My struggles with (possible) Ferrari ownership

I have a solution.

Give me the money and I'll buy the 430, and you can drive it whenever you want.

You can tell your friends that while you are too poor to purchase a 430, you know a stranger who out of the goodness of his heart, lets you drive his 430 anytime you want - for free!

 

To be frank, if you can "hide your wealth from your friends & family" then you don't have much anyway.

 

One thing I have always admired, is people that are successful, but humble & (self-deprecating). It's pathetic being around someone who is succesful and has to flaunt it. Doesn't matter if they have a Ferrari or Ford.
You seem like the humble type; which people are always attracted to
Kevin

 

They're not your friends if they resent you for it.

You can make new friends, but you only get one life.

 

Congrats!! Great choice....

 

Congratulations! No second thoughts allowed.

 

You know people who have $100MM++ but... nobody else knows they have money. Only you? Not even their close friends.

That makes no sense.

The OP said he was also "keeping it from his family".

When you make a lot of money, the press jump all over it and publicize it. It gets out there, like it or not. Property records are public, large insider stock grants are public, etc.

 

What is the point of making (or having) money like that if you don't do anything with it? Is he at least giving it to charity or something? Seems strange to me.

 

You were hesitant about a F430 and then placed an order for a 458 and are now looking for a F430 until the 458 arrives which should be around the time you purchase a new home. Don't you think questions will be raised regarding your jump in lifestyle within a period of 2 years.

You worry about the social cost of the perceived flaunting of wealth. Are you getting everyone's permission/acceptance for what you are doing? If not you will certainly raise some eyebrows of disapproval. How will you cope with that?

It seems that you are quite meek. A Ferrari currently with your state of thinking is definitely not for you whether you can afford it or not. Do what the vast majority do buy a model and dream. The rest of us dreamt about ownership and then made it reality. The age we made it reality is irrelevant. Some made it younger others made it when they were older. Fact is the dream was made a reality.

When you toughen up and get a backbone buy one. Don't think about initial cost, maintenance cost or depreciation. Ferrari's are not about rational thought. If you have the money they are a purchase from the heart a purchase born from emotion.

Personally I don't give a rats a$$ what anyone thinks. I work hard and make my money honestly, I pay my taxes and I spend my money how I please.

 

On the nose....

 

GREAT POST!

 

you mention how fortunate you have been professionally. i frankly have a hard time believing that! successful people i know often have one very important trait...they are decision makers and not consensus builders.

this mental masturbation exercise you have engaged in is laughable...you are clearly not a ferrari owner!

sorry to be so harsh but i hope i might go "negative" enough on you such that you will find your way to a decision you can live with.

pcb

 

i think it is time...paging doctor strangelove!!!

 

He may be indecisive, but he not a troll. He signed up and became silver subscribed before his first post. He has also been very articulate in his posts and has not baited or taken anyone else's bait. Lets not become the forum that eats its young. Try and keep the comments constructive. At this point, everything that can be said has already been said 3x over.


Move on people

 

I don't think you're 'spineless,' 'doomed,' or anything else.

Different people approach different things differently.

Some are rational, and try to find a logical, explainable approach.

Others are less so, and make more 'spur' of the moment decisions without a thought, or care, to unforeseen consequences.

You are concerned about keeping your success less public than others... I see this EVERY day. I live and work in Kuwait, and you have no idea how many Billionaires there are in this country, much less the plethora of guys with hundreds of millions of dollars. And it's almost natural and normal for these guys to do what they can, not to 'hide' it, but not to be ostentatious or blatant about their wealth.

NOT because they are spineless, or doomed or anything else, but because that's they way they do it...

So, don't worry about what some of these guys are saying or implying... it's your life. Do what makes you happy and keeps your wife off your ass..

And good luck with your decision... make it, and don't look back... look forward.

Mike

 

Balance is the key, you can't ignore yourself on the expense of your family or your cause or whatever and vice versa. it's all about the balance. I feel like a hippie saying it but it's true. I've tried it already. and it works.

 

The only observation I would make is that is seems Ferraris attract a certain type of owner (at least among those I have met and whom appear to populate this forum). A strong-minded individual who relishes the thought of mastering one of the most strong willed, aggressive and unapologetic automobiles around. Ferraris go beyond being eccentric in design, they can make serious demands on their owners both financially and mechanically (though less true with modern Ferraris then vintage ones). The reward is simply the greatest driving experience ever created.

Perhaps because of the rewards, most Ferrari owners whom I have met pursue these cars with extraordinary passion. The red mist as they call it. With all due respect, your posts do not reflect such a passion. Perhaps because of that, some, including myself, wonder if it is really worth all the fuss for you.

Of course, I may be totally off base, I don't know you from a can of paint, so take what I say with a few grains of salt.

 

I'm not going to make a generalization here, but I've known two other people from the Chicago area who think the same way as you. The concern of the social circle is beyond anything I can comprehend. One other person, although an incredibly driven person and amazingly good at what she did was paralized by fear of what her parents would think or the relatives, or the third distant cousin may say something off hand that was not flattering.

There may be something in the water in the Chicago area, never been to another part of the country where people felt this way. Maybe it's Oprah? If you buy a toy and hide it, that's acting a bit like a 3 year old. You can buy this car, wear it on your sleeve if you like and be friendly with it, give people rides if they want, answer questions, it's in how you portray it. If you hide it and feel guilty about it and then people find out, then you're asking for some public questioning. Also, when a person buys a new car they don't send out announcements. My friends know, many co-workers, etc. I don't advertise and don't hide it. I spend less on it than another friend does on a boat.

My Ferrari is publicly known as my toy. It isn't a car, it isn't necessary, I have this instead of a bigger house or newer daily driver. I let people know it isn't as expensive as one would think, but they can be more tempermental than a Camry and cost more to maintain. I enjoy mine openly. Good luck.

 

So, this individual owns his own private business that has made him over $100MM. Has he hidden the fact that he owns the business from his friends and family? Does he have employees? Do they know who runs the business?

Those are rhetorical questions.

The real issue here is likely the OP doesn't want to spend the money on the car. If that's the case, don't buy it. My personal opinion is you should never buy a car that is more than 1% or maybe 2% of your net worth. And if you worry about what other people think, an exotic car isn't for you.