Did you save/plan for a LONG time to get your Ferrari? | FerrariChat

Did you save/plan for a LONG time to get your Ferrari?

Discussion in 'Ferrari Discussion (not model specific)' started by germ79, Mar 24, 2008.

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  1. germ79

    germ79 Rookie

    Mar 22, 2008
    2
    Hi there! I've been looking around the forum and see that there are many types of people here from many walks of life. I've always liked Ferrari's and hope to own one some day. I'm a teacher and my wife is an Occupational Therapist; I'd consider us upper-middle class I suppose.

    I was just curious as to how many of you Ferrari owners really had to save or wait for quite some time to be able to afford your car? I'd love to own one while my 2 boys (2 and 3) are young and would really enjoy the car with me, but it is not a car I could ever just go out and buy. It seems like the 456 would be something cool for my family and I to "toot" around in, but still is considerably more than I could spend at this time.

    Anyone else out there have to really make a big plan in order to swing it? I'd never want my family to sacrifice anything because I wanted a Ferrari, but I'd still love one!

    Just a little venting/question! Great forum!

    Jeremy

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  2. Jedi

    Jedi Moderator
    Moderator Lifetime Rossa Owner

    Mar 18, 2008
    32,270
    Seattle Area
    Full Name:
    Dave
    I simply sold off a zillion little radio bits and pieces (I'm a ham radio geek) that
    I've collected for the last 30 years, since I was a teenager. You'd be surprised
    what stuff you can sell on Ebay for amazing money if you're patient, list a LOT,
    and scavenge garage sales and flea markets.

    I generated $68,000 in just over a year solely on Ebay (my ID there is greatsurplus),
    which was enough to buy my 328 (arrives tomorrow) for $44,500 plus pay for
    shipping it, a plane ticket to view it, a PPI, and have a whole lot of 'spare cash'
    left over for future maintenance and Ferrari goodies for it, as well as decor for
    my garage.

    And of course, I STILL have a ton of old collectible crap to sell off over time.

    Anyone can do it if you set your mind to it - worked for me! Maybe I'm the only
    Ferrari owner who did it ALL using Ebay as the source of funds! :D

    Dave (www.enw.cc/ferrari)
     
  3. PAP 348

    PAP 348 Ten Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    100,219
    Mount Isa, Australia
    Full Name:
    Pap

    Wow!! :):)

    Interesting story. :):)
     
  4. ryalex

    ryalex Two Time F1 World Champ
    Consultant Owner

    Aug 6, 2003
    25,963
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    I know the feeling about wanting to have the fun when they're young - I stopped by a small exotic dealer the other day just to look around and my 3yr old was desperately begging that we get *him* a car... a 430 spyder no less. I think I spoiled his tastes a bit already!

    As for wanting something sooner rather than later, have you considered a Maserati Coupe? They're a 4-seater big enough for children, have a 390hp Ferrari-built V8, sound great and are supposed to be fun for a GT drive. That, and you can find 02/03 models for under $40k all day long now.
     
  5. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    22,594
    Gates Mills, Ohio
    Full Name:
    Jon
    I didn't save up, exactly, but I stopped wasting big money on new cars that were daily drivers. I.e., I bought my BMW lightly used and sold it moderately used. I bought my Porsche 911 used (10K miles on it) and sold it for what I paid. I drove a couple of Jeeps that were a lot 'less' car than I could afford at the time.

    As far as "a long time", I guess I've known for 20 years that I'd end up with a 308/328 at some point. Happily, once I had a spare garage bay and the discretionary money at hand, 328s had pretty much hit bottom in price and were well below the price of a new 911. It was kind of a no-brainer.

    456s are still settling in price, so you could get a very nice car for not very much money over the next few years.

    Just make sure you get one at some point -- too many guys talk themselves out of it and spend life driving Accords and Odysseys. ;)
     
  6. 308-newbie

    308-newbie Guest

    I kept building up company shares until I had enough to sell and get my 308. The first one that I saw and "had to have" was in 1989 and was 29,000 CDN or 1000 per month on payments. At the time I was making...1000 per month...and my parents didn't want me at home till I was thirty to pay it off. Guess I could say I've been saving since '89, just didn't know what for until last year. AND IT'S WORTH EVERY PENNY!!! I've got two kids that absolutley love the fah-ah-ri. My oldest doesn't get why everybody stares at her...it's just a stinkin' ferrari (to quote).
     
  7. 285ferrari

    285ferrari Two Time F1 World Champ
    Sponsor

    Sep 11, 2004
    20,958
    MD and NE
    Full Name:
    Robbie
    Keep putting away a little here and there for almost 15 years and bought my first Ferrari in 2005...
     
  8. 285ferrari

    285ferrari Two Time F1 World Champ
    Sponsor

    Sep 11, 2004
    20,958
    MD and NE
    Full Name:
    Robbie
    Awesome story!!!!
     
  9. DMC308

    DMC308 F1 Rookie

    Aug 19, 2006
    2,573
    Seattle/Noosa
    Full Name:
    D
    Least I know I'm not the only one who saved.
    I plan on getting a 308 GTB next year, after we move.
     
  10. TheOnlyest

    TheOnlyest Formula 3

    Sep 25, 2007
    1,686
    Las Vegas Nevada, US
    Full Name:
    Steve
    Like most young guys, I creamed my jeans at the 1st site of a 308 back in middle school... always said i'd have one some day. When the 348 came out, I knew it was to be my 1st Ferrari. I started working my way up by going thru higher-end sports cars every few years until 1999 when I moved to Las Vegas. I bought my house here in 1999 for $139K. I busted my ass to make the payments for over 8 years while still enjoying my Porsche 944S.
    In Sept. 2007, my house appraised for $320K and I did a ReFi. I got a lower fixed rate, took some cash out, paid off some dumb debts, paid cash for my 348, and my house payment went up a measly $190 mo. The cool thing is... after paying off the dumb debts, even with the higher house payment, my total overhead is lower than it was before, I still have over $100K in equity, and my dream car in the garage! :D

    The bad part is, this wonderful economy slide started almost the minute after I bought the car, and my business is struggling badly now... i'm as close to flat-broke as ive ever been in my adult life... This has reluctantly put me in the running for "poorest Ferrari owner of all time".

    How cool will I be "livin in a Ferrari, down by the river"?? lol
     
  11. Night life

    Night life F1 Veteran
    Silver Subscribed

    Dec 1, 2007
    7,286
    The city that rhymes with fun in Canada
    Full Name:
    Roberto
    You will be UBER COOL...
     
  12. TheMayor

    TheMayor Ten Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    106,066
    Vegas baby
    It was 1982 and was 23 years old. I just got a $3K bonus at work and I knew exactly what to do with it. At the time, everyone wanted the Magnum PI 308 gts but I wanted a Dino gt. I found 1970 gt that was a total, complete basket case. I bought it with the money I saved for $8g, which was about all the money I had in the world. It was "complete" but had no interior (but did have the gauges), a partially rusted body, and believe it or not, no tires. It was that bad. Luckily, it had not been in an accident but just left in the elements for years upon years. The owner told me that it used to run before he parked it in his backyard in Arizona-- 10 years earlier.

    I spent 2 years putting it back together with the help of friends who owned an italian auto shop and just wanted to put the poor thing back on the road. Over that 2 years, I spent about 10 grand more (or 5 grand per year if you look at it that way)-- most of it in body, paint and interior. I actually got some parts for free from friends and other Dino lovers who had parts just laying around when they found out I what I was up to. (Oh, the good old days before Ebay!) Another friend rebuilt the Webers for free just to prove he could do it. They worked perfectly for the next 15 years.

    So, when I was finished, I had a very well restored, excellent running Dino gt for $18 grand. At that time, you could buy one pretty easily for the same amount of money but putting my elbow grease into it really made it mine. Plus, nothing really scared me about it after figuring out that despite the weirdness of the engineering, it was still basically a car. There was a time of about 2 years that it was my daily driver -- the only car I had.

    I kept that car for over 15 years and sold it when it was time for another resto to someone who promised to bring it back to it's glory again. I've had 2 308's since and I now drive a Maserati Spyder with a F430 spider due in June. But, my first Ferrari proves that you don't need to be the rich to get involved. There are a lot of great machines that need a little TLC and a lot of great people out there that are in it for the passion and not just the bucks. Figure out what you can afford, take your time to reach a reasonable goal, and shop around. Personally, I don't think mileage is as important as the person who was owning it. A low mileage abused car is not necessarily better than as a higher mileage well maintained car.

    Also, color makes a huge difference in the price. If you're willing to be flexible, then you can save quite a bit. I knew someone who owned a Mondial Cab in Pruneya, which must be the ugliest color ever put on a Ferrari (no offense anyone owns one in this color!). It's sort of a light metallic purple. I'm sure you could get something like that pretty cheap.

    Whatever you do, if you get it, drive it. Just looking at it in your garage and telling your friends your have one is not nearly as much fun as putting it on pavement!
     
  13. gsjohnson

    gsjohnson Formula 3

    Feb 25, 2008
    2,291
    Woodland Hills, CA
    Full Name:
    GS Johnson
    In 1975 I took my first dealership job at a Ferrari, Lancia, Fiat, and Alfa dealership as a service writer. I was 23 years old. When that first Dino came into the dealership, I about orgasmed. I had to have one. I swore to myself right then & there that I would own a Ferrari before I die. While working at this dealership, I raced a Fiat 124 sport coupe in B Sedan as well.

    I am 55 years old now. I have been gearing up for the last year in a half to purchase my first Ferrari. I vasilate from buying a Tetarossa, to a 512tr, to a Dino project, to a 550 Marnello, to a 365 GTC/4. I'm still trying to makeup my mind. I have been an advid restorer of Shelbys, Mustangs and Torinos for the last 30 years. I currently own 5 specialty Muscle Fords worth a considerable amount of dough. Since the muscle car boom, my cars are all of a sudden worth a couple a hundred thousand dollars. I've decide to liquidate a couple of key cars to acquire my life long dream of owning a Ferrari. I am not a rich man. Just fortunate. I built a new garage last year to gear up for my Ferrari purchase and once I sell the Shelby, I will be off and hunting for that elusive Ferrari that has always dogged me for my entire life. Wish me luck.
     
  14. bill brooks

    bill brooks F1 Veteran
    Silver Subscribed

    Jul 30, 2007
    6,047
    waynesburg,pa
    Full Name:
    bill brooks
    before i got married, in the late seventies, i took part of my paycheck and bought 1oz. krugerands.also
    i bought my 1st brand new car, a'74 bmw 2002.it was only my daily driver for <yr. then the various vw's
    came along. all the while, kept buying gold when possible.i never planned on a ferrari, but knew it would
    happen someday when all of life's other necessities where taken care of.
    after i got married i continued buying alittle here/there, salting them away and forgetting about them.
    of coarse the '80's and '90's came along and we had to have our infinities,etc. wasting much money in
    the process. i did wize-up and returned to jettas and passats.
    then a couple of years ago i got this strange notion to sell my now-32yr. old garage queen bmw. had
    no takers until a father/son car collector offered to buy. i sold the bmw for 2x what i paid in '74. but
    the interesting part was the new owners had a 1996 355!!
    when i delivered my 2002 the new owner tosses me the keys to the ferrari and says "take her for a ride".
    after i collected my jaw off the floor, i went for the ride of my life!. the owner stayed behind!
    well, if you're still with me, i had my equally-perfect 280se 4.5 mercedes for sale but no takers.
    about this time, gold is heading for the stratosphere. i start hunting for a 328 and visited several shops
    here and in toronto.learned all about e-bay too. nothing materialized until i found one at a store in pittsburgh.
    after much discussion, investigation, joining up here,and carefully scrutinizing the car (soon-to-be gabriella) i
    felt it was time to move. i had saved enough to buy her outright (+the benz) and did not have to break the
    piggybank or otherwise borrow.
    the dreams of the past 40yrs. all came flooding back at once.... this was meant to be!!
     
  15. Tony K

    Tony K Formula 3

    Jun 7, 2006
    1,778
    USA
    Full Name:
    Tony K.
    No, I did not have to save or plan for a long time. I've owned over 30 classic cars since I was 15 years old. I never lost any money on them, and just slowly built up what I call "car equity" -- total saleable value in classic cars. When I decided to buy my 308, I sold one of my Lotus Esprits and supplemented the difference with cash. I'm not wasteful with things like electricity and heat, and don't spend money on frivilous things (like going to the mall) or on cars that are going to depreciate in value.

    The most planning I did to get my 308 was learning as much as I could about the cars and waiting for the right deal on the car I wanted. This took about three years.

    If I were in your situation, I'd buy a nice Mondial QV right now with as much recent service as you can find. Buy the car where everything works and everything has been replaced recently. Your kids will fit nicely in the back seats for the next several years, and when you are ready to trade up to a 456, you will only have lost what you spent on insurance (few hundred dollars per year) and maintenance (a few grand if all you need is the belt change service; more to include other repairs). Mondials probably won't get any cheaper, and you stand a very good chance to sell it for what you paid for it adjusted for inflation (i.e. a few grand more).

    Like someone said above, don't put off buying one and resign yourself to a stale life of minivans and Accords. :)
     
  16. Jeff328

    Jeff328 Formula 3
    Silver Subscribed

    Sep 5, 2006
    2,293
    WI
    I always wanted a 1980's Ferrari (i.e., 308 or 328) but never really put a lot of thought into it because I always thought they were too far out of reach. Never really spent any time learning about them because I didn't see the point - it was just not in the cards.

    Flash forward a bit. A few years ago two friends and I started an engineering consulting company. It really took off and by the time we were in business 5 years we had 25 employees and things were going great. I had a good chunk of spare cash after an especially good quarter and I discovered that 3x8's cost less than new BMW's. Two weeks later I bought my 328 and couldn't be happier with it.

    I would not mortgage my future or shortchange my family to own a Ferrari (or realize some other personal dream). Other than that.... Life is too short.
     
  17. jsa330

    jsa330 F1 World Champ
    Silver Subscribed

    Oct 31, 2003
    10,046
    75225
    Full Name:
    Scott
    I was in my early 50's by the time I could seriously look at a Ferrari. It was something I had wanted since my teens but had never saved or planned for...actually, the late-80's post-Enzo spec bubble had me convinced that I'd never, ever be able to own a Vintage 12 model.

    Life in general between 1990 and 2001 was very busy, but I did manage to fit in a '69 Vette roadster. It wasn't until around 2000 and age 50 when I discovered Ebay Motors and that to my very delighted surprise, Vintage 2+2 Ferrari models were "affordable" again.

    So, things took off from there. I had to do a not-too-hard sales job on my wife, then off to the races, so to speak. In December 2002, we paid the purchase price and associated expenses for the '64 330...about $36K total...in cash from savings, and over the next four years I put about $30K more into the car, a good part of that financed by taking on a large extra project (I was an architect) that kept me busy nights and weekends for six months.

    When the the 330 was totaled in an accident last may, it was well-insured and I got a lump sum settlement that reflected 2007 market value. I paid cash for my current 308 and associated purchase/reconditioning costs out of this, and have about $25K left over. :)
     
  18. jimpo1

    jimpo1 Two Time F1 World Champ
    Owner Silver Subscribed

    Jul 30, 2001
    24,901
    Dallas, TX
    Full Name:
    Jim E
    I fell in love with 308's in the late 70's when the Ortho Surgeon down the street bought a 78 GTB. As I was drooling over it one afternoon in his driveway, he came outside and offered me a ride. We went around the block and I remember him telling me that the worst thing about the car was that you had to be going about 100mph to put it in 5th gear. I was in love.

    Then Magnum PI came out. My 'dream' car became everybody elses dream car. It sucks to have the world jump on your bandwagon.

    I started saving for a Ferrari when I was 18. It was S L O W going for a lot of years. My plan was to buy one for my 35th birthday. When 35 rolled around, my wife and I decided to buy a weekend house instead of my car, so I postponed the car. The good news was, this was the late 90's and I was selling software in the middle of the internet boom. Business was good.

    I picked my 328 up the day after my 40th birthday, and drove it home from Salt Lake City to Dallas. I still look at it every day as I back out of the garage.
     
  19. James_Woods

    James_Woods F1 World Champ

    May 17, 2006
    12,755
    Dallas, Tx.
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    James K. Woods
    Bullfighter speaks to you the truth. I was once complaining to my neighbor (who was an airplane owner) that I really could not afford an airplane, and he told me back - "James, you have a Porsche 911 and a brand new MERCEDES BENZ".

    About a month later I traded the Porsche for a Citabria.

    All a matter of priorities.
     
  20. Gatorrari

    Gatorrari F1 World Champ
    Silver Subscribed

    Feb 27, 2004
    16,459
    Georgia
    Full Name:
    Jim Pernikoff
    I first wanted a 308 when I first saw it in photos in 1975. I finally bought a 328 in 2004. Is that long enough?

    But seriously, from the time in 2004 that I decided I was going to buy a Ferrari to the time I actually made the purchase was about 6 weeks. You need to decide on how much you can afford to pay, and how much of that would be in cash versus financing. (You can do both; I paid $20k cash and financed the rest.)

    You also need to be aware that for any vintage Ferrari, figure you'll probably need at least $5k a year on hand for both routine and non-routine servicing. Don't worry about insurance if you have a decent driving record; you'll be able to get a collector car policy for less than a regular policy on a Honda Civic.

    And if you live in a state with annual ad valorem taxes on car registrations, you might want to find out in advance how much it will cost you to register the car each year.
     
  21. Gatorrari

    Gatorrari F1 World Champ
    Silver Subscribed

    Feb 27, 2004
    16,459
    Georgia
    Full Name:
    Jim Pernikoff
    When I talk to teenagers at auto shows, I give them this advice:

    1. Do well in school.
    2. Get a decent-paying job that you enjoy.
    3. Put aside a certain amount of money each year.
    4. Be patient!

    And, using my own case as an example, I could also add:

    5. Stay single! :D
     
  22. UroTrash

    UroTrash Four Time F1 World Champ
    Consultant Owner

    Jan 20, 2004
    40,470
    Purgatory
    Full Name:
    Clifford Gunboat
    I didn't save too long.

    In fact, I never really heard of a Ferrari until I saw a "Dino 246GT" on a used car lot about a month ago.

    It was an old 2 seat car, so not very practical, but I test drove it; it ran pretty well and shifted well and so I bought it on the spot for $13,000.

    It came with a bunch of crappy tools and worn books and papers.

    Needless to say I tossed all that crap and got a nice set of Craftsman tools for the trunk.

    Also in the trunk I installed a nice sub-woofer and got rid of the pathetic radio and replaced it with a nice Kenwood unit I saved out of my old Toyota truck.

    Since I bought it I find out that it was made in Italy and parts are hard to find. :(
     
  23. 2000YELLOW360

    2000YELLOW360 F1 World Champ

    Jun 5, 2001
    19,800
    Full Name:
    Art
    I was in my early 50s when I decided I'd waited long enough to get one. Bought a 91, 348ts. Car didn't last long, was wrecked by a mechanic that summer. I then bought a 94 Spider, and kept that until 2000, when I bought a 355. In 04 bought a 360, and this last year (07) bought a 430, and a Mondial t. I think that the 430 is probably the last new Ferrari, but I suspect I'll buy a V12 at some point in time, hopefully the prices will drop, so I can get one at a reasonable price.

    Art
     
  24. James_Woods

    James_Woods F1 World Champ

    May 17, 2006
    12,755
    Dallas, Tx.
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    James K. Woods
    What did you do to the mechanic?
     
  25. bwiele

    bwiele Formula Junior

    Mar 21, 2007
    256
    West Harrison, NY
    Full Name:
    Brian
    My story isn't all that glamorous. I never gave any consideration to buying a Ferrari mostly because they just seemed to be in a league that I couldn't play in. I had always planned to get a Porsche when the time was right and when it made sense financially. The release of the new Turbo came at about the right time, and I decided to wait a little longer for the cabriolet version. Then a car-guy friend and co-worder of mine (who owned a 430) convinced a co-worker of ours (whom I'd never met) that he couldn't let his '02 360 waste away in his garage anymore (with 692 miles on it) and that he should sell it. My friend told me that I should give the car serious consideration because it was almost the exact price as the Porsche would be. I did some very quick research, the car was the exact colors inside and out that I would have ordered the Porsche in and it was basically brand new, so I bought it a year ago. I was 38 at the time.

    I've had a great deal of luck in my career and have been very fortunate to be able to buy something so special at such a young age. That is something that I think about often. I'm sure I'll miss my kids like crazy next week when I'm on my 3-day whirlwind trip to Italy with 9 other car guys during which we will visit Maserati on Thursday, and Ferrari and Lambo on Friday!!

    Brian
     

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