fredag 29 augusti 2014

How much does it cost to own a Ferrari?

Since the post about the cost of my Lamborghini was so popular, here is a similar calculation for my Ferrari 360 Spider. I bought it when I got tired of thinking my Porsche wasn't cool enough (I wasn't as mature back then). In 2005, I had just barely heard of this guy who sold me the car:

People around me who knew more about soccer than I did, however, said that Zlatan was famous and I should get his autograph on some soccer gear. I asked, got a yes, got told the signed jersey was in the mail... but never got it. Either he didn't bother or it got lost/stolen in the mail.

Anyway, my focus was on the car, this car (note how you can see the engine through the glass pane in the back, that's a big reason for choosing that model):

as seen from my (then) apartment

On a race track (me in the helmet)

First spring day in 2006, or was it fall of 2005?

I had a lot of fun with it, e.g., here at the race track Gotland Ring in the summer of 2005, shortly after buying the car. I got coached and pushed by the track's architect, a Ferrari driving instructor, who sat in the passenger seat. This was on my best lap so far. However, I lost my nerve when I was just about to straighten out after the three-part curve after the hairpin turn... and simply took my foot off the gas pedal. Big mistake. Huge.:

Actually, it was a lot more fun owning and driving the Ferrari than the Lambo... Since I don't want to buy a less competent car, and buying better ones doesn't make me happy, I will probably never own a sports car again.

The Ferrari math:

Actual sales price, first sale around July 2003: 1 795 000 SEK (260k USD)
Price drop the first 22 months: 470 000 SEK (-26%, -68k)

Price: my second-hand price, May 17, 2005: 1 325 000 SEK (192k)
Maintenance due to track racing: 54 315 SEK (brake discs, clutch, tires etc; 7 872 USD)
Annual services, 2006, 2007, 2008: 54 350 SEK (30 500+10 500+8850; 7 877 USD)
Parking, garage 36 months: 71 000 SEK (10k)
Insurance: 75 261 SEK (11k)
Gas, petrol: 47 939 SEK (6 948 USD)

Price drop (May 17, 2008): 285 000 SEK (21,5% of what I paid for the car; -41k)
Sales price, gross: 1 095 000 SEK (based on estimated sales commission)
Sales provision: 55 000 SEK (No info, but let's say 5% of sales price)
Sales price net: 1 040 000 SEK (I sold it on a net price basis; 150 725 USD)
Sales costs: 0 SEK (immediate sale, no extra costs)
Net, net sales price: 1 040 000 SEK (78.5% of what I paid, i.e., a 21.5% loss)

Total cash cost 2005-2008, exactly 36 months: 587 865 SEK (85 198 USD; 44,4% of what I paid for the car, or half the percentage loss compared to my Lamborghini Gallardo Spyder)

Since I drove 16 760 km (10 416 miles) my cost per 10 km was 351 SEK, or 8.2 USD per mile. About a third of what my Lamborghini cost.

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