How Much Does it Cost to Own a Ferrari? [Fuel For Thought]

hi guys I'm Shmi and today is a rather lovely afternoon in London and we're out for a drive in the FF this is kind of some fuel for thought because I wanted to come to you on the topic that is the title of this video something that is asked an awful lot without very many clear answers so what is the cost of owning a car like a Ferrari a supercar will use this car the Ferrari FF as an example but I also talked a little bit about some of the other cars I've owned and I'm sure this is a question a lot of you would like to know some information about I get asked this a lot so I imagine every other youtuber who drives a supercar does as does probably everybody on social media but it's a very very tricky question to give you a solid answer to because there are so many variables between different cars different countries different circumstances different situations and it's basically never the same twice this cars quite efficient because it comes to a stop but I'm going to break this down and kind of try and take a systematic approach to buying the cars the running costs maintenance of cars and then took a while start there and then you know other sort of surprises and that's the surprise that I'm going to get to as well a little niggle this car has that I need to get sorted so firstly buying cars there's a big variety to buy new do you buy used taxes in different countries the UK we have vats 20% for some cars at some countries have luxury car taxes over a hundred percent so it varies big-time in the u.s. your sales tax I think is 8% 9% 10% depending which state you're in so it's very very different then you've got different ways of paying for cars do you buy it outright you know literally a bank transfer or full payments straight up ahead for the car do you finance it so take a sort of personal loan and effect secured against the car do you lease it where you have a fixed monthly payment but technically you never actually own the car at the end of your period you give it straight back to them and it's not yours so this car I've said a few times I bought it from a Ferrari dealer I have it through Ferrari finance and I'll explain a little bit more about how that works but my other four cars I owned them all out right so this one I knew it would depreciate let's face it this car cost I think about 300,000 pounds of you by the time you take into account the specification so this car has something like 17,000 pounds of options on it which I'm sure to the first file is moderately painful but it's a beautiful beautiful spec and that is why I bought it it cost to me because it was about three and a half years old so I didn't buy a new board a used car cost me about half that's around 150,000 big depreciation hit but at that price point obviously was where I was keen to buy it and I've owned it for just over a year now and I don't see it going anytime soon because I love it so I went to Ferrari finance which when you finance a car you have a couple of different methods the most frequent - one is an upfront payment and paying the balance monthly until the final the whole loan is cleared the second is to pay upfront in what's called the PCP then you have monthly payments and then at the end of your monthly payments you have a balloon final residual value which you can either pay and clear the loan so in lots of cars here or if you want to keep the car you can pay it off and keep the car for yourself but obviously you'll be paying interest on that the whole way through so PCPs work pretty efficiently obviously if you have the means to afford the loan and in my case because the cars depreciating it made more sense to me to put the egg with the capsule I had into investment funds that can increase or other sort of portfolios so that worked pretty well you can pay between 10% and 50% as a deposit if you do if you do a system like that for this I put in about a third so I've been in about fifty thousand pounds I pay a little over a thousand pounds a month and at the end there's a 70 80 thousand pound balloon should I choose to pay it but the car a thing would have depreciated by that much so that means I should in theory have come out with more equity than I put in so if I sold the car taking into account the amounts I'd pay per month I come out of it with more capital as a solid deposit than I put it which is quite a nice place to be in this is a kind of game you have to play with yourself with your financing cars and everybody's circumstances are different so there's no way to repeat it and like I said a car like the 675lt or the LT Spyder they go up in monies that make sense for me to buy them because ultimately I'm probably as well as getting to own and enjoy the car generate more of a return than I would do if the car was so if the money was in the bank or something and so this is buying a car very very complicated but you can vaguely see how it works with this so I own the car I guess I have a loan against it which is which is quite an easy way let's talk servicing maintenance insurance garages fuel and costs and let's basically say I think the bigger the engine is the more of them there are v12 are very very thirsty this car I've just filled it up I've done 200 miles on the last tank and it cost me 102 pounds so that's not too bad I couldn't tell you off the top of my head the mpg but it's probably low teens and that was driving along the motorway if in a car like this with four-wheel drive and a big heavy v12 I just did an entire tank around London it would be painful I'd probably get under 100 mile for 90 liters of fuel so that's very not pretty but then small price to pay it's a Ferrari as a cost I think the lifetime in this car I'm running at about 1314 MPG McLaren I get ever so slightly more it basically depends a lot on what you where you drive and how many miles you do because I use this as my daily it's done eleven twelve thousand miles in a year so it gets more than enough use up somebody stops at a green light for no reason I've got the red light now difficult weekend in London drivers who don't really know what they're doing so yeah feel big cost now let's talk servicing and maintenance because this is where Ferrari is very interesting and one of the reasons why I bought a used Ferrari they have this particularly clever thing that four cars built or delivered since 20 2010 you have a seven-year servicing pact so for seven years your services are on Ferrari so this cars now coming up five years old but the servicing still on Ferrari and presumably will be on Ferrari for the lifetime I own the car I would expect so that's quite nice then warranty because I bought it proved used from a Ferrari dealer from Meridian moderner it comes with two years of warranty on it as well so if there are any issues like that beeping you've heard that came up yesterday it will get fixed now what that actually is I think a sensor on one of the tires because it warms me every time I pull away it warns me for a few seconds that I've got a low tire pressure on the front right but I've checked the tire already and it's fine so I think it's just a sensor that's gone because it goes away a few seconds later as well maybe I don't know but something like that the beauty of it is I don't have to pay massive labor rates or lots of stress to get it fixed let me see if you have a brand new car within three years or whatnot depending on the manufacturer you'll have warranty coverage as well we get through this time yes the I sort of think warranty is quite important and the once or twice I've owned cars out of warranty so my r8 Spyder a few years ago I chose to pay fifteen hundred pounds a year to have it a lot of more modern more expensive car let's take a McLaren if you had a 12c your warranty you'd be looking at about three thousand pounds a year for warranty so quite expensive but let's say you were to have a 20,000 pound repair bill for something you probably want a warranty pack in place so what other costs do we have insurance that's a big one now insurance is going to vary for everybody there is no flat rate that explains this you have your different ages different number of people driving the car different amount of miles different place you're storing it obviously I store mine in my secure underground apart garage under my apartment but I have quite a few people driving it and I do quite a few miles a year so my price is quite high so it's like a gt3 RS 42 just there that I'm about to go past could well be but insurance changes for everybody it's I think you're looking at the very low end for a car like this maybe a thousand pounds if you're middle-aged pean history no convictions no accidents - if you're a really young person you might be five to ten thousand pounds feels like the battery is getting weak there - one start but that is a form very nice very very nice I think I know whose car that is as well so insurance is a pretty big cost and a very variable cost obviously I didn't actually mention that you have your finance interest rates interest rates on finance will again depend on your personal situation what country you're in the amount of money that you're loaning all sorts of things but if you get a really strong rate you might be looking at three or four percent if you take a really bad rate you're probably on more like twelve thirteen fourteen fifteen percent what some loud music from the car next to me so it varies a lot I'm at the lower end of course because I've got quite a solid history never missed any payments credit cards etc that kind of stuff that be picked really annoying actually so happen there when I turn the car back on so yeah finance percentages then if you live in a city like I do you've got garaging central London is not a cheap place to park a car budget a couple of thousand for your garage space servicing Ferrari is free with McLaren I think I pay it varies year by year depending how much they have to change but roughly one thousand five hundred pounds for the major service and a thousand pounds for the minor service and that's every 12 months most of these cars need servicing every 12 months Porsche is actually less frequently Porsche let you get away with two years normally you've got some other costs you've also got tires brakes now tires I think on this car last me at least 10,000 miles or so it may be four-wheel drive to the Front's were we're a little bit quicker cost about a thousand pounds of time to replace brake pads and discs I've not had to change so I couldn't actually tell you what they cost but I'd guess guess it's going to be a thousand of time probably every 20,000 miles or something so if you drive a car like this a lot and do a lot of miles it's always going to cost you more but those are I guess massive in the grand scheme of things you just need to keep your head I guess open to the fact that there are going to be costs that you can't necessarily calculate things you can't necessarily overly plan for in advance when you when you do this because it's quite an unknown world so this is quite a few of the cost you can see how they're going to add up quite dramatically before you even factor in depreciation of the asset but you can kind of wear it up you know if you're buying an old car a complicated old car there's a lot of technology things are going to go wrong you want to warranty you're going to have to pay for it so you're gonna have to pay your three thousand you're going to have to pay your insurance maybe another three thousand depending who you are and your circumstances a couple of thousand for a garage space a couple of thousand on finance interest a year so I think realistically you're looking in the this kind of car the twenty thousand pounds a year bracket maybe thirty thousand if you factor in sand depreciation so yes it is expensive but it's very very enjoyable if you use it as your daily car like I do a car like the McLaren which is new no servicing appreciating in money in value just because of demand lack of sunlight and very little of about things by way of costs obviously doesn't cost a penny technically to loan unless the market changes and there's always a risk of that and it collapses in value and then it costs a huge fortune but deal with that when it happens for me it's often about what it's put like most importantly about enjoying and driving the cars and sharing them in my videos so another thing I didn't talk about when buying is the time of year because this is something I've always discovered if you buy a supercar in winter most people are not looking to buy supercars in winter so the market price is low if you sell a supercar in summer everybody wants a nice flashy car for the summer so the price goes back up so you can literally buy a car in December and sell it in the summer and it will probably have made some money in the process if it's an expensive luxury item not something you know people use for practicality purposes with something a car people are buying just for just for fun so you can kind of play that game a little bit and if I rewind I guess my clock a little bit I've often traded cars in the winter when the prices are lowest so my 12c for example I bought it in January of 1 years old at the next winter and that actually I did quite well out of because the demand and interest in MacLaren's going up equally to the cars getting older after the initial problems they had and reliability issues so my 12c barely lost the penny my 650s that I then bought when I ordered the 675lt coupe a I sold seven or eight months later in the summer and that didn't really lose a penny either then the 675lt obviously went up in value so sometimes with these cars you can make money rather than lose them because let's face it even if you weren't driving in this you'd be driving in something that you had to pay for even if it's a diesel BMW or Audi or something you still got to pay servicing maintenance fuel there's still costs so you have to look at like the difference in cost rather than the outright single number just because that gives you a more meaningful result so I think you know if you're a person who's let's say young 20s not many major commitments in life no partner or dependents I'm just living in a flat you rent and you have barely any costs where's the siren coming from well it seems to be right behind me wonder where it wants to go don't know ever snitch yeah so if you have you know barely any dependents or anything you need to worry about or stress too much then it's going to be much easier because it's going to cost you ten twenty thousand pounds a year and if you're earning forty your life costs you 15 20 you've got the excess capital to do it that's what I did in the first place when I bought my granted roadster it was my main interest in life so I bought a nice luxury sports car then the RS Spyder was a little bit more expensive because it was older and a more expensive car from new then the then came the 12c gosh that was a couple of years ago so the answer to this question is what does it cost well it changes an awful lot depending on your personal circumstances and situation and how often you sit in traffic like this in which case you might want a Ferrari with heli that's the app there's sort of stop-start system that means your engine is not burning fuel and keeps your emissions down as well as we approach while driving down Regent Street in London which naturally is not the best light here on a weekend but you know you have to work out these costs what it's going to cost the funder car it's going to cost a bio card what is going to cost to run a car on a case-by-case basis because the things like finance and insurance there's no what it cost for me is not what it's going to cost for you guys and you know you've got to shop around and enjoy the enjoy the enjoy the game I think planning and looking forward to dreaming about a new car is is half the fun of owning it so I hope that was a little bit helpful in some ways and fuel for thought there as we drive cruise around in the ffs talking a little bit more about what it's what it costs to own and run and to insure and to keep the car like this out on the roads but that is it for now and let me know what else you might like to know or things along those lines and I'll try and come back to you with the answer answers in the comments down below so thanks very much for watching guys that's it for now I'll catch up with you again very soon Cheers [Music] you

Channel: Shmee150

Views: 602,565

Rating: 4.6674666 out of 5

Keywords: Shmee150, Shmee, Ferrari, Ferrari FF, FF, Supercar, Cost, How Much, Price, Costs, Servicing, Maintenance, Insurance, Tax, Garage, Breakdown, Finance, Lease, Purchase, Financing, Package, Fuel For Thought

Id: hHDB5pBXyyY

Length: 15min 39sec (939 seconds)

Published: Mon Nov 14 2016