| Author | Message | ||
| magoo (Magoo)
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As I said before guys, It seems to be the way to let your car go back if you can't afford it. Seems like we are seeing more of these. Hmmmmmmmm. | ||
| Modified348ts (Modman)
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I'd gladly pay 10K for it and put it in my showroom floor! Imagine the looks it will get he he!.. | ||
| Tim N (Timn88)
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Thats the kind of car the auto toy store will take a picture of from the front and sell it on the internet for a low price- "it was really hot a while ago, but now it has cooled off, can be yours for a low price" | ||
| William_Huber (Solipsist)
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It's back. I guess it didn't sell for $45,000. The only good the 360 for is parting out. Too much of a risk to rebuild it as a daily driver. Here's the link http://cgi.ebay.com/ebaymotors/aw-cgi/eBayISAPI.dll?ViewItem&item=598820944 | ||
| William_Huber (Solipsist)
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The story is that it was a 2000 360 F1 with less than 200 miles on it. Heres The Vin # ZFFYU51A4Y0122448. The car was in Dallas, TX. Makes you wonder how a 360 with such low mileage could be destroyed. Was it improper care or a possible insurance fraud?  | ||
| Willis Huang (Willis360)
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The parts in the undamaged areas might be worth more than $10k. Anyone got a story behind this car? | ||
| Martin (Miami348ts)
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It would not be to me. I'd pay no more than $10K for that | ||
| Tim N (Timn88)
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Is this car worth 45k? | ||
| Martin (Miami348ts)
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WHO WANTS TO FINANCE THIS 360 ANYWAY?  | ||
| steve k (Skana)
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I would of appreciated anyone that would of provided financing for my "dream ferrari" then.Now that i have finally got one, i m still very much exited , but nothing compare to what it would of been a couple years ago.And no money in this world can buy that back.So as long as you don't have to eat noodle soup every night and sleep in a dumbster....i don't see the reason you shouldn't finance your dream...NOW | ||
| Modified348ts (Modman)
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Everyones opinion is their own opinion, let it be and let's not get out of line... Wanna talk about the stars and planets? he he I really want to know the real stories of these burnt Ferraris that I see quite often, hmmm. Now that's what you call a fire red Ferrari! | ||
| Willis Huang (Willis360)
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So I paid cash for my cars but not for other things. What is the big friggin' deal? It's what I'm comfortable doing. Hey, I know what you're saying (heard it all before) but I just don't like debt for certain things. Some luck in investments, saving like a madman, and keep the expenses low for a decade equals Ferrari in the garage. No magic here. | ||
| steve k (Skana)
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Keep it coming!!! i am really starting to enjoy this site . I think it all comes to this;if you have the cash (lot s of it) go head and pay your ferrari in cash. But if your uncle isn't exatly B.Gates ,but can manage those ferrari monthly payements...WHY NOT? lIFE'S TOO SHORT. enjoy be 4 your earth-time expires. MY 2c | ||
| TWA (Exoticars)
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Who said anything about buying that building for cash, Willis? I was telling you to finance the depreciator rather than the appreciator if you HAVE to cash out one of them. I say NEVER pay cash....... For someone who seems to have a load of cash, you must have aquired it all at once rather than build it slowly by investing because if you've been paying cash for all things then where did the initial cash come from? | ||
| Willis Huang (Willis360)
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As you guys may have guessed by now, I'm not thrilled about debt. It's best to live within your means. Mortgages are different. | ||
| Willis Huang (Willis360)
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Exactly, Ernesto! My hypothetical $25 million building example is one. If you paid CASH you get just ONE building. Spread that money among several buildings with financing and you'll increase your income dramatically (assuming you worked out the numbers correctly). Very basic and financing has it's place. Now, cars are a different story for me. I've never consider the money I used for cars as any part of my investment portfolio. Car money is a portion of "spendable cash" reserve. Investment terms or logic do not work there. | ||
| Michael A. Niles (Man90tr)
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That was for the sake of the discussion but if I was in the position I stated below, I would borrow against asset that I had, buy a building or something lease it out and use the income to pay off the other stuff. Again, I would not pay cash. I leave the cash for whoring (oops I'm married) I did not say that. I have been hanging around William too much. | ||
| Ernesto Sgroi (T88power)
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NEVER PAY CASH!!!!! By paying cash for anything, you are sacrificing returns in other places. If you buy a car for cash, you are sacrificing a return on an investment greater than the interest rate for the car loan. If you pay cash for a building, you are decreasing your return and sacrificing investing in three or four other buildings. Always use other people's money for buying anything, use your cash to spread among investments. Ernesto | ||
| Michael A. Niles (Man90tr)
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I do not get the difference between this finance versus cash thing. The only thing that matters is reserve. Finance everything if you want and invest for a higher return. Fine. Just make sure that you have the cash to buy out all your purchases whenever you want to (ie: back to your no debt position instantly) -- its having the money on tap and available for the buyout that matters not how you decide to acquire in the first place. | ||
| Willis Huang (Willis360)
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So you're saying that $25 Million building in downtown that I've been eyeing should be paid in CASH?!!! GIVE ME A BREAK! | ||
| Willis Huang (Willis360)
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Err..I NEVER said buying a car, even a Ferrari, is an investment. It's like buying a toaster. | ||
| Ernesto Sgroi (T88power)
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Yes, finance everything!!!! Use the cash to invest and (hopefully) earn a higher return than the cost of the loan. Basic investment principle. | ||
| J. Grande (Jay)
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William is that the same engine and tranny on ebay? I don't think it comes with a computer does it? | ||
| William H (Countachxx)
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Martin I think he wants around $17k for the Modena engine & trans. contact Bill at [email protected] | ||
| TWA (Exoticars)
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Just to add my .02 as this is my business..... I have to respond to Willis,........ your theory is the complete opposite of every investment/financing rule there is...... You SHOULD finance those things that depreciate...... pay cash for those things that appreciate. WHy would you pay cash for something that depreciates? It's the worst investment possible. If a car is 40k and is worth 36k the minute you drive it off the lot (from a resale or insurance standpoint) then why invest in a guaranteed loss? Give me 40k and I'll give you back 36...... It's like picking a stock that is guaranteed to go down and buying it.would you? Finance it at the best rate you can and remember that you do not need to earn the same percent you are paying on the loan because you are gaining on an increasing amount and paying on a decreasing amount...... Finance it and be sure to have GAP coverage in your loan. | ||
| Jerry Wiersma (Tork1966)
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IMHO paying cash for a vehicle is great for your piece of mind knowing that you don't owe anything on it, but if I can use someone else's money and invest mine at a greater return, I don't know how an argument can be made to the contrary...other than the POM. Sorry to get off the original thread but I saw a thread like this a while ago and never put in my $.02. Jerry. | ||
| Willis Huang (Willis360)
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You know, seeing that photo makes me glad I have a fire extinguisher in my 360. | ||
| J. Grande (Jay)
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Hey modman, that Fiero was mine! Sold it on ebay and am now getting a 308GT4!!! If you're in California you should be seeing that N* Fiero around town! | ||
| BretM (Bretm)
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Poor little car. I guess Ferraris are still prone to fire, somethings never change. | ||
| TomD (Tifosi)
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I think the answer is money dealings are personal decisions that one makes on his or her own. | ||
| Willis Huang (Willis360)
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The logic of not financing, to me, is not having anyone (banks, brokers, or individuals) get a piece of something I own and lord over me on the terms. This is especially true of non-income producing assets like cars. I like leveraged deals as much as anyone but it just doesn't make sense for cars. Also, financing just doesn't make the car truly mine. | ||
| Allyn (Allyn)
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David is correct. ALWAYS use other people's money when you can make more with your money than they do with theirs. Doesn't matter if it's a house or an expensive toy. | ||
| david charles (Supraboytt)
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I don't see the logic in never financing anything. Look at the current deals on cars - going at 0%. barring 0% which I have a feeling no ferrar can be financed at- Lets say that one consistently makes between 15-20% in interest their net worth- why would they take there money out of the market or real estate-simply to avoid paying the 8% interest you'd be forfitting to the bank. Bottom line if you can beat the banks interest rate thru investing wouldn't it make sense to finance even if you could afford not to. Just my $.02-about to buy an A8 - have enough to buy outright- but would rather pay the banks interest rate than forfit the interest I'll make with the money on my own. | ||
| Modified348ts (Modman)
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Put a Northstar motor like what someone did to a fiero and you got a semi real kit car! he he.. Maybe cut it in half and put a TR rear end and make it a 360TR. TR for Truly Retro! how's that for a new Ferrari! Neh? awe heck I tried... onto next subject.. | ||
| Martin (Miami348ts)
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William, how much for the engine and tranny? can that fit my 208GT4 ? Some minor modifications? | ||
| William H (Countachxx)
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Damn, I got my wrecked 512TR for $48k & it looked a lot better than that BTW my mechanic is selling a complete 360 engine & trans if u r interested | ||
| Willis Huang (Willis360)
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The only things that make sense to finance to me are appreciating assets. Your home would be the primary asset. Rental real estate like apartments and commercial buildings are good because of the income generated. I don't consider ANY Ferrari or collector car as potentially appreciating asset. Cars are just toys. | ||
| Martin (Miami348ts)
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Hey, I got my car financed. Large down payment and monthly bills small enough to be easily bearable no matter what the economy does. You have to be able to stay in a smaller car if need be in order to be comfy with the payment. Same with the house and other things. I owe almost nothing on the car now and used the extra money to buy some nice warehouses a year ago. It is all relative. They pay for my car if you want to see it that way. | ||
| Martin (Miami348ts)
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Dr. Martin, ask the new owner for the headlight assembly.... | ||
| Willis Huang (Willis360)
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Totally agree, Frank. I never understood financing for a Ferrari. I was taught not to finance any vehicle from an early age. Always pay cash for cars. | ||
| Frank Parker (Parkerfe)
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I'm sure there will be a lot more 360 fires as the economy continues to worsen and margin calls keep coming in. Its odd that most all of the many Ferrari fires happen to financed and/or leased cars rather than owned ones. As I posted before NEVER finance a toy ! | ||
| Frank Parker (Parkerfe)
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! | ||
| 1989 328 GTS (Vilamoura2002)
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I feel so sad when I see a thing like this :-( | ||
| Willis Huang (Willis360)
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Man, what the heck happened to that thing?! It look rather like a fuel fire. | ||
| William_Huber (Solipsist)
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This is a shame, found this on EBAY sold for $45,000  |