If you’re thinking about buying a Ferrari, consider many factors first. One of the most important is how much it will cost to maintain your new car. You will have several different types of service for your Ferrari at various intervals, and each one has its own price tag.
The more expensive your model, the more often these services will need to be done to last as long as possible. With all this information in mind before you decide about purchasing a Ferrari, here’s what you should know about maintenance costs.
This way, you can have an idea of what kind of budgeting needs to happen before taking the leap into owning your dream car!
The average yearly maintenance cost for a Ferrari is $1800. This includes standard fluid changes and inspections to ensure everything is running smoothly.
After the first year, all maintenance costs will rise by around $500 every year until it reaches six years when the cost dramatically rises to a minimum of $4000 per year for standard upkeep.
Due to a Ferrari’s high-performance nature, it is imperative that you keep your car in the best shape possible to optimize performance and ensure a long life. A basic repair for your Ferrari can cost a minimum of $3500. A major repair such as an engine rebuild can cost around $35,000 or more.
We will walk through some of the specific cost factors for owning different models of Ferraris. Once you know these costs, it won’t be as scary to own a Ferrari!
How Much Does A Ferrari Cost?
There are many different types of Ferraris to choose from, making it difficult to know which one will best suit your needs. Some Ferraris are made to race, while others are intended for luxury and comfort.
Each one has a different price tag, so knowing which type you want will help you determine how much it costs to own a Ferrari.
Here are the current model Ferraris and the cost buy each one
2021 Ferrari 488 Pista (Starts at $350,000)
2021 Ferrari Roma (Starts at $222,630)
2021 Ferrari Portofino M (Starts at $245,000)
2021 Ferrari Monza SP1 (Starts at $1,000,000)
2021 Ferrari 812 Superfast (Starts at $350,000)
2021 Ferrari SF90 Stradale (Starts at $507,000)
2021 Ferrari SF90 Spider (Starts at $557,000)
2021 Ferrari F8 Spider (Starts at $274,000)
The cost of buying one of these cars can vary greatly. Starting at a little over $200,000 up to well over $1,000,000, you’ll need to make sure you have the budget for not only the initial cost but also the ongoing cost.
How Often Should You Service Your Ferrari?
Ferraris can go up to 10,000 miles before they need an oil change. Although they can go that long without needing an oil change, it doesn’t mean they should. Due to its high-performance nature, it is safer to have an oil change done every 3,000 to 5,000 miles.
Ferrari recommends that their cars be brought in for recommended services every 12,500 miles, but many factors can change this number. If your Ferrari is used primarily for racing or driving track days, you may need service done more often.
A basic oil change service will cost you around $1,300, while a service interval like the recommended 12,500-mile service can cost $7,000 or more.
The model of Ferrari you own will also make a big difference in the cost of service and intervals that you will need to have your car serviced.
Ferrari Maintenance Cost
Let’s first look at the cost of maintenance on your Ferrari.
Breakdown of some basic repairs that will need to be done during the lifetime of your Ferrari
$1,000 – $1500 every 3,000 to 5,000miles – Oil and filter change
$5,000 – $10,000 – Clutch replacement
$300 – $800 – Front end alignment (Once or twice a year)
$2,200 – $3500 – New tires (every 10 to 15 thousand miles)
$3000 -$6,500 – Brake Pads and Rotors (Front + Rear)
$150 – $320 – Air Filter
$45 – $97 – Windshield wiper blades
$450 – $625 – Battery
$975 – $1700 – Transmission fluid flush
$1250 – $1700 – Spark plug replacement
These exclude any significant repairs, which we will cover in the next section.
Cost of Annual Maintenance By Model
Each model will have its own yearly maintenance cost.
We have broken down the annual maintenance costs for some of Ferrari’s more popular models below
488 Pista – $2,500 per year
812 Superfast – $3,000 per year
Portofino M – $3,850 per year
Ferrari SF90 Stradale – $3,300 per year
612 Scaglietti – $11,400 per year
712 Superfast – $3,650 per year
430 Scuderia – $3,000 per year
Roma – $1,800 per year
F12 Berlinetta – $4,000 per year
GTC4 Lusso T – $2,500 per year
F40 LM – $4,200 per year
FF – $1,700 per year
These are just some of the more prevalent Ferrari models and the yearly maintenance costs of owning these cars.
Major Repair Cost For a Ferrari
If you experience a major repair on your Ferrari at some point, the cost can be extremely high. The repairs typically done are transmission overhaul or replacement, timing belt/chain replacement, new fuel injection system, and engine rebuilds.
Here’s a closer look at some of these major repairs
$7,500 – $12,500 – Transmission overhaul or replacement
$4,000 – $6,500 – Timing belt or chain replacement
$4,500 – $8,600 – Fuel injection system overhaul or replacement
$30,000 – $65,000 – Engine rebuilds or replacement
$2,500 – $9,700 – Gasket replacement
$4600 – $9,800 – Exhaust system replacement
$12,000 – $20,000 – Differential replacement
$1,200 – $3,500 – Wheel bearing replacement
These are some of the significant expenses that you may have to face during the lifetime of your Ferrari. These costs include parts and having your vehicle serviced at a Ferrari dealership.
Cost To Insure A Ferrari
If this is your first supercar, you may be shocked by the price tag of the car and the insurance costs associated with it. Insuring your Ferrari will cost you an average of $11,564 a year, which is more than the average person spends on their entire car payment.
These cars cost more than many houses, and they will cost more to fix in most cases. Insurance can come in handy if ever you have an accident.
The insurance cost is mainly due to the extremely high replacement cost of parts—for example, the front bumper on a Ferrari 458 costs around $6,000 alone.
How To Save Money On A Ferrari
There are a couple of ways to save money when owning a Ferrari. The first is to drive your car less. This will save you money on gas and insurance and reduce the amount of wear and tear on your vehicle.
Another way you could save some cash is by going with a used model of a Ferrari. These cars depreciate significantly once they drive off the lot. For example, a 2015 Ferrari 458 that costs $245,000 on the lot will lose up to 35 percent of its value in just one year.
A third option is to buy your car pre-owned and get it from a reputable dealer. This way, you don’t have any surprises about the car’s history, and it doesn’t fall into the gray market.
The fourth option will be to have your car serviced at an independent shop or just by yourself using a manual. This will save you thousands on labor costs. It can also be very risky as a Ferrari is a costly machine, and if you don’t know what you’re doing, it can be dangerous.
The fifth is not to buy a Ferrari and go with a Maserati that uses many of the same parts as a Ferrari but is less expensive. This may be a great option if this is your first supercar because you will save on initial, maintenance, and insurance costs.
Most Expensive Ferrari To Maintain
The most expensive Ferrari to maintain is the Testarossa which will cost you $8,000 to $11,500 per year in standard maintenance. This is due to the extremely expensive replacement and hard-to-find parts.
Least Expensive Ferrari To Maintain
The least expensive Ferrari to maintain is the F458 Spider, as it only costs around $1,500 a year in standard maintenance. This is due to the lower cost of replacement parts and having one of the most extended warranties among Ferraris.
Best Tips To Maintain A Ferrari
You can do many things as a Ferrari owner to maintain your car.
Some of which are listed below
Keep an eye on the temperature gauge
If something starts making noises, get it checked out immediately
Use only premium gas
Service your vehicle every 4,000 miles/6437 kilometers or annually, depending on the driving you do most often
Use an authorized Ferrari dealer
Don’t race or drive hard
Do not use non-Ferrari fluids or products
Do not let other people drive your Ferrari
Keep your car clean
Store your vehicle in a clean, dry, and cool place
These tips will help you save money in the long run, but they will also help you maintain your vehicle.
Should I Buy A Used Ferrari?
This is a question you must ask yourself if you’re in the market for a Ferrari. One way to get into a used model is by buying one that has been pre-owned and comes from an authorized dealer who can provide you with full-service history and any other information about the car. Knowing the car’s history will help you determine if it is dependable and, if so, whether you should buy it.
You may also be thinking of buying a used Ferrari to avoid the steep depreciation that the supercar takes once it drives off of the lot.
A new Ferrari can lose as much as 35 percent of its value just one year after it goes off the lot. If you don’t mind buying a used car, this may not be a bad idea for you.
You should also keep in mind that it may not be as reliable if you buy an older Ferrari. This can create maintenance and repair problems for you in the future. You should consider that if it’s hard to find parts for an older model, you might spend more money trying to fix specific issues.
On the other hand, buying a used Ferrari can save you money over time. You can buy a car that’s still under a factory warranty, which means you won’t have to pay for certain repairs at the dealership.
However, if you’re entertaining buying a used Ferrari, there are many things you should consider. First, you should research the model and year of the car, so you know what it’s worth.
You don’t want to buy a car riddled with problems, so you should test drive the car extensively. Ensure everything works properly while doing this and get an inspection done on the vehicle by a trusted mechanic or dealer.
If this checkup goes well, you can go ahead and set up final price negotiations with your seller. To answer the question of if buying a used Ferrari is worth it, it depends on what you’re looking for, how much you want to spend, and what your goals are for the car.
If you want a newer Ferrari that is hassle-free and likely to retain its value, you should probably buy pre-owned or new.
Conclusion
If you want a Ferrari, it’s not going to be cheap. Upfront costs can reach hundreds of thousands to millions of dollars.
Maintaining a Ferrari is very expensive, especially if you want the best parts available for your car. The good news is that there are many options available for buying or leasing a Ferrari.
This car will be an exhilarating vehicle to drive, no matter what you choose. If you want to own a supercar, it’s hard to think of another more iconic car than the Ferrari brand.