"Affording" a Ferrari with ~100K Salary?

Well, "a Ferrari" incorporates 60 years of cars and price ranges from the mid-teens to the multi-million. So, the answer is another question: what do YOU mean by the term?

 

I wouldn't obsess too much over the finances of a Ferrari at this stage. If you're still in university, it will probably be a while yet before you actually have sufficient disposable income to spend on a car of exuberance like a Ferrari. Wait until the finances are a little closer and then plan the purchase budgets. For now, you need to budget obsessively to cut out luxuries to focus your finances on your 6+ years of education and ensure you can spend as much of your time on that without the distraction of huge hours at a minimum wage job to get through it. Some part-time hours are good, but if you need too many then it can get quite tough - trust me, I know.

In the meantime, the model forums are fun to follow. Living vicariously to escape from it all is something I'm quite familiar with.

All the best,
Andrew (recent graduate).

PS:
Welcome to FerrariChat!

 

You will not be able to purchase and maintain a Ferrari in the range you mention with $100K income, living in NJ (expensive), paying off college loans etc.

Set your sights lower, e.g. a lesser priced model, or wait.

 

Yes, you can. If you shop around and find a model with no stories. In that range your going to be looking at 308s,328's, 360's, 430's and possibly 458's with their steady decline in price.
if your handy with a wrench, you can save yourself thousands just by doing some of your own maintenance. They are quite easy cars to work on. The newer ones with all the fancy electronics are much more difficult to wrench on and you'll need a special computer to read those models.
At the end of the day, it's still a car like any other. Just might be a little more special.
Parts are slightly more expensive and they are a bit to up keep. But if you do they will run and run. The experience from owning it will make it invaluable to you.
Being a kid and dreaming about owning a Ferrari one day inspires you and when you finally are able to get one, it will make all the struggles and hours worked so worth it.
Any higher end sports car is going to run a little bit more than your average car. But believe me, once your start your Ferrari up, nothing else matters

 

Education/home/ car

In that order of priority.

Wife and kids are optional.

 

Similar salary, live in a lower cost area (Houston), max out 401k, have 2 kids and a mortgage.....and yes, took 9 years to put together $150k of fun money.

Can be done IF it is a HIGH priority.

 

Well, nowadays (in this current market), a no-issue car (308, 328, 360) will be around at least $70-75k. The 430's and esp 458s are out of the question. Maintenance will NOT be cheap. Unless you are financing for 5-10 years, you are single, a DIYer, have no loans to pay, etc, I'd say it will be tough for a $100k annual salary. A good car maybe a well-sorted 3.2 Mondial Coupe (no engine out service, reliability of a 328) but remember, no Ferrari is cheap to maintain.

 

The wife and kids will kill the budget!
Even just a wife could kill the budget.
Choose carefully and watch out for girlfriends. LOL

Education and Home are definitely first and second. I would add Roth IRA as 3rd then F Car

If Ferraris are you passion you can afford them on modest incomes but you have to be frugal and save, save and then save more. No fancy new expensive daily driver, expensive vacations, restaurants, cloths, toys and etc. I worked 2 part time jobs for 10 years and bought the car without financing and had money set aside for a full service. That is the way to do it. The saddest thing I have heard is people having to see their cars because they could not afford them.

 

This.

 

As you know, 100k today will not be the same in ten years....

 

If you're planning on a sub-150K Ferrari in 10 years, all your choices have already been built. So pick your poison

 

I don't make a 100k a year. But as others pointed out. Education,House, Roth IRA then Ferrari. In my case I work on high end cars (master craftsman) so if you don't, better find a good mechanic who won't take your money and run. Ferrari's are not cheap and the talent to work on them isn't either. First things first.....now back to the books.

 

Optional??? Why? For the extra coin saved you can buy a nice sound system for you Ferrari!!! (Like one is really required)

 

Like anything else in life that is worthwhile, make it a funding priority. Put away some every two weeks until you can pay cash. Then shop around and get advice from the good folks here. Waiting and planning will make the purchase all the sweeter later.

 

Do you have family money backing you up? If not, then it will take a while. Biggest costs are taxes and rent. Buying a place? Wait for next recession and buy then, no need to buy in a sellers market. House prices drop at least once every 10 years and you dont need to catch thr absolute bottom, just dont buy at the top

 

Sellers market???? Where??? Come to PA and take your pick on houses.

 

Since you are female, California is amazing choice for you. Prices for that thing will be pretty low in few years.

P.S. Be sure to take serious advanced driving classes before you jump in very powerful (Ferrari) car.

 

Not sure if I completely understand the question.

6 years from now you aim to make $100k a year (inflation adjusted) and are asking if you will be able to afford a $150k-250k (inflation adjusted) car?

Could you, probably. Should you, no. At the silliest point in my life at 26 making $200k I spent $100k on a F355. I wouldn't dream of spending 50% of my salary on a car now and I think you are considering 150% - 250% ?

But I may have misunderstood the question. Regardless, Ferrari's are not cars you should just be able to afford as there are always risks of very large surprises

 

6+ years? Are you doing something that involves grad school, but not a PhD or residency? (e.g. pharmD)

Also remember you'll have opportunities for internships. As far as I'm aware, a decent opportunity in tech or finance pays at least $20k a summer, not sure about other fields. You'll also have opportunities during the academic year, but don't overbook yourself! This was how I funded my 997.1 during my senior year of undergrad. (Granted, my parents paid full tuition, and I'm expected to do the same for my potential offspring, in addition to "helping" them with their retirement).

 

Doubt it. Unless you live in the country and have very cheap rent or mortgage. Even then 30% to taxes, assuming $70k. $150k car loan over 6 years at 3%, $2300/mo or $27600/yr. So end up with $42400, health insurance at what? 500/mo now at $36400, less lets say $1000 mo $24400, less food and living expenses.. You're not saving a dime. Note I didn't put insurance in there either or repairs. Unless live paycheck o paycheck.. Doubt it.

 

Like everything in life. Priorities. Owning a Ferrari is only half of the equation, and all of the owners and great minds on this forum can likely attest to this. A friend of mine just spent $60,000 on his TR, a shop bill, sixty thousand dollars. Granted it's gorgeous, but I'm making a point. Everyone has their own way of 'checking the box' of life, ie. buy a house, pay your education, save, spend etc. Just prioritize how you feel comfortable, don't over extend that comfort level, and buy something you REALLY love (even if that's not a prancing horse).

Ask any serious car guy in the world, "What should I buy?", and after the obvious homework and learning, buy what you love!

ps. For what it's worth, I graduated in 2009, just paid off my last loan this month, own a home, married, baby, the whole 9 haha, annnnd have found the time and money for an F car and some other fun things along the way, but it took lots of prioritizing Enjoi!