What is an average salary required to own a 360?

Not bad! Depending on the taxes, if you think that you car expenses should come from 20% of your income. You will need to make between $175,000 - $225,000 a year

If you do not make 225K in the finance biz your not a player! You are a Loser!

"225k no problem have it for you in the morning. Let's go Elwood!"

 

Sorry, but I must respectfully disagree with this statement. Depending on what business you are in you can make a hell of a good six-figure living. Also, I know quite a few general Doctors that at the end of the day DON'T make a six-figure salary. Like the other gent said, it is about saving correctly and investing, NOT what job you have or business you own. Considering how many small businesses go belly up each year, security is not a bad thing with a family. Other than the lucky sperm club crowd with seed money and position to fall back on, most of the independents I know started out in "regular" jobs and built their businesses up on the side until they could cut and run (if they ever did). Just out of curiousity, why does it seem to be a general "sneering" on this board at people who are on a "salary"?

(And for the record, I was on "salary" in banking before "retiring" last year and made enough to be comfortable)

 

This is less than my wife and two kids cost me!

 

I don't know about sneering, but I think this board has a much higher proportion of independent, risk taking entrepeneurs that think out of the box than in the general population. This young man is already wondering what salary he needs to take on a level of debt. To me and others, it indicates he alreay has a mindset of always working for others and borrowing all that his income will allow. IMO, this is a recipe for a lousy, rat race life which is, of course, heavily promoted by corporate America, especially banks. If this board can help him to at least think in different directions, he may yet be saved. For the record, I don't see much security in jobs anymore. They can and do go away quickly through no fault of the employees.

Dave

 

No question that the mindset of getting everything RIGHT NOW and pay for the consequences later is helping to drive the US (and other countries) down a very bad spiral. And that does lead to a heavy future burden on the people doing it and those who foot the bills when things tank. And you are correct in saying the there is virtually no job security in any field anymore. I am just questioning why it seems some of those who are "risk taking entrepreneurs" on this board think the only way to happiness, stability and security is their way. And those who are "wage slaves" are a dismal and ignorant lot. It isn't just this post, but most I've seen of the "what does it take to own a Ferrari" ilk point in the same general direction. IMHO of course.

 

If you are very unlucky then this post may come to pass. 3X the purchase price i.e. $100k car and $300k maintenance probably not going to happen.

If you buy a good 360 with a prebuy (about $500) then you can expect the following.

Every year oil change at $350
3 years a belt change that most people spread to 4 years about $4k
Fluild change at 5k miles at about $5k
dry clutch replacement at about 12k-15K miles at about $3500

These number are high and you can do better at private shops.

I would set aside $10k for misc and let it grow slowley to $20k, over years. You most likely will never need it untill the car becomes a classic and is old, but it is better to have the money. The 360 is a well designed car and is fairly durable. The aluminum body is expensive to fix if you smuck it
Goog luck on whatever you decide.

You may want to consider a new Corvette. They are not Ferraris but new should give you good service at a lower cost. You canbeat it around and you can enjoy it. I am not a fan of Corvettes now but when I was younger (no offense) I did not know the difference. I had a blast with mine. Then a migrated to a M3, oh my god. Then up the food chain in cars.

Bottom line my view if you have to borrow money to buy a car like this you cannot afford it. Only borrow money if you must to be a tiny weeny chevy to get to work.


Lee

 

I'm going to get a bumper sticker for my 308 that says, "Don't Laugh, It's Paid For!"

 

Let's hear it for the lowly salary / risk-averse crowd! For the lurkers, don't be discouraged by those saying you need to be independently wealthy to own a Ferrari - IF, and it's a big IF, you are smart about it.

I went the old fashioned route, use the salary to get to the point of being debt free, then buy the Fcar. And don't have your heart set on one model, there's several more affordable models to step in before going for the 360.

 

Joe,
I am a risk taking entrepeneur myself for 30+ years and I would never sneer at anyone earning a living in any way. I also understand that the majority of people lack the personality elements required to be entrepeneurs. However, the original poster seems bent on getting a 360 as soon as his income is high enough to get bank approval. Wage earners need to be as smart with their money as anyone if they wish to avoid the rat race and enjoy financial freedom. Regardless of how anyone makes money, I think it is a tragic way to live if all one's earnings are paying debts.

Dave

 

What you're thinking is probably the biggest mistake in your life and financial fiture.

IMO, you should first work really hard, invest your money for more money (Real Estate is one of the best way to invest your money), then if you have secured your money in case of emergencies, lots of savings and you have a house, that's the right time to buy a Ferrari. Nothing is worse than buying a Ferrari and sell it next month because you can't afford to own it anymore.

 

I agree 100%...

And need to throw in another point - how bad do you want a Ferrari? Have you worn the T-shirts and hats for the past 15 years, waiting for the day? Plenty of my friends have more money and could 'afford' one, they're just not Ferrari nuts like me

 

Couldn't have said it better myself. And as Uconn said, you don't need to be a private business owner or rich to own a Ferrari. Just smart about your money.

 

Ugh oh, beware the repost police! Just like Ferrari owner careers, their respective ages are all over the map....

Seriously do a search, there's a few lengthy threads on this one too...

 

I would sum it up this way.

Annual costs for a 120k 360

10,000 - Value of the car dropping
7280 - Maintenance cost of driving 300 miles a month - Maybe high?
9600- Interest cost on the money ( regardless if you use your own or borrow it)
3600 - Insurance
--------------------------
30,480 in after tax money or 43,500-50,000 in gross salary

One way to look at is the money you would pay in this car over a 7 year span if invested at a decent return would turn into 400 or 500k. At least 300k in a money market. Maybe more if you used IRA's for some of it. Compare that with the 75k or so the car would be worth. Yes you could afford it making 80 or 90k as a single guy but you probably would not be so happy you did it seven years later. Now if you are making 300k thats another story. I should also note that working on your own car and being a shrewd buyer and sell could affect these numbers.

 

I financed my 360, and estimated around $300,000 AFTER-TAX income would be about right. $44,000 per year cost of car, ROUGHLY, by the way

 

I was going to compose another post about salary, etc., and then I read hardtop/Dave's first post about salary etc. PERFECT. I couldn't have said it better.

Also, life's too short to NOT own a Ferrari, so buy one as soon as you can indeed reasonably afford the payments/insuarance/maintenance. Who cares how old OTHER Ferrari owners are (typically 34-54 years, for a 360, I'm guessing)....buy one when YOU can reasonably swing it!

 

I'm 37 and I've been through a number of cars, some more fun than others but I've generally enjoyed them. A Ferrari was always an aspirational thing for me and when I got my dream house sorted and paid for, had my kids reasonably secure in school and knew I could comfortably get one and enjoy it without worrying where I'm going to find the cash for the major service, I did.

If you get a 360 at twentysomething what car are you going to aspire to when you're thirtyish? There's a lot of neat motors out there that aren't Ferraris. Enjoy them cos after you get the Ferrari going back to a Civic will hurt.

 

+1 That is an important consideration. Since the Ferrari is a toy, buy one after u have a nice place to live, some daily cars, funding for retirement/future savings, kids, etc. I'm 19 and I'm in no rush to get one in the immediate future. My goal is Porsche before 40 and Ferrari before 45. Plus I'm the only kid I know who has already started funding his IRA and also has a portfolio w/ mutual funds and stocks (mostly long-term). And most of my friends laughed at me when I told them I was setting up a retirement account. lol They told me I should spend it now on a new video game console, laptop, mods for my car, etc. Except I'm brown, so I was brought up w/ savings ingrained in me.

P.S. My Parents tell me (19) Kids are expensive.

 

What a load of crap LOL

Typical post from someone who got their ferrari from their daddy....people who work hard for their money make damn sure they don't waste it and pay too much.

 

I agree.

 

My grandmother, who was a hell of a lot smarter than you are, said, "There is nothing noble about paying too much for the same thing." I have had three Ferraris. A Lusso, a 360, and now, a 575M. I can afford them but, unlike you, I always look at the price tag. Get a life!

 

Yes I do not own a Fcar YET. I just can't imagine that someone who built a business or what ever they did to become succesful would waste money. That makes no sense at all, that you would work so hard so X amount of time and then one day just start blowing it without disregard to the cost of items. I could be wrong but I don't think so. Splurging is ok BUT overpaying without knowing it for an item is dumb IMO

 

It may not be about the cost, but it is ALWAYS about the value.

John

 

I think some people who say you should not finance something like this is wrong. If you love the car enough to spend the money on it over time, do not count out the determination factor you will have to work harder to make those payments. If you have a dusty Ford Ranger paid for in cash you have a much smaller incentive to work hard. Let your incentive for getting out of bed every morning and working your ass off be to not let your beautiful 360 get repoed.

Also small business owners who can not afford it yet may get it to display a level of success they really do not have but the public thinks they do which is good for business.

Just my .02