Sports cars are one of the first items people think about buying when they come into a large amount of money. Many people want to buy a Ferrari. This brand is one of the most high-class cars in the world.
How much is a Ferrari? We’ll talk about whether you can get any discounts on certain models of Ferraris based on their age and condition. Why do people love Ferrari so much? It has a rich history and unique features we will also cover.
If you’re able to purchase a Ferrari, it’s important to know how to maintain it and how to insure it. We will cover these necessities important for every car purchase but can be confusing when it comes to buying a sports car like a Ferrari. Once you have this knowledge, you can enjoy your once-in-a-lifetime sports car.
Brief Ferrari History
Ferrari started as a type of racecar in the 1920s. It was named after founder Enzo Ferrari, who owned the company’s racing team until he died in 1988. The company didn’t start selling cars on the market until the late 1940s. Since then, the Italian company has become synonymous with quality and for having some of the best engines in the entire world.
The reason the majority of Ferraris are red is that this was the designated color of Italian racing cars back at the time of the car’s inception. It has stuck for nearly a century since, becoming the iconic color of the brand. This has helped give the company a marketing advantage over other sports cars.
Prices of Ferraris
Ferraris are not readily available like other sports cars. Mustangs and Corvettes can often be bought at their respective manufacturers’ stores, Ford and Chevrolet. Ferrari is a premium brand, and this means there are fewer stores to buy them from. The price of the car becomes unpredictable.
Newer Ferraris are very expensive, but older ones can be even more pricey because they are rare. At auctions, the prices of these legendary cars can go up by millions of dollars. The starting bid is usually the market price, but there are tons of people with enough money in their pockets at these events. They drive the price way above the initial value.
New Ferraris can be bought straight from the dealer without an auction. You can often customize your car at these dealers, making the experience a little more in your control. If you want to add certain features, you’re going to need more money. If you want the base model, you may be able to get off with only spending around $200,000.
Insurance for Ferraris
Insurance on sports cars is much more expensive than the sedans people usually drive. This is because there are statistics that back up drivers making poor decisions in these cars. There are more fatalities that happen in sports cars because they go so much faster than the average vehicle.
Because of their ability to go so fast, many drivers don’t make the same good decisions behind the wheel that they usually would. This means insurance companies put much higher premiums on sports car drivers. The average price of a Ferrari insurance policy in the U.S. is nearly $900 a month.
This is obviously a lot higher than most cars, and even higher than most sports cars. There are a variety of factors that make these policies so expensive beyond just their speed. The parts of the car are a lot more valuable than other vehicles. If you were to get into an accident in a Ferrari, you might have rare parts that need replacing.
If you drive a red Ferrari, this color has been proven to attract police attention more often than other colors. Try to buy a Ferrari in a different color, but even yellow or green will be noticed. Basic, bland colors like white and silver are not in the equation typically when buying a sports car like a Ferrari. Try your hardest to find them despite this challenge.
You should also avoid adding a teenage driver to your Ferrari policy. If you already have, take them off before you spend too much extra money. Young drivers are already very expensive to insure. If you add them to a Ferrari insurance policy, the prices will be astronomical.
Only have experienced drivers, preferably over 30, on a sports car insurance policy. This at least eliminates the risk young drivers add. Don’t put people over 70 on your Ferrari policy unless you have to. People in this age range are also considered a risk because of bad eyesight and slower reflexes.
Maintaining a Ferrari
Ferraris need to be maintained with an attention to detail that isn’t required for other cars. Make sure you get paint wax specifically made for the Ferrari. This is usually Scuderia wax, which is good for all Italian sports cars. Go to a Ferrari dealer or order the wax online. Don’t maintain your Ferrari with any other wax because you might damage the paint.
Make sure that you keep the car out of the sun as much as possible in the summer. Crack your window and put seat covers on the interior so that the intense heat doesn’t damage the leather. This can be applied to any car brand, but Ferraris should be specially protected because they are so expensive to repair.
Try to park under cover, and always put the top on the car if you drive a convertible. This will help to cover up the seats.
Hopefully, you have seen Ferraris are a big responsibility for drivers of all ages and experience levels. Make sure you educate yourself on what it takes to own a Ferrari before you try to buy one. Wait until you are old enough to understand the finances behind such a purchase. Insurance companies will appreciate this, too.
Ferraris are some of the most beautiful cars in the world. Treat them with respect, and you should enjoy your experience owning one.