I am 24 What did you have to do to get a ferrari?

They're not investments! Buy them to have fun.

 

Enjoyment investments are fine, just don't look at the financials...

 

Read Rich Dad, Poor Dad after you read the Millionare Next Door. Unless you are renting the car out it is very very unlikely to be an "investment."

I can imagine that too. But that's where it stops for me. I'm not wealthy enough to go and buy a few high end Ferraris and I would guess that most Ferrari owners aren't as well. You hear and see the exceptions and they stick in your mind. That said I could go and buy a couple of 308s or a 355 or something. Lots of people/companies would lend me the money go buy a Gallardo or something. And the only reason I could is because I wouldn't. If I did that kind of thing then I would have already done it with many smaller items and I wouldn't have any money. I'm clearly the millionare-next-door type. I think that approach isn't the best, it isn't the flashiest, sexiest, it won't make you the richest, but I do think it is the most sure-fire way to do it. But then again I don't have a Ferrari because I'm rich, I have one because I'm a car guy. I love the machinery.

One last thing - Your chances of becoming rich seem to go up if your hard work profits you and not someone else. Work for yourself and not "the man." (Advice I'm not currently heading. And I mentioned I wasn't wealthy, right?)You're young. Go do something big and brave now while you have nothing to lose. I wish I had!

 

Don't work for someone else - start your own business if you really wanna make some serious $$$

Not sure if you already have your own house but I would never buy a ferrari before you own your own place. Just my 2 cents

 

Patience. Build your career, buy your house, have your kids, then buy your sports car. Sounds cliche, but it's how a lot of us do it. A Ferrari doesn't necessarily make your life a good one, just a better one.
Of course, I wouldn't have listened to this advice either. I was always more of a buy it now, pay and pay and pay for it later. But it's not a good idea!

 

I don't know; I was 53 when I got my first, present, and very possibly last Ferrari. Could kick myself in the ass, though...back in '77 when I finished school and started working for decent money, there was a nice choice of vintage 12's available for not that much $$, could have done it...but I had been through a big car phase a few years earlier and there were new frontline priorities. The automotive virus didn't resurface in force until I was about 45.

 

Buy a project car that isn't too far gone and that you think will appreciate and fix it up slowly.... Do a lot of the work yourself and hunt down parts here and there.....

 

What do you have to do to get a Ferrari ????

The same damn thing you'll have to do to get a Mustang, only more.

G

 

Actually, considering the price of some of the new Mustangs, a Ferrari might cost less!

Some great thoughts out there. Stay in school. Work hard. Read "The Millionaire Next Door." The sequel to Next Door is out: "The Millionaire Mind," I've been reading it and it's pretty interesting.

About "Rich Dad, Poor Dad" - BEWARE! I read it and found it encouraging and inspirational. However, since I used to live in Honolulu, the authors' Hawaii roots were of particular interest to me - especially the "Rich Dad." After some investigating and speaking with friends in Honolulu, it seems that no Rich Dad exists. Of particular note was an Robert Kiyosaki interview I read (I believe in the Honolulu Star-Bulletin) where Kiyosaki basically said that the Rich Dad was fictional. Rich Dad is a good motivational book but little more.

As for myself, I like the ideal that one should pay for their toys in cash. Been working hard to get a 308 GTS myself and passed on an opportunity to buy one with financing because I'd prefer to own it outright.

Looking forward to the day when I can join the FC crew on a cruise.

 

Work hard, be fair and honest in all business dealings. Watch out for those that are not. It is frankly harder for young people today since we are all competeing in a world economy.

The second part of the equation other than earning it is to invest wisely and for the long term. Most people even with modest incomes can be wealthy if they invest long term. Read books about investing.

I have so many freinds who made great incomes and they blew most of it so now at 50 years or so they are stuck and have very little net worth.
Shame on them

Good luck

Lee

 

OMG! This is EXACTLY what I am trying to do! I am only 19, and i sure as hell plan on getting my Ferrari almost any way i Can. You Glassman, are a role model!

In fact, one time i was at Continental Ferrari (around Ogden in Illinois?). I was just standing at the balcony (i made a pilgrimage once a week) and oggling at the Enzo they had there. This guy pulls up in an older S8. He starts talking on his phone and his super hot daughter comes out too (looked 18). I'm still just in awe of the Enzo when i hear this girl on her cell phone. "Yeah... my dad is buying Some Car[. I don't know when I'll be home!" Man i thought, "SOME CAR?!! SOME CAR?!?!". But then i got to thinking, what if i could somehow manage to marry a woman like that, can you imagine the birthday present? I sure as hell hope it would be Some Car with a bright yellow badge!

 

Some of them aren't expensive, it's just a question of what you're willing to do without?

Personally, I did without double glazing for the house and a new car.

 

Steeling cars ...

 

Do what you love. If you get rich, great....if you don't...then you did what you loved and you'll be happier than most people rich or poor.

Network and make strong connections. Hang on to geniune/real friends like they are your lifeline, and let go those that mean to do harm without blinking.

Save your money. Your neighbors out buying the 50k SUV on a 50K/yr salary are not rich.

 

Having to own a Ferrari takes a lot of dreaming, hard work, and dedication. My parents told me that Real Estate is the way to go. That's where our money comes from. Good Luck with your choices.

 

I believe life is about being in balance, especially when it comes to finances.

I like to use a few formulas, for example, the price of my toys (such as my F430) cannot total more than 15% of what I have saved for retirement. Also, I don't think the total of my toys should fall below 10% either.

Another formula that works is the "10/20/70" rule. Total up your monthly after-tax income (that is, your "take home pay"), put 10% of it in long-term savings, 20% of it should be used to pay off debt faster than scheduled (e.g. car or house payments), and the remaining 70% is what you live on (normal car and house payments included). Once you have all of your debt paid off (including any debt for your primary house or other houses), then the 20% gets added to the 10% and a total of 30% goes into savings each month. I think this strategy was first published in the "Richest Man in Babylon" book, which was written decades ago.

The first formula keeps one from saving all their life for a glorious retirement that may never come. We all might live to be 120 or we might die tomorrow. Make sure you enjoy it along the way.

 

I started out with a 1962 190c Mercedes worth $500 I got for free. Fixed it up a bit and sold it. I was 12 years old, I had the car for about 2 years. Years later I bought a Mercedes 450SL right before I got my drivers lisence, after about 4 months of driving it, I decided to sell it because it had developed a few problems I didn't want to deal with. I ended up getting more then I paid for it, even with these problems. I always wanted a Ferrari. My dad just told me to make money and buy one while I have a chance of affording it, before I have a family etc. I came to the conclusion after this was about the 3rd car I had owned and sold for more then I had paid. I could make money from buying a car for my self driving it for a while and selling it. upgrading each time. as long as I bought it for the right amout. And I was completely determined to get a Ferrari someday soon. I've always thought it was rediculess to dream about these things and not actually do it. or wait until you retire at 80 years old before you buy one haha. I wanted to buy one and enjoy it while I'm young, this was most important to me. Anyway I continued buying and selling cars fixing them up a little etc. I had as many as 9 cars at one time. I've owned more cars then I can remeber, in the past 2 years, making usually well over a thousand dollars off each one. unless I got it for free or something but hell I'd still make a few hundred. Anway, I've always loved german and italian cars. around my 17th birthday I was able to buy a Mercedes SL600. I was happy with that for a while But sill always wanted a Ferrari. So I ended continuing buying and selling cars and some other things. And Eventually sold off about everything and was able to pay cash for my 1995 Ferrari F355 Berlinetta around my 18th birthday An excellent birthday present to my self. haha. So I've had it about 4 months or something now... The costs of keeping it running are the worst....

Anyway thats how I got mine!! Probably quite a bit different from anyone elses story. I don't know if this will help you at all, but. Maybe you can do something similar and work your way up oneday. Get a 308 project car or something. I almost bought one of those over the SL600. But, and I wanted a Ferrari Testarossa mainly. But decided infavor of a F355 in the end Goodluck!!

You don't have to be rich to buy one of these cars nessecerily. Maybe to keep it running and maintained however haha.

Look at how much some people spend on a ****ing honda or something. I've heard of people spending 10's of thousands to make it faster then a total peice of ****. Not to mention the cost of buying the piece of ****. and Whats the point?? Why not spend the money on something thats worth it and stop wasting your time and money on a pos.... Some people spend as much money on pieces of **** as they could buy some ferrari's for.... I know some people that paid more money for volvos or hondas then I paid for my SL600... And it was 100times the car. The cost of mantining these things is what kills you though. lol

Again, goodluck!

 

Listen to this guy - good post. And make sure your dad buys one so you can get a deal on it when he's done with it,

He said Ferrari, not Lambo.

 

Thanks for the tip.

 

As you may have figured out by now, there's no one answer for that.

Ferrari ownership doesn't make people all alike.

There are guys here who have more money than some countries, guys who have collections that would have your eyes falling on the floor next to your jaw, and there are also guys who have to save up for the tools to fix their own Ferrari.

Some owners are in business for themselves, and some are "wage slaves".

Some guys take their Ferrari out only on hand-swept vacuumed roads on days of guaranteed good weather, and some guys commute in them.

And outside Fchat, it gets even more diverse. Some people buy Ferraris as investments. Some buy them to be seen in them. Some run them on tracks. And some even hack them up with wings to race them.

There ain't no setch animule as a "typical Ferrari owner".

In general, there are things that make Italian cars more like each other than like other cars. These aren't Hondas. They require maintenance. How reliable they are is directly proportional to how well maintained they are. And they run better when they're run -- not when they sit around. And they don't drive themselves -- they demand attention from the driver. That's pretty much true of Fiats, Alfas, and Ferraris.

The suggestion to "test the waters" with a Fiat or Alfa is a good one. Many of the same factors are involved. You need to *drive* them, not just go along for the ride, and you need to maintain them, especially if you want to drive them often.

They don't have to be just toys. Alfas were my daily drivers for over a decade. (I had a really good mechanic.)

Can every owner afford multiple Ferraris? Some can, some can't. At one point, I had considered a Mondial as a "winter rat" simply because -- in that locale -- a Ferrari was the only kind of car I could get serviced properly. (The area was notorious for dishonest and just incompetent service shops.)

One hint I can give you: Avoid automotive-ADD. If you replace your car every two years, you'll pay more in depreciation than Ferrari owners pay in maintenance. You'd be surprised how much you can save up by driving a car that's paid for. Car payments are a large monthly hole in your budget. The more time you can spend without them, the better off you are.

Properly maintained, an Italian car will last until the frame rusts away (and could be rebuilt even then). I couldn't get much more than 15 years out of my Toyota, but I've had my Alfa since before you were born. It may be depressing that a car I bought new now qualifies as an "antique", but I think I've gotten my money's worth out of it.

 

Stop thinking about, "what do I do to get a Ferrari."
Life is so much more than a car.
"Follow your bliss" is the often quoted Campbell.
If you end up financially successful enough to purchase a Ferrari, then so much the better; but don't consider yourself unsuccessful if you "fall short" of that mark. It is an arbitrary, meaningless mark.
BTW: Maseratis are better!
haha.
-Rob

 

This is some of the best advice I could not have said any better. The amount of money my wife and her oldest daughter lost on depreciation owning GM cars in a four year stretch of time would have bought a 355. yet today those same GM vehicles are worth virtually NOTHING.

While I have heard more than one comment say you shouldnt finance a toy, in many ways it might make more sense to finance a Ferrari, and purchase your everyday cars outright. Id much rather drive a 10 year old Ford I own outright if I can have the Ferrari in the garage. And seriously, IMHO, anyone that graduated HS with any kind of decent grades is more that intelligent enough to maintain and service a Ferrari themselves. The money you save on labor will far exceed any potential mistakes you will make.

 

Save your money.

I started a Ferrari fund at 18, with the goal of buying at 35. Due to the purchase of weekend house, I had to push the Ferrari to 40, but I picked it up the day after my 40th birthday.

Some years I didn't save much, some years I saved a lot. But I always saved. It worked.

 

I married a doctor