How Much Does a Ferrari Cost?

Last Updated on October 29, 2024
Written by CPA Alec Pow | Content Reviewed by Certified CFA CFA Alexander Popinker

With their signature designs and elite performance, Ferraris represent the pinnacle of sports cars. But their exclusivity comes at a steep price. This guide will examine the full spectrum of expenses associated with buying and owning one of these iconic Italian supercars.

We’ll provide detailed Ferrari pricing breakdowns across models, outline key ownership costs like maintenance and insurance, analyze depreciation impacts, and compare to rival luxury brands. Whether you dream of acquiring an entry-level Ferrari or a seven-figure hyper car, understanding the complete financial commitment allows setting realistic expectations before joining the elite circle of Ferrari owners.

How Much Does a Ferrari Cost?

The cost spectrum of Ferrari models spans from “attainable” options near $100,000 to $500,000 to ultra-exclusive $1 million to $3 million+ hyper cars.

New Ferrari Purchase Prices

In general, new Ferrari models range from:

  • $200,000 to $500,000 – For more common entry-level and premium models
  • $500,000 to $1 million+ – For limited production high-end supercars
  • $1 million to $3 million+ – For exclusive hyper cars like the LaFerrari

Of course, final transaction prices depend on negotiation, customization, options, and other adjustments from MSRP.

Pre-Owned Ferrari Purchase Prices

On the secondary market, used Ferrari prices exhibit even greater variability based on age, condition, mileage, maintenance history, and desirability.

  • Late model examples might sell for $100,000 to $250,000 less than new
  • Well-kept classics from the 1950s-90s can trade for $500,000 to multi-million dollars

According to Car and Driver, prices for various models start at different points. For instance, the 2024 Ferrari 296 GTB has a starting price of approximately $342,205, while the 2024 Ferrari 812 Superfast starts at around $433,765. The 2024 Ferrari SF90 Stradale is priced starting at about $528,764, reflecting its advanced technology and performance capabilities.

Another source, Ferrari Lake Forest, provides a detailed list of starting prices for their current lineup. They report that the Ferrari Roma starts at around $247,308, while the luxurious Daytona SP3 is significantly higher, starting at approximately $2,226,935. These prices do not include additional costs for customizations or optional features that can further increase the final price.

A comprehensive overview from Business Insider highlights that while entry-level models like the Ferrari Portofino might start around $215,000, more exclusive models can easily exceed the million-dollar mark, especially when considering rare editions and custom builds.

Introduction to Ferrari Ownership

Since their inception in 1947, Ferraris have been synonymous with luxury, performance, and prestige. Their pristine engineering and race-bred heritage command a premium price in the automotive market.

While many enthusiasts aspire to own these prancing horse-badged machines one day, the reality remains that Ferraris require an immense financial commitment from initial purchase to ongoing upkeep.

In this guide, we’ll provide an unvarnished look at exactly what owning a new or used Ferrari entails financially. The costs of realization may surprise some, but will allow others to plan their budget diligently in pursuit of their dream car.

New Ferrari Model Price Points

You might also like our articles on the cost of a Lamborghini, McLaren Senna, or Bugatti Veyron.

Popular new Ferrari models with their average base prices include:

Ferrari Roma

  • Base Price: Around $222,000
  • Features: V8 engine, sleek coupe design
  • Positioning: Entry-level model

Ferrari Portofino M

  • Base Price: Approximately $245,000
  • Features: Hardtop convertible grand tourer
  • Positioning: Premium GT focused model

Ferrari F8 Tributo

  • Base Price: Roughly $285,000
  • Features: 720 hp 3.9L twin-turbo V8
  • Positioning: Mainstream multi-purpose supercar

Ferrari 812 Superfast

  • Base Price: $374,000
  • Features: 6.5L naturally aspirated V12, over 800 hp
  • Positioning: High-end grand tourer

Ferrari SF90 Stradale

  • Base Price: $625,000
  • Features: 1,000 hp plug-in hybrid powertrain
  • Positioning: Cutting-edge halo performance model

These examples reflect the wide spectrum of new Ferrari models and pricing available.

Pre-Owned Ferrari Prices

Since Ferrari production volumes are limited, especially for older classics, used pricing involves unique considerations:

Ferrari 488

  • New Price: $260,000
  • 5-Year-Old Used Price: $150,000 to $180,000
  • Over 40% depreciation but values level off post-initial drop

Ferrari California

  • Original Price: $250,000
  • 10-Year-Old Used Price: As low as $70,000
  • Nearly 80% decline from MSRP
  • Heavily depreciated model but serviceable used exotic

Ferrari 250 GTO

  • Original Price: $18,000 in 1964
  • Recent Auction Sale Price: $48.4 million in 2018
  • Among the most valuable cars ever sold at auction based on racing pedigree and exclusivity

This demonstrates the incredible range of pre-owned values, from heavy depreciation to multi-million-dollar appreciation for certain legends.

Entry-Level vs High-End Ferraris

What warrants the often 7-figure price premiums commanded by elite hyper car Ferraris versus more common entry-level models?

Limited Availability – Low annual production numbers, sometimes just a few hundred globally, drive up pricing on halo models through intentional scarcity.

Bespoke Design Elements – Hand-crafted details like exposed carbon fiber weaves and custom leather work elevate costs.

Innovative Technology – Cutting-edge powertrains with F1-derived components and active aerodynamics enable incredible performance at a high development cost.

Brand Positioning – Halo models enhance Ferrari’s reputation, justifying high pricing even at low volumes as marketing exercises.

Prestige and History – Legendary lineage and significance add intangible value to certain models like the 250 GTO race cars.

Segment-Exclusive Performance – Extreme power, acceleration, and speed carry premiums in the hypercar space with no direct comparisons.

The combination of these factors allows elite Ferraris to command pricing in a league of their own.

Exotic Supercar Maintenance and Repair

Ferrari LogoWhile thrilling to drive, Ferraris require intensive expert service and care to perform optimally year after year:

Scheduled Maintenance

  • Annual maintenance servicing averages $5,000
  • Major 15,000-mile service around $15,000
  • Replacement of wear items like brakes and fluids

Engine Work

  • Major engine repairs can exceed $20,000+
  • Preventative maintenance is crucial for V8 and V12 motors

Body Work

  • Accident repairs or rust correction starts at $10,000
  • Paint correction services also run $5,000+

Customizations

  • Bespoke upgrades or visual enhancements easily reach $50,000+

Warranty coverage provides some protection, but sheer operating costs remain multiples higher than ordinary vehicles.

Ferrari Insurance Premium Costs

Insurance represents one of the largest recurring ownership costs, given the risk profile:

  • Comprehensive coverage$5,000 to $15,000+ annually
  • Premiums scale by model, driver’s age, location
  • Deductibles range from $1,000 to $5,000
  • Discounts offered for low mileage, anti-theft systems, winter storage

Compared to mainstream cars at $1,000-$2,000 per year, insuring a Ferrari proves far costlier, though crucial for protection.

Additional Ferrari Ownership Costs

In addition to routine maintenance and insurance, Ferrari owners must budget for:

Registration and Taxes

  • Registration/plate fees from $500 to $5,000 depending on state
  • Luxury taxes on high-end models reach $20,000+

Storage and Transportation

  • Enclosed car trailer rentals or purchase $5,000+
  • Climate-controlled storage during winter $2,000+/year
  • Indoor parking spaces $500+/month

Required Gear

  • Custom car covers $1,000+
  • Ferrari branded merchandise from $100+

These examples demonstrate the ancillary expenses that quickly add up through Ferrari ownership.

Leasing and Financing Options

Given the high vehicle costs, most buyers utilize one of these affordability solutions:

Ferrari Financial Services Loans

  • Custom loan terms directly through Ferrari
  • Must qualify based on credit score and income

Traditional Auto Loans

  • Financing from banks for qualified buyers
  • Rates vary greatly based on creditworthiness

Exotic Car Leasing

  • Lease terms from specialized third-party firms
  • Typically requires 10,000+ mile annual minimum

Cash or Line of Credit

  • Leveraging existing liquidity or credit to purchase outright

While flexible, most financing requires minimum 25% to 50% down payments on the vehicle price.

Ferrari Depreciation Patterns

Given production rarity, Ferraris depreciate unpredictably unlike mainstream cars:

  • Some special editions may appreciate over time
  • Others lose 50% or more in the first 5 years

Most importantly:

  • Mileage – Lower miles sustain higher pricing
  • Condition – Major repairs lower valuations
  • Provenance – Known ownership history adds value
  • Originality – Modifications can hurt pricing

Determining the right model based on long-term value proves challenging.

Classic Ferraris at Auction

Vintage 1960s to 1990s Ferraris with pedigree can achieve astronomical auction sale prices in the millions:

  • A 1962 Ferrari 250 GTO sold for $48.4 million
  • A 1960 Ferrari 250 GT SWB took $16.5 million
  • Ferrari F40s from the 1990s trade for $1.5 million to $2 million

Low production volumes combined with racing heritage and iconic styling drive blue-chip status and massive valuations for certain classics.

Ferrari vs Other High-End Cars

Ferraris compete most directly with:

Lamborghini: Similar Italian pedigree and supercar performance at equivalent prices. More extroverted styling.

McLaren: Known for advanced British engineering. Overlaps Ferrari’s prices while positioned as next-gen hyper car.

Porsche: Legendary German marque with higher production volumes resulting in lower prices on some models.

Overall, Ferrari competes closely on price while commanding greater prestige as the premier Italian luxury performance brand.

Final Words

From five-figure maintenance bills to seven-figure purchase prices, the sheer expense associated with buying and owning a Ferrari cannot be understated. Yet for die-hard tifosi who live and breathe the prancing horse, absorbing these substantial costs proves well worthwhile for the privilege of driving such an exceptional piece of automotive history.

Answers to Common Questions

How much does it cost to service a Ferrari in South Africa?

Typical Ferrari service costs in South Africa average around R35,000 for minor scheduled maintenance and between R150,000 to R200,000 for major engine work or repairs. The high costs of importing Ferrari parts contributes heavily.

How much does a Ferrari tune up cost?

A basic Ferrari tune-up averages $2,500 at authorized dealers, which involves work like replacing fluids, spark plugs, filters, ignition coils, and inspecting belts. More extensive engine tuning with performance upgrades can range from $5,000 up to $15,000 or more.

Do you have to sell your Ferrari back to Ferrari?

No, Ferrari does not require that customers sell back their vehicles. Owners are free to sell to private buyers or auction houses. Some limited-edition models cannot be resold for the first 18-24 months but contractual buybacks are not mandated.

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