My dilemna

I pretty much did the same with my 308. I figure if I need to let it sit and only drive occasionally as I DIY the car that's fine. I just take it one step at a time. If the car is completely up to snuff than you could purchase it, drive it every so often as you build up your reserve. If you are over extending yourself...I vote NO...this will only spoil it for you. The TR is not like mine...I can do most of my own work, it's not that complex.

BTW...Go over to the TR forum and read up...lot's of good info and will give you a feel for what is involved in owning one.

 

If this is a mojor budget stretch, i would advise caution, unless you can do a lot of the maintenance or are willing to learn to do it yourself, as a hobby/passion. GO FOR IT>. BUT, If you have to rely on others, this might not be wise.

my .o2
chris

 

Joe,

First whats 10-12k below market really? Im not doubting your friends generosity but everyone has a diffrent perspective on values.
Next read up on tranny and diff failures on TR's. That will give you some pause...

 

What he considers market value at what others consider market value might be a big difference.

How much does he want to sell it to you for?

If its really 10-12 thousand under market value. You could always buy it. And if you realize you cant afford it. Or dont like it.
You could just sell it. And maybe even make a profit. I dont really see the downside on this.

 

when I bought my 308qv,I bought it to enjoy but also said if for some reason a house payment or lost my job,the ferrari goes,its been almost a year now and put 5k in services and I haven't had a need to sell it yet and enjoying the car everyday

 

Don't go broke and then have to take an additional loan...and just for the purchase. You NEED some money set aside for unforseen repairs (plus the routine ones). I think that's will stretch you way too thin.

Go for the 308...if you always wanted a TR, wait until you can truly afford it. Taking a loan is not affording it, regardless how small the loan is.

 

It's a stretch! Like what was previously said, put some money away for some unforseen maintenance. On the TR's you need to drop the engine for a major service; estimated cost $12k! Ouch!

 

Joe, I ponder the same question all the time over a flat 12....but as many have cautioned it's a hungry thing to feed.

Big dollar engine services...

Maybe break a 12K differential, just "driving around' one afternoon.....that's not for the faint of heart, given my 308GTB experiences.....

Alan

 

just go for it. if it is maintained then you shouldn't have too much to worry about. there are always surprises, big or small, whether it's now or a year from now, so buy what you want and deal with it. better to have what you want than to buy something you don't really want and to keep lusting after what you could of had.

john

 

$8K is one service on a TR, so you can plan to splash out that money within a few years anyway.

If a TR is the Ferrari you really want, though, no sense in getting a 308. Every old Ferrari seems to need a cash infusion on delivery, so I'd try to do it once and do it right.

(Also, which TR is "rare"? They made 7,000+ of the Testarossa, IIRC. Unless it's an F512M ...)

 

Early single mirrors up until the intro of the motorized seatbelt mouse.......

 

I've never understood why people on this forum are so against car loans. I bought my first Ferrari (a '78 308) on a loan, and that worked out great. I was enjoying the car immediately, instead of waiting for some hypothetical time when I had an extra $30k laying around. I bought it while I was an undergrad in college, working at Safeway! Had it for a fun three years, and now I've just sold it and am buying a Testarossa - also on loan.

Common response on here is "But what if something goes wrong?? You've got to have $10k set aside for emergencies!" Well...it's not a puppy, or a kid. If something breaks, it's not like you have to rush it to the emergency room. Just put it in the garage until you've got the money for repairs. Not planning on having it as your daily driver, are you?

And another thing! If I *did* have $30k on hand, I wouldn't sink it all into a car, an asset that sits out in my garage. I'd put it in a 401(k), or some rental property, or maybe buy a tavern with my stupid friends. Sure I'm paying interest on the car loan (7.75% doesn't seem terrible), but even if you pay cash you need to consider the opportunity costs - what else could you have done with that money? What rate of return could you have gotten with it, and how much of that are you missing out on by sinking it in a car?

In Summation: Car loans are awesome.

EDIT: Oh, hey - what did you mean by "a very rare model?" What's a rare model of a Testarossa? 512M?

 

Just understand that if you pass, one day when Testarossas are going for half a mil, you will say "I could of had a testarossa for $50,000"
When I was 20 I was offered a similar deal on an airplane. I borrowed the money, drove a POS car and had the time of my life.

Honestly, we can not afford our Ferrari, but we can unload it at anytime and have lots of cash in hand.
We will likely never get all of the money out of it, but it will not ruin us.
Go for it with one caveat...If your significant other is not on board, don't spend all of the fun money on a car.
Dave

P.S. If fuel hits $10/gal disreguard this message
Image Unavailable, Please Login

 

I agree.... go for it. Well sorted cars are getting more difficult to obtain. I would still have a PPI done on it friend or not. Given that you still may not catch a bad clutch or altenator or whatever but those are relatively minor things. If it's clean and it checks out do it. You'll find a way to adjust it to your budget.

BTW the maintenance thing ebbs and flows.... $5K a year is not set in stone. Work from that mindset.

 

There is NOTHING wrong with a loan: it's only money/tool and there are bottom lines is all.

My first was a lease given the deal I was given, It made sense to get it 'then'. I then refid the car with USAA for [ready] 2.90% life of the loan: WHY would I not want to stick with that financing??? Can Invest my money better elsewhere .... BTW, USAA's low car loan rate was for transfer of an existing loan from another inst. to theirs...made perfect $ sense.

HOWEVER in terms of 'barely' financing the TR, I go with Bullfighter on this: you need a reserve and do not max out your money for this....it is an extra object, I on my first Ferrari had plenty of room to spare even IF it went south.
rik

 

First of all, letting a Ferrari sit until you have the money to fix it will require only lead to needing MORE money to fix it. We all know a Ferrari that is not driven can create many more problems...ask me how I know (or my mechanic). Second, again ask me how I know, there is something about Ferraris that don't allow us to let them sit. I thought the same thing when I got mine. I had just sold my Porsche that killed me on repairs but was my daily driver. I bought the Ferrari with the attitude that it will not be my daily driver, so if it breaks down I can wait until I have the money to fix it...WRONG!!! I couldn't stand to let the car sit knowing it was broken...I HAD to get it fixed. So, I did...and ate pasta for a couple weeks

I think you made the right call. I love TRs. BUT, the 308 was my dream car since I was a kid...I would not trade my 308 for a TR. However, if I had the money, I would get a TR to add to the collection (collection = 1 Ferrari). IF the TR is your dream car...then wait until you and your family can comfortably afford it. Hey if my engine goes on my 308 ($7k-$10k), I won't have a choice but to let it sit...knowing me, I would go against my own recommendation and take a stinkin' loan to fix the darn thing.

Gotta love Ferrari...it gets in your blood.