’t get a thrill from driving it like I do from driving the Ferrari.
So my plan is to hang on the Ferrari indefinitely, fix it when it breaks, and (as they say) keep driving it like I stole it.
Sounds like Eric is true enthusiasts, if a bit OCD, and seems to love his Italian toy. Here is many more years and miles to driving it like it’s stolen.