My struggles with (possible) Ferrari ownership

Of course, what you are saying is absolutely true. I'm not saying that getting a Ferrari is in actuality overly extravagant and a poor use of money for me, but that I fear people around me would perceive it as such. If these people were to ever confront me about it, then I could and would bring up the points you made above to shut them up... however in many situations they would likely silently judge me behind my back. You seem to be saying, well forget about those haters, and maybe you're right. It does get a little stickier with in-laws and such though.

Thanks for your thoughts.

 

I'm going to be frank.

You either want a Ferrari or you don't. You don't make excuses for something you want if you can afford it.

It sounds like... you don't really want one. Move on and be happy.

 

You've reached the core of the matter.

Buying a Ferrari is not a rational decision, and you are overthinking it to death. Either follow your head and stick with a more conservative sports car, or follow your heart and buy the Ferrari.

If I had funds sufficient to purchase a late model 430, the thought process would only come into play in making a decision on which Ferrari to buy.

Regarding in-laws: If you've made your wealth independently of them and your wife's not afraid of being disinherited from a large fortune, who cares what they think?

 

After reading your post, I can say with confidence:

Don't buy the F430. Simple as that.

 

I'm hoping myself to have saved enough money to buy a CS (or perhaps an '08 Gallardo Superleggera) in a year. My friends are all very supportive and keep reminding me to "keep my eye on the prize" any time I look at a Viper or Z06. They want a ride when I do get something. Perhaps your friends may think the same way?

 

Don't buy the F430 or any Ferrari for that matter.

In fact don't buy anything until you have the 100% approval of your family, friends and neighbours. It seems to be that you are spineless. You want to please and keep the peace with everyone. If you can really afford a Ferrari then just buy the model that you like and can afford. Anyone else's opinion is irrelevant. The decision is that of you and your wife and no one else. If you can afford the entry price then annual maintenance cost and depreciation are non issues. They are a cost of ownership. If maintenance costs and depreciation are of concern then buy a Hyundai, cheap to run and not much is lost in depreciation as they are cheap to purchase.

As you have the money, move to a more affluent area where your neighbours will not be fazed by a Ferrari in your driveway. They know that hard work brings its rewards. As to friends those that will alienate themselves are not friends. You can do without them. The same goes with relatives.

You and your wife need to make a decision. Live in the sunshine making your own decisions or live in the shadows seeking the approval of others before you do anything.

 

While your comments do come across to me as being a bit harsh, I understand your point. It's a legitimate point of view. I do also think that my current point of view is legitimate, but I posted here because I am obviously willing to listen to what others think and to possibly have my mind changed.

re: where we live, that's actually one of the decisions that we made to maintain the appearance that we have chosen. We live in an area where BMW's and Mercedes and Porsches are totally standard, but Ferrari's are not. Actually, come to think of it, I think there are very very few areas where Ferrari's would be considered "standard". But in any case, the housing issue actually hasn't been a big deal, because we really do love our current living arrangements and would not really get that much more utility from living in a place that costs 2x as much. In fact, there hasn't really been a big issue except for this one Ferrari issue (although moving forward, with kids & etc., I can foresee other more important issues popping up as well).

Your last sentence was well put, and I'll have to remember that one. Obviously I do agree with you to SOME degree, and that is why I'm here debating what I should do.

 

+1

+ 1 Gazillion

Dale

 

Okay, now we're starting to narrow it down. Let's say you're only gonna put 2,000 miles a year on a car. And trust me on this, you will not be alone. For whatever reason, the vast majority of Ferraris simply do not get driven that much.

Given this, you can eliminate the fear of throwing a dollar bill out the window with every mile if you buy a recently serviced F430. Your only financial risk will be depreciation.

Next, once again, screw your neighbors (and I don't mean literately). However, I understand wanting to keep things on the QT. I always hated driving my Ferraris in town or out and about because it drew way too much attention from total whack jobs. (Although, buying a Ferrari in some other color than resale red will help.) I always liked to be on the road by 5:30 am on Sunday morning so I could clear the city by daybreak. Then again, I'm an old school biker, and I don't like people as a general rule anyway. Like the man sang, "When I drink alone, I prefer to drink by myself."

But the one point you are just starting to get is that for 90% of Ferrari owners it is all about the passion, which is completely irrational. Hell, I know people who buy Ferraris just because of its F1 racing heritage. It doesn't make any sense, and it never will; that is, until you buy one.

Dale

 

Why don't you grow a pair of balls and do what makes you happy? Do your friends pay your bills? Then if not why are you letting them control your life? wimp. Talk it over with your wife and see what her feelings are. As long as she is ok with it then there is no reason for you to not buy what makes you happy.
You either want it or you don't.

 

What concerns me is that someone with enough social aptitutde and success has gotten the point where he can buy a 125k 430 and actually have to choose to do so based on his "friends"?

I am your age too.. and if at all possible THIS is the age to own these cars.. trust me on this.. who cares what your friends who may not be able to afford them say.. but what is really confusion is that they ARE able to afford them and just spend the money on a high end benz right? so what is the problem? it bothers them that you spent the money on a different type of exotic?

just buy the car why you spend more than 5 microseconds worrying about what other people think of you is beyond me.

 

I don't know what you do for a living but obviously you have been successful. Why should you be embarrassed about your success and wealth? If you work hard, earn an honest buck and are a generally good person, your friends will be happy for you.

The richest guy in my neighborhood has 11 collector cars including a 355 and is known as one of the most down to earth, great people despite his garages full of exotics. I've never heard anyone judge him despite his success. He doesn't hide his wealth but never flaunts it either. He's the one who convinced me to stop analyzing and "just buy one already". Now if he were an a$$, people may not be so gracious in accepting his good fortune.

I can't imagine that you will be socially scorned because you buy your dream car. That is unless you really are an a$$. Then people will find any excuse to judge you behind your back, with or without a Ferrari in the garage.

I say go for it and don't worry what others are going to say.

 

So it sorta sounds like we're back at the beginning.


... or get new friends.


Jedi

 

BTW, I live on a 2-Ferrari block...my 308 and a new 430 three houses down.

Neighborhood's middle of the road late 1940's, gone way upscale over the past 5 years. Many folks drive BMW's, Benzes, Jags, Lexus, expensive SUV's, etc. We get along fine with two modest drivers...can't see sense in spending the money at this stage of life.

The neighbors love my 308, can't speak for the 430.

 

chicago_c -

Have you owned any sports cars in the past, or currently? (I skipped some of this thread if this was already brought up)

I don't think a Ferrari should be a first sports car for most people, for a variety of reasons, ranging from overly-self-consciousness, to making a fool out of one's self with the machinery. In my eyes, it's kind of like those guys you knew in college who had expensive, well-equipped mountain bikes but really couldn't/didn't ride. One becomes much more naturally acclimated to a car like a Ferrari when they are already comfortable and experienced with similar vehicles.

Try this: Start out with a 911 or Boxster. They don't cost a lot of money (in comparison), you can buy one that is fairly well down the depreciation curve to the point that you won't lose $10k, but at the same time it looks as new as anything to anybody. A Porsche is par for the course among "subtle" people who drive Mercedes, BMW, etc. Now you've established yourself as a sports car owner/driver. No phantom sticker shock from your peers, and in a couple of years when the 430 you want comes down in price, sell the Porsche, buy the 430, your friends will be impressed, and you won't be double-shocking them with getting both a sports car and something they perceive as ridiculously expensive. When price comes up, you can tell your peers that you didn't really lose anything on the Porsche (true), and the Ferrari had depreciated in price to the point that it was comparatively within reach (true); you felt you were getting something really special by getting the car you always wanted without wasting too much money (true). (And if you keep it for the long haul, depreciation becomes meaningless . . . )


That is what I could come up with as a suggestion for you. But I must say, seemingly in agreement with a few others on here, that if you feel that self-conscious about owning a Ferrari, you're not ready for it. . . . another reason to start with a Porsche. For what it's worth, it's easy for Ferrari owners to say "just buy it," "pull the trigger," etc., because most of them have had one for a while; but if you read some of the threads of new owners, or talk to some, you'll see that most are quite giddy with their purchase, and many are very self-conscious for the first few thousand miles.

I can't quite relate to your situation, but my background provides the reasoning behind my suggestion: I've been driving and playing with all kinds of cars my entire driving life, and rare/classic/European/exotic cars for the majority of that time. I kind of slowly crept up the "shock the family/friends/neighbors ladder" with progressively more "exotic" (read: people think you need to be a drug dealer to afford it) cars (albeit all older and less expensive cars), to the point that when I bought my first Ferrari, nobody really noticed. And it's "just" a 308.

I grew up in a neighborhood where the thought of owning any Ferrari (or even just seeing one drive down the street) is an absurdly delightful dream. And likewise, while there are tons of late model Corvettes, power boats and sail boats, ice boats and snowmobiles, and other wallet-sapping toys in the neighborhood where I now live, a Ferrari is something so foreign to people here that strangers all assume a 308 is $150k. Had I been driving plain vanilla cars and vehicles all this time and then suddenly one day showed up with a shiny 308 in the driveway, my neighbors would have been all a buzz; but it's been a natural part of me, and I don't treat the cars like they're greater than me or like I'm awestruck by them, so the neighbors, peers, coworkers, friends, etc. all expect and are comfortable with, (and often enthusiastic about) my choices of machinery. Storal of the Mory: Build your way up to the F430 -- it will be a more positive experience both socially and in your skill with and appreciation for the car.


Best regards,

Tony K.

 

I agraee with the others who say "don't buy a Ferrari"....if you are concerned about depreciation and don't like to "waste money", wait until you get a load of what parts and service costs.....I am convinced, you have to absolutely LOVE these cars to put up with all the crap, petty jealousy, Ferrari "tax" on everything related to Ferrari ownership, etc. Having said that, I can't think of any other car I would rather drive/own. I could care less what anyone else thinks.......until you genuinely have that attitude, I am with Rifledriver, you won't be happy with the car.

 

By your original post it sounds like you and your wife are living your lives for someone else, this is a much bigger problem than whether to buy a Ferrari. I know people including myself that had some reservations about Ferrari ownership. All I can say is that my life has improved since I started owning them and its opened up new opportunities and relationships. I don't bring it up in social settings unless prompted or wave it in peoples faces at work for instance, but a few people there know and some have driven my cars.

If as your post stated you'd have no financial problem buying a $300K car, then buy a $150K F430 and give some money to the family members or charity to make you feel better.

My father once told me that "the most expensive thing in life is regret" he told me not to get to retirement and look back wishing I'd tried this or that, just to go for it even if you fail.

Good luck.

 

I don't really understand your dilema at all. Unless you're an Amish Billionaire or are a physician in a small town where the sherriff, justice of the peace and the mayor are the same person, I don't see how owning a Ferrari would cause such a problem in your neighborhood. Many people own exotic cars and are pretty discrete about their ownership with no problems, for whatever reason. If you live in a neighborhood with commonplace mercs, bimmers, and Porsches, I doubt a used Ferrari would cause much negative drama. Being discrete with an F-car is not impossible. Most people will know that you have a Ferrari only if you really let them know. Don't daily drive the car (most people do not daily their Ferrari). Most will drive the car on weekends and occasional weekdays. Therefore coworkers, and other casual acquaintances would never know you had it. Only friends and other people that go onto your garage would know. If your "friends" judge you negatively on having a Ferrari and they know you really have passion, and you really are not a pompous jerk, then they are not truly friends. If this makes no sense to you, then you really don't have the Ferrari passion, the want to have it, or you simply ahold not get one. Whatever you decide, good luck on your decision.

 

Buy a Porsche man. What the F@#$ are you thinking ?

 

Does anyone agree that the 355 is the best looking modern ferrari ?

I wish i could afford to buy one

 

I had similar concerns to you when I first looked at buying supercars, and since then, Ive had most. Peoples minds dont change if they are real friends, and it doesnt sound like you are the type to rub peoples noses in the car, so I dont think your circle will have issues, I reckon they will congratulate you (and in my case, make you take kids to proms and bridegrooms to churches!!)

One more thing, I had a heart attack in 2008 - AGED 38 - and was told by the doc that he has no idea how I survived - DONT DELAY, WE ARE HERE FOR A GOOD TIME, NOT A LONG TIME - if you desire the car, buy it, drive it, enjoy it

 

Thanks everyone for the comments. It has certainly been thought provoking & some ideas that have never occurred to me have come up here.

Just to provide some background on my situation and why I might be feeling so self conscious... I started to acquire very significant wealth at a young age, like age 24 or so. If you're 40 years old and start making huge money, then that's kind of standard, nothing to hide, people just think oh good for him and that's it. However, as a 24 yo, I was always very self conscious - coming from a conservative background etc., I didn't want people to think of me as that "young punk," that I'm dealing drugs, whatever. Also, my entire social circle was broke recent-grads. So I didn't buy a fancy car, fancy home, fancy watch, etc., I just lived a lifestyle similar to my peers and everything was cool.

As the years have gone by, I just kind of continued with this approach. I felt like I couldn't just "flip the switch" and oh hey guys, I'm rich now. As my social circle has expanded and aged, they went from driving Honda Civic's to driving BMW's, and so I felt comfortable upgrading to my current E92 M3... More generally I have slowly and gradually removed these restrictions on myself. Perhaps buying a Ferrari (or a Porsche, as many suggested) could be the next step, I don't know.

I think it's likely that my attitudes now would be pretty different if I started making serious money at an older age, but who knows. But again, it's not that I'm ashamed about my wealth (as many have said), or anything like that - it just started as a practical way to not stick out as a 24 yo, and now it's many years later and I guess I've just stuck with that. Perhaps that policy was a good idea as a 24yo, but is not now as I'm in my early 30's.

Anyway, thanks for the thoughts everyone. I will continue to read fchat, and if I do take the next step, you guys will certainly know about it!

 

Chicago

Ever thought of buying Ferrari & storing it away from your home. No one would know & you can drive it out in the country.

 

I DO! I DO!

PS...I bought her in 2008 and I'm only 32 now.
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On a serious note. Better men than you (and me) have sacrificed everything, life included, to make Ferrari what it is today. Don't disgrace their memories with cocktail party discourse like it's a vacation home you're talking about. Man up, you'll feel better about yourself.