Updated: Nov 17, 2020
There’s something about owning a Ferrari that feels good. Even when you’re not driving it, knowing it’s sitting in your garage, ready to go as soon as you are, gives your self-esteem a nice boost. Before purchasing that new or used Ferrari you’ve been eyeballing, you need to sit down and calculate the monthly costs of owning a Ferrari.
The Average Monthly Cost of Owning a Ferrari
Several factors influence your monthly car payments will ultimately be. These factors include:
Final purchase price
Length of loan
The down payment amount
When calculating your monthly Ferrari car payments, don’t forget to include sales tax, vehicle registration, dealership fees, and license plate fees.
Maintaining Your Ferrari
The rumored cost of maintenance is one of the biggest hesitations many people have when they’re debating purchasing the sports car. There are so many rumors about the high cost of simple oil changes, that many people are scared to death that they won’t be able to afford to drive the car. While it’s true that maintaining a Ferrari is higher than other types of car, the odds are good that it’s not as expensive as you think.
Routine fluid service charges range from $600 to $1000
Oil changes range from $199 and $300
Large routine services range from $2500 to $4000
Clutch replacement ranges from $2500 to $5000
Factors Affecting the Cost of Owning a Ferrari
You aren’t going to want to take your Ferrari down the road during the winter months when the roads are covered in salt, sand, and ice. If you have a garage or barn that’s in good repair, you can store your Ferrari at home. If you don’t have adequate facilities on your property, you’ll need to find a safe place to store the vehicle during the winter, which adds to monthly costs of owning a Ferrari. Factors that influence the monthly cost of storing your Ferrari over the winter include:
Location of the storage facility
If the facility is heated
The type of security the facility uses
If you’re Ferrari is stored in a private area, or in a large building with several other valuable cars
The cost of storing your Ferrari during the winter can cost up to $450 each month.
How You Drive
The way you drive is a huge factor in how expensive your Ferrari is. Driving too fast, too hard, and in less than ideal weather conditions not only means higher maintenance bills, but will also have an immediate impact on your insurance rate.
How to Lower the Cost of Owning a Ferrari
Monthly Car Payments
The best way to lower the monthly car payments is shopping around for a good deal, finding the lowest possible interest rate, and having a large down payment. The Ferrari owners who got the best deals on their vehicles are the ones who weren’t in a hurry and explored all of their options.
Decreasing Maintenance Bills
The amount and way you drive your Ferrari impacts how much you spend maintaining it each month. For example, drivers who drive fast and hard usually find that they have to replace their clutch every 25,000 miles, whereas those who are titch more conservative with their driving habits frequently get twice as much use out of their clutch. The same is true for other parts.
Oil and fluid changes have to happen, but planning ahead is often a great way to score special deals from certified Ferrari mechanics. For examples, it’s not uncommon for a mechanic to decrease the price of an oil change to $99, though they usually only offer a limited number of changes at this price, so if you sign up a few days ahead of time, you can save as much as a $100 each time you change the oil.
Joining an LLC Significantly Reduces Registration Fees
One of the great things about owning a Ferrari is having the option of getting a Montana LLC which allows you to avoid paying the sales tax when you register the vehicle. The savings really adds up. The best thing about the situation is that you don’t have to be a resident of Montana in order to become a part of the LLC.