Buying a used Ferrari with hire purchase (HP) car finance

Ferrari is an iconic Italian luxury sports car manufacturer known for its unparalleled performance, stunning design, and rich motorsport heritage.

At AutoMoney Motor Finance we can help you secure HP car finance on a used Ferrari within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen Ferrari  model straight away.

Apply now for HP car finance

Complete your details via our online form.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used Ferrari?

If you're considering purchasing a used Ferrari, here's a comprehensive look at what you should know about its strengths and weaknesses:

Strengths of Ferrari:

  1. Unmatched performance:
    Ferrari vehicles are celebrated for their high-performance capabilities. With powerful engines, advanced aerodynamics, and precision handling, models like the 488 GTB and F8 Tributo offer an exhilarating driving experience.
  2. Exquisite design:
    Ferraris are renowned for their beautiful and timeless design. The brand's commitment to aesthetics ensures that every model is a work of art, featuring sleek lines, aggressive stances, and meticulous attention to detail.
  3. Heritage and prestige:
    Owning a Ferrari is a symbol of prestige and success. The brand's rich motorsport history and reputation for excellence contribute to its allure and status among car enthusiasts.
  4. Advanced technology:
    Ferrari incorporates cutting-edge technology into its vehicles, including sophisticated infotainment systems, advanced driver assistance features, and state-of-the-art performance enhancements. These technologies enhance both driving pleasure and safety.
  5. Resale value:
    Ferraris generally maintain strong resale value due to their desirability and limited production numbers. While they can be expensive to purchase, they often hold their value better than many other luxury cars.
  6. Customisation options:
    Ferrari offers extensive customisation options, allowing buyers to tailor their vehicles to their exact preferences. From bespoke interior finishes to unique exterior colours, you can create a Ferrari that reflects your personal style.

Weaknesses of Ferrari:

  1. High maintenance costs:
    Ferrari vehicles are expensive to maintain. Parts and service costs are typically high, and specialized care is often required. Be prepared for substantial running costs, including insurance and repair bills.
  2. Depreciation:
    While Ferraris generally hold their value well, certain models can experience significant depreciation, especially if they are not limited editions or highly sought-after. It’s important to research the specific model’s depreciation trends.
  3. Fuel efficiency:
    Due to their high-performance engines, Ferraris are not known for fuel efficiency. Consider the ongoing fuel costs, which can be significant, especially if you plan to use the car frequently.
  4. Complex technology:
    The advanced technology in Ferraris, while a strength, can also be a drawback. The high-tech features might require expensive repairs if they malfunction. Ensure that all electronic components are functioning properly before purchasing.
  5. Practicality:
    Ferraris are typically not designed with practicality in mind. They often have limited storage space and seating, making them less suitable for everyday use or long trips compared to more practical luxury cars.

Tips for buying a used Ferrari

  • Research specific models:
    Popular models like the 458 Italia, 488 GTB, and California each have unique characteristics. Research specific model years for any common issues or recalls to ensure you make an informed decision.
  • Check service history:
    Ensure the vehicle has a comprehensive service history. Regular maintenance by authorized Ferrari service centres is a good indicator of a well-cared-for car.
  • Inspect for wear and tear:
    Look for signs of wear and tear, especially on high-mileage models. Pay close attention to the condition of the interior, electronics, and suspension components.
  • Consider certified pre-owned:
    Buying a dealership-certified pre-owned Ferrari offers benefits like extended warranties and rigorous inspections, providing added peace of mind.
  • Evaluate running costs:
    Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget. Given their high-performance nature, Ferraris generally have higher running costs.

Overall, a used Ferrari can offer an extraordinary and thrilling driving experience, with unparalleled performance and exquisite design. By doing thorough research and inspections, you can find a high-quality used Ferrari that meets your needs and provides lasting satisfaction.

Buying a used Ferrari with HP car finance

One of the ways to buy a used Ferrari, if you do not have enough money to pay for it in full straight away, is to use HP car finance.

This is where you ‘hire’ the Ferrari from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the Ferrari from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the Ferrari completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used Ferrari could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your Ferrari are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a Ferrari today: with HP car finance you can get a Ferrari, even if you don’t have all the money for it right now.
  • Spread the cost of owning your Ferrari: cars are expensive, but are often an essential part of daily life. When you buy your Ferrari with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your Ferrari will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the Ferrari you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your Ferrari at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your Ferrari at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your Ferrari being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the Ferrari is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the Ferrari’s purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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  • Get a finance decision within minutes

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  • Complete the same day

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

Get started online

Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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