Taking a bath in a 308

I've come accross all kinds but never someone so dumb as to take a home equity loan to pay for a 308. IMO Ferraris are toys and you never mortgage a house to pay for a toy. Judgement that poor really puts into perspective the attitude that was probably taken during the purchase stage.

 

I've seen flocks of people who will meticulously work out how they can afford to buy a Ferrari, without taking into account the cost of maintaining it.

I expect that's one reason Italian cars have such a bad reputation for reliability in the US: It's not a bic-mobile. You can't run it for five years without looking under the hood or checking the tire pressures.

If you look at the history on most used Ferraris, you'll find that people keep them for a short time or a long time.

Alfas had the same situation (back when people in the US knew what Alfas were).
At least with a Ferrari, you're not left wondering how many hundreds of miles to the nearest competent shop.

 

pay cash.

 

I took out an equity loan on my Ferrari to start my business, back about 1988.

I paid $19K for the car in 1983, in 1988, someone offered me $90K for it (should have sold it then), but used the car as equity rather than the house for the business loan.

Doug

 

I had a home-eq. loan lined in '02 up to buy my first ferrari.

Short term from the start, and no that much $. I knew the cash was coming to pay it back within 6 mos. Debt free already.

Calculated risk, ended up not needing it.

 

I think folks here are not getting what you're looking for. I gather you want to know of experiences of individuals taking on too much of a restoration project for a given amount / questionable amount of skill, and funds.

I've seen a few guys get into GT4's thinking they could set them straight, and their relationships with the cars were not very long, and they never really enjoyed them. One pretty good friend was very talented on Alfa's and old American iron, and I encouraged him to go for a ferrari since he showed a strong interest. After the aquisition (when the market was strong - but not the peak) of a complete, and descent running (but not perfect) GT4, I saw him showing signs of fear to get into it. He put some money into it to make it georgeous, and it decorated his garage for a few years. He then sold it at a loss. Not gigantic like multiples of the cars purchase price, but a loss is a loss. I think we're still good friends, but I think this experience tested our friendship more than built it up.

Sounds like you have a tale that might have left a bitter taste. That's sad when it goes that way. Hopefully it will smooth out and however fantastic Ferrari's are, this won't be the catalyst for ending a friendship.

 

I haven't seen a lot of the situation where the owner goes and takes a large loan to get the car right... What I have seen multiple times is a new owner just parking the (tired) ferrari because he just doesn't have the money (or ability to borrow) for the repairs. The car goes into the garage with the thought that he'll pay to get it fixed when that bonus comes in or an inheritance comes along. In the end, the car just becomes a permanent fixture in the garage with all kinds of boxes and dust and such laying on it, occasionally getting a ding from an errant yard tool or small child on a tricycle. Eventually, the car gets sold for cheap because the guy is moving house and can't get it started and doesn't want to pay for a transport. A lot of people's reach is farther than their grasp.

 

Shouldn't you folks be offering help to people in this position instead of starting a thread that effectively reads "let's laugh at people without as much money as us?". Just sayin'....

 

I forget whether it was here or on the old maillist that had the flamefest with the kid who thought he was going to get a Ferrari for cheap by trying to rebuild a half of a Mondial (just the left half). That may have been the origins of the phrase, "my daddy has a full set of tools".

On the other hand, there was the town kid who bought a wrecked Triumph GT6 and spent several years rebuilding it, along with friends. They had so much fun working on that machine, I don't know if it even matters if they ever really got it running.


But I think your friend would be less annoyed if you stopped saying, "I told you so".
(That's his wife's job. )

 

Pretty sure that was a joke pulled on the old F-list (by Steve? I think), although the 1/2 Mondial actually did exist. Wonder whatever happened to it?

To the original poster -- what's with the attitude? Seems like you're reveling in the misfortune of others, and that always ends up badly. Just my $.02

 

I used conveinance checks to purchase 2 wave runners, and take a trip to Bora Bora...LOL
I can't....I was gonna say something tongue in cheek....but I can't.

My honest reply is try & get the best car/item you can then take care of it. My philosophy is to take care of stuff, maintain it. Regardless.
Its kinda like some who can't afford THEIR own espenses (living) but they will have kids, a pet...etc. Its about personal responsibility also
If you couldn't afford YOUR own expenses how are you going to afford a child, a pet. Also I am not talking about one goldfish, i'm talking about dogs, horses...etc
I bet this gets flamed
just my 2c

 

thats what I did,but now I need the money!

 

Sorry man, guess I read it wrong. No harm, no foul.

I guess I view all hobby cars as money pits, so the brand really doesn't matter to me. People dump stupid money into hot rods, muscle cars (especially clone cars), Donks, Harleys and the like. I've had buddies touch cars I wouldn't mess with and vice-versa.

It's kinda like telling your sister that your new nephew is ugly: it may be the truth, but does it help the situation?

 

I'm new to Ferrari scene but I have seen with others: A friend bought a truck for 6 grands, he drove it as his daily driver for couple years then decided to do a frame-off restoration/modification. 3 years and 24,000 dollars into the project, he lost his job and his priority has changed, he also lost interests in the project whose frame was sitting at professional fabrication shop for adding power steering, heavy duty bumpers (very sweet fab jobs but he paid dearly for that), the truck body was sitting on the shop backyard, the engine was at his home garage. He sold his project which was still in pieces for a little more than 6,000 and took almost 24,000 in loss.

But to fair, that was his hobby and it cost money (nothing is free unless your hobby is hiking around the neighborhood)

The only thing that I gave him craps about was to work on his own project which he refused to. But later on I helped him with his other project and now he started to work on his truck and believe in his own wrenching capability.

 

I know somebody....me.


To make it even worse I decided to still keep and repair the car after it set itself on fire and I could have gotten out free and clear wirth the insurance money and selling the car.




Then I didn't learn again when I decided to do a second even more powerful engine.



Then I didn't learn again when I decided to do a 3rd more powerful engine.



Some people just never learn