Ask anyone to think of an expensive car brand, and the word “Ferrari” will very likely be uttered. Ever since its first road car rolled off the factory, the Prancing Horse has been known worldwide as a sign of wealth, performance, Italian beauty, and heavy running costs.
You would have to be well off to ever afford one, but is that totally true? Are there any cars in their long history that isn’t so pricey?
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What’s the Cheapest Ferrari to Maintain?
The cheapest Ferrari to maintain is the 458 Italia. On average, the annual servicing of this model costs will hover just over $1000 – $1,200.
Perhaps a better way of asking is what’s the least expensive Ferrari to maintain. All of their cars, no matter the era, are costly to buy, and maintaining one involves more than a bit of money. However, for maintaining costs alone, one of the best, if not the best, is the 458 Italia.
One of the most beloved Ferraris of the 21st century, it has a proven track record of being exceptionally reliable, and it’s partly thanks to it having been offered with Ferrari’s longest warranty. It covered the first three years, though a twelve-year extended warranty for its powertrain was available as well.
There are other Ferraris that won’t snatch up the entirety of your wallet’s contents. The 456 GT is one of the more affordable if older cars to buy and own and the 360 is a very solid choice with similar servicing costs to the 458 (be wary of any worn-out clutches, though). For those looking for a more classic Ferrari, the 328 is one of the less compromising ones.
A car that corrected the reliability mistakes of its predecessors, it remains a fairly dependable supercar for its time. Not to mention you don’t have to remove its engine to service it, unlike a lot of Ferraris.
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How Much Does the 458 Italia Cost?
To purchase, a 458 Italia started out costing $239,340, and no matter which way you look at it, that’s not what you’d call a bargain. That was even before you added a single option, too and such additions could skyrocket the car past $300,000. Fortunately, the 458 these days has enjoyed much lower prices as a used car.
You can buy the Ferrari 458 Italia for as low as $130,000, maybe a little less. For the 458 Spider, you will have to think more around $150,000, though.
Sure, this still isn’t exactly the most affordable of used buys, but as far as modern, long-lasting Ferraris go, this is, arguably, the best.
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How Much is the 458 Italia’s Insurance Cost?
Buying and maintaining a supercar is a big financial burden, but insuring one is in some ways the Achilles heel of supercar ownership.
A Ferrari 458 Italia insurance will, on average, set you back anywhere between $2,300 and $8,450 a year, or $6,900 and $25,350 for three years or $11,500 and $42,250 for five years. How low the price might be will depend on the supplier, but do not expect to find anything lower.
Most Ferrari owners will prefer to keep their cars in good condition, but given the speed, the power, and the price attached to them, insurers will always see them as an expensive risk.
How Much Does a 458 Italia’s Repairs and Maintenance Cost?
Seeing how the 458 Italia has some of the best reliability a Ferrari can have, repair costs won’t be hitting you frequently. The same can’t quite be said for maintenance costs, but the flip side is that, for a supercar, they won’t break the bank.
The annual cost of maintenance of Ferrari 458 Italia can be around $799 (don’t be surprised if this is more), typically for cars that aren’t driven any more than 12,500 miles a year.
This maintenance price will jump to $1,299 for every three years and around $2,299 for every five years. As for repairs, a 458 is unlikely to let you down massively. The dual-clutch is meant to last the life of the car, and the same goes for the carbon-ceramic brakes.
How Much Do You Lose on a 458 Italia’s Depreciation?
As I said earlier, a brand new Ferrari 458 Italia would be priced at $239,340, and on average, it loses 29% of its value in the first three years. After eight years, barring any fluctuations, it would cost around $179,000, maybe a bit more or less depending on the miles run.
It should be noted Ferraris are better at clinging on to their value than a Porsche or Lamborghini. This is thanks to its brand prestige and the simple fact that Ferrari makes fewer cars, making them rarer and thus more desired.
How Much Does a 458 Italia’s Fuel Cost?
The good news is the 458 was born during a time when saving fuel was beginning to be a big deal in the new car market. The downside is that you are still going to fill it up regularly, seeing how supercars with high-revving V8s like this will definitely struggle to reach the claimed mileage.
Ferrari says you can get 24mpg out of 458 Italia, but you will probably see it’s more 17mpg.
Fuel cost per month: Roughly, it will cost around $345.
Fuel cost per year: $4,150 on average.
Fuel cost per three years: $12,450.
Fuel cost per five years: $20,750.
On the whole, it’s not the biggest money pit to fill up, but it’s certainly a pang to your finances. Compared to Ferraris before the 458, this remains one of the more frugal horses in the stables.
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What’s the Cost of Taxes and Other Fees?
If you’re in the UK, there is road tax to consider, and for a 458 Italia, it will end up draining you of £600 ($821.45) on annual road tax, should you pay for the whole year or £330 ($451.80) on six-monthly road tax.
You will also want to be aware of possible fees that might pop up, should you get something wrong regarding the car’s seven-year servicing warranty that Ferrari offered as an option.
If still in use, then it’s important to follow the instructions to the letter, or else the arrangement will be torn up, and you’ll be left paying the servicing fees.
In Total, How Much Does it Cost to Own a 458 Italia?
Bear in mind, this is a rough estimate, but one that can be expected when crunching the numbers. For ease of use, I’ll list off all the individual costs I’ve gone through and arrive at the total price involved in buying and maintaining a Ferrari 458 Italia over one year.
Price: Around $130,000.
Servicing costs: $1000 – $1,200 (I’ll use the lower number to understand the cheapest way of owning a 458).
Insurance: Between $2,300 and $8,450 (again, I’ll use the lower price).
Maintenance and repair costs: No maintenance costs if the car still has its servicing warranty. If not, it’ll be from $799.
Fuel costs: $4,150 annually on average.
Possible taxes and fees: £600 for annual UK road tax or £330 for six-monthly road tax (leaving you with the costlier £660 total).
Total: $138,249 or $139,070.52 if including £600 yearly UK road tax.
That’s, roughly speaking, Ferrari 458 Italia costs $11,520 a month in owning. Over three years, this total becomes $153,649, and over five years, it becomes $169,549. Despite these being the smallest possible numbers, the 458 doesn’t stand as a low-priced dream machine.
The main idea is that it will not trouble you with vast repair bills, extortionate servicing, and dreadful reliability. In other words, you put in extra cash so you can save a lot more. Don’t expect to gain any extra from selling it on, though. 458 Italias were produced in plentiful numbers by Ferrari standards, and so it will take a lot of time before they are seen as must-have classics.
Tips on How to Save Money on Running a 458 Italia
There are a number of ways to save money. Being specific on what sort of fuel goes in for better consumption is one. Another method is not letting that V8 sing too much. Yes, it’s odd, given the 458’s pedigree, but if you really want to cut back, then keeping acceleration from being too harsh will work wonders.
If you have a spotless record as a driver and keep it that way, then insurance costs will be minimized. Going from one provider to another yearly will trim down the fees, so long as you are willing to put up with the headache of switching insurance companies.
The final tip is one you might already know. Regular servicing, whether it’s free thanks to Ferrari’s warranty or coming out of your own pocket, is a big help in ensuring a 458 will not be going in for repairs any time soon. It keeps the condition tidy and, with that in mind, should keep the resale value from decreasing too heavily.