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Ferrari 360 Modena

1. Be wary of low-mileage cars. First, it's easy to disconnect the speedometer on ferraris so that the odometer won't record the true mileage. But even if the mileage shown is accurate, a Ferrari that spends its life sitting without regular use is an unhappy car. Everything from hydraulic systems to rubber suspension pieces, from shock absorbers to gaskets and seals, will deteriorate, perish or freeze up without use. And because Ferraris tend to be weekend playthings, there are plenty of low-mileage cars around. "A car with exceptionally low mileage makes a nice show car, but that's about it," says Cox. The best ferrari is one that has received both moderate use and regular service. A well-maintained ferrari with 100,000 miles or more can still be a very strong car and a good buy.

2. Check the car's records to see that the prescribed service has been performed. The engine oil and filter shouId be changed every 3000 miles or six months. The factory specifies additional service procedures every 15,000 miles; this service will include a tune-up and a valve adjustment. The 30,000-mile (or 60,000-. or 90,000-mile service and so on) is the big one: the standard procedure for this service calls for removing and reinstalling the engine, according to Rozenstraten. The 30,000-mile service will often include a valve adjustment plus replacement of the water pump, the two timing belts, ignition parts, the clutch linings, various seals and hoses.

Obviously alI this is an expensive proposition, which owners too often skip. "We see a lot of people who can afford to buy these cars, but who can't afford to service them," says Dindral. But ignoring Ferrari's prescribed service intervals can have catastrophic consequences for an owner's financial well-being. For instance, if the timing belts aren't replaced every 30,000 miles or five years, they may break and allow pistons to crash into valves, necessitating an engine rebuild - something no faint-hearted enthusiast of moderate means would ever want to face.

3. Inspect the emissions-control equipment. This is of particular concern in California and in other states with strict smog-test rules. These ferraris came with a variety of emissions-control equipment. Until 1978, they were saddled with a thermal reactor and twin air-injection pumps. From 1978 on, they had twin catalytic converters. And all carbureted cars had dual-point ignitions. During your pre-purchase inspection, make certain the appropriate equipment for the car is in place and operating correctly. When these ferraris were young and the emissions inspection rules were more lenient, many owners removed the thermal reactors, gutted the catalytic converters or replaced everything with European exhaust systems. But retrofitting this emissions-control equipment is costly. And keep in mind that getting all those Webers properly adjusted and running in synch on the early ferraris is an arduous task requiring large doses of experience, patience and concentration. "I come in on Sunday to do the carbs," says Rozenstraten. On the other hand, once properly set up, they'll stay that way for a long time.

4. Look for rust. It wasn't until 1980 that Ferrari offered any kind of warranty against corrosion because until then, the cars carried virtually no rust- proofing. Early ferraris, even ones that live in sun-kissed California, may have rusty doors. Quarter panels are another favorite haunt of the tinworm. And keep in mind, adds Roberts, that the fiberglass-bodied cars still have steel rocker panels, yet another common area for rust.

5. Check for electrical problems. Cox and Dindral advise you to note the operation of the twin electric radiator cooling fans as the engine idles. A fan that runs slowly could indicate a bad fuse box - a common ferrari trouble spot. And if the turn signals only work when you rev up the engine, the charging system may be failing. Overall, ferraris - carbureted cars in particular - seem to have weak electrical systems. Fuse boxes melt. Power window lifts, never speedy to begin with, become agonizingly slow. And the electric motors that raise the headlights are prone to fail. And on fuel-injected cars, the electronic ignition control units may go berzerk; they sit in the trunk where they can get soaked if water seeps through leaky taillight seals. Though all these electrical gremlins are annoying, they aren't generally horrifically expensive to correct.

6. Don't expect too much. Yes, Ferraris are very expensive when new. And yes, they are exotic. But Ferrari has often been slow to adopt features that we take for granted even on lesser cars. The lack of rustproofing is one example. And Ferrari didn't give the ferraris grease fittings in their suspensions; after 50,000 miles many ferraris will need every moving part in their suspensions renewed. Nor do they have the comforts of a luxury car. "People expect them to be like their Lexus," says Cox. They're not.

7. Once you buy a ferrari, find a good mechanic. Then listen to his wise counsel. And give him a thank-you present. Though in most instances you'll want to use genuine-issue Ferrari parts, the savvy mechanic knows that a set of Repco brake pads ($45 a set) works just as well as Ferrari pads ($180 a set), that an electric radiator fan switch from a VW Rabbit ($10) is the equal of a Ferrari switch ($63) or that the electric mirror switch from a BMW 7-Series ($26) is the same one Ferrari uses (at $70). A good mechanic can make your dream of owning a Ferrari a little more affordable.