How to set yourself up to own a Ferrari

Hello Ferrarichat,

I am new here and don't really know my way around so hopefully this is in the right place. I am a 16 year old boy from an upper middle class family, I drive a Mazda Protege 03' Sport version, live in Silicon Valley, and am passionate about cars specifically Ferrari's. Now a Ferrari looks a long ways away from anything I can afford anytime soon so I was wondering whether anybody was in a similar situation, what they did, and if anybody has any advice. Thank You.

-eSKay

 

Drugs, first one's free.

 

Oh boy, I'll give you a quick opinion before everyone piles on and tells you to do a search since this question comes up constantly...

Logic says these are toys and you should be well established before thinking about buying one (have a house, a career, retirement savings, etc.)

But these are not logical cars - so passion dictates that you only live once and go for it once you are comfortable purchasing one, even if that means financing it.

Personally, I went with the logical route and waited until I had the important things in life sorted out and was in a postion to pay cash for a car and have reserves for maintenance. That would be my advice.

Now it is time to make some popcorn..

 

Hard work.

 

I agree with hard work. And going with your gut instinct and do something you love and never be afraid to take risks.

 

Hard work
Save and pay CASH for it.

 

+1. And don't have any children. They seriously eat into the Ferrari fund.

just kidding.

Hard work is key no matter what career you choose.

 

Find something you believe in to do, and become the best at it. Don't buy into the "big house, big boat, kids and college funds" hype. Get it while you're young enough to enjoy it. Don't marry the wrong woman. Don't ignore the older cars -- you can have a lot of fun at legal speeds for not much money. You might try getting a decent-condition Fiat X1/9 or Alfa GTV6 now to see if you can even stand Italian cars -- they're not for everyone.

Good luck, welcome to the board.

 

I would suggest getting into some less expensive sports cars and get your feet wet. My tenure in vintage Jaguars really set my mind straight to own a very impractical and seldom used sports car. And one prone to break down at inconvenient times. Remember that you will probably need another car for daily use no matter what.

 

Buy a used sports car you can afford that will not depreciate too much and pay for it over two or three years. Make sure you can afford maintenance (Porsche, Corvette, Z, etc). When you can afford it, move up to a better car and pay for that over two or three years. Two or three cycles of that and you should be able to get into an entry level Ferrari. Same again, move up in Ferrari models as you can afford it, unless you love your first one and want to keep it forever.

When I was your age it was Corvette, 911E, 911S, Dino 246GT, 365 GTB/4. Back then the Vettes were $1500-3000, Porsches $4000-7000, Dinos $10,000-15,000, Daytonas $20,000-25,000, proportional to costs now. If a married lieutenant and captain in the AF could do it, you can too. Working stiffs like us can afford Ferraris, it just has to be a very important thing in your life. You do not have to be rich.

Taz
Terry Phillips

 

Real Simple.

Keep the current car you have for the next 20 yrs, and save. Work hard, and save. If you marry, marry correctly (up if possible), buy the car after you have the house, that way you have a garage to keep it in. If you cant, your not making enough money. Dont try and buy something in the meantime (that only eats up money). Stay the course, i did that and bought my first f car on when i was turning 30. Had a house paid for and my son already. Its possible, build a road map and stick too it. Its smooth sailing after that....just stay out of debt...if you cant afford (dont buy it). I started thinking at your age as well...and make sure you marry a women that gets "YOU"

Takes along time ............ but its Simple !

Good luck !

PS...Just turned 40, and here they all are Its within reach !
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I really like your car.

 

The 8th wonder of the world, Compound Interest.

Doug

 

Save, Save, Save!

 

Work hard, say your prayers, eat your vitamins and BELIEVE in yourself!
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Travis- Thanks. I am really happy with it. Will be installing a Novitec exhaust next week. Should sound as good as it looks after that.

Taz
Terry Phillips

 

Get the popcorn on sale, using coupons. Otherwise I agree with 3forty8. If you don't own the roof over your head, and over your 2+ car garage, you aren't ready for a Ferrari. Also you'd want a career where you're doing something you like, and are good at -- not in the early job-hopping/random-series-of-jobs phase of life.

Don't piss away money buying new Mercedes, BMW, Porsche, etc. just because you can make the payments. If you must have one of these enroute to owning an exotic someday, buy used and keep it a long time.

Also target the Ferrari model you like. The new ones usually command some kind of markup and depreciate like a stone. Given that few of these cars are driven much, buying a lightly used Ferrari will get you into your dream ride sooner. For example, a 550 at $225,000 could require a lot of saving, and then you'd lose $100,000+ quickly. At current values, $70K-$90K, these are attainable cars.

In 10 years, the "it" cars now (F430, California) will have plummeted in price. The 308/328 will probably be all gone or else in collections. The 360 and 550 will probably be the entry level cars. So, figure out what you want.

X1/9 is a good idea. I had one - very much a 308 trainer car, fun to drive, looks great, rare, but won't bite you as expensively as its big cousins.

Also good advice. I would say get a European sports car, though, to get accustomed to the driving feel and service/spares situation.

 

First; dont vote for Obama, he and his democrat party are not to hip on anything remotely capitalistic. Secondly, you could do what I did at your age; I started restoring cars as a hobby and made a business out of it. Eventually; 15 years later I have a bunch of 300SL Gullwings (customer cars) to drive and I actually own two 300SL's myself. All for pennies on the dollar. just takes time and perseverence.

 

A good rule of thumb is when your annual income is three times the price of the car, you should be able to afford the car, even if you have to finance some of it. So you should be able to buy a $50K car when you make $150K and not have problems affording it. This also assumes you have not overextended yourself in other areas.

 

Search button. push it.

 

thank you for all the reply's, hopefully everything works out over the next few years giving me a good start!

 

I'm surprised and glad for you that you were able to get some serious responses. Fill out your profile and get involved with the local F-Car community- look to the regional threads - Once people know where you are they might respond with an invite to a local meet - not a bad place to start. Good luck and welcome to the world of "La Ferrari"

 

First, don't vote for Bush and the moron Republicans eight years ago...

Second, scrape up $15, subscribe, and post this crap in P&R, not here.

 

Don't wait till you're 53, like I did....but, better late than never, I say to myself as I back Ferrari #2 out of the garage, listening to the Tubi

 

When I was 17, a 1962 Ferrari 250 California was for sale locally for $10K needing a starter motor. I know the cars wherabouts today, but I'll never have the jing to own it. If I knew then what I know now, I would have begged borrowed and stole to buy that car. Someone always has a garage to park something in, you can build and work for wealth as you go, but if you have the means now, dont wait for tomorrow thinking things will be any better. Of course, if your dream is anything 328 and TR or newer, its not going to matter for a while as they are dropping right now. I am absolutely amazed at the prices of 308's right now. They have never been this cheap.