Why so many 458s on the market??

Beberg will most likely write off the full amount off his profits from his company.
He drives a Ferrari and pays something less to the IRS.
I AM assuming this of course don't know the guy.

 

if that's the case he wld have put as little down as possible, not 35k? no?

 

Red 430 on Williamson :-/

 

Dreadful deal. You could've paid that same monthly payment with an $80k down payment and, after 65 months, you would own it outright. That's with financing from a bank like DCU.org that will loan you $160k for 65 months @ 1.99%. That's only ~$250k out of pocket total, all taxes paid up, no IRS shenanigans required. Do the math.

 

Because they all have 488 coming in

 

Yes yes ....but who knows .

 

. Hi Burke, yes, it was the crash on Williamston road, that totalled my f430.. Did you see it? I thought it looked like a fender bender, on the spiders left back tire, but the dealership said that it had the need for panels, axels, and panel fasters.. I am amazed that a 40 mph crash could total a F430. Perhaps the insurance guy said it best when he said that the car was worth more for spare parts than the difference of just paying me off or repairing the car. . Anyway, now I have to learn more about the inns and outs of the 458 and how to drive it properly ( was still learning on the 430)...

 

I find it ironic or concerning that minor accidents total our cars. My partner had a side impact at 30 mph and bent his chassis with total,loss. Is it the parts cost that drives it? Or the precision engineering? Either way it's bad.

Sorry about your loss.

 

Whats the mileage limit on your lease?

PS- just so you know ttforcefed is one of the smartest people I know on the subject of finance.

 

The cheapest car is a brand new one when they first come out.

What he is not factoring in are repair costs or warranty costs.

Also I would not do a 60 month lease on any car. Life can change.

Most of us here are finance, interest rate and opportunity cost savvy.

 

The rate is 9.4%.

Here are the inputs on an Excel Spreadsheet.

Price $220,000

Down Pmt $35,000

Amt Financed $185,000

Balloon $(102,000)

Term (months) 60.00

Payment $2,540.00

RATE 9.416%

 

Exactly. The people at Premier will tell you "you can get out of the lease at any time" which is different from most leases. In order to do so you have to prepay a 1 or 2 payment penalty (can't remember which) and then pay off the car at the current balance but of course the way the amortization goes most of the first 2 years is all interest (around 8% if I recall with A+ credit) so they get their pound of flesh big time. There is no way financially this is better than a strait purchase.

 

If you want to step into a $200k Ferrari for $6k out of pocket, Premiere is your answer. If you purchase the car at $200k, sales tax (in my region) would run $14k. Also, if you don't trade the car in to a dealer (prolly for wholesale) towards the purchase of another vehicle, that sales tax is gone.

 

This is definitely one of the most absurd statements I've seen on the 458 vs 488 debate in recent memory.

 

another beauty
FERRARI 458 Italia 4.5 V8, Occasion, Benzin, 7'800 km, CHF 158'900.- - AutoScout24

 

To bad the 458 is overpriced here in the states.
This is a nice price and not many miles.

 

me and you must have went to a different type of finance/debt math class!

 

Guys why don't you quit dogging bberg on his deal? If he is happy with it then we should be happy to have a new Ferrari owner on board! Welcome ,, and drive the snot out of it bberg!

 

he's actually only financing 83000 and he didn't say how sales tax factors in

but 83k at 9.416% for 60 months is 1740 per month straight up so there's 800 extra a month that must be taxes and possibly any additional fees

i just have a problem with paying 9.416% when there are auto loans readily available for half that or less

 

Hi Caeruleus, The weird thing is that Premier did not place any limits on the mileage I can drive on the lease, and the lease is 'close end', meaning that I have the option to buy the car at $102K in 5 years, but don't have to... So while the $35 K down and $2540 per month is not 'cheap' it is not very restrictive either..

 

You are right in your calculation, if we included the North Carolina Highway use tax. But the amount is actually 3% lower (the lease payment of 2,540 include the highway use tax 'BTW: NC does not have a "sales tax", but it amounts to the same thing). The pure lease payment is less than $2,400, and the amount financed/leased would be higher at around $194,300.).

 

Love you MAN!!!!!!!

 

ok i'm just here to help with math

with 194,300 financed but with 102,000 balloon payment (or residual) means you have to pay that full amount at 1 time at the end (or walk away and let them keep it) means you are really only financing 92,300

use any online loan calculator you like

loan 92,300
term 60 months or 5 years
to get a monthly payment of 2400 you NEED an interest rate of 19%

try it and see

 

As long as you're happy with it. Thats very interesting about the lack of mileage limitation.

 

++1