Tempted but Intimidated....

Ferrari Message Board Archive 10/00-8/02
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Tempted but Intimidated....

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Posted by Michael Russell

Hello Folks-

Wonderfull site that Tom has here, HUGELY helpfull in giving confidence in fulfilling a dream.

So, I have never owned an old or historic automobile. I am a car enthusiast, and of course have always had a "Thing" for Ferrari. However I have always opted for more contemporary cars. Recently I have been bitten by the bug as they say, and am contemplating the purchase of a vintage V-12. I am not a rich person by any means, but was thinking I might be able to find a nice 330 GT 2+2, (Heck I even like the 4 hedlight design, I guess I am alone) or a 365 GT 2+2, or Maybe a 250GTE.

First, a few questions;

Am I crazy? Can you buy these cars, and actaually drive them? I mean really use them? Not just to rallies, but real fun driving on a regular basis? Or are these cars, more of a vehicle you buy to work on, with a little driving in between?

Do you actually have to be hugely wealthy to keep one of these things running? Any "Common Man" owners out there?

I stopped in to a local specialist garage, and kind of got the impression that they didn't really think I ought to buy one. For example, they began by quoting huge prices on the two 365 GT 2+2's they had, ($65,000+ for a car, I would describe as a nice "driver", not at all a concours car). and then began to describe how motors that need to be rebuilt cost at least $25,000...but it is not as though they all need rebuilding, or is it?! It seemed as if they wanted to scare me off from the experience.

Would love to hear from some folks who have made the plunge who might have had similar apprehensions.

Thanks

Michael
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Re: Tempted but Intimidated....

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Posted by David P. Smith

Michael, I had the same questions 20 years ago before I bought my first Ferrari.  I took the plunge and have never regretted it.  Unless you are looking for a restoration project  buy the best car that you can find.  An extra $10,000 now will pay off in the long run.  The time, money, and aggravation that a so-so car will cost you will drive you nuts.  Your first Ferrari should be on the road, not in the repair shop.  You can spend $25,000 on an engine rebuild but you don't have to.  Many regular people own Ferraris.  There is a vast network of resources to help you with any questions that you might have.  This website is a great source.  Good luck in your search.  Owning a vintage V-12 is a fantastic experience.  By the way, I also like the 4 headlight cars.  &nbsp
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Re: Tempted but Intimidated....

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Posted by Dr. Ian levy

Hi Michael,
No need to be intimidated & I am  not surprised at the attitude of the local specialist. The same happened to me & I was told that "maybe I shouldn't have bought a car that I really could not afford" I then started  doing some things myself & looking around for more helpful experts & there are plenty out there. One guy said " after all  it's only a car"
I am  rebuilding my GTC4 but have not rebuilt the engine & I know of  'ordinary' people who own V-12 Ferraris.
If I were you I would buy the best one I could  afford & find a specialist known by some of the guys on this site to inspect it & then look after it. You may even do some of it yourself.

Make sure that there is nothing major imminent  & get out there & use it.(Not like me) &  a 330 GT sound likes a good idea
Good luck
Ian Levy


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Re: Tempted but Intimidated....

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Posted by Bill Rose

Hi, Michael . . .
I'm definitely a regular guy!  However, owning a Ferrari does require some realistic planning.
I have spent around $12,000 on my 365GT2+2 (during the past 2 yrs), since the original purchase.  None of that was a big surprise.   As you have heard from others, buy the best specimen you can afford . . . that will save you down the road.  Do have a reserve planned into your budget.
Without a doubt, owning a Ferrari is not the same as having an old Ford, or Chevy . . . or even an old BMW.  Parts a harder to find, and more expensive.  No doubt, though, the pride of ownership is amazing, for folks like us.  With every dollar I spend on mine, I feel that I'm closer to having it totally redone!  With care, they are meant to be driven, and will reward you tremendously!

Bill

ps - Yes, an entire engine overhaul may cost close to $20,000-25,000.  If you shop carfully, that won't be necessary for a long time.
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Re: Tempted but Intimidated....

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Posted by Deane

Defintely go for it if you really want to (life is for living!) but do plan on a few thousand $ a year on parts and minor maintenance.

One thing to watch out for on older high-dollar cars: could the previous owner afford proper maintence? You want to buy from someone who had the both interest, and either the time or the money, to do a really nice job keeping the car in shape.

Engines last around 75K miles before getting pretty smoky - that means about $0.30 a mile just for the motor.  I'd bet most owners of older 12-cyl cars put 2-3K miles on their cars per year, as I do.

Old 12-cyl Ferraris are really pleasant cars to work on, as they're mechanical marvels but pretty straighforward.
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Thanks Folks....

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Posted by Michael Russell

Very much appreciate the input from each of you. Good advice from all. Certainly will have a few dollars set aside for theinevitable issues that crop up.

Thanks again for the help and encouragement.

Michael
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Re: Tempted but Intimidated....

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Posted by Jonathon

Hi Michael,

I was going through the same thing you describe about a year and a half ago - ie wanting to tackle a V-12 Ferrari, and trying to find the truth through all the smoke and opinions.

Getting the best car you can afford (but not the WHOLE budget!) is excellent advice, but be patient about getting all the little bugs worked out.  Once that's done, they're supposed to be very reliable - it's getting to that point which takes effort, especially if the previous owner let things slide.  These are 30+ year old cars now after all.

My opinion is the 250/330/365s are more of 'mechanics' cars than the modern cars - vintage Ferraris simply need more chassis lubing, plug changing, gap setting, carb adjusting etc.  It's a matter of perspective I suppose.  You should decide what you can do yourself, or find a competent shop to do it.  The trade off is your time and assumption of risk, verses cost and the comfort of having someone to go to if something goes wrong.  Obviously I'm in the former camp, loving every minute of rebuilding 7537, and look forward to putting on lots of miles.

That $25k number for an engine rebuild reflects the cost of a professional rebuild - again someone elses knowledge, labor and guarantees.  It can be much cheaper if you chip away at it, do it yourself (which happens more than I originally thought) with the help of people like Tom, Kerry and others here, and if you source the parts carefully.

And thanks again Tom - this site was a big part of my decision I could tackle a Ferrari myself, that they aren't that mysterious after all.

So, I took the plunge, and have no regrets at all.  My vote is go for it.

Cheers,

Jonathon
http://www.jb330gt.com

ps.  4 Headlight 330s look great - they have a unique character.  But I'm a bit biased...
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Re: Tempted but Intimidated....

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Posted by Tom

Hi Michael,

Everyone has given some very good advice, and I hope we have given you some more confidence!

Most of us here ARE "common men," as common as you can get to own a Ferrari, that is. It takes a certain level of determination, and monetary commitment, but it's certainly not impossible. You just need to jump in with your eyes open to the pitfalls. As you can see from my story, it's a struggle, but I have enjoyed the experience more than I ever expected!

Tom
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