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Dealing with Ferrari

Dealing with Ferrari

Dealing with Ferrari

I bought my 1st Ferrari 17 years ago from the Ferrari Dealership in Brussels.  Since then I have both acquired and had cars serviced at Ferrari dealerships in five countries. The experience overall has been quite mixed with patches of brilliance mixed with infuriation.  The early years were more of the former and the last five years have had a lot of the later.  This is probably why, despite having owned 16 Ferraris over the past 17 years, we are now down to one ( Acquiring the F40) and haven’t acquired a Ferrari in almost 3 years now.  

The first several Ferrari dealers I did business with were in Brussels, Antwerp, Lisbon, and Kassel. I was pretty green in the world of Ferrari at this point.  The first lesson I learned was trust but verify.  Neither of the two cars I bought in Belgium were quite what they were presented to be.  In the case of the F355 GTS, a cambelt change that was presented to have been recently done in fact hadn’t, and the brakes on the 550 Maranello were not nearly new as advertised but nearly needing replacement. Another lesson was never believe the “I will send you the service book and manuals later as I just can’t find them right now” routine.  As soon as you drive the car off the lot, your chances of ever seeing promised but missing documentation drop dramatically.  In fact, I’m still waiting for the service book for the 550 Maranello I bought in 2005. 

In terms of negotiation, it was Eberlein Ferrari in Kassel that taught me to be patient when discussing major acquisitions.  Our F40 came from Eberlein and it took close to 3 months of negotiations before we finally agreed the deal.  Ironically, I originally went to Eberlein to look at a 365 GTB/4 Daytona but passed on it when I saw an F40 for sale close to the same asking price.  This turned out to be very fortunate as that Daytona threw a rod on a test drive a few months later.  It ended up needing a complete engine rebuild.  Visiting Eberlein was always interesting though as they had a warehouse behind the dealership which was like walking into a “Noah’s Ark” for Ferraris.  There were at least two examples of almost every Ferrari model produced since the early 60’s stored in there. 

I have two vivid memories from my service experiences with the Ferrari dealership in Lisbon in the mid 2000’s.  The first was with the F355 GTS.  It had just come back from the engine out cambelt service, and I was driving down the A5 highway when I started to smell gas.  I pulled over immediately and called for help.  It turned out one of the fuel lines was loose and in another several minutes we both likely would have ended up flambéed. The second was when I was in the process of registering the F40 in Portugal.  I had dropped it off at the Ferrari dealership to get the required local inspections completed.  One of the service managers then decided to take the car out for a “test drive” one evening without bothering to put dealer plates on it.  He got pulled over by the police and almost got the F40 impounded. I ended up having to get a local lawyer involved to sort out the mess.

It was around about this time that I joined Fiorano Ferrari.  Fiorano Ferrari was a track day club run by Ferrari UK that held private track days all across Europe.  It was a terrific program with an all-star list of instructors who could take you from track day novice to ready to race over the course of a season.  It was through this program that I really learned how to drive on a track and also came to appreciate the sizeable gap between a semi-talented amateur and a Le Man’s winning professional.  I also got to know the Ferrari UK management team fairly well during this period.  The Fiorano Ferrari program ran for about 5 years until it was blown up suddenly, for reasons that still escape me, by Dany Bahar, shortly after he become the Marketing Head for Ferrari Globally.  The less said about Dany the better.  Lotus fans tend to have even a dimmer view of his subsequent stint as CEO of Lotus Cars. It seems the main issue Ferrari HQ had with the Fiorano Ferrari program is it wasn’t their idea.  The fact that ending the Fiorano Ferrari program abruptly left about 30 Ferrari owners with 360 & 430 Challenge cars with no place/program to now use them didn’t seem to bother the powers that be in Maranello in the least.

When we lived in the UK, the dealership we used for both sales and service was Carrs Ferrari in Exeter. I can’t speak highly enough of Lee, Mark, and Harvey at Carrs.  They always were fair on the sales side and took terrific care of all of our Ferraris and even the Koenigsegg for a time.  When there were issues, Carrs was always very transparent and willing to take responsibility if fault lay on their side.  A great example of this was when the clutch on the F50 got cooked loading it into their transporter after a service.  Carrs immediately took responsibility and replaced the clutch free of change.  In another case, we had an electrical issue with the F40 during a trip in France, the Carrs’ mechanics spent over an hour on the phone working through a solution.  

It’s been a bit of a different story since we moved to the US.  On the service side, the local dealer in Texas, Boardwalk Ferrari, was been fine but service costs are significantly more expensive than what we used to pay in the UK.  On the sales side, it’s been pretty ugly.  When we first arrived, I went in and meet a few of Boardwalk’s sales team.  I mentioned that I was interested in acquiring a Scuderia 16M and was informed that Boardwalk didn’t have one in stock and didn’t expect to be getting one in anytime in the near future.  I asked if I found a 16M I liked within the Ferrari dealer network, could they bring the car in so could buy it from  Boardwalk.  No issue I was told, “happy to do it.”  After a few weeks search, I located a basically new 16M at the Ferrari dealer in Salt Lake City. We quickly agreed the parameters for a deal and I then called the saleswomen at Boardwalk to pass everything over.  She curtly informed me that Boardwalk had just changed their policy and would no longer source cars for clients from other Ferrari dealers. I then asked if at least I could have the 16M shipped to Boardwalk.  This too was now a no go as they did not want to be responsible for taking delivery of the car.  Long story short, what should have been a straight forward transaction turned into a very complicated mess.  In the end I did buy the car directly from Ferrari Salt Lake City but had to handle all the shipping, inspection, and local registration myself in the middle of a transatlantic move.  This was strike one for Boardwalk.  Strike two came a few months later when the same saleswomen (I understand she has since left Boardwalk Ferrari) called and said they had an extra 458 Speciale allocation and would I like to put in an offer for it.  I asked what the price of the car was and was told it was going to the person who puts in the highest offer.  When she wouldn’t give me the asking price, I told her I wasn’t interested as I have zero patience for these sort of sales practices.  For special cars, I’m happy to pay list but refuse to pay extortion to jump the line.  The third and final strike happened two years ago when I just happened to be driving by the dealership in the 599 GTB HGTE.  I spontaneously decided to stop in to take a look around.  They had several F12s on the showroom floor and we got into a discussion on a potential trade of the 599 for a F12.  What they offered for the 599 in trade was shockingly low (the 599 was traded in against the McLaren 720S several months later for $30k more) so that discussion ended quickly.  At this point, I am certainly done on the sales side with Boardwalk.

Across nearly two decades, I’ve had quite the range of experiences with both Ferrari SpA and Ferrari dealers.  It has ranged from terrific (Carrs of Exeter) to pretty awful (Boardwalk) with a bit of everything else in-between.  I have seen Ferrari create some terrific programs and events such as Fiorano Ferrari and the F40 Trophy ( F40 20th Anniversary) and then blown them up in internal power struggles.   Standing back, what really made a difference, both positive and negative, in each one of these situations was the attitudes and quality of the people in each of the different organizations

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Summer Car Recommendations for Every Budget – 2019 Edition

Summer Recommendations for Every Budget 2019 Edition

Summer Car Recommendations for Every Budget – 2019 Edition

For us, the end of ski season this weekend marks the beginning of the driving season.  Hence it’s time to update our summer recommendations for 2019.  For this year I have changed the criteria a bit. The new cut off for consideration is 1990 (vs. 1970 in 2018).  The budgets are all in US $ and I have given a few more American and Japanese cars consideration alongside the usual European suspects. This year’s list also includes a few less conventional recommendations.

The 2019 list, starting with the most affordable, is:

$15k-25k range: Last year I recommended a Porsche 911 (996) & a Maserati GranSport, this year we are going to change it up a bit and go with a Porsche Cayman S but stay with the Maserati GranSport.  It’s hard to go wrong recommending a Porsche.  In terms of bargains these days, the Cayman S offers tremendous performance, beautifully balanced handling and solid, fairly depreciation free, value.  The Caymans, 911 (996s) and early Boxters all sit at the bottom of the Porsche price ladder currently but that doesn’t mean they all aren’t still terrific driver’s cars. The Cayman is the best balance of value, age, and performance of the lot right now.  The Maserati GranSport is a car that had a spot in our garage about a decade ago.  In sport mode, the GranSport comes alive and responds well to being pushed. The Ferrari supplied V8 that sits in the nose is wonderful to hear sing and provides plenty of grunt.  It’s pretty hard to argue against a $25k car that has basically the same engine as a F430 sitting in its nose.  Of the early 21stcentury Maseratis, the GranSport is the best of the breed.

$25-50k range: last year it was the Jaguar F-Type along with the Dodge Viper but this year we are switching it up a going a bit more left field with a TVR Griffith and a Maserati GranTurismo.  It doesn’t get much madder than a Griffith.  The TVR is hugely fun to drive, can be pushed hard, and has character in abundance.  In fact, sometimes a bit too much character. The Griffith is one car where having some basic mechanical skills will definitely pay off during your ownership. TVRs were made in Blackpool and build quality on many is more early industrial revolution than Japanese six sigma. Most Griffiths are now 25 years old so are eligible for US import and you should be able to land a decent example on US shores for $35-40k.  If you’re looking for an adrenaline kick, a Griffith on a windy country road is hard to beat.  The GranTurismo is another Ferrari powered Maserati. In Sport Mode, the GranTurismo has to be one of the best sounding cars on the road.  When dropped into manual mode and driven using the paddles, the GranTurismo will engage and reward.  Leave it in auto and you can cruise effortlessly for hours.  The GranTurismo is a proper Italian GT and hard to beat for value today.

$50-75k range: Last year I went with the Aston Martin DB9 Volante and Ferrari 308 GTB.  Based on age the Ferrari 308 GTB is out this year and we are replacing the DB9 with the Porsche 911 (997.2) Turbo Cabriolet. The Ferrari 308 is being replaced by the F355 GTB.  As referenced in the recent article on the Car Market ( Car Market Q2 Update)  with prices now around $50k, the F355 is affordable (by Ferrari standards) and its modern enough so the learning curve is short.  The F355 is an infinitely usable car with enough luggage room for a multiday trip which certainly aids in its appeal.  It doesn’t hurt that the F355 is one of the prettiest Ferraris to ever emerge from Pininfarina’s pen.  Moving to the Porsche, it hard to argue against an open top 911 Turbo and the 997.2s are my favorite of the post 2000 911 models.  Personal preference would be for one with a manual 6 speed gearbox.  Hunt hard and you should be able to find one at the very upper end of the price bracket here.  

$75-100k range: In 2018 it was the Maserati Grantursimo Cabriolet and Audi R8 V10. As we have a couple of Maseratis already on the list, I’m going to go with an Aston Martin DBS and replace the Audi R8 with its more exotic VW Group sibling, the Lamborghini Gallardo.  The Aston Martin DBS is one of the most elegant cars Aston has produced and with a V12 in the nose connected to a 6-speed manual gearbox, hard not to get all “weak in the knees” about.  If I was to ever again buy a pure GT, the DBS would be on the very short list.   In this price range you should be able to find your choice of Gallardos.  Unlike earlier Lamborghinis, the Gallardo is comfortable, impressively quick, and even a bit forgiving. The V10 behind the driver’s seat has soul and likely one of the last great naturally aspirated engines.  

$100-125k range: Last year I recommended the Ferrari 550 Maranello, and the McLaren 12C Spider, for 2019 I’m only making one change in this range, replacing the Ferrari 550 Maranello with the Ferrari 599 GTB.  Thanks to the miracle of depreciation, 599s are now falling under $125k for the first time.  With an V12 lifted out of a Ferrari Enzo, the 599 GTB has enormous grunt, character, and continent crushing capabilities.  The 599 GTB has ample luggage space for a multiweek road trip, wonderfully supportive seats, and a gearbox that is a huge improvement over the earlier single clutch F1 boxes.  The 12C Spider was McLaren’s first attempt at a “mass” produced road car.  The combination of carbon fibre tub, twin turbo V8 producing 616 bhp, and seven-speed dual-clutch transmission combined to form a package that is still near top in class.  Build quality on the 12C improved during the production run with a 2014 being the best of the breed ( Our 1st McLaren 12C Spider).  In terms of performance vs. cost, the 12C has to be the best bargain on the market right now.  

$125k-150k range: This is a new range for 2019 and one I have always found tough to make a call in. as you are spoiled for choice.  Looking at the market today, the two that would be the most tempting are the Lamborghini Murcielago Roadster and the Porsche 911 (997 or a 991) GT3.  Finding a nice GT3 for sale these days is easy as there are plenty for sale, especially 991 GT3s.  In terms of a pure driver’s car, any of the 911 GT3s are among the best. The Murcielago is Lamborghini at its best, large, loud, with tons of presence.  Unlike some of the earlier Lambos, the Murci drives brilliantly and does not require physical therapy after more than 10 minutes behind the wheel.

$150-200k range: In 2018, my recommendations were the Ferrari 430 Scuderia and a McLaren 650S Spider.  For 2019 I’m keeping the 430 Scuderia (see: Garage Goals) but switching to a second Aston Martin V12, the Vanquish Volante.  I’m having a bit of V12 withdrawal as it now been over a year since we had a V12 in the garage. As open top Astons go, this is one of the most elegant.  With 568 bhp, an 8-speed gearbox, and a carbon fiber body it will move smarty when you want it to.  The experience of driving a 430 Scuderia across the Scottish Highlands is hard to top.  The single clutch F1 gearbox is quick, sharp, & as the last iteration developed by Ferrari, best in class.  The Scuderia is a beautifully balanced car that urges you to drive it hard.  It’s also the last Ferrari that still feels more analogue than digital. Definitely a future classic.  

$200-500K range: In 2018 I had the Ferrari 365 GTB/4 Daytona and Porsche Carrera GT is the half million dollar range. Current Carrera GT values now put it well above the high end here and the Daytona is out based on age.  The replacements for 2019 are the McLaren 675LT Spider and the Ferrari 458 Italia Speciale.  The 675LT Spider is a personal favorite and I have thoroughly enjoyed owning ours for the past three years (see: McLaren 675LT Spider). It’s a car that always leaves me with a smile after long drive in the mountains. The Ferrari 458 Italia Speciale makes the list based on recommendations from a few very knowledgeable friends.  I one gentleman who’s opinion I value highly called the Speciale the best drivers car Ferrari has produced this century.  Praise like that has earned the Speciale a place here.

A couple of honorable mentions: Acura/Nissan NSX, Dodge Viper, Ford GT, current generation Alfa Romeo Giulia Quadrifoglio, Ferrari 430 Spider, Aston Martin V12 Vantage, and the Lexus LFA.

Opinions and recommendations are just that.  At the end of the day, always buy what speaks to you.  

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Supercar Market Update– Q2 2019

View on the Car Market – Q2 2019

Supercar Market Update– Q2 2019

Following up on the article on the car market in Q1 ( View on the Car Market Q1), I recently received the following auction result alerts: 

31k- Mile 1972 Ferrari 365 GTB/4 Daytona, Sold $550,000

4k- Mile  2004 Porsche Carrera GT, Sold $687,000

1k- Mile  2004 Porsche Carrera GT, Sold $775,000

15k-Mile 1996 FerrariF355 Spider 6-Speed, Sold $52,800 

23k-Mile 1997 Ferrari F355 Spider 6-Speed, Sold $57,000

1k – Mile  2008 Koenigsegg CCX, Not Sold at High Bid $875,000

which I believe are quite indicative of where the market is today and where it is headed.  I’ve chosen these four as I believe they are a good representation across the market. It’s wasn’t too long ago the F355 Spiders were regularly selling in the $90-100k range and market experts were predicting Daytona would be $1 mil cars shortly.  Koenigseggs prices seem to have finally succumbed to the grip of gravity and started returning to earth.  The one car that hasn’t retreated in value (which is a bit personally frustrating, see Garage Goals) is the Carrera GT.  CGTs have been rock solid at $700k for the past year.  A car is only worth what someone is wiling to pay for it and the buyer today has changed from who it was several years ago.

I believe the market is currently in a place where the speculators who drove prices skywards in the 2012-2016 period are now all long gone.  The people buying the cars today are collectors and enthusiasts.  They intend to use the cars they buy and maintenance costs do matter.  Time is also playing a role as many of the buyers today are younger.  The cars these buyers remember from their teenage years and early 20s are from the Ferrari F50, Enzo and Carrera GT era.  These are the forces which are driving the market now. 

When looking at the each of these four cars, I do believe different factors are driving the values in each case. Starting with the 365 GTB/4 Daytona, I don’t believe the majority of buyers who came of age in the mid to late 90s have much affinity for the car.  The Daytona was your father or grandfather’s Ferrari.  To top it off, they are not easy cars to drive ( Driving a Daytona). At low speed, Daytona’s are an upper body workout. The gearbox and clutch require skill and experience to operate properly, skills that are much less common with a generation that has grown up on automatics and paddle shifts.  The brakes are a whole new experience for those who are used to a car actually stopping soon after you push the middle pedal.  All of the above doesn’t do much to broaden the Daytona’s appeal and therefore demand, along with prices that have been steadily falling.  

Many of the same factors that have been driving Daytona prices south, have been supporting Carrera GT values.  CGTs are the cars that the new generation of buyers grew up with.  They are still quick by today’s standards and no longer that tricky to drive.  New tire technology from Michelin has improved handling on the CGT significantly to the point that it is no longer a smart gift to give to a spouse you want to dispose of surreptitiously.  Owners do use there CGTs and they are a common sight at both car shows and major auctions.  In many ways the CGT is as much an icon of the early 00s as the Enzo and therefore desirability along with prices remains steady.

In many ways the Ferrari F355 has replaced the 328 as the new “starter” Ferrari (SSO’s Ferrari History).  With prices now around $50k, the F355 is affordable (by Ferrari standards) and its modern enough so the learning curve is short.  The F355 is an infinitely usable car with enough luggage room for a multiday trip which certainly aids in its appeal.  It doesn’t hurt that the F355 is one of the prettiest Ferraris to ever emerge from Pininfarina’s pen.  Plant your right foot and the F355 will scare a passenger silly and.  A few years ago, prices did jump up to the $90-100k range but fell back as that put the F355 at or above a 360, not too far off a 430, and out of the affordable starter range. Given Ferrari built over 10,000 F355s, there are always plenty for sale so rarity will never drive values.  F355 prices will always be impacted by very high maintenance costs, the every four year cambelt change is an engine out exercise, and the F355 has a host of known issues that are not inexpensive to address. The F355 is also now in that awkward age where technology and performance have long since passed it by, but it isn’t old enough to be considered a classic yet.  My guess is F355s are now properly priced and should hold at current values.

Koenigseggs have operated in a very different value universe for multiple years now.  In less than a decade Koenigseggs have gone from little known to quite famous.  Prices on their new cars have risen astronomically.  This huge jump in new car prices has impacted the small used market for Koenigseggs dramatically.  Our ex Koenigsegg CCR is a good example of this, we were the 3rdowner and paid around £160k for it in 2010.  After a couple of years, we traded it in at a £180k valuation.  To the best of my knowledge our ex-CCR has yet to find another private owner in the past 7 years.  The CCR has been moved through a few different dealerships and now has a current asking price of around £1mil.  My guess is these asking prices are not sustainable as witnessed by the recent no sale on the CCX at auction.  While the newest Koenigseggs may be able to demand multi-million dollar prices tags as engineering and automotive art, the older used K’eggs are tricky cars to drive ( Driving the CCR) with limited usability.  

In summary, the Porsche Carrera GT has held very steady over the last 3 years and will likely continue to do so.  Both the Ferrari 365 GTB/4 “Daytona” and the F355 rode the market up in 2013-2016 and now are settling back down more towards pre 2012 price points.  Koenigseggs weren’t the poster cars of any of today’s buyer’s youth, usability is a real challenge and while prices have risen dramatically, they now seemed poised for a drop as the demand is just not there.

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Ferrari F40 – 1st Service in the US

Ferrari F40 – 1st Service in the New World

Ferrari F40 – 1st Service in the US

For the 1st time in a decade the Ferrari F40 went under the wrench of a new service technician. Mark, Harvey, and the team at Carr’s Ferrari Exeter had taken terrific care of the F40 over the years and knew the feral beast inside and out. Over the years we had done a bit of a rolling restoration which kept the F40 in consistently great running condition. In the last several years the suspension has been rebuilt, the turbos reconditioned, the exhaust recored, the seats recovered and both the bag tanks and clutch replaced. Our F40 is one 27 year old car that I would not think twice about taking out on a 1000 mile road trip.

Picking who would now be working on the car was not an easy choice. In our immediate area there are two options, an independent, Norwood Auto Italia, and the official dealer, Boardwalk Ferrari. While I do not have any direct experience with Norwood, the feedback I got on them was very positive so I requested a quote. Boardwalk was a bit of a different case, I do have a bit of history with them on both the sales and servicing side. Boardwalk did the servicing on both our former 16M & 599 GTB HGTE. While I thought it was expensive, even by Ferrari standards, Boardwalk did do a good job. My experience with Boardwalk on the sales side has been much less positive.

The service quote I received from Norwood was eye watering. The total was 2 1/2x what Carr’s would have charged for the same major cambelt service. The estimate from Boardwalk was more reasonable and that, along with the fact that Boardwalk is an official Ferrari service center made the choice easy. The fact that the F40 has always been worked on by official dealers, also played a significant factor in the decision. The icing on the cake however was that the service manager, who used to be on the sales side, had sold multiple F40s early in his career and therefore was very familiar with the cars. The drop off date was arranged and shortly thereafter it was delivered for its annual fettling.

The one issue that I did ask Boardwalk to look into was the air conditioning system. Despite recharging it at the last service, the air-con had stopped blowing cold after just a few months. The report came back that the compressor was in need of a complete rebuild so in it went to a local specialist. Replacement was not an option as you can no longer get new units from Ferrari. I guess I can now add the a/c compressor to the list of items addressed as part of the rolling restoration.

The rest of the service was routine, all the liquids changed, new filters, and the bi-annual cam belt replacement. Why the cam belts are only good for 2 years on the F40 is beyond me. The old belts when removed looked nearly new. However, given it’s an F40, I do have the cambelts religiously replaced as per the recommended schedule. There were no other items on the check list this time as the tires are two years old, clutch has less than 2,000 miles on it, and overall the F40 has been running well.

Once the service was complete, I did have to ask Boardwalk if they could hold on to the car for several weeks as I was traveling. They were happy to accommodate and I was finally able to collect the F40 last Friday. The F40 fired right up on the 1st push of the starter button and immediately settled into a smooth idle. I thought this was a bit strange as it will normally rev to close to 2000 rpm and then hunt a bit upon cold startup as it warms the cats. I mentioned this to the service technician but as it seemed to be running fine, off I headed to first the nearest gas station and then home.

Upon pulling out of the gas station I started to notice that the F40 really felt sluggish. The on-ramp onto the highway reinforced the perception. It felt as if someone had swapped out the 2.9L twin turbo V8 for the anemic 1.5L 3 cylinder engine in a BMW i8. While I was able to get up to speed, it took far too long and throttle response was anything but razor sharp. The turbos also seemed to have left on vacation. I wasn’t sure if this was a combination of the poor F40 sitting for too many weeks and/or bad petrol. This continued for close to 10 minutes with me constantly playing with the accelerator to see if I could get whatever the issue was out of the system. About a mile before our exit, the F40 started running a bit better. The balance of the drive home was closer to normal.

I did call Boardwalk to mention the issue and we agreed it might be a bit of old or bad petrol. My plan now is to take the F40 out for a very long drive next week just to make sure all is well. This will also run the tanks down so we can refill with fresh petrol. Finger crossed all is now well with Enzo’s final creation.

 

Post Script: The issues with the F40 got worse on the next drive and it repeatedly stalled.  I never did hear back from Boardwalk Ferrari.  Full story on what happened next is: https://karenable.com/resurrection-of-the-ferrari-f40/

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