The words “Ferrari” and “affordable” are usually mutually exclusive. But for the lucky demographic with a spare $100,000 or so (for what will be at best a second car or a Cars & Coffee weekend toy), there are a surprising number of Ferraris built over the past seven decades that are indeed affordable.
In the beginning, Enzo Ferrari was firmly in charge of his eponymous company, and so those Ferraris built between 1947 and 1974 are known as Enzo-era cars. Alas, there are no Enzo-era Ferraris anywhere close to the $100k price point. The most affordable would probably be a driver-level, four-headlight 330 GT 2+2, and prices start in the $200k range. This makes for a thin market.
By the late 1960s the U.S. began to implement the ever-escalating EPA smog regulations and DOT safety rules, and Ferrari knew he didn’t have the financial or engineering resources to comply. On June 21, 1969, Ferrari sold out to Fiat, giving up a 40% stake that eventually increased to 90%. This left Enzo in charge of the racing side — although on a tight budget — while the larger company controlled road-car production. The first Fiat-era cars didn’t appear until the 308 GT4 in late 1974. The last is arguably the 348, as this era ended when Fiat Chairman Gianni Agnelli appointed Luca di Montezemolo as president of Ferrari in November 1991.
Baby Boomer Ferraris
There is no lack of affordable Fiat-era Ferraris. They start with the 308 GT4, 308 GTB and GTS, 328 GTB and GTS, plus a linear range of 2+2s including the 365 GT4 2+2, 400, 400i and 412. While the Testarossa, introduced in 1984, is now well north of an entry-level budget, the others can easily be found for $100k or less — some for much less!
All are now 35 years old or older. That means they are too old for most authorized Ferrari dealers to service, ever harder to have serviced by independent shops (especially as more Baby Boomer shop owners head into retirement), and come with all the problems inherent in any older car. Leather gets hard, every rubber bushing and seal is past its replacement date, A/C and driver comfort are merely adequate at best, and most are painfully slow by modern standards. Your neighbor’s BMW SUV will leave most in the dust. As the flagships of the Fiat-era, the 288 GTO and F40 are (and have always been) in a different stratosphere in pricing and collectibility.
Demographics are destiny, and while most Baby Boomers will instantly identify a 308 or 328 as a “Magnum P.I.” car, their 30- and 40-something children may not. And their grandchildren (15 to 30-ish) have never heard of Tom Selleck (now 81) and wouldn’t care.
Early modern cars
The Montezemolo era began with the all-new 4-seat 456 and the highly improved 512 TR, both introduced in 1992. Then came the five-valve F355 in 1994, the 512M in 1995, the 550 in 1996, the evolutionary alloy chassis 360 in 1999 and the 575 in 2002. Today, the 456 and the V8 models are available in the $100k range, more or less. While the 512 TR, 512M and 550s are now well over $100k, the F1-equipped 575s can also still be found in the $100k range.
All are blessed with user-friendly features including adequate A/C and comfortable cockpits. Each of these models has more-than-adequate performance. Even better, no explanation of what you have bought is needed; your friends will instantly recognize that you own a Ferrari. Unfortunately, all are cursed with the dreaded age-limited cam belts, making service work expensive. And the newest of these Ferraris is now 20 years old, with all the problems inherent. Imagine the cost of reupholstering a 456’s all-leather dash, seats, door and inner panels when that day comes. As for the era’s flagships, the F50, introduced in 1995, and the Enzo, arriving in 2002 as the Montezemolo era faded into the past, are also stratospheric in pricing.
Enter the man in black
In May of 2003, Sergio Marchionne became CEO of Ferrari, with the 4-seat 612 arriving in 2004 as the last of the cam-belt Ferraris. Thanks to the reality of depreciation, many of the Marchionne-era Ferraris, including the F430 (introduced in 2005), the 599 (2006), the California and 458 (2009) and the 488 (2015), have come down in price. However, only a few get close to the $100,000 price point.
Plenty of 612s are available for $100k or less, and the California can also be found at $100k or less — usually much less. Their later evolution, the turbocharged California T, introduced in 2014, is also now getting close to that price point. Another affordable option is the Ferrari FF, introduced in 2011. Like all Ferrari 4-seaters, their depreciation is fearsome, with no lack of availability at $100k or less.
Today’s affordable Ferraris
Those in their 30s and 40s tend to buy the cars they dreamt of in their late teens and 20s, and the 612, the California, the California T and the FF fall into that category right now. All are available at today’s first-time-buyer $100k price point. There’s easily a hundred or so of each model on the market on any given day, and like all modern Ferraris, they are relatively bulletproof. How else to describe a car whose most common problem is a dead battery caused by infrequent use?
Franchised dealers, for various defensible reasons, have to charge shocking labor rates and use only OEM parts, yet normal running costs are minimal. Expect to pay $2,500 for an annual service (much of that cost going toward ultra-modern lubricants), with the dreaded twice-a-decade cam-belt service a thing of the past.
Even better, each of these Ferraris is instantly identifiable as such, with no explanation needed. And leasing with 20% down is only a phone call away, thanks to companies such as Premier Financial Services and Putnam Leasing. Fixed-value collector-car insurance is also only a phone call away from Hagerty and Grundy Insurance. The only common issues with these cars are software updates, which are relatively frequent and usually require a trip to an official dealer. But then, taking one’s first Ferrari to the authorized dealer for its first service is a rite of passage for most buyers. I can assure you that thrill soon fades. ♦