I am speaking of brand new cars. A 2003 demo model would be acceptable as it has never been registered.
Wellington, This is a new forum, Unfortunately you still have your negative and hateful attitude. I am not going to let your negativity ruin my learning process.
Well, let's see. For a 60 month loan you would need $20,000 down and your payments would be $5,000 per month. So I would say you'd need to be making at least $60,000 a year. If you want stuff like gasoline and a house you would need to make a bit more.
LOL, Pete! Maybe a bit more for food and clothes and such. But at least we have our priorities straight. So, Mr. Green, if you're getting by now and saving a bit slowly to get up to that $20K down payment, then figure you need only make another $70-80K per year (*after* taxes) and you can get yourself a lovely late model Ferrari. In the meantime, you might want to set your sights on something a little lower budget. LOL.
$20k down and $5k month gets you a "late model Ferrari"? What late model Ferrari costs over $300k? You could buy anything brand new made by Ferrari for that kind of cash. The only $300k Ferrari I can think of is the F40, and it's not late model. In case the question is serious, I would say a brand new 360 could be had on a budget of $100k/yr if you don't mind devoting a good chunk of your money to a car. The payments would be less than half the $5k figure - maybe more like $2k/mo with a chunk down. Of course the more you make the more comfortable you can be spending that $$ on a car.
SRT Mike, When you talk about 100k budget, Is that before or after taxes. How about Insurance and maintanence. I was talking to a friend of mine last night and we discussed this topic. He feels that to be able to afford that type of vehicle you must be able to pay cash for it. He says "If you can't pay cash then you can't afford it"
SRT Mike, If your talking about a 100K Salary.......there's no way you could afford a new Ferrari.........if you Gross was 100k, meaning your net is approx 70K even with the best loan on a FCar on a 60 month car loan at 8% would be at least 3k per month.............thats quite a chunk.............and doesn't include ANY OTHER living expenses............... Mr. Green, there is a small amount of truth to what your "friend" said.......I would bet that many people on and off this board that buy new F Cars can afford to pay cash....now they may not CHOOSE to pay cash based on investments/loan rates and what not...many factors, but I bet they could.............. Of course there are people that will live in a card board box and eat cat food all year so that they can buy a new FCar...but I don't think that was in the spirit of your question.
I was just using Pete's numbers... I assume he was using the cost for a 575 and normal interest rates. Mike, you seem to be assuming no interest at all and some wishful thinking. $175,000 minus $20,000 down is $155,000 loan. If we assume zero-interest 60-month loan, you have $2583. Even a 72-month 0-interest loan doesn't get you down to "$2k/mo". Unless by "chunk down" you mean over $50K down!
Isnt there a way of permanently not picking up certain users on this new system so its as if you never even see their thread?
>He says "If you can't pay cash then you can't afford it" Applicable to practically everything. That said, comfortably + wisely, a car would be 5-10% of annual income. Personally, would only pay more for a race car or something extremely rare. Certainly not any of the new/newer Ferrari's, perhaps a Zonda.
You'd better be making 250 or more if you're only going to put 20k down. If on the other hand, you've saved say 100k, the note becomes manageable. Still paying the bank interest for a toy is something that I can't comphrend. Art
You'd neeed at least 25k to support a car like that with only 20k down. Most people would put at least 30% down, which would be closer to 50k. I'd think that at least 100kl would be a good down payment, and I still don't understand why someone would pay interest to a bank on a toy. Art
One way to solve the problem is to change the parameters: settle for a used 355 or TR, and you'd be looking at $20k down, financing $40-65k paying $800 to $1200 a month. I think $100k/yr salary could handle that, without a big mortgage/student loans.
With finance rates as low as they are today, in many cases it makes sense to finance large amounts. In the meantime, i bought a brand new 03 Ferrari Enzo yesterday. Paid cash! 80 cents to be exact, its a Hot WHeels.
I drove Porsches for years waiting to afford a Ferrari. My guideline was always that I had to make enough to be able to afford two nice cars- a daily driver and then a Ferrari
Serious question: If you made $80,000 a year could you get a loan for a $80,000 used Exotic? If so were would be a good place to get a loan for that?
Allen - I just pulled 8% out of thin air. I think 8% is around what a used car loan is. Ferruccio - It depends on what your debt to earnings ratio is, your credit, how much you have to put down, etc. Most banks won't touch used exotics. Try a company like JJ Best. Better yet, a home equity loan if you can.
