It's not about the money.

How many here share the same feelings as me?

For me, Ferrari ownership was/is a dream, it has nothing more to do with the money other than the entry fee. I could not care less if my car drops 30% in value. I paid an entry fee that I was happy with at the time. All this talk of prices falling is irrelevant to me.

I do not care what its worth, it's not about the money. Anyone else feel the same way?

 

Absolutely!!!!!

 

Not an owner yet, but i've never seen cars as an 'investment' oppertunity...

When i buy my first F-car i really wouldnt care much if i lost 30% of the value of the car. I just accept it probably will happen and just something i have to deal with.

Sure, it'll be nice if the value stays the same or even goes up, but for me thats not what its all about!

example:

Say i buy an F40 (my dream car) for $300K today. After 2 years of having the car, all of a sudden the value would go up to 900K. Would i sell it? absolutely not. Unless absolutely neccecary i wouldnt sell it.

Thats just my personal opinion.

Art is something worth investing in (apperently!). the value of those awful paintings just seems to go up and up! I never really understood why some people invest millions in something which isnt as pretty as a nice picture, but actually it makes sense for them, as they sell it a few years later for an extra couple of grand. I dont understand the whole art thing though, you cant ride it so its a bit worthless to me. Unlike women and cars, which you can ride. Actually...probably the two things i would 'invest' in are two which most likely will lose me a lot of money

 

You bet and lets not forget that feeling of being behind the wheel!

 

Heck yeah its about the money! Thats why I'm looking to add a 360 to the stable!!!!

True Tifosi should be shopping!

 

I always wanted one. I remember when Sutrees won the world championship for Ferrari.... When I was about 13 years old, some sob let me sit in his. Don't recall what it was, but I think it was a 250GT, but not sure. At any rate, from that day on, I was going to own one (now own two, have had 4 others). You can't make money on these cars, unless you can get one of the classics, and have the ability to buy it in a down market, and hold it until the market gets better. However, I'd drive it, and that would kill any profit I was thinking about anyway. I've driven my cars at least 50k, and plan on driving the 430 for a long, long time. It's a great car, and frankly, if they come out with more power, I'd just make a fool of myself, and probably lose my license.

Art

 

A M E N!!!!!!!!!! This is cracking me up. I am so happy with my 348SS that I purchased and "overpaid" for that I can't see straight. Couldn't give a rats arse if the prices are plummeting - don't plan on selling it anyway. Even if I had to, that is life. I bought a Ferrari as a lifelong dream, and the money is totally secondary.

MB

 

It's not about the money in a 246/Boxer/308/328/TR/348/355, but those aren't the owners losing six figures on their cars this year.

If you'd parted with US$500,000 for a current production car like a 599, or US$300,000 for an F430 Spider, and it could now be bought for half that, your post might read differently. (Especially when you might have bought a Daytona or F40 instead...)

It will be interesting to see who steps up to buy the California.

I agree with your post but, again, it's easier to take that view when you've bought relatively low.

 

Yes, the money part of Ferrari ownership is only relevant if:
- you wish to buy one (or an extra one), or
- you are under financial pressure and have to sell one (to cover other critical costs).

A different challenge is if you are trying to upgrade from one Ferrari to another. You need to sell the current one quickly and then, time the market, on when the upgraded car is most affordable. This, I think, is going to be a little tricky to pull off.

So that leads to the question: When will U.S. dollars have the most buying power for buying a pre-owned Ferrari?

During these deflationary times, every month the purchase of a Ferrari is getting cheaper. But this could change quickly. If confidence in the US Dollar falters, then there will potentially be a "run on the US Dollar" and it will be rapidly devalued.

The worst situation would be to sell your prior Ferrari then still be holding those USD's when the rapid devaluation happens. You could be left with no Ferrari and no practical way to afford buying one.

 

Very good point Bullfighter, and I was thinking of the two guys I just went on the run with who have the new 430's, but on the other hand, with that kind of money do you think they really are going to be hurting that much? I mean, if you can shell out that kind of money on a car, I don't think you are worried too much about if you can afford to eat out at a nice steak place tonight.

Not saying it doesn't hurt them, but in relative terms it probably would hurt all of us that are not rich to the same extent that losing 6 figures to them would hurt them as millionaires.

Thoughts?

MB

 

+1 because I have a 328...

+1

 

excellent thread.


my feelings exactly.

 

Value retention is a hallmark of the Ferrari ownership experience -- as Ferrari would tell you eagerly.

It would be interesting to know how many of the $500,000 599 owners would have bought if they had known they would be out $200,000+ within a year. I'm sure there would be some, but I'd guess not so many. Every time you turned the key you'd know almost everyone else bought the same experience for far less.

At some level, money matters. Hate to say it, as I'm a sentimental fool like the OP, but overpaying is never fun. With the 308-355 range, they are all cheap old cars right now, so it's easier for us be a bit cavalier about market values.

 

+1

 

I'll never sell so I really don't care re resale prices or how many miles I put on per year. Having said that it hurts that I paid 50k more a year ago than I'd pay today for the same car (a 2004 360 Spider), until I realize if I left the money in the market with the rest of my cash it would be down 50% over that same length of time much more than the depreciation in 360 prices (maybe 25-30%) so if paying cash it was actually smarter to have bought before the market crash and the F-car price crash.

 

These days, buying a house, stocks, bonds, funds, Ferrari, Lamborghini, etc has become a losing investment.


If you buy a Ferrari, at least your are having lots of fun while losing money!....

 

Damn, I miss my car.

Dale

 

I think ones viewpoint differs depending on the car bought. If I bought a new Ferrari and found out that I could have waited a year and bought a slightly used one for half I would be pissed because, lets face it, except for options lists, there is not much difference between one new car and the next. However, as they age, the conditions, service records, availabilities, begin to vary wildly and it becomes much more difficult to find exactly what you are looking for. I bought a 20+ year old Ferrari. I spent a year looking and found the exact car I wanted. The odds of finding that car again would be almost impossible. So, for me, I really don't car what happens in the market because I wouldn't trade my car in for any other car. I think that as a result of the hard fought search many buyers of older Ferraris, especially those in lower income brackets, tend to be more married to their car and less concerned about market conditions then buyers of newer examples--which almost seems antithetical.

 

Cars should never be "about the money".

That being said, for years I've purchased cars that I've always wanted over the years before their values skyrocketed. It was nice to buy a 328 GTS for $10K-15k lower than what I could sell it for now (if I wanted to or needed to.)

No matter how much I drooled over 3X8s when I was in high school, and no matter how much I love it now, I know that -eventually- I will tire of the 328. I hope (from the money standpoint) when I do finally decide to send the 328 to another owner, it will be at a level at which I can buy a 360 Spider, which is another car I can see myself enjoying over many years. As crazy as it sounds to be able to trade across from a 328 to a 360 Spider, who ever thought the junior-Ferrari (246GT) would skyrocket in the 80s to the point where you could get a new 328 with a used Dino?

 

I think if I owned a new 430/599 I would still feel the same way, difference is I would have lost more, but I didn't buy my car to tell people how much it cost, In fact when asked the question I reply with something along the lines of "it was worth every penny".

I can see both side's, I know it is never nice to buy something and watch its value plummet unexpectedly. But I am curious to see how many people share my thought that the ownership experience has nothing to do with money, except the entry fee.

I feel for those that have lost a bundle on their cars. I just don't care what mine is worth.

 

The other thing that may be souring for recent new buyers is all the hoops the new buyers just went through. Contracts, costs and delays all justified as supporting and regulating their value retention.
That's all gone out the window now.

 

Some very good posts in here!!

Not too concerned with my 348 purchase price, because I have no intention of selling.
(The Ferrari market in Australia is still very strong btw)

Actually, I am looking forward to adding to the collection.

 

Do it Dale....

Get another one... it's a buyer's market!

Mike in Kuwait

 

Sometimes I care, especially if I look at my car right after I've looked at the latest carnage in my 401k statement. But when that happens I usually do what I bought the thing for to start with.

I get in it and drive it.

By the time I get to end of my driveway, the grin is back on my face where it should be, and I remember that its actually not about the money.

 

+1! You know you want to, Dale...