So you’re in the market for a used Ferrari! How exciting! You need to be patient and realistic and do your due diligence. Most people’s first Ferrari is a used one. The reason for this is not just finances but the rules that Ferrari has about ownership of their vehicles. Even a used Ferrari is often hard to come by because the manufacturer retains the Right Of First Refusal (ROFR), meaning they have the first right to purchase the used vehicle back from its owner before the owner can sell it to anyone else.
Buying a Pre-Loved Ferrari
A pre-owned or pre-loved Ferrari is a great way to get yourself in the driver’s seat of one of these incredible luxury sports cars. In this article, we will outline some of the best practices to buy a used Ferrari.
There are two ways you can buy a used Ferrari:
- You can buy a Certified Pre-Owned (CPO) Ferrari from a dealership: If you are buying from a reputable dealership, there is just about nothing to worry about. They have done everything to make sure you have a great pre-owned car and experience.
- You can buy a pre-owned car from an individual owner: This is where you have to be careful, and follow some steps to keep yourself from getting conned. The rest of the article deals with buying a used Ferrari from a private party.
Find Your Ferrari-Certified Mechanic First
It may sound a bit backward, but it’s a fact. You need to first have a mechanic you can trust. This mechanic must be certified to work on your soon-to-be-bought used Ferrari. The Italian manufacturer has some very strict rules involving their cars—even for their used vehicles. You may not alter the engine, the body, or the marque in any way. You are prohibited from painting your Ferrari in certain colors, even if you are the owner.
In the same vein, if you want your Ferrari’s inspection, maintenance, or repair history to mean anything, it must be done by certified Ferrari mechanics. Therefore, make sure you find a reputable garage with mechanics who are certified to work on Ferraris.
Research
You need to understand the different models. This not only involves knowing their price point, but also means that you become familiar with the particulars and idiosyncrasies of each model. Compare models and ask questions. We can definitely help you to decide on a model.
Budget
Your budget doesn’t just involve the price of the car. It must also include the pre-purchase inspection (PPI) and general ownership costs like title, registration, maintenance, and gas. These add up, so be cognizant of those.
PPI (Pre-Purchase Inspection)
This is an absolute must. Without this, you could end up with a lemon. This is when your trusted, certified mechanic does the inspection to ensure everything is in working order with the car. When you have a reputable garage do this inspection, they’ll run all the checks they do to deem a used car a CPO (Certified Pre-Owned) vehicle. They’ll let you know of any problems. You can then make an informed decision.
History
You must not feel shy to ask for a detailed history of the vehicle. A reputable Ferrari owner will have all the maintenance and repair records. You need to know whether the car was in any kind of accident or had any major problems or repairs. Ask for the car’s maintenance history and if need be, call the garage where the car was previously serviced to learn more about its history.
Test Drive
Definitely test drive the used Ferrari to get a feel for the car.
Post Purchase Costs
Be mindful of inevitable costs like insurance, scheduled maintenance or unforeseen repairs, and even storage. We’re assuming if you’re buying a Ferrari, you must have other cars already!
Availability of Parts
If you’re buying a vintage model, then make certain that OEM (Original Equipment Manufacturer) parts are available. Ferrari does not allow anything but OEM parts to be used in their cars.
Negotiation
This is where your PPI (Pre-Purchase Inspection) report will give you added negotiating power. Be willing to walk away if you are not happy with the deal. Negotiate respectfully. If you are offered the price you had in mind, then buy it. Don’t be wishy-washy. These cars are not easy to attain.
Close the Deal
When you and the seller are both ready to close the deal, pay careful attention to all the paperwork. Read over everything and get all the necessary signatures. To stay safe, agree on a secure payment method through your financial institution.
We Can Help
Let’s talk Ferraris! Remember, when you are aware of the pitfalls, you can avoid them. If you have any questions about the whole process, we can answer them for you. At Trident Motorsports, we are specially trained to work on Ferraris. We can guide you through the entire buying process. Call us or make an appointment to see us in person. We have locations in Palos Verdes, Manhattan Beach, Torrance, El Segundo, and Redondo Beach in California.