The prancing horse of Ferrari has been a status symbol throughout the manufacturer's 60 year history. Today it is seen as ultra cool to own a Ferrari, whether new or used, and many stars of the screen and music make a Ferrari their first 'must have' as soon as they make it big. The waiting list for the latest models is still well in excess of 12 months however if you're willing to wait you are guaranteed the epitome of elegance combined with top sporting performance.
History of Ferrari
The Ferrari Company was founded in 1948 by the man behind the name, Enzo Ferrari. Prior to this, Enzo worked for Alfa Romeo and used their parts along with a few manufactured by Fiat to produce the most advanced racing cars of the time. He was known for making modification after modification until he thought he had the perfect car, only to design a better car the following year.
In the year he decided to branch out by himself, Enzo Ferrari moved to Maranello in Italy where he set up shop and produced his first complete car under the Ferrari name. The 125 Sport with its 1.5 litre V12 engine was a road car to beat all others and not surprisingly it quickly became very popular with the rich and famous. Unfortunately, the people buying the car wanted it as a status symbol rather than as a race car, which was Enzo's ultimate intent.
During the next two decades, Ferrari manufactured a number of revolutionary models that competed with the likes of Alfa Romeo, Jaguar and Porsche. The 250 GTO became one of the most popular and memorable racing cars in history. Its unveiling in 1962 shocked the motoring world and even its main competitor, Jaguar, couldn't produce anything to rival the sleek design and outstanding engine. This line of models was the first to use the design house Pininfarina, which the company still use today.
More landmark models were developed in the 70s, 80s and 90s including the 308 GTS as used by the TV character Magnum PI, the Testorossa and the F40. The F40 was designed as a commemorative car for the manufacturer's 40th anniversary in 1988. Sadly this was the year that the company's founder Enzo Ferrari died, leaving the reigns to his adopted son, Piero.
In 2004, the manufacturer Fiat bought the majority share of 56% of the Ferrari Company. Piero Ferrari now owns a moderate 10% and the rest is owned by a number of smaller companies and shareholders. New Ferrari cars are still manufactured in the city of Maranello, although the Ferrari plant today spans a number of square miles and has its own test race track within the grounds.
Ferrari Models
Probably the most memorable Ferrari model is the Ferrari 250 GTO. This 3L V12 was easily the most advanced sports car of its time and has recently been voted top sports car of all time and top Ferrari of all time by two prestigious car magazines.
In 1968 Ferrari unveiled the 246 Dino. This modestly priced car came with either a V6 or V8 engine and was the main competitor for the Porsche 911. A super model of the 246 Dino was used as Ferrari's F1 car in the 1958 World Championships while the 308 Dino was used by Tom Selleck in the TV show Magnum PI. Other landmark models include the Testorossa, the 550 Maranello, the F40 as mentioned above and the 360 Modena.
The new range of Ferraris comprises of three main models. The Ferrari F430 is the smallest of the three with a 4.3L V8 engine. This 6 speed manual, 2 door model is available as a coupe or as a convertible for that extra bit of style. Prices range from �90,000-�120,000 depending on which of the luxurious extras you decide to indulge in!
The second model in the new range is the Ferrari 612 Scaglietti. With its 5.7L V12 engine, this is easily the most expensive of the three, setting you back a cool �140,000 for a basic model. If you want the 6 speed semi automatic version however, then you can add another �5000 to the price tag. The largest of the three models with regards to engine size is the 599 GTB Fiorano. Ferrari have really outdone themselves with the 6.0L V12 engine but even so the car can be bought for around �130,000 brand new. You will however have to wait between two and three years for your new car, depending on which model you choose!
Buying a second hand Ferrari
With the death of Enzo Ferrari in 1988 the price of second hand Ferraris rose dramatically and a used F60 Enzo from 2002 will now set you back around �450,000. It is often necessary to pay a broker to find quality second hand Ferraris and this can easily add 10% to the price you pay.
Some reasonably priced used Ferraris such as the 355 and the 360 Modena are notorious for their maintenance costs and this should be taken into account when buying one. For example, they are supposed to have new timing belts fitted every 12,000 miles which you will probably reach every few years. This job alone can cost in excess of �1000. Many Ferrari models are also recalled at various times for adjustment work and it is important to check that this work has been done before you look at the car seriously. You should also ask an expert to look for evidence of accident damage, especially if the price is lower than the considered average.
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