Is there such a thing as an affordable Ferrari?

Enzo Ferrari died in 1988. With his passing came the end of an era.

A by-product of Ferrari's death was retained values of pre-1988 Ferraris flying off into the stratosphere. All those tales of the 250 GTO selling for squillions essentially stem from that post-'88 period.

Even before the death of 'il Commendatore' (the Commander), Ferraris had a reputation for holding their values long after they'd left the new-car showroom. Maybe not so much for cars like the 400i...

Does that reputation remain true today?

We took a look at RedBook.com.au's retained values for the more, errr… affordable, Ferraris (those cars with a mid/rear-mounted V8 at the base of the model hierarchy) to see how they stacked up.

To ensure the cars were appraised for resale fairly, we confined the research to the last 25 years, commencing three years after Ferrari's demise.

Starting with the 348 tb of 1991, and comparing that car with representative models following at five-year intervals, we worked out percentages based on the new-car price measured against the 'good' retail price at the five-year mark and the high private sale price in 2016.

What the RedBook values show
The F355 has offered the best, most consistent resale value of the five cars assessed. Worth close to 80 per cent of its new-car price after the first five years, the F355 in 2016 is still valued at close to half of its price when new.

In dollar terms the F355 has lost over $20,000 more in value than the 348, but the retail price from new was nearly $55,000 more than the earlier car.

Right at this point in time, the F355 looks like good buying – and while no one can see into the future, its value is set to level out and possibly even rise as the 30-year threshold approaches.

Almost certainly a victim of the Global Financial Crisis, the F430 endured the biggest slump in value at the five-year mark. Some buyers of the car in 2006 clearly found themselves over-extended just a couple of years later. The F430 was one of many prestige cars sold off in a hurry at the time to keep the sheriff from the door.

That situation has had an on-going effect, although its retained value in 2016 is not as low as that of the 360 Modena, which was also likely a victim of the same syndrome.

How do we know this?
The data shows that the 360 Modena of 2001 had retained over 70 per cent of its value in 2006 (two years before the GFC) but 10 years later, after the big fire sale, the 360 Modena retains barely 30 per cent of its new price. Plainly something seismic hit the market during those intervening years.

Now may be the time to snap up a 360 Modena or an F430. They may never recover the percentage of retained value from new that the F355 and 348 can boast, but for used-car buyers in 2016, does that matter?

The real decision
Ultimately price and long-term investment value is one thing, but which is the pick of these cars from the driver’s seat?

We asked four Ferrari experts which models they’d prefer to buy AND drive.

Darren Liu has owned his F355 since 2008 – having waited for eight years to own one after experiencing a mate's in 2000. Here's what he had to say…

"My first Ferrari ride was in 2000, when my best friend took me for a spin in his '97 F355 Spider. I was mesmerised by the look, sound (exhaust and click-click of the gated shifter), the speed, and the smell of the interior leather. Needless to say, I was sold and hooked on the car, and spent the next eight years obsessing over this one car.

"I bought my Ferrari F355 Spider in 2008. It is also a 1997 model, red with black interior and a six-speed gated manual shifter. It is standard apart from a Challenge rear grille, Tubi [Style] sports exhaust and high flow cats.

"My F355 is approaching 20 years old, but is still very eye-catching and pleasing to look at, particularly in classic Rosso Corsa (racing red) paint. I still think it’s one of the most beautiful of the modern rear-engined V8 Ferraris. The car is very easy to drive, corners beautifully and sounds amazing.

"The market value of the F355 has steadily increased world-wide over the past few years. It is also still pretty quick considering its age, with a high top speed [claimed 290km/h for the Spider]. A few years ago I took it Tasmania; I'll never forget the drive out of Queenstown, the car screaming at 8000rpm up through the hills.

"Ownership hasn’t been cheap, with maintenance, insurance and on road costs running close to $10,000 a year. Every three to five years, the engine has to be removed to change the cambelts. This is at least a $6000 job at a non-dealer mechanic. Ownership of a Ferrari is a lifestyle choice and I don’t begrudge the cost of ownership one bit.

"If I had a choice of any other rear engine V8 Ferrari, I’d choose a 458 Spider. It is similar to the F355 only much more modern, with a sound that matches the F355. And the cam belts don’t need changing, which is a big saving in maintenance costs. However, they are all exceptionally great sports cars, destined to become classics and I would also consider upgrading to a 360 or F430 spider."

Andrew Gaal is refreshingly frank about his 348 - the oldest of the cars in this quarter-century history. But his candour doesn't mean he has fallen out of love with the car, which he describes as "a 300 BHP GoKart".

"At only 300 BHP and 0 – 100 at around 5 sec it's not mind-blowingly fast," he admits.

"In fact, by modern standards it’s pretty average and a decent Holden HSV Commodore would blow me away at the lights. However, the thrill of driving this car at speed, taking to the edge around corners, through the winding hills of Belgrave and Lysterfield is amazing and further enhanced by the Tubi Style sports exhaust and test pipes (replacing the cats) that I have on my car.

"Technology wise it’s a simple car with no power steering, no adjustable suspension and no high speed paddle gear change. Just a raw, fast, nimble 300 BHP sports car with a mm sensitive direct rack and pinion steering (one of the best in the world I think), lovely pedal feel and a comfortable riding position."

Perhaps controversially, Gaal doesn't agree that the F355 is the car to get.

"As for the 355, personally I think it is over rated and, much to the disgust of the F355 Ferraristi, I view it as merely an upgraded 348 with some of the bugs removed (and others added) and some extra technology added on."

Gaal says of the 360 Modena that it's "excellent value" and "from a purely practical, analytical, point of view this should be the pick of the bunch".

He acknowledges the technological advances of the 458 Italia, but his personal pick from the cars listed would be the F430, but in conventional manual form, not the F1 shift paddles.

"The extra power and modern technological advances go without saying yet the stick shift would still give me that extra element of driver input, just a little bit of ‘old school’, that I so enjoy."

Fellow Ferrari Club of Australia members Peter Vleugel and Tony Demarco were full of praise for the 360 Modena. Each bloke has owned an example of that model.

"Fabulous vehicle," says Vleugel of his yellow 2003 model 360 F1 Spider.

"I purchased it new and had it specified to order, which proved to be difficult, as in those days the factory wasn't very cooperative on changes from standard.

"I requested a burgundy roof but that was a no; I offered to supply the material but still no..."

Vleugel's 360 comes with Challenge grilles, charcoal wheels, burgundy leather upholstery for seats and dash, Kevlar racing seats, roll hoops and a Tubi exhaust. The final product set him back just under half a million dollars, but he says that price was worth it just for the experience of taking delivery of the car in Italy.

"There was no shortage of followers through the tunnels of Italy, as it's got an amazing note."

In the years since, Vleugel's car has travelled 48,000km and has proved to be "a great car on the track… Very reliable, quick and fun to drive..."

Tony Demarco is still a huge fan of his 360 Modena's style.

"When I first purchased my Ferrari F360 I was in awe of this well designed, beautiful piece of engineering... falling in love at first sight."

But the F360 is not flawless, Demarco says.

"Like nearly all cars they have quirks that are a little annoying, and I must say, reversing was somewhat of a challenge to avoid burning the clutch – especially on an upward gradient."

Just 18 months after the purchase of his 360, which he describes as "a great looking car", Demarco was offered a brief drive of an F430 at his local servicing dealer, Zagame in the Melbourne suburb of Richmond. The "short drive" lasted an hour, by which time Demarco was sold on the newer car. Within three months he had taken delivery of an F430 Spider, but retained his 360 – also a Spider.

"The F430 Spyder looked great, and performed beyond anything I had ever driven. It had the best sound, especially with the top down."

Demarco sold the F430 after six years and 50,000km. He currently owns a 458 Italia ("mind blowing") and has placed an order for a 488 GTB. Clearly he's a very committed fan of both the marque and the subset of cars that are the subject of this article.

Conclusion
There are no losers when it comes to Ferrari ownership – provided the cars have been properly maintained. Many owners will buy a Ferrari from new and happily swap it for another with little concern for the changeover price. And more power to them, so to speak. What's lost in dollar terms, they’d argue, is more than compensated by the joy of owning the car.

But as an investment – one to savour – these cars all have something to offer. The F355 and 348 are blue-chip stock at present, for the reasons given above.

Resales for 360 and F430 look low at this time, which points to the strong possibility they'll pick up value faster in coming years.

Tony Demarco believes the F430 "should not be overlooked for someone entering the market". The 458 is probably not the car to buy for its investment potential right at this moment – unless you really want one…

Breaking down the five Ferraris selected
348 tb
Coupe with manual shift and 3.4-litre V8
New in 1991: $224,315
Good retail in 1996: $170,000
Retained value after five years: 75.8%
High private sale price in 2016: $102,600
Retained value as of 2016: 45.7%
Dollar value lost since new: $121,715

F355 Berlinetta
Coupe with manual shift and 3.5-litre V8
New in 1996: $279,250
Good retail in 2001: $220,800
Retained value after five years: 79.1%
High private sale price in 2016: $136,300
Retained value as of 2016: 48.8%
Dollar value lost since new: $142,950

360 Modena
Coupe with manual shift and 3.6-litre V8
New in 2001: $355,300
Good retail in 2006: $254,050
Retained value after five years: 71.5%
High private sale price in 2016: $109,300
Retained value as of 2016: 30.8%
Dollar value lost since new: $246,000

Ferrari F430
Coupe with manual shift and 4.3-litre V8
New in 2006: $389,000
Good retail in 2011: $227,600
Retained value after five years: 58.5%
High private sale price in 2016: $148,200
Retained value as of 2016: 38.1%
Dollar value lost since new: $240,800

Ferrari 458 Italia
Coupe with dual-clutch shift and 4.5-litre V8
New in 2011: $526,950
Good retail in 2016: $359,050
Retained value after five years: 68.1%
High private sale price in 2016: $321,500
Retained value as of 2016: 61.0%
Dollar value lost since new: $205,450

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