Ferrari it is one of the most iconic automotive brands in the world. The global success has transformed this automaker into a lifestyle brand, selling branded products worth between $1.5 and $2 billion annually. But, despite the excessive exposure, there are still many mysteries related to the brand. For example, most gearheads have heard of the argument between Enzo Ferrari and Ferruccio Lamborghini that prompted the latter to create his own car company and abandon tractors. The rivalry is legendary and it is not for nothing that it has been featured in several films, books, articles and biopics, including the most recent “Lamborghini: The Man Behind the Legend (2022)”.
American gearheads also know about the feud between Ferrari and Ford, which lasted decades and led to Ford’s victory at the 24 Hours of Le Mans against the Italian automaker in 1966. However, there are so many additional details that are still being kept under wraps that the most Ferrari enthusiasts are unaware of it. So, if you’re a Ferrari fan, read on to learn about 10 things Ferrari owners keep quiet about.
10 Ferrari’s cost of ownership is excruciatingly high
According to Ferrari Lake Forrest, the average annual cost of maintaining a Ferrari ranges between $1,500 and $2,000. But that’s just maintenance, and as most drivers know, more than that goes into the cost of ownership. In 2020, LLCTLC calculated that the cost of storing a Ferrari during the winter months alone runs up to $450 a month.
Meanwhile, American Car Loan announced in 2019 that oil changes on Ferraris had a starting price of $400, tires $1000 and belts around $4,000. Additionally, Value Penguin determined that the average cost of insuring a Ferrari in 2023 reached $5,377 annually.
9 Ferrari spare parts are very expensive
In 2018, YouTuber Tyler Hoover traded his mint condition Acura NSX plus $10,000 for a broken down Ferrari F355, but had to change some parts of the Italian beast and that didn’t come cheap. For example, Hoover paid $222.49 for a “heat exchanger hose”. However, he had to change the part on both sides which doubled the cost.
Just for context, if you browse the Scuderia Car Parts USA website, you will see that a set of engine gaskets for a Ferrari 488 GT costs $1,135.16, while a short block costs $35,946.46, and a complete swap costs $35,946.46. 30,902.24. If you prefer the Ferrari Portofino M model, a battery recharge kit is $422.18 and the body computer is $679.09.
8 Ferrari is not good as an everyday car
Unless you live in the UAE or Monte Carlo, where thousands of locals drive supercars as everyday vehicles, using Ferrari as an everyday car is a bad idea. These vehicles are simply not practical for the daily commute. Simply put, bad weather could damage your precious vehicle and destroy the exterior paint. Meanwhile, rough roads and potholes would damage the suspension components. As for leaving your precious Ferrari in a public parking lot, that sounds like a terrible idea because you never know when someone hits or scratches your car just for fun or because they’re a bad driver.
7 Ferrari doesn’t get high scores for reliability
According to the Warranty Wise reliability index, Ferrari falls into the least reliable used vehicle category. The Italian luxury carmaker “scored a meager 13.84 out of 100 in the reliability index, but with an average cost to repair of £4,913.46 and the highest number of repairs of any car in the index – it’s hardly surprising that this car is considered the least reliable,” says Warranty Wise. McLaren follows Ferraat at the top with an overall reliability score of 15.12 out of 100 and Rolls-Royce with a score of 26.00 out of 100.
Uswitch also calculated recalls dating back to 1992 using GOV.UK’s Check Vehicle Recall Service and evaluated several popular cars based on how many of them passed the Ministry for Transport (MOT) test. And they found that some Ferrari vehicles had low reliability. According to Uswitch, the Ferrari 488 Spider finished 4th out of 15 as the least reliable supercar, the Ferrari 360 was 6th on the list, the Ferrari F355 was 7th, the Ferrari 458 Italia was 11th and the Ferrari 550 came 12th.
6 Owners cannot sell their Ferrari in the first year of ownership
If you bought your Ferrari dream car, but then stagflation hit your budget, or you lost your job, you’re in a lot of trouble because you can’t sell your supercar for access to quick cash. Owners say Ferrari in the US requires customers to sign a contract before buying a new car. A provision in that contract prohibits owners from selling their cars during the first few years of ownership.
5 Ferrari has built some questionable cars too
The acclaimed Italian luxury automaker also had its share of ugly ducklings. Who could forget the 1974 Ferrari Dino 308 GT4? Or the 1991 Ferrari 348ts, which lost a comparison test against a 1991 GMC Syclone! There is also the boring Ferrari Mondial 8 and the Ferrari Pinin concept car.
4 Even if you can afford a Ferrari car, the automaker won’t sell you certain vehicles
Hermès is famous for refusing to sell its coveted Birkin bags to anyone who enters their retail stores, snubbing the majority of consumers. Ferrari applies the same marketing strategy and its most coveted cars are available only to selected and pre-approved customers. Shark tank Star Robert Herjavec, one of Ferrari’s most loyal customers, even spoke of his surprise when he found out that Ferrari had selected him to buy one of the 499 units of the LaFerrari that was under construction.
“People assume it’s a financial decision, whoever has the most money gets one,” Herjavec says. “The reality is… they use it as a reward for people who are loyal to the brand.”
3 Ferrari has strict ownership rules
Ferrari has some of the strictest and strangest ownership rules. Break them and you will be banned forever from owning a Prancing Horse. And not only can’t you sell your vehicle below market price or in the first year of ownership, you also can’t badge, make modifications to the car, or even own a Lambo. Floyd Mayweather Jr. and Justin Bieber broke the rules of engagement and are now being rejected by Ferrari.
2 The Ferrari VIP list
Being on the customer favorite list gives you access to the most exclusive models, but getting on that list is something like “Mission Impossible.” Ferrari super collector David Lee, who owns a $50 million car collection, didn’t even make the cut, according to Woodside Credi. long-lasting relationship with local dealers, the Italian automaker turned down his request.
Lee “obviously loved cars and certainly had the money, but apparently Ferrari looks beyond that. The exotic automaker has worked to keep its brand unique and is not backing down,” says Woodside Credit.
1 Engine problems are common
On the Ferrari Chat, a user talks about his misfortune with the F430 engine and how it was damaged. Meanwhile, Normal Guy Super Car explains that “Ferrari F430 and 360 engine mounts are known to degrade and collapse after about 10 years.” And Arizona resident Wade E. Morrison has filed a lawsuit against Ferrari alleging that the Ferrari F430’s engine may be malfunctioning due to deficiencies in the design.
Sources: Value Penguin, Newsweek, Twitter, Car Complaints, Woodside Credi, Wired, Ferrari Chat, Normal Guy Super Car, Beloved Brands, Ferrari Lake Forrest, American Car Loan, LLCTLC, Scuderia Car Parts USA, Warranty Wise, Car and Driver.
