Here is some info I read today
by Michael Sheehan
(Sports Car Market—December 2002 issue)
The Ferrari 456 GT was introduced to the US market in 1994 and touted as a born–again replacement for the 365 GTB/4 Daytona. According to Ferrari North America then–President Gian–Luigi Buitoni, “We have clients today who don’t want to give up the performance of a Testarossa, but they must have more room.” Hence, the token 2+2 seating. The reality is that the 456 GT, with its less–than–svelte styling and additional passenger capacity, was more accurately a replacement for the 365 GTC/4, the less–sporty sister of the Daytona.
Fitted with a 48–valve, four–cam, 5.5–liter V12 that puts out 442 hp, the 456 offers staggering performance in the 2+2 class. The US version blasts through the quarter–mile in 13.4 seconds at 107.5 mph, and tops out at 186 mph. The user–friendly cockpit, luxurious seating, easily read gauges and six–speed shifter make driving a pleasure and, as a dad who knows, ten–year–old twins think the rear seats are great.
Unfortunately, like every other Ferrari 2+2 ever built, the 456 GT and the later 456 M have not fared well in the marketplace, depreciating like stones. Priced at $245,000 out–the–door when new, a prudent buyer should be able to find a nice 1995 456 GT with well under 30,000 miles and with the 30,000–mile service completed for about $85,000.
There were no 1996 models; add $5,000 plus a little per model year for a 1997 or 1998. While the asking prices for 1999–2002 456 Ms and GTAs run from $150,000 to $195,000, the real selling prices are in the $115,000 to $140,000 range. The 1995 456s should be considered nearly fully depreciated, and offer a lot of modern–day performance for a reasonable sum.
The 550 Maranello was introduced in 1996 and truly was the replacement for the 365 GTB/4. Like the Daytona, the 550 Maranello is an aggressively styled car with its cut–off tail and long–nosed good looks. Fitted with a 5.5–liter, 48–valve V12 that pushes out 485 horsepower at 7,000 rpm, the 550 has a top speed of 199 mph and will rip through the quarter–mile in 12.6 seconds. A total of 3,600 Maranellos were built for the world market during a model run from 1996 to 2002. Today a US–legal, European 1996 or 1997 550 Maranello is in the $115,000 to $125,000 range, while low–mileage 1997 or 1998 US cars are available in the $135,000 to $145,000 range. 1999–2002 models can be found for $160,000 to $185,000.
Thinking of buying a 456 or a 550 in Europe or Japan and importing it into the US? The friendly price for a 1997 550 Maranello, with less than 15,000 miles, all services done, in good colors and with the more desirable options such as power Daytona–style seats, is about $90,000 in Europe.
To get your new purchase to the US and legalized will require trucking to the docks in Europe (about $300); a European shipping agent who can coordinate containerizing the car and do the necessary export paperwork (about $500); shipping to the US (about $1,500 to the East Coast or $2,000 to the West Coast); customs entry fee ($300); US customs duty (2.5%, or about $2,250); a customs bond to guarantee the EPA and DOT will indeed be done (about $3,000); a bond application fee (about $250); and trucking from the dock in the US to the conversion shop that will do the work (about $100 to $200).
Then you’ve got the actual EPA and DOT conversion work (at least $12,500); the EPA and DOT warranty (at $350 each); and last but not least, the lab test processing fee ($900). The grand total ends up being about $22,300 to $22,900. As anyone who has gone through the process knows, there are always little surprises and added costs, including the trip to Europe to actually inspect the car before handing over your hard–earned $90,000.
All–up cost is about $112,500 for a car that will have an “ask” price in the $125,000 range and an actual “sell” price of somewhat less.
As a moneymaking proposition, the math doesn’t work well for a 550 (and even less well for a 456, which explains why there are very few Euro 456s in the US). Bluntly, the only reason to buy a Euro model 550 today is to use the car on a high–speed drive–it–like–Enzo–intended European dream vacation before bringing it home to our land of grand highways and pathetic speed limits. This assumes, of course, that while in Europe your 550 isn’t stolen while parked in a supposedly secure spot in front of a hotel or restaurant.
As for the costs and pitfalls of ownership, the early 550s run much too much oil pressure and occasionally blow the oil filter apart, creating a major underhood mess. Should the oil filter start to leak as an inattentive owner cruises down the freeway, cheerfully chatting on his cell phone, a Ferrari dealer will be happy to install a new engine for a mere $75,000 or so. A rebuild will be in excess of $30,000 if you haven’t managed to spin bearings or score the crank. Preventing the problem is as simple as removing a few spacers in the oil system, which involves an hour’s labor, and drops the oil pressure to real–world levels.
The circlip holding reverse gear to the gear cluster sometimes fails on the earlier 550s, resulting in major transaxle repair bills. If your 550 (or 456) pops out of reverse, truck it to your friendly local Ferrari service center and have the transaxle pulled and the circlip and reverse gear replaced at a cost of about $3,500. Choose to drive the car with the transaxle making ominous sounds and the repair bill will quickly will increase to about $7,500, after the reverse gear has bounced around in the transaxle like a ball in a squash court for a while.
As for factory recalls, the door windows sometimes don’t seal well against the rear quarter windows. If you have a US car your authorized dealer should replace the electric window motors, door glass and seals—normally an $8,000 bill—at no cost. Be prepared, if necessary, to throw a temper tantrum to get the work covered under warranty. The earlier 550s also had a wheel recall, so make sure the car you are buying—be it a Euro or US car— has had the wheels replaced under recall notice.
Clutches, traditionally a weak spot in Ferraris, or perhaps more realistically a weak spot with novice Ferrari drivers, don’t seem to be a problem. It is not uncommon to do a compression and leakdown check on low–mileage 456 and 550 Ferraris and find major problems with poor ring seating and leaky valve seats. If the compression on a car you have inspected is weak, pass and keep looking.
As for routine service, the cam and front seals tend to start leaking after about 10,000 miles, so most owners skip the 15,000–mile service and simply go straight to the 30,000–mile service, which includes cam seals, cam belts, valve adjustment and more at a cost of about $3,500.
At about $85,000 for a very good ’95 456 or $125,000 for a ’96 550, we are talking just over 365 GTC/4 or 365 GTB/4 prices for much more modern and user–friendly cars. Yes, they are expensive to maintain, but as the saying goes: premium product, premium price. And, no offense to VW, don’t you think you’ll get more respect at the car wash when you pull up in your V12 456 Ferrari than in your new similarly priced VW W12 Phaeton, even if you start bragging that it’s the “most expensive Volkswagen in the world?”
ferrari 456 GTA, need info!
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