Ferrari 550 Maranello (1996 – 2002) Review

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Ferrari 550 Maranello (1996 – 2002) At A Glance

5/5

+Wonderful front-engined Ferrari with massive performance and a symphony playing under the bonnet.

-Gated gearchange not as quick as the performance.

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Satisfaction Index

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Ask Honest John

Buying a sports car that won't depreciate - what do you suggest?
"I'm thinking of spoiling myself and spending about £40K or more on a retirement present. I currently run a 1999 Mercedes-Benz 320 CLK Elegance and have done so since 2001. Just had a new mass air sensor and its now going better than I can remember, so I may just carry on and keep the money. What sports car would recommend that would not lose money long term? Perhaps going for something like a Porsche Cayman R or a Lotus Evora S would be more sensible? Or a vintage sports of some sort? What do you think? "
Everything depreciates, even Ferraris, that drop to between £20,000 and £30,000, then start going up again. So the trick is to buy a Ferrari when prices for that model bottom out. 550s and 575s are now on the way up.
Answered by Honest John
Previous monetary harm
"In your experience is there any evidence to suggest that vehicles having multiple previous owners has a negative effect on valuation for trade or private sellers to take into account in price setting? I recently purchased an 'Approved Used' 3 year old VW Touareg from my local dealership. When I asked the question around previous owners / history, I was informed the car had been a demonstrator at that same dealership, then sold to a local private owner who had traded it back to the same dealership for another newer demo VW Touareg (I assumed x2 previous owners). This underpinned my decision to buy based on trust, the benefits of Approved Used as well as the overall positive customer experience. On receipt of the V5 it turns out there were x3 previous owners (the last one visible and showing as the local private owner highlighted). I have contacted the sales person to query, who responded that it was a 'genuine error' and 'not to worry as it makes no difference when valuing' (assuming I was to trade in back with them). I have contacted DVLA but have to send in a query form with £5 to find out precisely who the other x2 owners were. I am unhappy with this situation, as I now feel somewhat misled. My own perception is that a used vehicle with fewer owners and a clear history is a more attractive proposition to any buyer that in turn affects valuation. I have asked the dealership to detail back to me the history of the other x2 owners. What redress do I now have with the dealership? A positive customer experience has quickly turning into a negative one. Thank you in anticipation for any advice, yours sincerely."
Yes. They can be savagely bid down at auction. I saw a nice looking Ferrari 550 with 12 previous owners fail to crack £30k at auction once. (Yes, I know I should have become the 13th.) But a difference between 2 previous and 3 previous is not really enough to make an issue of.
Answered by Honest John
Buying a modern classic
"I've come into some money and want to buy a great used car, but I hate depreciation. What cars would you recommend that are less than 10 years old, cost less than £50,000, and are likely to be future classics, and that are holding their value or maybe increasing? I'd put up with high maintenance charges if the value wasn't falling. "
A Ferrari F550 Maranello, if you can still get one for £50,000.
Answered by Honest John
Sixty grand tourer
"I'm in the fortunate position to be able to spend £50k-£60k on a sports car which will be our third car and therefore used only as a treat. Ideally, I'd like to buy something that won't depreciate too much in a couple of years' ownership at about 5,000 miles a year. I ran a Porsche 911 a few years ago and I'm not particularly keen to have another. The fun element is our priority, with reasonable running, service, maintenance costs. What would you suggest?"
Watch Ferrari prices. They drop, drop, drop to a point, then bottom out and start rising again. I'd go for a 550 Maranello. (NOT a 575.) But buy very carefully and have it looked after by a dedicated specialist such as www.dkeng.com or www.pcaltd.co.uk, Skimping on maintenance could cost you tens of thousands. Top Ferrari price was £12 million paid by Chris Evans in May 2010 for a rare GTO.
Answered by Honest John

What does a Ferrari 550 Maranello (1996 – 2002) cost?