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Buying a used Ferrari

by: nh-cheese-emporium( 1546Feedback score is 1000 to 4,999)
7 out of 7 people found this guide helpful.
Guide viewed: 2321 times Tags: Ferrari | Exotic | Used Car | Bueyrs Guide | Ferrari 308 GTSi


When I was young I was a big fan of Magnum PI and so I had to have a Ferrari 308 GTSi, just like he did. Many people told me either I could never afford one or I was crazy for buying one. I was too determined to be disuaded by them and my search began. It took me about 8 years and a lot of magazine subscriptions to get there but get there, I did.

The first car I attmepted to purchase was in Virginia and I was in Maine so I bought a one way ticket and flew with my money to buy the car and drive it home. Some asked why I did not find one closer instead of flying into the unknown. Well I had waited long enough and was too impulsive so off I went. I arrived and found the card not at all as described. It stalled out when at idle and the door would not stay closed! I had him drive me back to the airport and paid another $400 for a one way trip home.

My friend bought and sold used Ferraris as well as other exotic cars so I asked for his help. I felt bad because he had 3 for sale, none were the model I wanted. He graciously helped me learn about the homework involved with buying these unique cars.

My second attempt was a success. I agreed to purchase a car sight unseen and flew to Atlanta and completed the transaction. I met a wonderful man who drovfe me to his home, explained the car one last time and sent me on my way. I drove it from the mountains north of Atlanta to the Portland area in Maine. The car was 16 years old, just was resprayed, had a major service and had only 48K miles on it. My problems started a couple hours into the trip.

I stopped to get gas and opened the compartment to the engine and noticed that oil was spraying everywhere and I was in a panic. I called the Ferrari dealer in Greensboro and they told me to add oil whenever I added gas and I got it home that way. I was scared of this thing already, thinking of what next issue it would have.

The next issue was that the air pump (part of the emissions system) siezed and blew out the belt. I soon noticed it was running hot and had a coolant leak. I took it to the only garage that worked on Ferraris and he fixed the oil issue, it was a pinched "O" ring on the sied of the camshaft so he took it apart and fixed it for $200. I asked him about the radiator and he said a new one would be $800 so I thought some more and took it to a small radiator shop in Lewiston, maine and they cleaned it, fixed and repainted it for $40.

Next came the tires, they last about 10K miles and are a special Michelin metric tire made specially for that car. They were manufactured once a year and were $318 each. My friend is a mechanic and a good one, so he referred me to a liscenced Ferrari mechanic. I found a guy in Easton Massachusetts that was fairly priced and very honest. i took the car to him for brakes, tires, clutch and after about $2200. it was good to go.

Very soon after that I noticed the exhaust system was cherry red after driving for a normal amount of time. I was worried that it would burn up because of the color. I took it back to the Ferrari mechanic and he diagnosed the problem as a broken plug wire that allowed raw gas to be burned in the exhaust and therefore tourned the inside of the exhaust to charcoal and plugged up one of the 2 cataletic (sp?) converters. A new system was $5000.- .... yes five thousand dollars. I shopped around and found a guy who had converted to a stainless steel exhaust so i bought his old exhaust system for $1200-.

I could go on and on, the car is like a moving piece of artwork but also like a beautiful woman who demands attention, ..... all your attention. Ferraris like this one need a major service (tune up and valve adjustment) every 3000 miles and a timing belt replacement as well. This tune up will be about $4000- and if you skip this, another engine is about $19000-.

Do your homework, make sure the car you purchase has documents that validate all the major services have been done on the car. This particular model has rocker panels that rust out very easily so be aware but do not be scared off as that is the only place to expect to see it on a normal specimen. I reccomend you spend the most you possibly can to get a car that has been service properly and not try to buy a cheaper one that you can fix up as you go because you will realise very fast that you can spend $8000 - $10,000 on repairs and your mechanic will see the car more than you will.

These cars were built for speed and performance and not longevity. You will expect to spend at least $300/month on maintenance no matter what but you can have a great car, enjoy it and be able to share the car with car lovers all over as you will be approached no matter where you go asking about the car and for rides in it. they are truly a work of art so buy right and expect to support it like it is a teenager.

best of luck, contact me for more interresting issues un this model as I have experienced many of them.

 


Guide ID: 10000000004911284Guide created: 12/31/07 (updated 11/01/09)

 
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