Poll - How did you get your current Ferrari?

What I find interesting is that the ratios between finance and cash don't really change between new and used purchases - suggesting that people approach the decision in the same way, despite the immense depreciation associated with a new car purchase.

All the best,
Andrew.

 

Since I could only vote once, and expect to own more, how can this be a landslide?

Point in time history is nothing more. It never translates into axioms, only discussion points.

But I get your drift, many paid cash....guess the greater question on such a result could say: I had a bunch of relative, available cash and 'blinged' out on a dream [some would say toy] for that instant.

That doesn't mean someone will do it again or the same way.

Are not statistics just fun


Speaking of which I have a hankering for one of these...and when I get some available cash, guess what
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Saved and restructured my total financial situation and paid cash for my 308. She needs a few things but she's all mine.(and the wife's)
B.

 

I bought a hammered fixer 308 for $10k, still working on it.

will be into it for about $15k by the time it's running right and painted.

 

I must say I'm surprised at the results, especially for new cars. I would have guessed new buyers are at best 50/50 cash buyers.

Dave

 

The 'paid cash' part -- as a general characteristic of F owners -- makes sense to me because (i) they're likely to be relatively well off to consume such an expensive object, and (ii) they're smart enough to anticipate the huge discomfort associated with financing when;
a) most cars depreciate hugely year by year
b) most cars sit in the garage most of the time
c) maintenance bills tend to be jaw-dropping
d) 'significant others' are hard to convince that financing is justified in view of a, b + c.

If you have a stash of money and its your's to spend, its so much easier to rationalize the costs and losses to oneself and one's significant others. In contrast, adding financing to the 'leaky bucket' of expenditures associated with an F car can make one a subject of self-ridicule.

 

none of the above. kinda like cash tho. I traded a little tiny pretty rock for my 430 and got some cash back..lol

 

Sir, I would like to know where I might happen upon such a rock.

All the best,
Andrew.

 

$25k for a nice 308 isn't bad.

 

Wow, did you come out far, far ahead or what? Sounds like a smart move. V8 for 12 cylinder. And, classic at that.

 

New chopper? How objectionable could it have possibly been?

 

What, no option for 'boosted in the dead of night'?

 

Traded the 360, and bought the 430, wrote a check for the difference.

As for depreciation, paid 181k probably worth about 140, after 3 years. I don't think thats such a huge hit.

Art

 

You got that right. This thread confuses me, which is not hard to do now-a-days. Are we talking bout making a deal on a dark and stormy night?
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You guys must be all cash up,over in Australia 75% of new prestige cars are financed.

 

Geez, I was told all you Aussie guys were filthy rich, and that the F-cars cost 2-3X what we pay, that you all paid cash and were super elite socially.

Please don't tell me I was mislead.

DM

 

I can't really pick any selection in the poll, because in my case it was half-and-half, or to be more precise, 4/7 and 3/7. I paid a bit more than half in cash, and the rest I financed.

 

as you know before I retired I was involved with lending.
my figures are from a finance paper i get.
Cost yes 2-3 times more due to tax.
but yes plenty are bought on the lending programs,not so much the older cars but post 5 to 7 year old cars,plenty.

 

She was willing to go half a million, so not a new one, but I thought a new R44 would be nice.

The objectionable thing was a tricky thing, for example, her previous boyfriend was drunk at a club and punched her in the nose. About a month later he had to go to the hospital for a self inflicted beating or he was just beaten up by strangers, who knows what happened... Soon after he relocated, then put his house for sale and was never seen again in that town. She was a foreign student in college and her father had the means to pull that off while he leaves in another country thousands of miles away.
Well, later on she told me that he didn't punched her and that he just made her ashamed and thru a drink at her. I told her that I knew something was wrong because I never saw her faced bruised. She replied, "neither my dad, but he takes my word, I didn't know he would take it that far, but I love my father, he'll do anything for me". She said this with a smirk and tells me that no one F..ks with her and gets away with it.
This happened when we started dating and after a year I got out of it very smoothly and left town for three months, by the time I came back she had already left the country.

 

I purchased my 355 last year and only put down 20% and financed the rest at 6.14% for 72 months through my credit union. Payment is less than a new M3 and I plan on paying it off in 4 years vs. the full 6-year term.

I couldn't be happier. Plus, having a 2007 Honda Civic as a DD helps!

 

My first Ferrari back in 1969 was the only one I ever financed if you count a loan from Mom and Dad. Since then I've always paid cash. A chat with one of the largest Ferrari dealerships in the world says virtually all their new sales are for cash. Guess why I'l never have a newish Ferrari.

Diverdan

 

wrecked the first one..ins paid me twice what i paid 4 it.so i paid cash for the second one.thanx geico

 

You would probably have similar depreciation on a Cadillac, Mercedes or BMW (s class or 7 Series.) I'm sure the F car is way more fun.

 

At the tender age of 23, I went to visit a friend of mine who had an Italian auto repair shop in Phoenix. He had restored a 1973 Alfa spider for me the year before which I loved. So, I went by to say hello while on holiday.

He showed me something he had out back of his shop. It was a complete basket case 246 Dino Gt. I'm not sure but that may have been the first one I'd seen face to face.

It was an early euro model with knock off wheels and electric windows. The interior was completely turned to dust and it had not run in maybe 6 years. The red paint that was left on the surface was like pink chaulk. All the rubber pieces on the car where cracked and falling apart. The tires were flat and melted to the ground. The electrical wires were hanging under the dash. But, it was almost complete and had just a little rust.

My friend said he knew the car well and that it ran fine before it ended up parked in someone's back yard for 6 years in the Arizona sun. It only had 6K Kilometers so I considered it new. He said the owner wanted to sell it but nobody wanted such a project (you could buy a good one then for about 16 to 18K).

I paid 8 grand for it in cash. That was about all I had at the time. 2 years and 10 grand later, I had a beautiful fully functioning Dino thanks to many who helped me out (no internet then!).

Fast forward to 2008 and I paid cash for a new 430 Spider. But, the excitement to finally drive both was exactly the same.

I bring up the story for those who say they cannot afford a Ferrari. I say --there's more than one way to catch the bug. I was lucky for sure but there are a lot of abused machines out there waiting for a little TLC to be brought back to life. Go and find one. They are worth the effort.