Brand New to Exotics and thinking about purchasing... Don't know where to begin

Hi everyone.
I'm not even a long time lurker. I just joined this moment and specifically to ask this question.

I was on Bogleheads (great website for money management) and a guy was debating whether or not he could afford a $100,000 car. He could but he was just trying to decide if he should. I started thinking ... hey, that's interesting. What would be a unique and fun car? Naturally Ferrari and Lambo (I'm not sure I'm allowed to use that word on this forum) came to mind. Of course in that price range the Tesla Roadster is a thought too. $200K seems too much for my stomach to handle though and so I was thinking used Ferrari between 100-200 but preferably closer to 100K.

When I was young I had a BMW 3-series also used and it broke down ALL THE TIME. It drove me crazy. So I vowed never to buy German again. Since then, and thinking about buying an exotic Porsche at least crossed my mind but still ... Porsche is beautiful and drives great but it's not unique the way Ferrari and Lamborghini are unique.

So as I started down the rabbit hole there are so many things to consider and it's not even that I don't know the answers - I don't even know the questions. In fact I don't even know where to go to find the right questions to ask.

My thought not to proceed was based on how expensive maintenance and repairs would be and so I thought maybe Porsche but the article I think in Jalopnik and the adventures with the Ferrari there he found it was no more expensive to maintain than any other German car.

In terms of further considerations - I live in Los Angeles, drive about 10 miles to and from work each day on the 101 in traffic. I would consider using it as a daily driver but I don't yet know for sure. I'm also not sure if I would consider resale value as I may just keep it as long as it does not turn into a money pit.

So as a complete newbie thinking Ferrari and Tesla Roadster... and looking to get closer to 100K rather than 200K ... How would you all recommend I look at the issue and how should I proceed?

Thank you all in advance!

 

Nearly all the post-2000 Ferraris have near modern car levels of reliability if maintained and looked after properly. Maintenance can be costly if servicing at a main line dealer but generally is reasonable relative to the cost of the car.

A good rule of thumb is to probably budget around $3k per year for maintenance. It might not be $3k every year, but over the course of 5 years it could look something like this: $2k, $3k, $7k, $1K, $2K. The larger year could be for something like a major service or if something breaks.

If you are knowledgeable and can do some servicing yourself you can save some coin.

As far as depreciation, the models in the range you are looking for are likely near the bottom of the curve and will likely stay flat or increase as time goes on and Ferrari moves towards electrification.


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Welcome to the forum! The first thing I would suggest is as questions or the need for specific info comes up, use the search function. Most subjects have been covered multiple times in great detail.

If you are buying a Ferrari in the $100K range, regular maintenance isn't bad, but even relatively minor repairs can be expensive, and major repairs outrageous. Not to scare you because you may never have a major, but just thoroughly investigate the model you consider buying.

 

The models in your price range are the 328, 348, 355 (F1), 360 (F1), F430(F1), and (maybe) 599.

328 - Classic good looks, fun to drive, not too fast. Reliable once sorted. Maintenance is very reasonable. If you're over 6' or over 220 lbs, forget it.
348 - Stay away. Money pit. Not one of Ferrari's better efforts. You can buy a "good" one for 50k.
355 F1 - First version of the F1 gearbox was not done well. VERY expensive to maintain. Beware. Beautiful looks and sounds though.
360 F1 - Much better F1 gearbox, maintenance is reasonable.
F430 F1 - F1 gearbox better still, maintenance less than 360.
599GTB - Modern car, comfortable, reliable (in Ferrari terms), under appreciated, but V12 can empty your retirement accounts if something bad happens.

I might be forgetting something. Start by looking at those and see which ones appeal to you. Then Google "xxx buyer's guide" for those models. Peruse the sticky threads at the top of each model's subforum. Then ask us for opinions, cuz we've sure got plenty of them.

Edit: No Ferrari is suitable for commuting in stop-and-go traffic. Ferraris are about fun, not getting from A to B. Use a normal car for brutal L.A. traffic.

 

Hello and welcome.
I’ve owned about 15 Ferraris over 30 years.
One car comes to mind for you. A 2013 or 14 California 30. It’s an easy transition into exotic ownership as it’s not as finicky and more useable/comfortable and newer than all the other models discussed. Newer is generally a lot more reliable so the later Californias are known to be very reliable with just keeping up with scheduled service like any other brand.
The other older cars are more weekend special cars. Retractable hardtop for S CA is nice.
Modern features like a cup holder, Bluetooth, heated seats not seen before on previous Ferraris. After all it was designed to bring new people into the brand at an “affordable” level.
Currently a clean well documented car is $130k. You can find cheaper older Californias but the 13 or 14 had a lot of improvements that make it worth it. I had a 13 for 3 years 22k miles and loved it. It’s a great daily.
Other cars have too many compromises for daily use and maintenance requirements.
Welcome to the brand


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This.
Especially if you intend to daily, or even semi-daily.

 

Also regarding the Tesla Roadster I’ve read it will be priced closer to $200k when and if it ever comes out. Likely would be selling over sticker like any new toy right now. Also people talking about how great they are for like 10 years now but no one’s ever been able to buy one.
Elon classic


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Thanks everyone. Forgot to say - convertible is a must! If it's even vaguely appropriate weather my top is always down. F430 is gorgeous and mid to late 2000s are within the range. But to my mind ragtop is noisier and just not as pretty as hardtop. Thanks and let me know if you have any other advice. Browsing the website it looks like everyone is convinced electric is the future (as I think many people think) and the way politics are, a lot of people with power, particularly in CA, want to outlaw everything carbon. It seems to me a very long time before non-nuclear green sources of energy will be able to provide the magnitude of energy we need if ever but it's at least something to think about. With that said, I think it's unlikely we will not be using oil in my lifetime.

Thanks again and for any additional advice too!

 

Many great responses and suggestions on here as usual so won't repeat and be redundant. If convertible is a must then (as suggested) I would consider a Cali - they are relatively practical, modern enough to avoid overly-costly maintenance, have metal folding roofs versus fabric, great performance and would probably be the best daily driver of all the cars listed in your price range.

My only advice is this:

> Buy the BEST one you can afford with solid history - even if it has some miles on it (actually preferable IMHO - garage queens going from garage queen to being driven usually have some issues - for modern cars miles is not the issue but solid maintenance history is with an obviously clean Carfax. There are plenty of Cali's out there so you can afford to be picky.

> Have a PPI done - will give you peace of mind and proactively either catch things that could make you walk away or worst case you know what you are walking into and best case you know you have a solid starting platform which gives you confidence in the purchase.

> As previously stated keep a budget set aside for planned maintenance and unexpected issues - having this in reserve will allow you to enjoy and DRIVE the car without fear of having to scramble should something happen or go wrong unexpectedly and ensures you don't stress over (or forgo) maintenance.

Note these guidelines pretty much apply to any Ferrari you are looking at so take them for what they are worth.

Cheers and welcome to the forum and hopefully Ferrari ownership - Cheers

 

What would the 100k be in terms of your network percentage?

cheers

 

Hi. Net Worth? 100K is a lot of money for I think anyone who is not a RE developer, CEO or particularly successful small business owner, or someone in VC. I am not in any of those categories. Looking at my retirement accounts today though it would not meaningfully affect my retirement. My main hesitation is I am particularly devoted to charity and made a charitable foundation not only to fund my charitable priorities now but also for after I pass (G-d willing at 120 years and in strength). So my hesitation is really ... how would I feel spending this much money when there are people who need the money more. It sounds silly or arrogant probably putting this on a Ferrari board but it is what it is and to be honest that is the specific reason I am really hesitant. After 120 at the pearly gates ... what will I think in retrospect of buying a Ferrari (or Tesla Roadster) where the money could have been used for charitable purposes. With that said ... I think money is also for us to enjoy. I'm just wrestling with the idea of will I get enough enjoyment out of the car to justify it? If my car were to break down now I could justify it. But my regular daily driver (Lexus IS 350 convertible) works great (kneinahora!) so it's more a want than a need.

That may come off as really arrogant but it's not meant that way.

 

You bring up some existential elements that are hard to quantify. Singer’s analogy comes to mind. May I remind you Solomon had hundreds of wives? I would even discuss Bathsheeba.

. Assuming the 100k is not a stretch, I paraphrase scripture “to those that have, more will be given. To those with not, more will be taken away.

 

Interesting. I came for the Ferrari information but didn't know the group was so philosophical! I hadn't heard of his analogies or maybe parables so I looked them up. Didn't realize it was PETER Singer. I don't disagree with those examples (Bugatti on the train track, child in the pond) and don't disagree with his conclusions which is exactly why I am torn. He is however let's say in imperfect vessel for the idea of ethics and morality.

(I wrote a paragraph about his advocacy for killing disabled babies and similar horrifying ideas but thought it was inappropriate for this forum and so deleted it.)

OK Back to ferraris!

 

Porsche Boxter (will do well on 101)

 

I didn't see anything wrong with you bringing up Judaism since neither of us is proselytizing.

I see your question as entirely valid; I reply it's purely relative or depends on your specific creed, which in this case doesn't even have dogma.
I approach your query on purely pragmatic grounds. You didn't reply with what 100K would represent for your net worth, which is fine- I respect your privacy.

I argue if it represents less than 10%, go for it. Just my personal opinion.

 

Just the fact that you are a charitable person who believes in philanthropy, while simultaneously having a (yet to be fulfilled) desire (with means) to own a Ferrari says a lot about your character.

I appreciate your outlook. As Mark Twain said, in years from now you will be more disappointed by the things you didn't do than by what you did. You don't need to feel bad about wanting to buy a car. Regardless of what is cost. Anyone who gives their money away for the sake of something bigger than themselves and looking toward the future of others, is a winner in my book. You've already won at life. Find a good one, and buy it. Drive it in good health and enjoy for many years to come. Worst case, if after a year you feel like that itch has been scratched and your money is best used elsewhere, sell it without second thought and move forward. Unlike most brands, you can do that and not even lose much money (if any).

 

oh boy. here we go. where is my popcorn, honey? I have some left over, right?

 

Our dear friend needs to figure himself out first, then after that, he can decide on the appropriate car.

 

I would avoid the automated manual transmissions if you plan on regularly sitting in traffic on the 101. I would think it would be horrible on the clutch.

If you want a convertible for cruising and sometimes daily driving in traffic, I would surely go for a California or 911 in that price range. If you want something more for the weekends going along PCH and the canyons in the morning, I would look at a 360, 430, 599, Gallardo, or GT3.

 

The charitable desires are good. But remember- you can’t take care of others till you take care of yourself. When your plate is full- you can fill the plate of others. Buy the car and enjoy the hell out of it and don’t feel bad for a second.

 

A $100K Ferrari is likely to bring your closer to your service advisor than your spiritual advisor

Perhaps upgrading your IS 350C to the LC 500C would be an option

To address the charity point, you can give $1800 every time you are called up for an Aliyah

 

Have I wandered into the P n R forum or something ?

 

Thanks for mentioning Bogleheads.

 

I'm also in SoCal and was dead set on getting a convertible, but after owning my 458 spider I have a new perspective. I'd rather have an F430 coupe than a Cali convertible, no question about it. The Cali just isn't the same drivers car that the F430 or other mid engine cars are. Driving with the top up in an F430 would be so much more exhilarating than a Cali convertible.

If you want the Ferrari brand and something comfortable to commute in, get the Cali. If you want something to go carve canyons with on the weekend go for the F430 coupe.

I also would be looking at the GT4 or GT4 RS if I were you. The GT4 RS will certainly be a special car for many years.

 

Hello! I did respond but only obliquely. Yes under 10%. Purchasing the car would clearly impact assets saved but not in a way that should affect retirement. Additionally - it seems that a good quality car's value does not go to zero but would maintain some significant value in resale if necessary. That's what is getting me to lean towards purchasing. It's not like spending $50K on a vacation and there is no material value left after the vacation - the purchase maintains its value to a significant extent. So it's almost like buying gold. You don't necessarily expect it to go up but it will be a source of value after purchase.