Ferrari has become synonymous with power, performance, and luxury since its introduction to the automotive market back in 1947. From that point on, the brand has routinely make record-breaking sales with its growing range of vehicles being mirrored by its continually expanding fan base. People buy Ferraris for a number of reasons from the social status that comes with these vehicles to the speed and craftsmanship they’re known for.
If you’d like to become a member of the exclusive community of Ferrari owners, there are plenty of models to choose from. Whether you’re looking for one of the increasingly rare models from the past or a newer Purosangue SUV or F8, your Ferrari awaits. Before buying a Ferrari, though, there are a few things you should know.
1) Consider Buying Used
It’s no secret that Ferraris are expensive when compared to certain other vehicles. In fact, the latest models generally range from about a quarter of a million dollars to half a million. The 2024 Daytona SP3 starts at well over two million. With that being the case, these vehicles are well out of reach for most people. If you choose one of the brand’s used cars utah, you’re likely to pay less. Many Ferraris are known to hold their value well, so they may still be more pricey than your average vehicle. Regardless, used models tend to fall within more people’s budgets.
2) Ferraris Turn Heads
Another thing you should know is that driving a Ferrari is sure to get you noticed. These vehicles turn heads, and people are drawn to them no matter where you go. Countless people will approach you to look at your Ferrari and ask questions about it. It’ll definitely be a conversation piece regardless of the model you choose. Simply having a vehicle bearing that iconic emblem with a black stallion against a yellow background will draw attention and make you the envy of onlookers. That’s not a bad thing, but you should be prepared for it.
3) Maintenance Is Crucial
Keep in mind that routine maintenance is crucial for Ferraris. It’s important for all vehicles, but you can get by with overlooking it here and there on some standard cars, trucks, vans, and SUVs. That’s one of the worst thing you can do with a Ferrari, though. These are high-end, high-performance vehicles that require care and upkeep. If you ignore it, your Ferrari will quickly go downhill. The longer you put off routine maintenance, the more in-depth repairs your vehicle will need, and the more expensive they’ll be. Keeping up with routine maintenance will keep your Ferrari looking good and running great, and it’ll make it more likely to hold its value.
4) Repairs Are Costly
That brings us to another point: repairing a Ferrari can be costly. They’re imported supercars, so they need specialized attention. That, alone, drives up the price of repairs. Of course, the cost of buying parts for repairs is also high. If you have a rare vintage model, the cost of keeping it up and running may be even steeper. When you buy a Ferrari, it’s important to work the ongoing costs of ownership into your budget so you don’t end up with a high-end vehicle that simply sits in your driveway succumbing to the elements.
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5) Not All Ferraris Are Created Equally
It’s also important to understand that not all Ferraris are created equally. Some are known for their over-the-top performance and other features. The 458 Italia is considered one of the best Ferraris ever made, and its successor, the 488 GTB, carries on that reputation. The 812 Superfast offers exceptional handling while the F12 Berlinetta is known for its power and speed. On the other hand, many people feel that the California, Portofino, and FF fall a bit short of their expectations for a Ferrari. That being said, even the Ferraris that are somewhat disappointing could be considered exceptional when compared to standard vehicles.
6) Insurance Is Expensive
Another factor to think about is the cost of insuring a Ferrari. These vehicles don’t fall into the same category as other cars. They’re also considered high-risk vehicles because of their power, speed, and other factors. They can cost more than twice as much as other vehicles to insure depending on the model you own and your driving history. Some insurance companies won’t insure them at all, so you may have to shop around to find a company that offers specialty coverage.
7) Theft Risks
As mentioned earlier, Ferraris are sure to draw attention. That attention doesn’t always come from the best sources, though. These vehicles are common targets for car thieves. According to some reports, the 488 Spider is one of the most commonly stolen models. Ferraris don’t show up on many of the basic lists of frequently stolen vehicles because there just aren’t as many of them on the roads as there are other typical targets, like the Dodge Charger Hellcat, Infiniti Q50, and Range Rover. Most Ferraris come with built-in security systems, but if you buy one, consider taking extra measures to keep it safe.
8) Fuel Efficiency
Ferraris are known for their speed, power, performance, and style. They’re not known for their fuel efficiency. In fact, some models burn twice as much fuel as most of today’s family vehicles if not more. That largely depends on how you drive them, though. Of course, people generally buy Ferraris for their name and performance. In all likelihood, fuel consumption isn’t your top priority here.
9) Hybrids Are Available
Most Ferraris have internal combustion engines. After all, those tend to be faster and more powerful than other options. If you want the style and performance of a Ferrari combined with a more eco-friendly engine, though, a few hybrids are available. One is the SF90 Stradale with its 4.0-liter, twin-turbocharged V8 and 986 horsepower. Another is the 296 GTB. It has a V6 twin-turbo engine that puts out about 165 horsepower. Ferrari has an all-electric vehicle in the works for next year as well.
10) Ferraris Are Special
Finally, you should know that Ferraris are special vehicles. Simply sitting behind the wheel of one can be an exhilarating experience. If it happens to belong to you, that makes it even better. Nothing quite compares to the feeling you’ll get while driving it whether you’re speeding down the interstate or cruising around town. Even seeing people’s reactions out of the corner of your eye as you get into your Ferrari and start it up is a thrill. You won’t get any of that with most other vehicles.
Finding Your Ferrari and Making It Your Own
When many people think about high-end supercars, Ferraris are the first ones that come to mind. These vehicles are in a class all their own, and owning one is an experience like no other. Though there are a few downsides to buying a Ferrari, the benefits outshine them by far. If you’re interested in owning one of the iconic cars, start browsing all the models in the brand’s lineup and find one that speaks to you.
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