Affordable Ferrari ownership looms as an oxymoron, until Mike Ricciuto backs his 550 Maranello out of his garage for a Sunday morning drive and explains how it came to be his.
New in 1998, this V12-powered-sculpture listed for $307,650. Ricciuto paid $45,000 for it three years ago.
Of course, its technology isn’t up to that of the latest Ferrari wondercar, LaFerrari. Ricciuto understands, as Hyundai Canada’s director of product and corporate strategy, playing a part in every new model bettering what came before. “I sometimes kid that a new Genesis Coupe has more horsepower than my 328,” he says of his first Ferrari.
What matters in the case of the 550 is that its V12 – the 12-cylinder conformation central to Ferrari legend – generates 478 horsepower and 419 lb-ft of torque. A Ford F-150, Canada’s favourite mode of transport, costs more.
In high school, he owned a Datsun 240Z, a Corvette, and became handy on the family farm, but Ferrari was his fascination. “I met my wife, Heather, in high school and whenever she’d ask me what I wanted for a birthday, my answer was, ‘A black Ferrari.’” That turned out to be the 328; next he pined for a V12.
As he backs the 550 out of his garage into the sunshine, the sculpting within the simple fastback lines pops in the light, six stainless steel tailpipes rumble, resplendent Grigio Titanio paint shimmers. The thought occurs that $307,650 is not a lot for such a car.
We’re setting out to lap Lake Scugog, not far from Ricciuto’s home near Port Perry, Ont. Italy’s Mille Miglia would be better, but the 550 feasts on curves wherever they may be.
Stepping inside, you risk bloodshot eyes because not only is the leather red, the carpets are red, the console red, the steering wheel red. Perfect, not for everyone. “The original owner apparently checked every box red, which may be one reason the exotic car dealer in Cincinnati didn’t price it higher,” he says. “Along with the fact Americans shy away from Euro-spec cars, and it came without service records. I took a chance.”
Auction results make clear that classic V12-front-engined Ferrari fastbacks are precious metal. Peter Klutt’s 1967 275 GTB/4 sold for $3,877,500 in August, and more common 365 GTB/4 Daytonas routinely change hands for close to $1-million. The 550 Maranello fits the template – front-mounted V12, fastback body – but lacks the presence.
The wilder a Ferrari, the bigger the bucks on resale. Milder Ferraris suffer free-fall depreciation before beginning to appreciate. An aware enthusiast such as Ricciuto takes advantage.
Clunk, he engages first. Six such clunks produce 320 km/h. This sound – steel shifter slotting into the steel gate characteristic of Ferrari’s manual transmissions – is as much a part of the experience as the basso profondo howl of the V12 under full throttle. Worth noting, the 550 is the last Ferrari in which a manual transmission was standard.
“In 41/2 seconds you’ve broken every law,” he says. Not while circumventing Lake Scugog, though, where traffic renders acceleration runs anti-social.
Still, I’m determined in my turn at the controls to just once touch 7,000 rpm before the shift from second to third. Epic sound, epic thrust – right up to the engine stuttering, shutting down in reaction to overrevving. “That’s the first time that’s ever happened,” Ricciuto says of the automatic cutout.
Ask him what he likes best about the V12 and he says, “The feeling of the limitless torque – after peaking at 3,000 rpm, it’s linear all the way to peak horsepower (478) at 6,000.”
Least-liked, the dash buttons and vent rings become sticky to the touch, a common malady in European collectibles. “Some guys use Easy-Off oven cleaner on Q-tips,” he says, but he’s leaning toward sending the lot off to Sticky No More, a company in Maryland. It charges $250 to refinish five dent rings, $390 for the heat/air/ventilation panel, $50 a button.
Ferrari upkeep can cause even the well-to-do to blanch. Ricciuto, however, has located an independent shop in Alliston, Ont., Gran Turismo Auto Service, with a $69 hourly labour rate. An annual fluid change costs $750; brake pads, $900; preventive maintenance every 30,000 kilometres, $3,500-$4,500. More than Hyundai prices, certainly, but manageable.
Even insurance is reasonable, Ricciuto having chosen Hagerty’s coverage for classics driven less than 2,000 kilometres. “I insure both the 328 and the 550 for $1,500, less than I pay for my Ducati motorcycle.”
On the Gran Turismo website, owner Brent Swaykoski lists a 1984 Mondial QV Cabriolet for $37,500 or nearest offer. The stuff of dreams, within reach.
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