How things changed when you bought your first Ferrari?

Like many on this board, I have wanted a Ferrari since I was a little kid. I'm typically not the type of person that really cares what others think, but am having a few thoughts that I wanted to get some feedback on.

I've worked incredibly hard in my business the last 10+ years, and in my own mind have "earned" myself a Ferrari. I am in the investment advising business, have a great group of clients I work with, and they are loyal. I am a bit torn on this decision. Part of me thinks, "will people think I am successful, worked hard, and made good decisions, leading me to be in a position to do this?", or will they think, "this 30-something jackass is blowing money on a car". I also see it as a great piece that will set me apart from most....

I'm sure there will be a little of both, but I wanted to check in and get your thoughts on what your experience was when you got your first one.

Or do I just say, "the hell with it, get it?"

 

Less thought on what they think, who cares? It'll be yours.

 

If you're managing other people's money, I think you would be better off driving a Volvo.

 

Who cares man?

Do you randomly walk up to people on the street and ask them their opinion?

Do what you want, and do what makes you happy.

you only live once.

 

Do they need to know?

 

There's also the side that some can be investments.

Like many have asked, I usually do not care what others think. I simply do not want to negatively impact my business.

 

I'd say go with this option...

 

From your description of your business I can guarantee you clients will look at your differently- without knowing you or your clients it's hard to say- and without knowing the CAR it's hard to say.

People dig 308's and 328's- First question is "What Year"- when you tell them "1982" they realize it's a vintage car and not a $300K Ferrari. (Yes, non Ferraristis are that dense)

When I had a 308 and 328 people were wowed, but they totally dug that it was an older car that I worked on myself- Driving bright yellow 355 people treat yo like you're something special- which might be cool for some people but makes me feel uneasy. I can only imagine what the 360 and 430 guys get- Color has a lot to do with it- people react differently to a Black Fcar than to a red or Yellow Fcar.

Bottom line is you gotta be you- life is short- if you work hard you deserve to play hard. If you only buy a Ferrari to get attention or to stroke some ego thing, it'll work, but the thrill is VERY short lived. You have to love the car, love the history, love the SOUND of it!

 

Depends on your profession. In my field, it doesnt matter, in other fields it can really be misinterpreted.

Just my .02



PDG

 

The average person doesn't think about Ferraris at all. When they are faced with one they typically have some preconceived notion. Everyone handles differently.

If your clients know you have it you risk them thinking you make too much money, or you're the next Bernie. And those folks will never ask you about it and presume it cost 1 million dollars. Some will have positive reaction.

And I'm never going to suggest you should not buy one, you should, they are great. You will have to decide if you want to park it in front of your office and have pictures of it on your desk. I don't talk about my car except with those who are car people and are interested. I share my Ferrari ownership as much as I do my motorcycle ownership or my ownership of a 2004 Mazda pickup.

 

If you've earned a Ferrari and want a Ferrari, buy one. It's pretty simple.

Would you live in a slum instead of a nice neighborhood for fear of what people think to? Or, what about that 60 inch LCD TV? Maybe you should just get a no name brand 42 inch from Costco.

What other people think about what you own should have no influence on what you spend your money on. It's your life, not theirs.

 

Don't mix business with pleasure.
Don't mix hardwork with reward either.

No matter how hard you've worked for the past 10+ years, not all of your clients and/or business associates would think you've earned it.

So buy your Ferrari for your own enjoyment in private and only show to those have nothing to do with your business side of things.

 

I think it would depend most on where your clients are financially. If they are mostly blue collar types, then I would never show up to work in a car that costs more than they make in two years. They'll automatically assume they're getting gouged by you so you can have exotic toys. If they're all rich people, then what the heck, you'll just show them you've been successful, and that can't do anything but help.

As far as considering a Ferrari as an investment, from what I've read (don't have one yet), they're only good as investments if you drain all the fluids and place it in a sealed chamber filled with argon. If you drive it with any regularity, the cost of regular maintenance will surpass depreciation unless you have a particularly rare model.

Rick

 

A B S O L U T E L Y ! ! ! ! !

What YOUR clients think, IS your bread and butter. Piss them off and you will be driving another F-Car with a horsey on it in VERY short order.









A Ford Pinto.

 

I have the flip side to this. If you're rich, it's because you made yourself-- and your clients-- a lot of money.

I still think that what you drive for your own pleasure should be your own business. How you market yourself to clients is a whole separate issue.

 

When dealing with money people are ALWAYS on the look-out for being scammed. They are generally immediately ready to ALWAYS call someone out without any facts to back it up. When it comes to money I ALWAYS expect the worst out of people. I often get it.


IMO there is no positive "Flip-side" here UNLESS he is turning his clients from 10's of millions into 100's of millions. And even then it is "Iffy."



But in his line of work I would N E V E R drive the Ferrari to meet a client. No up-side to it at all.




From my experience, some/many of his clients just could not shrug-off a "extravecant symbol" of his success. Especially the ones at the bottom of the wealth ladder.

They would just ask him point-blank or themselves, "Just how much MORE WOULD I HAVE IF I was not paying this 'thief?' " The fact HE is the one making them the money in the first place would NEVER enter into their thought process.

Seen it happen before.

 

Make it a nice Volvo though, I would always be wondering why my advisor is not in a position to drive a nice car as should be using the same tactics to make money for himself as he does for me.

Russell

 

Try as you might, it will be hard to keep it a secret from your clients. It's a small world and your social network is smaller than you think...six degrees of Kevin Bacon and all that. Someone will mention it to someone and that will be it...people get tired of talking about the weather and someone owning a Ferrari is great gossip fodder. Heck, it's even a fun word to say "Ferrari".

If you bought a boat or big RV that was double the price of the F-car you're after - nobody would blink. Buy a Ferrari and the world thinks differently of you - fair or not.

For me there have been a few awkward moments and I think I've probably alienated a couple friends but that's too bad - this is me, take it or leave it.

Life is too short.

 

Great points in here. To be clear, I would not drive it to meet a client or drive it to work. It would be an occasional weekend car. I'm thinking of a 308 or 328. Not an F50.

 

Agree! I have been a consultant with a mega financial investment firm. It can depend on your clients. I think for the most part many feel more confident if they see you doing well. Perhaps just not "out doing" them. Life is too short not to live some of it for yourself.

I think we all know that we can not please everyone. Driving a Volvo etc. can send a message perhaps that you are conservative less risk prone. Probably not bad for you business. However, a 308/328 is for your pleasure and not for business. Go for it and enjoy yourself! Be sure and post pics...

 

How many of those clients have larger sport fishing boats that do nothing but depreciate?
Deff. no on meeting clients and such... Have some fun it's your $$$ you're enjoying a passion and life is short MHO

 

A Ferrari is a F-E-R-R-A-R-I.

The letters and numbers after that word mean NOTHING to John and Jane Q. Public. Although to us they mean the difference in cost of somewhere between a minivan and a McMansion.


As an owner, you are now "labled." Period. End of Story. You ought to see the looks I get not being the rich type of ****** that is typically required to be an owner in many people's minds. I am sure the other less well-heeled owners here get the same look.







Of course you should go out and buy one if you wish.

Enjoy your success, even to excess, just NOT around your clients.

 

Look, you are going to get some of both to be honest. Some will not mind, others will think, especially in your line of work, that you are stealing from them, overcharging them etc...

Now being in your line of work, I would imagine that most client contacts happen over the phone or in an office environment? If yes, then the likelyhood of any of your clients knowing you own a Ferrari might be minimal (depends on the size of your town, if you share social circles etc...). I doubt you are considering the Ferrari as a daily driver, so take your daily if you're off to meet a client somewhere where they may see your car.

But at the end of the day, I'm a firm believer that you do have to live your life your way. What if you were killed tomorrow? If you're in a position that buying a Ferrari is within your means (and by my definition that means cash and cash only for toys), then I say by all means do it and do it now. The ownership experience has been everything I imagined it would be and more. I'm 39 BTW.

 

Owning and driving a Ferrari causes you to come to grips wiht that part of the motoring world that wants to zoom up and take a close look at you and your car. This feeling of living in a glass house will pass in 3-6 months, and you will get used to it. Assuming you do get used to it, and can sluff it off as just part of the entir package of owning and driving a Ferrari:

Then go and do it!

But, as others have said, if you deal with peoples that make less than $80-100K/year--don't drive it to work--too many downsides, too few upsides.

 

I got 'single"...not long after....

There were "a few" other issues that could explain that part of it, tho......