How much rich to be able to buy a 458

The minimum cost of entry is
Downpayment 20 % 60 k
Depreciation 25 k per year
45 k per year payments

So minimum liquid at least 130 k to even get started. That number is just for the car!

 

If the question is how wealthy should you be before you spend money on expensive toys like a Ferrari, then here is my conservative opinion.

Obviously for most a car is a practical purchase out of necessity. So people try to find the most economical solution.

But a Ferrari is not a necessity and it certainly is not practical either.

So for me the Ferrari should be no more than 5% of your net worth.

If you own several Ferrari's , then my formula is that the market value of your collection should be no more than 5% of your net worth.

It's basically the principal that you can reward yourself when you continue to achieve.

(Of course this doesnt take into consideration the rare event that your Ferrari actually goes up in value then you would make some adjustment )

 

I'd go ahead and agree with TheMayor on this one. You don't really need to be a millionaire to afford this car. Just make sure you have some money left over after the purchase to afford any repairs that come up. If things go South, just sell the car and you've got your money back. Simple.

 

At this point it doesn't even matter. It's like someone starting a conversation by asking what their life would be like if they had a super model girlfriend.

 

Can not believe you guys are seriously entertaining this thread.....

 

When kids have holidays, threads like this could be happen ...

 

It's a legitimate question.

 

...at least $ 100 million, or don't even consider it

 

Let's treat the question seriously.

The real cost of owning a 458 over 5 years will be roughly 50% of the MSRP, or in the US: 1/2 x $280K = $140K. Over 5 years this comes to $28K per year. Add odds and ends (insurance, tires, brakes...) and we get a round number of $30K per year.

Now let's say that you are willing to put 1/2 of the risk free return on your investment capital into a 458. Taking the risk free return as the US 10 year Treasury note (currently 2% yield), then your investment capital should be $3M. If you are willing to throw all of your risk free return into a 458, then you need only $1.5M. But if you insist on spending only 1/10 of your risk free return on a 458, you will need $15M.

 

Ok guys, I have a bridge for you to buy...

The OP is a troll...

Just sayin!

 

How much % of down payment does people usually pay? Quite curious. From where I am, people mostly pay 60%-80%

 

r u from asia?

 

The answer to this is highly subjective. My financially conservative nature says that your net worth should be at least $5 million (with a steady income flow) before purchasing such a car. Others who prefer to live on the edge may buy a ferrari despite having a much smaller net worth.

 

I live in Germany. I hate to pay downpayments, so I didn't.

 

Guys, this guy is a troll, if you really had $30M the last thing you would worry about is purchasing a $300K car. There are people who make less than $1M a year and have 458s

 

In Singapore, it is S$100k/US$80k upon signing the Sales contract, then a top up to 25% of the car's total price upon submission of the final spec to MODIS, and finally the balance upon delivery.

Or did you mean how much financing do buyers normally use?

 

It is easier to buy a 458 than some may think. If one has excellent credit Ferrari Financial will go up to 84 months on a loan at 3.99%. They only require 25% percent down. Just sayin..It is not hat hard to buy one. If you have $100,000 to put down you can by a nice used 458 for $275,000 and have payments in the $2375.00 per month area give or take, not bad at all. Sales tax is not included nor is annual services on the 10 and 11' cars, normal wear and tear items etc.. but these cars can be more affordable than some may think.

I am not a supporter of long term loans, or loans at all for this type of car, it is a toy and we have seen thread after thread debating this very subject. In my opinion if one has to stretch to get a down payment go buy a 360 cash, smarter, more safe choice. We all have financial decisons to make and each and every person has different finances so it is hard to judge without knowing all the specifics.

But all this talk about net worth of millions and millions to buy one etc... nonsense.

 

+1 This is the reality. There are even longer term financing options , its all a matter of disposable income and priorites.

 

I read ths thread and laughed. If you are for real, you worry me. Run, don't walk to someone who understands the value of moeny and hang on for dear life. Best

 

if you need 30 millons i donttink ferrari would have sold so many 458

if you dont need to buy a new ferrai buy the next latest model, saves a lot of cash

 

+30M

 

Let's start a parallel thread "who among us is the most gullible"? Best

 

Perhaps. It could have been a legit question but I don't think this one is, based on the refernce to his net worth. Sorry, not buying this at all. He's probably 10 years old.

 

A good friend of mine had the perfect answer to this question:

"If you are single, you need USD 100'000 and you borrow the rest. If you are married, you need at least USD 5'000'000"

 

If you want to enjoy the car to the fullest, I would say maximum 10% of your liquid net worth.

Liquid being assets you can turn into cash within 24-48 hours.

So 300k 458 Italia, $3million in cash or cash equivalents(gold, short dated bonds).