Poll - How did you get your current Ferrari?

None of the above. I traded a paid for 348 Spider even for a BB512i...

 

I financed the first one...

Bought the second and third ones 'cash', once I realized I wouldn't need my 401K retirement.

 

Huh, I didn't see robbery listed as an option - sounds like you stole it!

 

Financed back when PeopleFirst still offered "buy whatever you want" financing at low rates.

Worked out pretty well -- I got it paid off just as my last job went under. Now it's free and clear, and I had an extra 5-6 years of playing with it vs. saving the cash to buy outright.

 

Given the current economic climate, do you think it would be difficult to attempt the same purchase again today on finance?

Also, I wonder if it would be easier to finance a used Ferrari rather than a new one - as new ones will take a tremendous hit of depreciation in the first few years (as do all new cars).

All the best,
Andrew.

 

does car jacking qualify as pre-owned and cash? IF so, then I have two and some nice wanted posters in the garage.

 

save + finance + sell a bunch of stuff including the kitchen sink
& inherit (The WORST way to get anything)

One thing they have in common (except inherit which is a special case) is sacrifice and hard work.
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you forgot..... really good with hands and tongue, so girlfriend paid for it.

 

I paid 65% cash&trade and financed the rest at a little over 4%. I hear all the time here that you should never finance cars such as these. I get what they are saying, but with both of mine the interest rates were so low, I couldn't refuse.

One other point. Since I bought my 360S in 2007, I have suffered a much greater depreciation on my investments than I did on the 360. If I would used all of my investing to buy Ferraris in 2007 and sold them today, I would have come out ahead of where I stand now.

Damn that would have been one lovely "investment"

 

Traded my 911 Cab and the rest cash for the 328. Traded the 328 and the difference in cash for the TR. Years and many cars later I traded another 911, and cash for the 599. These days given the currrent rate of depreciation the fourth one might be more of a stretch.

 

In 2004 I put 40% down on a 7 year old F355. The dealer thought I was going to pay cash for some reason and they looked really bummed I wasnt. However, Chase financed me with no problems.

I doubt that would happen today !

 

Does paying with eleven credit cards count as "financed"?

 

haven't bought one yet but when I do it will be used and paid for with cash. Depreciation and interest suck

 

Put down 20%, financed the rest and paid off in less than 1/2 the term.
Just like several so far, the low rates made it way too attractive not to keep the $ in the bank and take advantage of the rate....

JIM

 

I traded it to a guy in Springfield, Ohio. I drove my then 348 Spider from Atlanta, made the trade, and drove the BB512i back home. At the time I made the trade, Dec 2002, they were both worth the same, ~$65k...

 

Considering their relative values today, I'd say "right place, right time" for you --- nice deal!

......reminds me of that old adage ---- "I'd rather be lucky than smart, any day."

 

If you two ever split, can I have her phone number ?

 

As for my F-cars......always paid in full with cash......always used --- never had the desire to buy one brand new

I've traded for other cars in the past --- but never Ferraris on either end of those deals.

Although, if any F40 owner out there is interested......... I'll trade you evenly --- your F40 for my soul (wasn't really using the soul anymore, anyway.....high mileage )

 

can i get her phone number anyway? =P

 

New and financed to only have a $1000 monthly payment.

 

I had a girlfriend offer me a new helicopter plus a lot more if I married her, but I declined after I found out how her dad made his money.

 

I paid 50% down, financed the rest so I would keep more $$$ in the bank too. I wanted to get the rest into my credit history. So, it worked out exactly the way I wanted it to. I will have it paid off early.


PDG

 

I paid cash for a pre-owned 348.

 

heck you can have it now i need a break...BUT she has very high expectations...ive never been so tired in my life as i have the last month!

buying stock in gatorade as i type!