2012 Ferrari California 60 Month Open Lease?

If you decide to walk away from the car at the end of a three year lease, you will have spent $150k for the fun ride.

The residual value of $127k seems low. But then you paid about 40k more than if you bought the car from the start. So 127 + 40= 167k. That is the market price for a used Cali whose 3 yr factory warranty has expired which you need to meet or beat. If your 2012 model has a 7 yr warranty that might affect the value by thousands of dollars.

Of course there maybe some other differences in terms of tax deductions between a lease and purchase Not to mention insurance costs of a leased car. You can also consider the opportunity costs of the 90k you could invest with the lease option over 3 years.

 

I'm here to simply state the obvious; please understand the difference between an open and closed lease. To me it seems like many do not know the difference.

 

Can you share which dealer is offering such a program? or at least what region of the country you are in?

 

Thanks. My knowledge of leasing cars is limited. (I buy my
cars. But I did one lease primarily because of tax
advantages-and did not keep the car.)

 

Sorry but I also got some of the month term options confused. He has two year (24 month), three year (36 month) and five year (60 month) options?

 

$127K residual is actually high, who is offering this? I know Ferrari is around 50% residual, this deal is around 58%, huge difference!

 

Gordon- Ferrari is about to offer 7 years of free service on new Ferraris and that stays with the car if sold. You might want to wait until all that settles out, because it will probably affect the value of the car down the line. In place already in Europe from 15 March 2011, last I heard, and to be introduced to the rest of the world at unknown future dates.

My numbers show you paying $282,974 for the car if you kept the car for 60 months and bought it at the end. Not sure that is too good a deal.

Taz
Terry Phillips

 

If you can deduct it and if you are earning "double digit" returns on your investments and if you want a Ferrari, then leasing is a no-brainer better economic outcome.

Sadly I cannot deduct my lease payments (that is a savings of 35-45% depending upon which state you are in, so the $2000 per month becomes $1200 or thereabouts.

And, sadly, I don't average anywhere near double digits on my investments!

Leasing is a no-brainer for you given the facts you laid out. BTW, you can easliy figure out the interest rate on the lease and simply compare that to your investment return rate too...

 

Will Cali residuals be hit by 458 spider?

 

Never get into a open end lease, you will loose.
It's like being the bank with your buddies playing black jack, they hate you
cause you keep taking there money.

 

HUGE buying point for me if this happens. I will wait it out. <dancing>

 

^^
Taz wrote his post a couple years ago. All MY12 and newer cars include the 7 year maintenance. The cost is now priced into the MSRP.

 

I agree.

This kind of situation where you are rolling dice against the house and other people decide whether your last and only hand is better than the house's will not likely go in your favour and definitely won't add to your enjoyment of the car as you wait.

Leasing in of itself, only makes economic sense in the long run, if you can use it for substantial tax write-offs. But how many people drive their Ferraris to work every day?

 

Yes, ditto here in Canada for MY13.

However, I see the messages from 2 years ago also mentioned the possibility of a 7-year warranty. That is NOT the case even today. AFAIK, despite the current 7-year maintenance, it is still only a 3-year warranty in N. America (and I believe a 4-year warranty in the UK).

After the original warranty runs out, I believe you can optionally buy extended warranty from Ferrari for another 2 years but that is conditional on the 7-year maintenance agreement being still intact. If you miss your appointment for yearly service by even 1 day, your warranty agreement will void and any subsequent option to extend warranty will no longer be offered. Not sure about non-factory extended warranty deals.

In Canada, the yearly service date is based on a 60-day window around the date when the car was originally picked up. So you can schedule anytime 30 days before and after that date. Free pick-up and drop-off is provided during the 3-year warranty period, after that it will be up to you to get the car to the dealer for your maintenance appointment. I believe it's $300 for the pick-up/drop-off service.

This also means if your Florida car was bought in the middle of Winter and you now drive it in Illinois, you'll still have to do the service in the middle of snow season.

 

You are correct - 7 year maintenance not warranty. Still at $650 per oil change seems like a good deal.

Not to drift on a tangent but I had an original 1990 300ZX and claimed over 200 warranty issues in the first 3 years. Nissan honored every claim for the next 9 years as my initial claim was within the warranty period.

But I guess there is no warranty for the clutch burning out and the engine falling to the pavement

 

Does the 7 year service coverage pay for wear and tear items like wipers, brake pads etc?

 

Given the same car and the same miles is there a huge difference in price?

Thanks.

 

Nope. A set of pads on my first Cali was $3,000, plus labor. I've replaced wipers and rear pads on my FF already, $3K for the rear pads alone there.

However, it does cover plenty of other expensive stuff. Spark plugs have been replaced in my FF already as a scheduled service. And it covers things like O2 sensors so for someone like me that drives their Ferrari every day it will save a bundle.