CPO Program Review: Ferrari

Overview

Like Ferrari's cars, the brand's certified pre-owned (CPO) program is complicated. Essentially, it breaks down into three parts. First, there's the Power (which stands for "Pre Owned Warranty for Exclusive Retail") Cube warranty, which is available for cars that are still covered under factory warranty; then there's the Power Normal warranty, which covers the powertrain and other areas, such as the car's electronics; and there's also the Powertrain warranty, which only covers the powertrain -- specifically, the engine and transmission. All are available at an additional cost, which makes them unlike most brands' certified pre-owned warranties.

What We Like

Finally, a warranty that covers exotic cars; coverage for up to 9 years from original sale date

What We Don't

Warranty costs extra, unlike most CPO warranties; coverage is expensive; Power Cube can't be renewed once a car reaches a certain age

Program Specifics

Ferrari's certified pre-owned warranty is highly complicated and expensive, but if you're interested in one of the brand's cars, it can be worth it given the temperamental and expensive nature of most Ferrari models.

Here's how it breaks down: If you're looking for a certified pre-owned Ferrari, you must first find one that is CPO-eligible. This includes the vast majority of used Ferrari models that are for sale at the brand's dealerships because Ferrari offers certified pre-owned warranties for most of its vehicles up to 9 years old.

If a used Ferrari is still under warranty, it's eligible for all three certified pre-owned warranties: Power Cube, Power Normal and Powertrain. But it doesn't automatically get certified in the way we think of other certification programs. First, it must go through a 101-point inspection and then -- depending on the warranty you choose -- it may need to have all fluids drained and replaced. This can be very expensive (around $2,000 between the inspection and the fluids), so you may want to try to work this cost into the sale price of the vehicle.

If a used Ferrari is no longer under warranty, it's not eligible for the Power Cube warranty. You'll have to choose between the Power Normal and Powertrain warranties. This also means you probably won't have to pay for the expensive fluid flush but rather just the 101-point inspection.

So what's the difference between the warranties? Power Cube is the most comprehensive, covering the car from bumper to bumper. Power Normal is second-best, covering the car's powertrain and electronics, while Powertrain simply covers the powertrain.

Another wrinkle: Once you choose a Ferrari-approved used car, you still have to pay extra for the warranty, which lasts for a year or two. Unlike most automakers, Ferrari doesn't include the certified pre-owned warranty in the price of its used cars, and it can cost several thousand dollars per year.

So what's our verdict? Ferrari's CPO warranty is very complicated. It requires you to find a qualifying vehicle, pay for a costly inspection and then pay for the warranty in addition. Is it worth the complication and the expense? Given the pricey nature of Ferrari's cars, we think so, if only for the peace of mind that comes with owning such a costly vehicle. That's especially true considering that warranty prices can be a reasonable $2,000 to $4,000 per year -- chump change compared to the $180,000-plus price tag of many used Ferrari models.