Rookie Ferrari Buyer Mistakes

So as I roll up on one year with the car I have been thinking more and more about some my original thesis, that it is possible to buy and drive a Ferrari for a year all the while spending only pocket change. Ever the optimist I believe that is a thesis which can be proven true despite my experience with the 355 over the past year. In hindsight I made a few, glaring, rookie Ferrari buyer mistakes. More on that later. While it may be possible to buy and drive a Ferrari for a year without much out of pocket expense doing so would be to miss an important and in my opinion fun aspect of Ferrari ownership, maintaining the thing.

In the lexicon of Ferrari ownership mechanics and maintenance are prominent. I spent significantly more time with the mechanics at RTGT than I did with the sales guys at GPI. Getting to know the folks who are working on the car is important. Spending a boat load of money maintaining the car, then getting comfortable with fact that you just spent a boat load of money to maintain the car, is part of the Ferrari ownership experience. I am one of those people who from bonds with cars. I don’t get weepy when I sell them but when they are in my care I treat them as if they have a bit of soul, spirit, or sentience. Regardless, spending money to maintain a car is making a commitment to the car and, again in my opinion, part of the Ferrari ownership experience is making a commitment to your Ferrari.

Rookie Ferrari owner mistake number one was not researching the individual car extensively enough. I spent a bunch of time researching models. I thought I knew enough, probably did know enough, about the problems which plague 355s to make a wise choice. Unfortunately, I did not spend enough time going through the pages of service history which accompanied the car I bought. Had I spent enough time I would have noticed that the car’s catalytic converter ecus were original and would probably need to be replaced soon. I would have noticed that only bank of valves had been replaced and could reasonable expect the other bank would need replacing sometime. What I did to was look at a tome of receipts and think, “Wow, this car has had a ton of stuff done to it.” It had and it had been nicely taken care of by its previous owners, just had one or two things which might fail.

Rookie Ferrari owner mistake number one and a half. Take the car to a place with all the tools to diagnose everything. While I had a great time meeting Dick at ATD he did not have the electronic tools necessary to review the codes on the 355s computer and see what the car was complaining about. With the next Ferrari, whether it comes from the dealer or an individual, the car is going to someone who can fully diagnose every chough, sneeze, or sniffle the car may have.
Rookie Ferrari owner mistake number two. Buying a Ferrari right before an economic down turn. OK so it’s more than a downturn. At least I bought a cheap Ferrari. When I purchased the car it was clear, not crystal clear, but clear that the economy was slowing. If I had held up for a year I would have been able to buy the car for less, or buy a new car for just a bit more than I spent. While the current economy makes selling the car a less than palatable option, I don’t regret buying it and will just hold on to it until the economy and Ferrari prices recover or until I get bored with the car and decided to clear up some garage space. That said, now is a great time to get an exotic car at a bargain price. I bet, from a buyer’s perspective, times will be even better in six to nine months. I am trying to find a way to squeeze a track car into our garage and my budget.

Perfect winter storage.

After reading my post regarding my shed Kevin sent me this picture of his 360 being prepared for winter. I have driven this car a few times and was always impressed with it. I now know why, the length Kevin is going to keeep the car in top shape is obvious.

I was thinking about putting both the Ferrari and Porsche up on blocks this winter but was too lazy.

Ferrari, at work, in November

Today was a beautiful late fall/winter day in Oregon. As I was dropping the girls off at school we realized Alex had left her backpack at home. That was all the motivation I needed. I had not driven the Ferrari in a few weeks and not since it came back from its last, short, visit to Tonkin. I took the truck home, started the Ferrari, let it warm up for a while, and delivered the backpack.

From what I understand 355s, and many other Ferraris, can be a bit cantankerous when shifting from 1st to 2nd when cold. Mine is no exception. I have found this balkiness can be decreased and sometimes eliminated if I shift the car for 1st to 2nd a few time while it is warming up, never letting the clutch out. This morning was pretty cold but my method work perfectly.

The picture above is of the car in the parking garage at work. It is fun to drive through the garage as it sets off several car alarms.

Are you a redneck if you keep a Porsche in a shed?

Over the weekend, in true redneck form, I solved my parking problem. I built a shed and parked the 911 in it. It will be cozy and dry for the winter. The shed is one the south side of our house and built between a giant tree and a fence. To get the car to the shed it had to cross our front lawn which turns into a bit of a swamp in winter. I built a temporary roadway out of 2x12s to keep the car from sinking into the mud.

As I was working on the shed and planning the movement of the car I had a can’t miss idea for a reality TV show. Recruit 10 attractive women. Divide them into two teams. Dress them in bikinis. Give them the task of moving sports cars across a muddy field.
My neighbors gave us several sideways glances as Barb and I were navigating the Porsche across the lawn. Luckily, Barb kept it on our plank roadway as it would have become a fixture in the lawn until it dried out had it slipped off.

So now I have a shed with a sports car parked in it. I feel pretty good about it. If I had more space I would have built a bigger shed and parked both cars in it. That would have been handy because now is a great time to buy a Ferrari. Six months from now it might be even better but if I had the space I would probably be talking Barb into letting me get a classic Ferrari.

Selling Ferraris? Now? Why Bother?

If I were trying to sell the Ferrari right now I think I would be in a bit of a bind. I have no idea or real data on pricing movement in other areas but in Oregon Ferraris are definitely feeling the impact of the recession. Both Gran Prix and RTGT have, what appear to be, very nice 360s for under $100,000. Gran Prix has a 1999 red and tan spyder with about 16,000 miles. RTGT has a burgundy and grey coupe with 6000 miles. When I was shopping last year both cars would have been priced in the $130,000 to $140,000 range. A 30 to 40% price decrease in one year. What more. Gran Prix has a 348 for $35,000. A red Ferrari for $35,000! I figure my 355 is worth about $69.95.

I have seen no indication that Ferraris owners are selling their cars for less. I assumed that a few Ferraris would end up on the market at fire sale prices then the supply would decrease as owners looking to sell decided to postpone putting the car on the market until times are better. Dealers have a greater need to move the inventory they have. I have noticed a decrease in 430 pricing but it appears to mainly affect cars with lots of miles or odd color combos.

I thought and have been thinking of how I could get a 430. One hurdle I am trying to get over is the cost of a brake job. All new 430s and many of the used ones come with the carbon ceramic brakes. Replacing rotors and pads is around $28,000. For another $7000 you could by the 348 at GP.

While this was not the best year to test my one year with a Ferrari thesis this weekend may be a good weekend to drive Ferraris. Looks like it will be cool, dry, and sunny. I am going to take advantage of the nice weather and drive the car a bit.

Garage is too short for a lift

My garage is about 3.5 inches too low for a lift. The Porsche is approximately 50 inches high, the Ferrari 47. In researching racks I found I need to allot 4.5 inches for the ramps giving me a grand total of 101.5 inches. My garage is 98 inches high. Glad I measured.

I am going to go with Plan B. Last year, before I had purchased the Ferrari, my mom agreed to me storing the 911 in her garage. I never did as I was worried about potential damage from her cat and her Lexus. I am going to store the car there this winter but I am going to build it a little oasis. I am going to buy the world’s toughest car cover, top that will a sheet of plastic, then build a low wall around three sides of the car. Overkill. Nope, not if you saw what happened to the car my sister stored there.

Maybe a year and a half with a Ferrari

Maybe I should rename this site “A year or two with a Ferrari” You may have seen this coming. There is a more than 50% chance that I will keep the car for longer than a year. Dad does not have space in his garage for it just yet. His partially disassembled 944 Turbo is in the way. I would really like the car to go to Dad and would not want to sell it right now anyway. I have spend so much on maintenance this year, and fixed so many things, next year I would like to just drive the car, not fix it. Keeping it for another year and driving it a bit will allow me to reduce my cost per mile. Sure I will end up paying more but I will get more time with the car and will be better able to justify the total expense to my inner accountant.

The car nut inside my head is shouting that I should pull the girls out of private school, raid what remains of our retirement account and buy another couple exotic cars while prices are low. I enjoy listening to this counsel but, ultimately, I think it is better if I ignore it.

I have begun researching lifts for the garage as a solution to my parking problem. The weather has changed in Oregon. Just a couple of weeks ago we were enjoying dry, warm autumn days. Unfortunately, the Ferrari sat out this nice spell in the shop. Now, it is raining all the time, the roads by my house are covered in a thick, wet, layer of partially composed leaves. I know it won’t hurt the car to go out in this weather but it is so clean, dry, and vegetation free right now. I think I will leave it in the garage until we get a dry spell.

That means I could park the Porsche outside and let it mildew, try to talk Barb into loading the kids up in the rain for another year or get a lift. I am going with the lift. Eventually, I will sell the Ferrari and if I have a lift I can fit a dedicated track are or something equally frivolous in the garage without inconveniencing Barb.

Refinished the driver's side door latch

After my success refinishing the passenger side door latch I decided to tackle the driver’s side latch so both would have the same level of finish. It did not go as smoothly as the passenger side. My first coat of paint was not smooth enough so I sanded it down and started again. My second coat was good but a bit of lint got stuck in the paint and I picked at it only making matters worse. Sanded that coat down and painted it for a third time. Again, a bit of lint affixed itself to the paint. I resisted picking, sanded this coat down and finally my fourth try resulted in a nice smooth finish.

It is a bit of a pain to get the bold that holds the door latch to the opening mechanism inserted when the latch is in place. I fumbled around trying to get the bolt in place for about ten minutes before having a eureka moment. Put the bolt in the latch then put the latch in place and tighten the bolt.