Income needed to afford a ferrari?

What for maintenance???

 

kinda like you're doin?

 

Why havent you married this girl yet??

 

Saving every cent maybe.

 

i think it's not about income, it's more about how much wealth you have to afford one.

 

To afford a $200k car yuo should probably have no more than $1m debt and earn about $400k in my mind. It is easier to buy a $50k fun Ferrari and earn less than $400k per year, and try to get the debt to $0. $200k is a pretty high starting point for Ferrari ownership. My $.02.

BT

 

You can afford to buy and maintain something like a 250GTE or 330 GT 2+2 on about $50,000/yr (at least here in SLC, Utah) I would (obviosuly be more if you lived in LA or NY, or in Paris or Lake Como, etc)

 

Oh, the iron knee
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Pardon me, but what I apparently wasn't able to effectively convey in my original statement was that I was DEFENDING YOU.

YES, this topic comes up frequently, and YES it seems to bother some of the "locals". However, like you mentioned, newbies don't know how many times a certain question has been asked. What annoys ME are the responses that people chose to make, time and time again, when they should instead turn their cheek and ignore the thread - ESPECIALLY a Moderator.

I don't want to start a huge pissing match, but for what it's worth, "Dupe" posts don't bother me. If one does, I won't reply. I don't believe that making sarcastic or snide remarks - especially to a new member - does anything to further the quality of this message board.

Aaron

PS - I won't ever type anything that I wouldn't say to someone's face. This is a small community, and I live near one of the largest annual Ferrari gatherings in the country (Concorso Italiano in Monterey, CA), so there's no telling who I might bump into. It would make little sense for me to make enemies - especially when I'm not trying to - when it is so much easier to be polite and make friends. Best regards.

 

I am very surprised that nobody has brought up the fact that the 360CS was only made in 2004.

 

It is not a question of wealth, but intellegence. Searching for the parts, knowing how to properly drive such a vehicle( not just a Ferrari, but any car at that) so that it is not being abused, when and where to drive it, etc. All these factor into successful ownership.

 

AMEN!

 

I think I learned that one the hard way...but one my 20th or 22nd post. Anyways, the first thing is the purschse/lease of the actual car...but then there is all the other crap that comes with that: Service/licenseing fee/insurance/gas/what ever else. So really, buying the car is a little amount compared to the things you have to do with the car.

 

I knew you were defending him, but didn't bother pointing out his error since my issue was how he was responding.

I usually don't have a problem when a newbie makes a duplicate post (though I admit to a few bad days when I have to wade through a lot of them). Nor do I have a problem with witty/explanatory/compliant responses to such duplicate posts. IMO, these dupe threads will ALWAYS generate the same assortment of responses that you got here - including the ones saying "why not just answer the question, even if it is a dupe". MY typical response, if I choose to respond, would be "that's a frequently repeated question, here's an example of a similar thread that you could have found by using Search, <link to example thread>". That answers their question if they read the link, maybe helps to give them a clue about how the board works, points them to a useful tool for the next question and hopefully their next thread won't be a dupe. Teaching someone how to help themselves is a good thing in my book.

I do have a problem when a newbie responds with "STFU" or words to that effect when responders try to explain what's going on. That sounds like they would rather pick a fight than figure out how this group works. And people ready to pick fights are even more tiring than the "how can you afford a Ferrari" question.

 

no offense, but arent you critizcising yourself?

 

Agreed 100% on all points you made.

 

I don't believe so, because this is the first thread of this type (i.e., "How much money/How do I afford/What job do you have/etc.) that I've participated in... I chose to chime in, not to belittle the thread's originator, but rather remark how disenchanted I was by the level of maturity in some of the responses.

 

Russso1313: Just for a straight answer...at this point in time, the usual market indicators say that one can get into a very decent 308 series car or 365/400 2+2 series for $30K, give or take a few thousand. I'd be happy with either.

How to go about "affording" it...I don't know what financing options are available for 25 to 30 year old Ferraris. As far as maintenence is concerned, assuming you buy a well maintained or "sorted" car, you'll still need $5K absolute minimum in ready funds for the stuff that inescapably comes up after purchase, and it will cost about $2K/yr to keep it on the road thereafter.

 

$50k/yr and own one of those cars? Where would you live?

 

He would live in Salt Lake City, UT. It says so in his post. What would the budget for the car be (payments, maintenance, etc...)? I think in SLC your home expenses would total around $2k per month for an average house (payment, electric, taxes, insurance). It is fairly inexpensive to live there.
BT

 

these cars are expensive, no matter what you pay for them. I figure on about 1k per month for the car. Dealing with any less, is looking for trouble.

Art

 

Here's my $0.02....

It's not how much you have to make, it's how much disposable income do you have left after your expenses:

IMHO, BEFORE a ferrari you should pay for:

1. House and all expenses (food, insurance clothes, everyday cars, etc).
I'm not implying you can't have a mortgage.

2. Child costs and college fund.

3. Reserve Savings / Emergency money

4. retirement / investment money (i calculate 2nd home here).

5. Vacation / going out money (chances are wife won't be happy if you have a ferrari, but cant afford to go on a cruise etc...

6. Whatever is left is fun money. Car, boat, etc.

IMO, some ferrari's count as a very "pseudo-investment". sort of like the wifes diamond ring. for example 328's, testarrossa, F40's, daytona's are probably (?) fully depreciated. Chances are you'll get your purchase price back or pretty close. you'll lose maintenance/insurance costs etc. maybe, they'll go up, maybe they'll go down. who knows. compare that to a powerboat and you feel pretty good about it. compare it to property or stocks and you don't. But I feel much better after a day with the F40 than I've ever felt about stocks.

Case scenario: Lets assume you can get a nice 308 for 30-40K, and say you finance 30K for 5 0r 6 years, you're talking 800/month. + insurance and repairs say 200/month each. So you need a minimum of $1200/month fun money. $14,000 per year fun money. post tax. of course, after the cars paid off then it's only the expenses, but beware, you'll want to trade up... or get a second,.. and 3rd...

 

Call me old fashioned, but unless you're allready sitting atop a big ole pile o cash, trying to afford ANYTHING extra on 50 thousand given your living estimate seems like a recipe for financial disaster. Assuming it's an only income, what do you have left after taxes each month? Maybe $2700? That's not even assuming putting anything away in savings.

How you afford it or how much you need to make is a VERY personal thing. I figure anyones best bet is to estimate actual costs and then decide if they are in a situation to afford it. I estimate costs to be in $2-$3 a mile range, all in. You gotta pay to play.