| Author | Message | ||
| SPREE17 (Spree17)
New member Username: Spree17 Post Number: 14 Registered: 9-2002 |
i did the same thing with my vette. Sold it with 2100 miles and lost 20% from new in depreciation. You are 100% right. You guys are really helping me with my paranoia. | ||
| NGSVDO (Azspider)
Junior Member Username: Azspider Post Number: 84 Registered: 6-2001 |
Maybe it just comes from experience but I learned the hard way that if you don't use it and keep it in nicely tucked away in the garage, years later you will regret it after it's gone. I did that with a NSX I bought when they first came out. 3000 miles in three years. I sold it and never really enjoyed it. I was always worried about it, never took it anywhere but a "drive", and never parked it anywhere but my house. What a waste. I then sold it for market value. The next guy got a great car but I paid for it. You may loose a little depreciated value but write that off to the cost of ownership and have fun with it. | ||
| Mazin F. (Maze)
New member Username: Maze Post Number: 7 Registered: 9-2001 |
heck!!! even though, i have a great joy looking at my 360,still, thats not what i bought for. I live in la, i take it to vegas, dining, even down the street to buy a six pack. that's where i feel the "expense" is justified. | ||
| billy zissis (89tr)
Junior Member Username: 89tr Post Number: 216 Registered: 4-2001 |
With me at first i was owned by my first Ferrari, I kept her clean dirt free watched where I parked, everything until I got my first ding. Once I got that first ding it didn't matter anymore where I parked it. I am sure alot of people are the same way. Until they get that first mishap everything changes. The only place I do not like to park is on public streets. And its not because I am scared to park, its just that I am dead tired of the $65 tickets I receive each and dverytime for not having a front plate. Here in NY it is required but the car looks so ugly with the front plate in place and Ido not want to drill holes or put wiretie wraps on them either. But since the first time it gets that nick or scratch I park anywhere and everywhere, be it movies, supermarket, restaurants, diners..etc.etc... | ||
| Michael N. (Man90tr)
Member Username: Man90tr Post Number: 662 Registered: 4-2001 |
Adam, sounds like you will make the smartest decision. Enjoy your F-car when you get it. Michael | ||
| Adam R (Arymarcz)
New member Username: Arymarcz Post Number: 4 Registered: 8-2002 |
Hi Michael, Thanks for your comments. I actually had a similar conversation with Ernesto awhile back. I know the finance thing has been beaten to death and whether or not to do it (I know I'm stating the obvious here, forgive me!) boils down to some mathematical relationships. My ownership comment was more spiritual in nature not the ego/trailer park bullsh!t. Hey, I already know I'm 'the man';);) -Adam | ||
| BobD (Bobd)
Member Username: Bobd Post Number: 638 Registered: 3-2001 |
Apparently (and unfortunately), I use the same Money Manager as Ed. To everyone out there who's financing their toys so they can get 20% returns on their cash, fill us in on your secrets!!! I'm desperate!!! As a matter of fact, only provide us with 50% of your knowledge.... I'll settle for 10%. | ||
| Michael N. (Man90tr)
Member Username: Man90tr Post Number: 661 Registered: 4-2001 |
Adam, You guys are having the wrong conversation in my view about the cash vs. finance thing. Everyone says that daily driveable F-cars are a depreciating item, which they are. That said I ask why would you put your money where you know it will be less almost immediately? The question is not if you can pay cash, it is if you can pay it off when wanted. Erin, in my view has it right in that there are many ways to make more money financing anything (including F-cars) than it is to pay cash. Done properly someone's elses money is 90% of the time a better deal than liquidating your cash. He is also right that airplanes are different because of the write-off issues. It really comes down to this if you are borrowing the F-car because you do not have the money to pay for it, then the cash people have a point. But I darn sure will not move money from a 20-25% return instrument to pay for a car that depreciates 10% a year. But I will not buy the car either if I could not get any day and write a check for it. So you ask, if you can write a check for it any day why don't you do that and get it over with? I find it frankly silly that if you own, for example, 1M in buildings and property that you would not take an equity loan out on a piddly 60K F-car. The write-off of the loan plus the income the property produces makes the loan (ie. the car) a virtual gift. Why wipe your bank account of 60K of liquid cash to prove nothing? To say you own it outright? -- that sounds like a trailer park conversation. It is not whether you pay cash, it whether you have the money. Adam, I dont' know what you own etc., but talk to your accountant first before writing a check for the car. He may have a smarter way for you to do it and come out ahead. Michael | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 1340 Registered: 9-2001 |
I try to park my car in a place where it will be protected from door dings, but I do leave it parked with the top down while I eat or visit or whatever. I did have the tires slashed on it one time, but I guess that's the risk one takes for owning one. | ||
| Adam R (Arymarcz)
New member Username: Arymarcz Post Number: 3 Registered: 8-2002 |
I do live in one of the 99.5% of the neighborhoods where you wouldn't expect to find an F car. I don't own one but I'm thinking about purchasing something next year; probably with cash. Maybe this isn't such a good idea as some of the folks on F-chat have pointed out, but I sleep better at night knowing the things I have are MINE! Anyhow, back to the original... I wouldn't feel comfortable leaving my F car outside on the driveway - 1) I don't like to advertise what I have around the house as I feel it invites theft; and 2) People (some friends, co-workers, neighbors) treat me differently when they find out a little bit more about my financial situation. This is something I've been working on getting used to. I'm sure some of you know to what I'm referring. (uh-oh is this the start of another thread?). Anyhow, Yes, looks can be very deceiving - I don't keep my driving toys around the little brick house - they're off at a relative's whom lives in the country. One of these days I'll upgrade the house, but hey, the new toy comes first! BTW, I park the F150 in the spot by the planter  . | ||
| Jack (Gilles27)
Member Username: Gilles27 Post Number: 579 Registered: 3-2002 |
This is a subject on which I usually chime in. Where I live, you're insane if you hand your car over to a valet--I don't care what kind. There's a huge difference between theory and reality with valet parking. These guys are impersonal at best, and joyriders at their worst. I'm guessing you wouldn't trust them with your wallet, so why give them a something-thousand-dollar car? Pull up, park it, and pay them up front. There's hardly a restaurant around that wouldn't want a Ferrari parked right in front. Plus the valets get paid for doing nothing. | ||
| Erin (Fulmina)
New member Username: Fulmina Post Number: 43 Registered: 3-2002 |
OK Ross. I see your point, but I do it exactly the opposite: I borrow for toys and pay cash (when possible) for investments. Ed, the market stinks, doesn't it? Actually, I invest all my extra cash back into our company. Might be a mistake-- keeping all my eggs in one basket-- but 3 generations of my family have run this business and I feel secure enough. Sorry to jump topic on you guys. I would drive my car nearly anywhere. Erin | ||
| Don Vollum (Donv)
New member Username: Donv Post Number: 18 Registered: 1-2002 |
You guys might be surprised what's hidden in some of the "poor" neighborhoods. I bought my 365GT 2+2 from a guy who lived in a marginal neighborhood. He had a tiny, beat-up house, a Geo Metro parked in front of it, and a falling-down garage in the back. The falling-down garage contained the 365, a Porsche speedster, and a couple of early-60's Corvettes, all in immaculate condition. Incidentally, I'm fully in the "it's a car, drive it" camp. I park the Mondial with the top down all the time, and so far I've not had a problem. | ||
| Richelson (Richelson)
Member Username: Richelson Post Number: 820 Registered: 12-2001 |
I am careful about where I park my car but for the most part it is usually fine. I try not to worry about it too much. It would take all of the fun out of it otherwise. Try to get an end space if you can and hug the opposite side of the curb. This way you will have a large distance between the car next to you. This should decrease if not eliminate the door ding issue. | ||
| Edward Gault (Irfgt)
Intermediate Member Username: Irfgt Post Number: 1925 Registered: 2-2001 |
How about fill us in on where you are getting 20% on your money!! I'm loosing about that much. | ||
| ross koller (Ross)
Member Username: Ross Post Number: 287 Registered: 3-2002 |
i don't think jim (or my other confederate in this argument, frank parker) is denying your mathematical reasoning on borrowing the money. i think for him it has more to do with personal discipline. he probably thinks (and i share his view), that a car, which will decline in value, should not be placed in the same category as a piece of land you buy speculatively, since you expect the value of that land to increase. they are apples and oranges. and hence the ferrari is not an investment but a luxury, and therefore should only be purchased with cash. but since you are a ferrari enthusiast, and you want to buy the car, then buy it by whatever means you want; everyone will have a different opinion on this. | ||
| A.Tonokaboni (Senna1994)
New member Username: Senna1994 Post Number: 2 Registered: 9-2002 |
Erin, good point, if you could buy a piece of real estate that pays for the car and goes up in value whats the big deal of financing at 6-7%? | ||
| NGSVDO (Azspider)
Junior Member Username: Azspider Post Number: 83 Registered: 6-2001 |
Just got back from Piatti in La Jolla in mine. Good food and my car was still there when I came out. Use them and enjoy them. | ||
| Erin (Fulmina)
New member Username: Fulmina Post Number: 42 Registered: 3-2002 |
I don't drive my car every day, but I have put 9000 miles on it in 10 months. Movies, sushi bar, work, doesn't really matter. I try to be cautious when I park, but I will not sacrifice my lifestyle for the integrity of the car. Of course, I have never had it dinged, scratched, or vandlized either. Some folks are curious about it and I encourage them to have a closer look when I notice. Jim brings up something I have noticed several times on F-chat and never asked about: Why is it wrong to borrow for an F-car? I mean, I think I should pay cash for the daily driver that is going to depreciate. I usually borrow to buy my airplanes and I got a line of credit to finance the majority of my F-car purchase, but I don't get where your coming from here. Is this some kind of "You have to have the money to join the club..." B.S. or is there some sort of custom being broken? Please enlighten me. Why should I stop putting my money where I can earn a 20% return so I can save 6-7% in interest? Thanks, Erin | ||
| Paul DeVivo (Pdevivo)
New member Username: Pdevivo Post Number: 1 Registered: 9-2002 |
When I had my 308 I drove it most weekends and would park it for short periods in "OK" areas. Now I have a TR and usually don't park it on the street. At restaurants, etc. I usually ask the valet if there is a really safe place to park and give them 10 bucks. They always park the TR right in front and "guard" it --embarassing sometimes, but I feel very comfortable. | ||
| arthur chambers (Art355)
Member Username: Art355 Post Number: 649 Registered: 6-2001 |
Arlie: Poor neighborhood is defined where the people can't afford a car. Given what I do for a living, I sometimes have to go into those areas (not that I don't enjoy that), and then I take the Audi or the truck. 99.95 of the neighborhoods that can't afford Ferraris aren't all poor, but most of them are to be avoided because they are DULL. Art | ||
| Dr Tommy Cosgrove (Vwalfa4re)
Member Username: Vwalfa4re Post Number: 279 Registered: 5-2001 |
I'm like Jim. I have a few small dings so that is behind me now. I drive it anywhere except a football game and just park it in the best place I can find. Then I forget about it. I refuse to be held prisoner by it. | ||
| Bruno (Originalsinner)
Member Username: Originalsinner Post Number: 533 Registered: 5-2002 |
I park em and go to restraunts and stores etc.No large shoping malls.No patterns.Never same place same time. | ||
| Horsefly (Arlie)
Junior Member Username: Arlie Post Number: 215 Registered: 5-2002 |
Would a "poor neighborhood" be one where the people can't afford a Ferrari? If so, that pretty much rules out 99% of neighborhoods, doesn't it? | ||
| arthur chambers (Art355)
Member Username: Art355 Post Number: 647 Registered: 6-2001 |
All my friends are paranoid about parking their Ferraris, but I think that I bought insurance for just that reason. The car is meant to be driven and used. My 355 is not a museum piece and I drive it just about everywhere. If I do leave it, I have a plain brown cover which I use. I don't use the red one that came with the car, since it just advertises what it is, and that could lead to it be vandelized. I've gone to movies, etc. I haven't left it alone in a poor neighborhood all night however. Art | ||
| Anthony Tonokaboni (Senna1994)
New member Username: Senna1994 Post Number: 1 Registered: 9-2002 |
I used to not worry about parking my car anywhere, however, I had the misfortune of parking it on PCH (Laguna Beach, CA) one evening and a lunatic on drugs getting chased out of a nightclub by Security decided to jump on a 500SL behind my car, jump on my car (while running) and land on another Mercedes. Unfortunately the police did not get him and it cost me $500 in repairs but could have been a lot worse. | ||
| Allen Cook (Alcook62)
New member Username: Alcook62 Post Number: 43 Registered: 3-2002 |
I have had my Ferrari since Feb. of this year and had it vadalized once. I was coming back from the Monterey car show last month and stopped for lunch and some idiot squirted ketchup all over the hood. Yes, it washed off fine but I learned my lesson. Park where you can watch it. | ||
| Dave328GTB (Hardtop)
Junior Member Username: Hardtop Post Number: 235 Registered: 1-2002 |
I obsessed with my first Ferrari, but I was determined I would use it and got over the obsession. When I do park at a store, I look for a spot that's not up front, but not too far away. I figure if there is good foot traffic, it won't be vandalized. I also like having a curb, planter or pole on the right side. Reduces chances of door dings. Almost 7 years, never had a problem. Dave | ||
| Jim E (Jimpo1)
Member Username: Jimpo1 Post Number: 739 Registered: 7-2001 |
Hey Jim, just remember, when you go for a ride in Robs 328, only 1 of us left rubber in the parking garage! I drive my car everywhere, especially to restaurants and night clubs. I drove it to Arbys to lunch today. I'm careful about where I park, but I'm not going to postpone my life because of my car. If you're afraid to drive it, buy a Buick. | ||
| neal ezra (95spiderneal)
New member Username: 95spiderneal Post Number: 19 Registered: 3-2002 |
how can anyone enjoy their car if the obscess over it so much. i treat my 95 spider no different than my other lesser cars- land rover and new mini. i almost never even bother to put the roof up even if im at a movie. i just got a ding behind the front drivers wheel from marbles on track at limeroc - big deal. i do avoid head in parking though and dont give it to valets. less stress more fun. | ||
| Frederick Thomas (Fred)
Member Username: Fred Post Number: 612 Registered: 2-2001 |
I will drive my car and park it anywhere as long as it is in a good part of town. I leave it outside while at work. I always leave it with the top out. It seems to me that a 308 isn't that much harder to get into with the top on. It they really want in my car I would prefer they not break anything to get into it. The only thing I worry about it the sneaky thunderstorms that pop up in Indiana. | ||
| Mark (Markg)
Junior Member Username: Markg Post Number: 250 Registered: 2-2001 |
I had someone try to pry hood emblem off; its doesn't come off, so resulting damage (along with 2 screwdrivers across hood) = $980.00. While true a Ferrari is just a car - you can buy a new 'just a car' for the price of a few parts on a Ferrari...but I enjoy driving it anyway! | ||
| Martin (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 2784 Registered: 5-2001 |
??? I like reason 39 | ||
| Jim Schad (Jim_schad)
Junior Member Username: Jim_schad Post Number: 183 Registered: 7-2002 |
Martin, You mean you financed instead of paying cash? Now here are the 38 reasons why you are wrong.................................................................sigh.............. | ||
| Martin (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 2779 Registered: 5-2001 |
More funny, I just came back from lunch from Flanigans (local bar/burger place). I park my car in a remote location. I search for the right spot in a parking lot. Also take it to go shopping at Publix or to the mall. Will make a point though of taking the furthest parking spot and double parking it. I mean where there is no cars for a mile. If you can find one with a planter on your right side I will park there close to the planter. Just common sense. But no worries. BTW I rather park the car on the meter than with any valet. If there is a valet I park the car myself and if they insist on the keys they get a copy that does not even work on the car, just so they can hold on to something! My personal Valet Key, comes on a nice Ferrari Key Chain. | ||
| Martin (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 2778 Registered: 5-2001 |
Funny, the bank owns my Ferrari | ||
| SPREE17 (Spree17)
New member Username: Spree17 Post Number: 11 Registered: 9-2002 |
exactly Howie!!!!!!!!! Thats my problem. The car owns me usualy not vice versa. | ||
| Howie F. (Brokerofexotics)
Junior Member Username: Brokerofexotics Post Number: 183 Registered: 11-2001 |
Amazing how Ferrari owners aren't really owners at all. Seems it's the Ferrari that owns them. | ||
| Kevin Marcus (Rumordude)
Junior Member Username: Rumordude Post Number: 61 Registered: 9-2001 |
I think it depends a bit on what city/part of town you live in. In the Seattle/eastside area, I am comfortable driving most anywhere and leaving whatever i drove there for awhile. Besides, that's part of the reason you insure your car, right? I dunno, I like driving. So to me, they're meant to be taken out and had some fun with! Grocery store, restaurant, movies - I've done them all with no problems (yet). | ||
| Jim Schad (Jim_schad)
Junior Member Username: Jim_schad Post Number: 181 Registered: 7-2002 |
rob, next go cart meeting I want a ride in your 328 if you will? I have never ridden in a 328! Between you, Jim and Bob (all 328's) I should be able to remedy that! | ||
| Rob Lay (Rob328gts)
Board Administrator Username: Rob328gts Post Number: 2103 Registered: 12-2000 |
Ferraris are meant to be driven and although a pain, we have insurance for many of these incidents. In 2 years of ownership and 6k miles (99% unfortunately city driving) I haven't had a single problem. I don't take it to the movies or too many stores. Most often just the work parking lot, restaurants, bars, and night clubs. | ||
| Matt Lemus (Mlemus)
Junior Member Username: Mlemus Post Number: 99 Registered: 8-2002 |
I drive my car everyday to everywhere. I do not lock my doors with the top off and I do not let valet's drive it. I love ferrari's but when it comes down to it...it is just car. | ||
| Jim Schad (Jim_schad)
Junior Member Username: Jim_schad Post Number: 179 Registered: 7-2002 |
I was at Northpark Mall in Dallas which is a very posh mall in the rich area of town (ie no foodcourt, no kids). On my way in a man was parking his Red and Black 512 Boxer and I admired it briefly. On my way out it was still there, but somebody had pried the ferrari logo off the engine cover. They hadn't stolen it, but it was pulled halfway up and bent in the shape of an L. What kind of jerk does this stuff? | ||
| SPREE17 (Spree17)
New member Username: Spree17 Post Number: 10 Registered: 9-2002 |
At restaurants is it better to park far away from everyone or in a good spot closer. Seems everytime I park far away I walk out and there is another car parked right next to mine. I like the spots with a curb on one side best that way only one side has a chance to be dinged. | ||
| John Delvac (Johndelvac)
Junior Member Username: Johndelvac Post Number: 77 Registered: 11-2001 |
I will drive the 328 almost anywhere (minus dirt roads). However, I'm very particular about where I park it. I always stake out a destination with another car first (ie: new friends driveways). It is hard for me to not worry about the car, whether it is in site or not. It's the door dings, belt buckels, shopping carts & jerk teenagers that worry me the most, not theft at all. A resturant lot is usually fine if I get a good spot (preferably on a curb). I will not park at the movies. Usually, my mileage is limited to friend's & family's homes and my manditory 2x a week drive in the country. I really hate interstate travel as I have suffered several stone chips from trash on the road (all repaired at my expense). I imagine a Ferrari would be much more user friendly in a smaller, more rural, community. I live North of Atlanta & if you keep more North, the car is fun. If you head towards the city, something is bound to happen. I have considered just driving it, and not worrying anymore. It's just that some day, I would like to upgrade to a 550 or 355. I'm sure I will treat the new car the same. I'm sure I need counceling. | ||
| SPREE17 (Spree17)
New member Username: Spree17 Post Number: 9 Registered: 9-2002 |
My friend Sam once had his Prancing horse ripped of the back of his 348. I'm more worried about door dings and stuff like that than deliberate vandelism though. Most people couldnt care less about what they drive and swing there doors open without even looking. Many times they will park so close its impossible to get in your own car from the drivers side. | ||
| Mark (Markg)
Junior Member Username: Markg Post Number: 249 Registered: 2-2001 |
My 308 has been vandalized 3 times in a month - the last time causing $980.00 damage. I am very cautious about leaving it unattended now, and this more than anything else is going to be the motivating factor to finally just get rid of it and getting a Ford F150 pickup like the rest of the goobers here in Colorado (drove it for a week cross-country with NO problems, including leaving it parked for 3 days in Las Vegas). | ||
| Daniel Baggett (Dan_the_man)
New member Username: Dan_the_man Post Number: 3 Registered: 9-2002 |
Guys, I drive my 308 every day. I go to work, I go to the restaurants, I go to walmart, I go to the Winn Dixie, what ever, and I go in with the top off, etc. I have had no problems at all with any form of theft or Vandalism of any kind. People have always been interested in looking at the car, but they have yet to bother it. I came to grips with the fact that I bought it to drive it. Thus it is my main transportation and I drive it. as far as protecting it at these places, if you are that worried try and park beside really nice cars. These people are allot less likely to bang your car with theirs. Also, NEVER double park. This is a big No No. People take that as being snobbish and will go out of their way to ding or block you. When I was younger I would never hurt other peoples cars that did double park but I drove a POS and would park as close to them as possible just because it pissed me off. It took me a little while to get over driving the Ferrari and coming to grips with the road hazards that exist, but I got over it because I wanted to drive the car. If you are going to buy it for investing reasons great. But if you are going to drive it then DRIVE IT!!!! yeah baby! | ||
| SPREE17 (Spree17)
New member Username: Spree17 Post Number: 8 Registered: 9-2002 |
Well where should I be ok driving it and not let my obsession overwhelm me? If I could just drive it to restaurants I think I would be ok. No need to drive it to a supermarket or to the movies. I wish they had extra large parking spots in front of restaurants that you could pay for. I like drive thrus that way I never have to leave my car because of my paranoia. I just figure its too much when I love my car but cant go anyplace in it. Is there a 12 step program or something? | ||
| Greg Rodgers (Joechristmas)
Member Username: Joechristmas Post Number: 450 Registered: 3-2001 |
I am the same way. This is the main reason why I don't drive my cars as much as I like to. I feel very uncomfortable leaving them unattended. Otherwise I would drive mine all of the time. I am trying to work on it but what can you do. I don't mind if anyone wants to look at the car but some want to harm it. This is what worries me. | ||
| Dave (Maranelloman)
Member Username: Maranelloman Post Number: 378 Registered: 1-2002 |
Yes. I will only take the F-car if I can see it from where I am seated. As for valet parking? HA! When my 550 was 1 month old (with 800 miles on it), I parked right in front of the main entrance of the 4 Seasons Austin, on instructions from the valet morons (and this is a 5 star place). After lunch, I came out, and they informed me that someone had backed into my car, and left a nice quarter-sized hole from their trailer hitch in my front bumper (thankfully yhey had stopped before their Suburban trailer hitch went all the way up my hood.) The culprit was totally distraught--it was truly an accident--and paid for repairs, but the moron valet idiots allowed it to happen right in front of their noses by parking his Suburban right in front of the 550. Never again! | ||
| TomD (Tifosi)
Intermediate Member Username: Tifosi Post Number: 1287 Registered: 9-2001 |
it depends on the parking situation. I don't need to be able to see the car 100% of the time when I am away from it but you also don't want to park it in an isolated place where kids can have their way with it. If I am going to a new place I may use the other car to stake it out first | ||
| SPREE17 (Spree17)
New member Username: Spree17 Post Number: 7 Registered: 9-2002 |
Ive been very paranoid with some of my more expensive cars so I cant take a nice drive to a nice restaurant and eat lunch with somebody because I obsess on my car at risk in the parking lot from other people dinging or keying it. Do any of you guys suffer from this paranoia? Is there anybody that has no problem going places in their ferrari and just parking it. I'm talking going to eat or to a friends house. I wouldnt ever even consider leaving the car at a supermarket or a movie theatre. This obsession hurts me because whats the use of having a hot car if I cant go anywhere with it? |