Kinda Personal

Hi Shaan!!
I see you're from Montreal, like me. Its the first time I see you posting on the boards.
You should check the Montreal Spotter thread in the Canada forum.


As for your question...I can't help you.

 

I’m certain I could have made a better financial investment than a Ferrari w/ my dad’s money. But here I go. I have wanted a Ferrari for the last 20 years. In the money pool you are swimming in, price is nothing except for what it takes to give you that idiot grin on your face. The same one I have now.

 

I'm sure you would find a huge range of answers for your question. Some people aquired millions of $ before they bought a Ferrari. Myself, I put down $750 in cash and financed the rest, which wasn't very much for a Mondial. It cost the same as a new VW Passat, but it's so much more fun!

Cheers,

 

And that is absolutely definately the best way to do. You can enjoy the car to the fullest without having to worry about repayments, or it hurting you financially in the long run, resulting in opportunity cost and/or you being forced to sell it.

 

The simple answer is that luxury items/toys should be bought when you can afford it. If you're spending the farm and putting yourself on the edge than it's not a wise decision. "Afford it" is subjective and varies from person to person.

My opinion is buy it when you can pay cash and still have enough left over to live the lifestyle you want.

 

There a people out there that own a Ferrari and live in a shack. There are people out there who are so wealthey they wouldn't even consider a Ferrari, even though they could buy the company. It all depends on what you want. If you are asking these types of question regarding the purchase of a car, then you seem to be uncomfortable with your idea of purchasing a Ferrari. Do you homework. Price out various maintenance items on the Ferrari you are looking at. Then from that make a budget taking into consideration unforseen problems that may put a strain on your wallet. Then after you have done this, figure out how much is left over. If you have enough disposable income to cover costs for the car then go for it. If it is going to be a struggle then leave it for another time. Don't put yourself in a position you will regret over a car. It could be the biggest mistake you'll make, or it could be the best decision of you life. But be 110% sure you can afford it.

 

1) you need a place to sleep first. buy a house that you can afford, live UNDER your means and BUILD WEALTH.
2) pay cash for what you can, avoid credit cards and financing. when you finance, read the fine print and CHECK THE INTREST RATE.
3) a ferrari is a fine goal, but buy within your means. and have a reliable everyday car for work and fun.
4) when you have "x" amount in cash ONLY spend " y " amount and save the rest no matter what.
good luck in your venture.

 

you want to own the car and not the car owning you!!!

too many factors involved...not to mention the fact that ferrari prices vary huge. you can get an old ferrari for the price of a new toyota or a new farrari for the price of a home.

 

First of all, you don't go buy a $300K car, you lease it. The sales tax alone would be insane, and your going to loose allot of money when you sell it. That's right loose ALLOT!

 

Holy crap! I'm pretty glad that no one here gave you money then for your "investment opportunities" when you first came here being a super troll.

 

Why are we getting pummelled with goofy questions from guys with 50 or less posts?

 

I dunno, these guys go and watch Boiler Room and then think they can come and BS their way into social acceptance and venture capital here.

 

...........GARY GREEN...................

 

Yeah seriously, some of you guys on here have horribly pretentious and arrogant attitudes, you respond in the worst ways to everything. If the question wasn't something you cared to answer then don't even post. Just my $.02

 

if it is something you dont need imagine building a pile of money, then pour lighter fluid on it, now light it up. Its alright to get a little teary (hell i get a little pissed if i see something i just bought for $1 less the next day, i dont need it im just greedy ) now if the loss of your money is going to make a noticible difference on you life , both short and long term then you cant afford it.

 

My Grandfather used to say, "If you think something is expensive, then you cannot afford it."

 

if you buy a car and the buisness goes down you still have the car to sell if you lease or bank loan you have not realy bought it and you will still have the payments to find

 

No, that's not the case at all. If you were here nine months ago, you would clearly understand what this board went through.

 

..........GARY GREEN.............

 

You must first have a passion for cars and motorcycles and other boy toys. Buying a Ferrari is purely an emotional "smiles per mile" decision that makes no financial sense regardless of how big your net worth may be.

Bottom line? If you can't afford a Ferrari get something else until you can. For reasons that aren't worth getting into here, I just sold my E55, 911 TT and Maranello for some funny pieces of paper that I can't cash in for about a year.

Does this mean that I'm going to go cry in my beer? Nope, I went out an brought a 99 Miata for $8,300, and I'm having $5k of upgrades done to the car.

Always remember that money is like energy. The more you have, the more you can do. But even if you don't have very much, there are still things you can do to have fun.

Good luck, DrTax

 

You will know the day you have enough to buy a Ferrari. Everyone has their own comfort level. But as has been said before, do not think of a Ferrari as a financial investment. Think of a Ferrari as an investment into your happiness.

 

Search the Autoweek archives and find the column Leon Mandel wrote before he died, concenring his first sports car purchase......to paraphrase his advice...."Do what makes you happy.......get a life"

He's dead now.....so he can't......


You're typing on here...you've still time!