did you pay cash for your ferrari?

1 and 3

 

I paid cash, but it was someone else's cash.

 

Coach,

i financed my first ferrari for 12 months w/ 50% contributed @ purchase. i paid cash for my second. i felt good in both cases and felt the decisions responsible.

pcb

 

Always paid cash. Dont like to take finance.

 

I paid cash, mainly because I couldn't find a place that would finance 1/18th scale models... that and I hate credit cards.

 

put 75% down and financed the rest for 24 months.

 

LMAO!!

 

I financed my first car and paid it off after 6 months.

 

I paid cash, but sold my Shelby that I had owned for over 15 years to do so.

 

I normally finance a car when I first purchase it but have never had an exotic car loan longer than six months. I recently ran into some problems when I purchased a few cars. Alot of lenders did not want me, even though I just paid off over a million dollar worth of loans. Ask Kevin from Cats Exotics. He did the paperwork for me. The reason: I pay off my loans too quickly and I am considered a deadbeat by auto lenders. They do not want people like me to be their customers because the longest term I have it with any bank is no longer than six months. Another bank got upset with me because I have paid twelve months payments all at once, and eventually paid off the note in three months. They pretty much told the dealer that I was no longer welcomed. Did anyone else run into this situation? They did not even want me with me putting down more than 50% down on a $400K car.

 

36 out of 47 respondents paid cash? Come on guys...

 

Yes, I've always paid cash and I've been buying Ferraris and Lambos and many other cars for over 40 years. Bottom line is, they want full-term financing. It's almost like buying a house with a 30 year mortgage. If you pay over the full 30 years, the interest will far exceed the original loan. The money is made in the financing, not in the loan.

 

Always paid cash for happiness and toys.

 

Cash here too. 100% from selling old collectible crap I've hoarded since I was a kid on eBay.
And yes, I paid the taxes as well, and had $20K left over for my 'maintenance reserve'. True
story.

Jedi

 

That must have been some pile of crap!

 

Too expensive to finance.

 

I had no choice. The DMV holds the title in AZ and in NJ you can't register the car without it.
Eric

 

Amazing how many smart people are out here huh?

 

Paid cash for both, but wouldn't reject short-term financing as a means to jump on a future "right car".

 

Long term financing... Going out on a limb here, but guess I don't do as well financially as most owners here, and although I could have done a 2-3 year loan and paid it off early (no way I could pay cash, probably for the next 8-10 years, and life is short) but I'd rather plan on paying y and saving x (which could have gone to a car payment) and having a bunch in the bank in case of emergencies (more than just car emergencies), than paying x+y and not having much reserve. All my other toys are paid for, I have a daily driver, and I look at the 348 probably the same way most of the cowboys I live around look at their new F350s, or soccer moms look at their new Lexus suv's, especially since they cost about the same.... Since I went with an older model, it's just another fairly low car payment, where I need a reserve for repairs. Now I do plan on paying it off in 4 years, but if something happens, and it takes a little longer, its not going to hurt as much as it would if I HAD to pay it off in four. Sure, I'm paying a bunch more in interest IF I let the loan go to term, but I'm so conservative that it was a risk I am willing to take, rather than overextend myself from the get go. I did a one year loan on my DD truck, and although it paid off in a year, I had some things come up that would have been nice to pay for right away, rather than scale back on other things to take care of them.

My father always wanted a Jag XKE. He finally retired well off enough to buy a couple if he wanted to, but developed neuropathy in his legs so that he can no longer drive. He's not a car person, but has always said that it was one of his regrets...If I get hit by a bus tomorrow and end up disabled for the rest of my life, I'll still be able to remember the fact that I enjoyed a ferrari while I could....

 

cash.

Bought the Dino for $40K, fixed it, drove it, sold it. Took the profit from that bought the 360, stuck the rest in the bank.

Wife then spent the rest on new floors, new laundry room,new patio and new furniture for the den, so, I guess I bought those with cash too.

D

 

Good price on a Dino.