Car situation f430, gallardo, 996, 328

I own a F430 with a payoff ($40k) and a Porsche 996 thats paid for. The situation is that my field of work is very slow and if I take the money that I invest in my Ferrari payments in about a year and a half I'm free of debt, with exception of home mortgage.

Option 1. Sell the Ferrari and keep the Porsche, leave the money in the bank, but this option is a little tricky as that is "toy" money and not to be spent on anything else unless a
matter between life and death, lol.

Option 2. Sell the Porsche and keep the Ferrari, but I'm still about $13k short to pay off the Ferrari. So that's an extra year of car payments, I only pay $1k for the F430.

Option 3. Sell the Ferrari and buy a Gallardo cash and keep the 996 as daily driver.

Option 4. Sell the Ferrari and buy the new Porsche GT3 that is coming out later this year and sell the 996 to buy a 328GTB.

Lets keep in mind that I'm going back to school and taking a loan for it. Keeping the Ferrari means paying off $40k in the next few years. My career loan is $33k, so I guess my picture is a little clearer now. If anyone has an advise please do speak your mind and if there are any other choices besides the ones listed, speak out.

I already posted my car in the FerrariAds and it's not an easy decision seeing my dream go, it's the first Ferrari I bought brand new. My present rides,
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How about selling all of them off and paying down as much debt as you can including the mortgage?

Dave

 

I think that I only have about $14k total debt not including the mortgage. I would have to give some thought into that, but I need the (Porsche) as a daily driver.

 

Sell the Ferrari to your Wife
And keep driving it?

 

Option 4, IMO.

I had a 997 GT3, it's a great car. The new one will be an even better daily driver (the controls are heavy, though). You'll load it up with miles, but that will only hurt resale value. The car itself is very reliable and the service requirements are reasonable. Add the 328 for that special Ferrari experience and I think you'll have a nice combo.

Or.. how about a 360 and an M3 - now that's a nice combo, too.

Or.. you could save more money and substitute an M3 for the GT3 (M3+328). The M3 is a better daily driver (of course, it's no GT3 in terms of feel and performance).

Good luck.

 

<-- I have the 360 + E46 M3 combo.. and I gotta tell ya.. it's a nice combo!

I might switch up from the M3 to a contiental GT or AM for the daily driver though.. but overall the M3 is a great DD and fun and nice looking machine too.

 

With this economy you need to be thinking about getting 100% debt free other than a mortgage and you need to BE SURE you are on the right side of that debt too. If you are going to just be taking another $33k of loans for school, you seriously need to part with the toys for awhile and then when time and money are freer pay cash for some new toys! I am not going to school, but in the next 3 months will be 100% debt free other than house and in theory I have about $200k+ in equity there...

Do the smart and responsible (though normally less FUN) thing and get a nice used E46 M3 as your DD (or even the new 335i coupe!) and pay off all your debts including not taking out a school loan.

That is just my narrow view and it won't work for everyone, but if I could even get my house paid off I would be one HAPPY CAMPER these days!

Hard decision you have some awesome toys, but ultimately they are depreciating every day you delay the sale...

Good luck!
James

 

I'd divest myself of the F430 ASAP, as they seem to still be in freefall. The 996? People are buying those for upper teens to low twenties right now - I'd keep it as a daily since it is high on the fun/reliability per liquid cash ratio. Wouldn't even THINK about a new anything at this point.

Oh, and my industry is terribly slow right now. My two cars are a 964 C4 and a Z3 2.8 - both too much fun to sell based on current market conditions & my only current debt is a very small mortgage...

 

Did you not say you owe 40K on the 430 and 33K for your career and will need to borrow to go back to school?

Dave

 

If your F430 is Rosso Corsa/Black, I say put some Novitec rims on and keep her!

Reasonably, try to pay off the debt, especially in our economy.

Have you ever thougt about picking up a daily driver like an R8? 997 Turbo? Vantage? Cheaper than a GT3, and mixes luxury and sport quite nicely. All depends on specific budget. Maybe option #4.

-Chris

 

nice idea, however the 997turbo and the R8 are as much if not more cost than the gt3....i would sell the 430, as hard as that is, and keep the 996....or sell both and get a sport used DD, such as a E46bmw, used c5 vette,etc.....

 

Refinance the 430 put it on one of those 12 year loans Woodside credit a good source that payment would be cut down from 1k to mid 600.00 range. You will miss that car! The P car will keep dropping like a rock spring time coming un-load it! Forget the 328 you will hate it.... slow old school interior. How tall are you? I cant fit in them at 6ft 180lbs not comfortable. My Mini cooper GP would run circles around the 328 YOU WILL BE BORED STIFF WITH IT!!!

 

Thanks for the replies, they are all useful to me and very helpful in making a decision. All of us have the car thing in our blood and many people I know in person aren't into cars and can't relate with me on this.

I understand I can sell the Ferrari and not take a loan for education, it makes a lot of sense. Also I could sell the car and be debt free and have $50k in the bank.

The Porsche is still under warranty and I own it outright. It's a lot of fun, I have done some things to it and believe it or not it gets a lots off attention and remarks here in Orlando. Also I have kept up with a friends '04 GT3 on the track!

The house is a little complex because I gave $200K up front on a $497k home at just before the peak of the housing bubble. I think you all get the picture, if I sell it I might get $50k if I'm lucky. In another six years I will have paid another $200k more or less in payments and we all know that these homes will not reach their old bubble value in at least another ten years, if they ever get there again. So the house situation is a no win, I'll just have to suck it up and stay here for some time and then sell

My field is the sale and installment of spanish clay tiles and ceramic tiles. We are subcontractors and our business is mostly working with home developers outside the U.S. where homes have ceramic tiles in about every single living area and more.

 

I have a 430 and a 328 GTB. If someone put a gun to my head and said "choose" the 430 would have to go.

Dave

 

My advice:

E39 M5 should cost you like $15,000 for an excellent DD with 400HP, room for 4, big trunk. Compared to a Ferrari it feels like your head and body are anethesized, but open the window, turn off the trac control, and lay some rubber. Its a real hooligan. You can get some Dinan suspension bits if you want.

I think all the Ferrari's are too expensive in your situation, either depreciating or the engine-out maintenance on the older models. So for your thrill car, look at a Caterham, Ariel Atom, Lotus Elise. I think I liked my MkIV Supra almost as much as my 430 Spider, and those things are extremely tunable as well.

Or look at a motorcycle. A brand-new $11,000 Hayabusa runs a quarter mile in the 9's.

Going into debt for school, with anything more than an E39 and a Hayabusa in the garage, just doesn't make sense to me. You can have rarer vehicles, and/or faster, than Ferraris at this point.

 

I watch the market quite carefully - and I could be wrong- but a good clean example is 2x the amount you've stated. A well sorted 2001+ (better overall car IMO) with under 40k miles is $30k+ with no stories. Probably more than his Porsche - which he has already paid off.

As much as I love the F430 - I'd personally sell the F430, keep the P-car, pay off school, and take a chunk out of the mortgage. Better to come out the other side with some cash - who knows how long this crisis will last..

 

I see the posts about BMWs, they are nice cars, but I'm a big Porsche guy and the 996 fits me just perfect as a daily driver. By the way, I also own an Armada suv.

 

I have to agree with this. Especially considering going back to school and taking on student loans the smartest thing is to part with the 430. Daily drive the 996, pay off debt, pay for school, and as much of that mortgage as you can. In a year or two (hopefully) when the economy starts to turn back around and your business gets going once again you'll be down on debt, probably have some money in the bank and another 430 or maybe even Scuderia will be plenty cheap enough to grab another. Learn from the current financial crisis and keep yourself debt free and liquid. And good luck with school im in the same boat.

 

I didn't realize you owned the 996 outright. That is a no brainer. Keep that and sell the 430. You have to drive something and while your 996 is TOP SHELF, you certainly would not be able to sell it and get something as nice or fun for the same money! After the economy starts to come back a bit and your business picks up you will be able to buy a NEW 450! Since you already know you can keep up with the last gen GT3, I think later you might need a GT2 997!

Good luck!
James

 

do anything to stay with the Ferrari. get rid of the porsche 996. never bother with lamborghini please, unless u go for lp640. so keep the ferrari even it mean selling all other car.

 

This is what I'm doing at the present and playing the lotto, lol. I might advertise the car on ebay as I have sold other two that way.

 

To echo some other opinions, keeping the Porsche and selling the 430 is likely the most logical choice for the moment. If desired, you'd most likely be able to re-purchase a 430 at a discount (10-20%, maybe more??) in a couple of years if you decide to get one again.

 

I may have a different opionion. I would sell the Ferrari. Keep the cash. I would stay as liquid as possible. It can be hard to get cash out of a house and if business is bad it can be hard to borrow. I would not put any more in your house. It could be an asset you might have to walk away from. Houses could go down in value a lot more. I would go ahead and borrow the money to go to school. This would be cheap money. If things improve and go well then pay it off. If not then you can at least live on your savings. I am not currently in your position but I have been. There are always more cars. Try to develope a big cash cushion before getting back into something as expensive as a Ferrari. I think a Ferrari is the last thing you buy and the first thing to go. I love cars too (look at my profile) but they never make any sense.

 

Thanks for the advise, this is exactly what I'm doing.

 

+1... Cash is king..

I am currently pulling as much cash as possible out of my projects.. Money is cheap and when the **** hits the fan cash will help you weather the storm...

Sell the 430. They are tanking in Value...If I were you I would get rid of that 996 before it blows up... Get into a 996 or 9997 GT3 for a few more bucks, you won't regret it and the value of those cars has to be close to the bottom.. Regardless they will come back imho... They are amazing cars and a blast to drive.

Sounds like you have another source of income??... Are you married??, does your wife make enough to cover the bills. If so Keep the F car. Life is too short....

Good luck sounds like you are on the right track..