Hi everyone, I new to the forum and dont actually own ferrari... Infact I wont own one for a good few years.. Im 22 and an apprentice for openreach.. Ive owned a few hot hatches/moderately fast cars.. vectra 3.2 gsi audi tt 225 quattro ep3 type r mk4 golf gti running 230 bhp nova c20xe on carbs ibiza cupra 230bhp 206 gti ect ect Always wanted a 348 since i was a kid and seen one at the beach parked up.. I have a few grand in the bank and due to a lucky situation wont need a mortgage. My plan is to buy a 348 in 5 years time and have started a £250 a month share save in light of this which will give a minimum of £15k, possibley much more depending on the market. I will be on around £30k a year by this point without any overtime and due to the share save the car WILL be owned outright with no finance ect... This is my plan. I see it as a realistic way to afford the car of my dreams on an average salary... People on the other website i frequent seem to think I will need to be on atleast £50k a year to maintain and run a ferrari as a sunny weekend car, I however cant imagine how this is possibley true? I mean seriously, I know services, maintaining and parts are very expensive but why would I need so much? I should add my gf has a pretty decent wage but we will probably have a child by this point, niether of us smoke or really drink heavily (odd night out). Do you think I am litterally dreaming? Is it doable on £30k? How much do they cost to run, maintain ect ect??
Welcome to Ferrari Chat! I think you have a well thought out plan and it should be doable. Keep working towards the goal and you will reach it. Rob
I have a '99 355, and there's NO WAY I would spend USD$75K a year to maintain it, or even USD$45K... it doesn't need that much. I would said if you can set aside USD$15K a year comfortably, you should be fine...there may be times you spend more, and there will be years you spend less... Mike
To the OP, I used to ask the same question as you 5 or 6 years ago. The truth is, if you want to do it right, you should buy a HOUSE before a Ferrari, have a daily car before a Ferrari and have 100k in the bank for emergency purposes. Get your life straight before you buy a Ferrari, not the other way around. I would say you need to have made about 400-500k to get your first Exotic. This is very doable before you hit 28, in my opinion. The key is obviously BUSINESS. Sorry to say it, but a degree and working for some one, wont get you anywhere in life. However, you can have a business while working! Work is just a safety net. My bit of advice to you is this: Create an IDEA, create a PLAN to execute the idea , EXECUTE the plan. Your first business should be a LOW MAINTENANCE one with LOW start up costs. Your plan pretty much says, throw ALL your apples in a one basket, A HIGH Maintenance car, that will financially put you further in the hole. What if you get married? have a kid? 2 kids? Get in trouble? The first thing gone in going to be the car. I am not trying to kill your dreams, but I think you need to re-work your plan to something a bit more serious, So you can become a long term Ferrari owner and more importantly, a BOSS.
You're young like me. Hang out here and learn from others experience (including fails). I suggest you subscribe (Silver subscr. costs 15 $ a year) and read rest of the forums, to get a feel on "what this is about". In a few months you will get the Ferrari thing and hanging here can only fuel your motivation Most important thing is to work against a goal - it may be long term but as you can read here, most guys are not rich but have worked towards a goal over many years and now they have reached it. Hope you enjoy your stay.
He wants a 348 not a 488 (or whatever is going to replace the 458). This car costs less than a new diesel, it's not that big of a deal IMO. You don't need $100k in the bank to own a $40k exotic. I guess I'm more of a "live in the moment" type but remember, you could be dead tomorrow and you can't take your money with you. As soon as you can put that Italian beauty in your garage do it! Rob
Sorry but why would i need 100k in the bank to own a car that can be has sub 25k? Surely if it broke i would only need 25k max to buy another? I do take the buisiness advice on board, i have friends who live very stressed lives due to being the boss, sadly that isnt for me. Surely a repair kitty of 10k would be enough in the bank? Classic car insurance and only using dry weekends cant he much in the way of running? The tt only managed 20mpg, is the ferrari much worse?
Don't sweat it. My take on an expensive fun car ownership is that if it breaks and I don't have money to fix it, just let it stay in the garage until I got the money to fix it! As long as you have a garage for it and steady income, no problem IMO.
Yes i have a garage and that was what i said on the other forum and got flamed lol My theory is what would i rather spend 20k on a ferrari or an astra? As for running costs the astra will probably depriciate as much in 3 years... My working was Insurance 1k a year Tax? Not sure on how it works on them so said 500 a year Tyres every 3 years maybe 1500 so 500 a year Servicing 1k a year Mot and maintenance maybe 2k per year That adds up to 5k and i feel i over compensated on some of those... Adds up to 416 a month - i was spending more than that on the tt including finance.. Am i underestimating it? obviously every so often it will break and i will need a kitty for such occasions
The cost of ownership depends on many different variables. Are you doing your own work? Does the car need a ton of deferred maintenance? How much of a perfectionist/purist are you? You can get by pretty easy if you buy a solid car and do your own work and aren't insistent on every part for the car coming in a pretty yellow box. You can get murdered if you buy a story car and pay someone else to install only parts from yellow boxes. Rob
If the cheaper part was of decent quality id fit it, if not id buy the yellow box. I do a lot of work myself, not have changes turbos and allsorts with help of friends... I would however get a garage to do big jobs
John, That was my opinion to the question you asked. Hope it didn't offend you. I was just trying to help you out, based on my experiences. Honestly, in my opinion, a 348 is not the best option for you, maintenance is something you will have to deal with. I think you are better off in investing in a 360M, it does well with maintenance and still has good value and demand. Over 2 years, the maintenance of the older Ferrari/depreciation value will catch up the extra you paid for a newer model. I am new to this forum, so I should leave the advice to the veterans Don't get discouraged by what I said. Do whatever you please, its a free world Again good luck.
+1 And like DriveAD said, be prepared for it to sit in the garage for a bit if you don't have the funds to fix when broke. As long as you set expectations before hand you will be okay. If you can learn to turn your own wrench it's even more doable. Welcome aboard, I will be curious to learn how your goal is materializing over the years.
Dont worry bently, i do appreciate the advice its just id rather try and progress in bt group than own my own company. I love my job. Yea i am pretty capable tbh, maintenance like brakes, suspension, fluid changes ect i could do myself although id probably want a service stamp so wpuld leave the servicing to a specialist.. Thanks for the encouragement, im glad i joined.
John-d, go for it. If you are responsible and do your due diligence, you can come out just fine. Definitely spend a little extra upfront and get a good car! I bought a well-documented car that I had pre-purchase inspected and in one year of ownership, I've spent exactly $202.51 for parts that HAD to be replaced (third brake light and windshield wipers). Of course, I did pay for annual fluids and a front end repaint, but as far as mechanical foibles go, I have nothing to report so far. That's not to say the S won't hit the fan at some point, and I will have to do a major in a year and some change, but I accepted that reality as part of the deal. Just go into it knowing what could happen and be as prepared as possible. People (some I now know to be far less than knowledgeable on the subject) scared the crap out of me about owning an F car to the point that I bought a new Porsche instead. Now, a Cayman S is a GREAT car and I DID enjoy owning it, but it still wasn't what I was after, and the longing started up again pretty quickly. I lost the equivalent of 4 (!) 348 majors just on the 2 year depreciation of the Porsche. I should have bought the F-car to begin with... For perspective -- some people compare F-car maintenance to airplanes. Talk to me about airplane ownership and I'll offer you advice that is VERY different from what's above
Thats great advice, im tempted to link this thread to the other forum to show them theyre wrong but id rather do that with pics when i EVENTUALLY own 1. Can anyone tell me what a major service involves/costs
John-D, I was in your almost exact predicament last year... I love the 348 and was debating the 348 or the 360. I ended up with the 360 because I bought a higher mileage example that needed a few things, and I'm thrilled. I opted for a 348 and considered it.. but then the 360 came along and the rest is history. I do still look at 348's on ebay and entertain a second f-car one day.. That being disclosed... Life has a way of throwing things at you and if you're focused, what you want will present itself. I never thought I would have this car this soon in my life. I do save my money and live frugally-ish (I'm a foodie and a techie), I also repair my own car and did enough research on the 360 before I bought it that I can repair anything that doesn't require a lift. I also shop for parts and avoid stealerships. Learn how to fix the car before you get it, be an expert in it before you even own it. That way when you finally do you can install the 10$ fiat part that the other guy spends 300 for a ferrari part and 300 to install it (amazing on the forums how many take their car to the dealership for everything, then state how expensive it is to own ;-) ). Alot of these guys are in fantasy land with their costs of ownership. Repair your car as best as possible and have a good + honest mechanic. You average F-car owner it seems is middle aged with the kids in college or about to go. They have the cushion to buy the car cash and are in their peak earning years and can afford to fix it. I'm impatient, I don't have a mistress to support and can afford the monthly payment (yes I financed it). I don't want to have back problems preventing me from enjoying my car. I have another car as a daily driver. I don't own my own practice yet (I am a doctor), but the car has been very reliable (360 = porsche 996 IMHO). You're 22. Trust me, been there. Save your money as best as possible. Life WILL throw unexpected things at you. Guaranteed. Expect a few setbacks to the savings but just be attuned to your life, i.e. how stable is this job, and the world in general.. will this recession affect my employment down the line? You may have children down the road. They are a wonderful addition and worth more than any ferrari in my opinion. As such your priorities in life will probably change. This is normal. You don't have to be a millionaire to own one of these... if you invest the time to learn about it and keep a feeler for your dream car when it emerges in your life, right car + right price. Best of luck and wishes..
The major on a 348 is pretty involved, honestly. You do have to drop the rear subframe and remove the engine to change the timing belts and tensioner bearings, and that alone will keep the cost up. You also replace all seals, gaskets and fluids, as well as the A/C and Alternator belts, and I think it's safe to say that a water pump rebuild is highly recommended. I'm of the opinion that it's best to be proactive and replace things of limited life that could potentially cause problems (plugs, lines, hoses, etc.) while the lump is out. I'll definitely be getting a Scuderia Rampante hose kit when my major is due! The cost is somewhat variable, but from what I've seen it can range from $5-7500 for a basic major, more if you discover issues or things that are out of tolerance (clutch or valves, for instance) while you're in there. I've heard Ferrari service is cheaper across the pond, though. One big thing you want to make sure of is that the gearbox in whatever car you consider is strong. The later cars had upgraded boxes, and some of the earlier cars had spontaneously grenading gearboxes (search the topic!). My car, for instance, is an early 348 and the gearbox blew up on the previous owner twice. He got a little sick of that, so he had it rebuilt with components from a 355. Either I have about four more years to go until it blows or he solved the problem for good At any rate, a gearbox rebuild is NOT cheap. But again, research research research and PPI PPI PPI!! There is nothing that says you have to deal with serious issues! Just be careful.
FWIW, in my years of researching owning Ferraris, my view is that for *any* Ferrari you need a few things (this is all, of course, IMO only, YMMV, etc): 1) purchase price of the car - the older the car, the more likely it is this *must* be cash. The crappier the car (and hence lower price), the more likely you are to be digging a grave you wont get out of. On this thread it seems soon we'll be down to "used Civic, or Ferrari? you choose!", but personally, I have *no clue* where these $20k Ferraris are supposed to be and wouldnt go *near* one 2)$15k set aside for disasters - this can turn out to be *far* too little (search these forums for $25k+ repairs), but is a reasonable buffer to start with 3) $5k to prime the service fund - important to get a block set aside that you can start pulling service from. Parts are expensive and getting worse, and unless you are a *damn* good mechanic, odds are you're going to use a pro which means big $ (even at an indy) 4) $200-$400/mth set aside to run it. At this point, I know enough owners and have done enough research to really not care what anyone says about this anecdotally. Annualized over time, 348/355 come out to this much a month in maintenance cost (and its not mileage, its time, so there are no shortcuts) 5) a daily driver - if you're going to be using a Ferrari to drive to the metropark station every day you're insane basically and will eventually really regret it 6) a garage 7) living in an area where it isnt utterly ridiculous to be driving a Ferrari. Like parking a Ferrari in a budget townhouse in a middle income area, IMO, is asking for trouble. Many may say "screw that! who cares what others think!" but then you see threads like "car keyed, car vandalized, car stolen, car spit on" etc. There arent many cars that have the *massive* impact on perception that a Ferrari does. Whether or not one cares about it, there is a definite ripple effect from owning/driving one around. Basically, you need to be in a position where it makes sense to own a $50k matchbox car that requires continual monthly cost to keep running. Personally, I still dont feel Ive even come close to reaching the point where a Ferrari is even remotely realistic, but everyones priorities are different.
FWIW, in my years of researching owning Ferraris, my view is that for *any* Ferrari you need a few things (this is all, of course, IMO only, YMMV, etc): 1) purchase price of the car - the older the car, the more likely it is this *must* be cash. The crappier the car (and hence lower price), the more likely you are to be digging a grave you wont get out of. On this thread it seems soon we'll be down to "used Civic, or Ferrari? you choose!", but personally, I have *no clue* where these $20k Ferraris are supposed to be and wouldnt go *near* one 2)$15k set aside for disasters - this can turn out to be *far* too little (search these forums for $25k+ repairs), but is a reasonable buffer to start with 3) $5k to prime the service fund - important to get a block set aside that you can start pulling service from. Parts are expensive and getting worse, and unless you are a *damn* good mechanic, odds are you're going to use a pro which means big $ (even at an indy) 4) $200-$400/mth set aside to run it. At this point, I know enough owners and have down enough research to really not care what anyone says about this anecdotally. Annualized over time, 348/355 come out to this much a month in maintenance cost (and its not mileage, its time, so there are no shortcuts) 5) a daily driver - if you're going to be using a Ferrari to drive to the metropark station every day you're insane basically and will eventually really regret it 6) a garage 7) living in an area where it isnt utterly ridiculous to be driving a Ferrari. Like parking a Ferrari in a budget townhouse in a middle income area, IMO, is asking for trouble. Many may say "screw that! who cares what others think!" but then you see threads like "car keyed, car vandalized, car stolen, car spit on" etc. There arent many cars that have the *massive* impact on perception that a Ferrari does. Whether or not one cares about it, there is a definite ripple effect from owning/driving one around. Basically, you need to be in a position where it makes sense to own a $50k matchbox car that requires continual monthly cost to keep running. Personally, I still dont feel Ive even come close to reaching the point where a Ferrari is even remotely realistic, but everyones priorities are different.
mate, in the uk theres loads of ferraris for about £20k http://www.pistonheads.co.uk/sales/2569924.htm http://www.pistonheads.co.uk/sales/2710980.htm http://www.pistonheads.co.uk/sales/2905834.htm http://www.pistonheads.co.uk/sales/2497856.htm http://www.pistonheads.co.uk/sales/2887811.htm to list a few
They mostly seem to be that much mate... Not sure if those are cheap or not... Irrelevant really as it will be 5 years untill im close to having the cash
Well, this is true, sir! For future reference, though, at $32K US, I'd definitely look that prancing horse in the mouth. Maybe one of our UK brothers can shed some light on the relative value. I was under the impression that the cars themselves are more expensive, but that the cost of maintenance is better. I could be very wrong, though.
