some salary questions

I wont be too harsh in explaining this to to you mate.............


Use the F*CKING SEARCH BUTTON!!!!!!

Welcome to Ferrarichat BTW!

 

hahaha, sorry but Pap is right because someone asks this exact question about once a week.

 

Sorry mate.
At least once a month a new guy will ask the same question, so this topic has been discussed ALOT! If you have a look through the archives using the search button, you will come across alot of threads like this.

But to answer your question. There are a few ways to go about it IMO. Save up and buy the car cash. Save some money and finance the rest. Maybe you can even lease the car? Many owners will tell you to pay cash. Many guys will tell you to finance so you can have the car now. Your call on what you want to do. I financed my 348. Knowing which car you want is probably a good start mate. Personally, I love Ferrari and this IS Ferrarichat, so I recommend getting a 308, 328 or 348 as a first Ferrari. 348 is nearing its full depreciaton and is the best performer of the 3 mentioned. 308/328 are very reliable and fun and as long as you find a good one, you will never lose any money on it. Plus you can also swing some spanners on any of them if you are half handy. 355 is awesome. Still deprecitating like 348. Would not recommend as a 1st car, as they are a little more involved than the previous models. Cost more to maintain and repair also. Every Ferrari needs upkeep. You CANNOT skimp on service's/cam belt replacement ect......Every Ferrari model is different, but you would at least have to budget $5-6K per year for servicing/tyres/repairs/rego ect.....Sometimes more, sometimes less. I suggest you keep reading/posting here and checking the archives for more info about all Ferraris. This place is a gold mine for information mate.

Best wishes.

 

It is a bit like that sometimes isnt it?

 

Since i never replied to such a thread before, it's new to me so i won't mind answering.
If you go and buy on pump, basic rule is you should earn more each year than the whole car is worth.

Also, never forget, no matter how much you love cars, it's "just" a car.
It will never replace spending time with friend or a smile on your loved ones' faces.

 

Do you know which model Ferrari you actually do like at the moment? Or are you just interested in getting the latest model you can afford for your salary/money?

 

by a house and marry a girl first - then see what you got left over

 

You can also do some investing (stocks or real estate). That way you get to spend the money that your money made instead of spending the money you worked hard for. Trust me, its a lot more fun!

 

Well, if you set you goal with the 360 at least thats a start. Now you start on working out how to get one and maintain it.
Lots of ways man. Realestate, stocks, finance, cash/finance. Work hard at it and set a reasonable goal and you will have a 360 before you know it. I set my goal to have my very 1st Ferrari at 25yrs of age and I did it. So dreams can come true mate, all depends on how much you want it.

 

Just remember that kids cost a hell of a lot more than a Ferrari ever will. Beware the "oops," it can screw up your life.


Beyond that - find something you like to do, avoid consumer debt (credit cards), and live below your means. All else flows from there.

 

My view is if you have to borrow the money to buy a super or exotic car you can not afford it. Even the older cheap Ferraris cars can have very expensive repairs. The goocha costs are what a young person on a specifc budget needs to be concerned with.

I have freinds who do it but they are handy and do alot of work themselves

My recommendation is buy a Porsche say a 1999-2001. They are cheap dirt reliable and fairly good performance. More than what you would get with the same price on a ferrari. The 360 will outperform it and maybe the 355 (I have never owned one).

They are awesome cars you will know when you are Ferrari ready. My 360 and my F430 have been perfect but they have all been under warranty. So as new kids on the block they are reliable. my 1999 Porsche 911 cab has been perfect and it is still fun to drive.

Lee

 

IMHO. $250k per year is about the minimum one should earn to comfortably buy/own an exotic car. Otherwise, you would have to shortchange yourself on real priorities such as housing, retirement savings, lifestyle, ect...you don't want to live in shack with no retirement savings, eat at McDonald's and vacation at Six Flags just to be able to save you own a Ferrari...

 

Damn.... Im soo tired of this question.........Ive only been on Fchat for 8 months and it seems it comes out at least 2 every 2 weeks.

 

You can run a 360 on your 70k salary if that is your greatest dream. You will need to live at home and hope that your parents have a garage. You might also want to buy a five year old Honda Civic as a daily driver. The car will be awesome to run and you will be the man among your peers! You will probably be able to meet certain girls until they figure out the Ferrari is all you got. Make sure you get them in the sack early!

Five years later.....
Students in your college class that graduated later and invested wisely probably purchased a house as I did at 23. I paid $112k for it 9 years ago and rented it. It is worth about about $400k today. Then I purchased the house I live in for $207k......it is worth about $570k today. I have also purchased 2 additional houses in the last 5 years......I hope you get the picture. I have done this on a modest salary and by working my a$$ off! Prior to buying that first home I was driving a Porsche 968. Between car payments and insurance I was using up halve of my $30k salary. I sold the car and bought a 1980 Toyota Corona for $150 in order to buy the house. It wasnt pretty but the end result has been worth it. I love Ferrari as much as anyone on this board. I have a glass 308 GTB and I will own many more F-cars before I am done. Part of the fun young hero.......is the jouney!

 

Edited a little bit.

In truth, there are so many variables involved that there is no way to give any kind of meaningful answer to the question.

 

I have been on this board for close to 2 years. I have met a handful of F-chatters that currently own, or have owned F-cars in their lifetime. What I have found is that all of them have their priorities in order, which goes. 1. Family 2.Career 3.Home 4. Ferrari, boat, or some other type of hobby that requires a lot of time and money to enjoy. Get your education in, that is a priority while you are young. Work hard in you career, and you will achieve a Ferrari, among other nice things. Good luck.

 

What field are you going into? How do you know that you're going to knock down $70-90k right out of college? Not saying you won't, but that's a pretty lofty expectation for an avg salary coming out of a 4-year degree.

"properly" has as many meanings as "afford" does. As a wise person once said, it's not how much you make it's what you do with it. That said, buy a house AND set aside at least 10% of your money toward retirement before you even think about buying a sports car. If you buy the car first, two things will happen: 1) you WILL regret it in 10 years 2) your friends that have any sense at all will make fun of you for having a Ferrari and nothing else.

I recommend a house. Why sink a bunch of money into a depreciating asset early in your career?

If you end up making $70-90k early on, you can either set yourself up really well or dig a really big hole right off the bat. Sounds like you've got the shovel in hand already. Better put it away.

 

One word:

INVEST

I have to be quick, Invest your head off! Vanguard funds are amazing, and mutual funds are very good. Money is better with Euro funds and a Roth IRA is better than an IRA for tax reasons. INVEST and SAVE!






Best
Jon

 

Having the same dream as yourself and finally buying my Ferrari not to long ago ('03 360 Spider), here is what I suggest:

1. You can pay all your bills and still have plenty of cash left over for the month.

2. Your wife (yes, get married first) does not have to work.

3. Your kids (yes have a kid or two) have reached at least 1 year old.

4. You earn at least as much interest on your money market account per month that it would cost to pay the payment on the car (estimate at least $1200/month after putting down $50K for a ~3 year old car. Yes, buy a newer one.

5. You no longer work for your money, but earn your money. If you don't understand that statement, then wait until you do.

When you feel you have met those, you are ready to have one and enjoy it.

I may have left a few things out, and I'm sure others will think that you don't need all that before buying a Ferrari. The trick here is to own a Ferrari and be able to fully enjoy it without any worries.