I just realized how far I am away from owning one

grew up poor. studied hard. worked hard. save a little. finally think that the life-long dream of owning a Ferrari could be realized. then I read this:

http://finance.yahoo.com/blogs/daily-ticker/life-fast-lane-ferrari-sales-surge-u-172941839.html

"The typical customer using financing has annual income of $1.5 million a year and liquid assets of more than $10 million."

looks like I need to work a little harder and save a little more.

 

Well, yeah... if you're talking strictly 'new' cars...

But decent Ferraris, NICE cars, can be had anywhere from $30K and up.

I paid about $56K for my '99 355 Spyder...and another $4K or so to fix a few issues with it. Since then, no problems, no issues, and I love driving it.

It's my second Ferrari. My first cost $15K (1992 348ts) and another $12K or so to get it fixed up... but I sold it for almost enough to pay the cost of my 'new' (to me) 355.

Who wouldn't love to have a new car? At the same time, I don't make $1.5m per year, and likely won't, and I'm more than happy to have what I have...

Mike

 

+1

If you go the second hand route just find one that's been driven in the last 2-3 years and especially service history is important. Buy one that's been sitting in the same time (serviced or not) and you'll have a problem car.

 

You should buy the one that your heart truly desires...

 

Sounds like you are a man on a mission.

Forget about that article and keep doing what you're doing. You will have a Ferrari in the garage before you know it.

 

I paid $27K for my first Ferrari, a 1977 308GTB in Dino Blue Metallic. FANTASTIC car.

No, it was not crazy fast and no it did not handle like a modern supercar. But so what... it was drop dead gorgeous, made phenomenal sounds and was fun to drive on a scale that NEVER failed to put a smile on my face.

The simple reality is that if you really want ultimate performance then you should get into track driving and if your going to play on the track get a Porsche. P-cars have it all over Ferrari's if your a gearhead track rat. They are far more reliable, light years better build and you will turn faster lap times while spending 1/2 the money.

If your focus is on the street... then the Ferrari has it all. Looks? No comparison, the F-car Rules. Sound? Ferrari's scream a banshee wail of joy... nothing else is close. Fun to drive? Ferrari hits the target.

But a '77 308 accomplishes ALL of that just as well as a 360 or a new 458.... with the added bonus that you can work on it yourself and it is more likely to go UP in value than down.



Terry

 

interesting article and a great read. confirms a lot of what i've seen discussed on here before. ******** what the average new buyer makes and has in liquid assets. If I were making 1.5M a year I'd probably have 5 Ferraris by now (all used of course).

 

I doubt the average 458 owner has $10m in assets.

 

Don't listen to the article. Even if everything is 100% true, your not as far off as you think. New Ferraris are something that even the rich don't always buy. Wealthy people became wealthy by making wise decisions. Now if you were born with it its a different story, those don't care about losing 150k+ on a car and doing it over again. You can get yourself into a 360 for less than a Mercedes sedan today. If you buy a good one you will have a long and happy ownership experience. Maybe if I had the means to drop 300k on a new one I would, but for less than half of that can get you an awesome one.

 

I know there are different level of Ferrari owners. The guy who buys the GTO or Fxx is a little wealthier than the guy who buys and wrenches his own F355. I just didn't realize the typical new Ferrari buyers were doing so well financially. good for them.

Just interesting to know.

 

+1

 

My first Ferrari was a 308GTSi "chop-top" for $18k.
Why do so many think that their first has to be new ?
Unreasonable expectations.

 

If I made $1.5 million/yr I wouldn't be financing a depreciating asset.

 

If you make less you shouldn't finance them anyway. Paying on time for toys isn't smart.

Art

 

maybe he means average instead of median. If Bill Gates buys a F458, he covers the next 5000 buyers for that $10mil average.

 

I get just as excited when I see my 348 as I do when I see 458s, etc. More so, really! In fact, I truly believe that my car is more charming with it's gated shifter and attitude. So unless you're worried about having the latest offering or showing off your wealth, forget about that article and find a car you love. There are MANY great Ferraris to choose from that don't require a Million + income! You're closer than you think!

Now if I did have the $$ to buy a 458, I'd save a little more and get an F40. Yum yum! But that's not the point...

 

I suspect the article is talking about averages here. The median income and net worth would probably be more useful data here, as a few billionaires would really skew the averages.

 

Very good points. I don't think that article applies to most of the Ferrari buyers on this board.

 

100% dead-on. You are only as "far away" as you make it. The traditional models, like your 348/355 and older(308, Mondy, etc) are the most desireable cars IMO anyways. They have REAL transmissions(no flappy-paddle crap), they are more pure/less digital, and can be had for grocery-getter money. You can even work on them yourself which can be almost as rewarding as driving the car. The old ones look better too, IMO. They look more like Ferraris are supposed to look. The new ones are getting more rounded off, no more pop-up headlights, softer lines, etc, etc.

The 458 is a world class performer but the styling is questionable. For that money, Id take a barnful of classic exotics. But thats just me.

F-car ownership is there for the taking. Just do it.

 

Not to denigrate the OP in anyway, but how many people have I met that say they can't afford a Ferrari and then go home in their 50 thousand dollar BMW or SUV. That SUV will be worth half what they paid for it in 3 years or less.

There's more than one way to skin a cat.

 

Well put, Terry. I share the same sentiments; hence, I'm happy to keep a P race car along with the 328.

Having said this, I would go for a Ferrari race car; but my focus would be more for investment, my total race budget would have to be two/three orders of magnitude higher and one of following has to happen: a 59 250TR becomes available or Mr. JG is willing to sell his P3/4. Synonymous to stars aligning.

 

Never listen to that stuff. I am NOWHERE remotely close to those figures, yet I have a Ferrari sitting in the parking lot outside my office right now. I worked hard, saved my pennies, and am quite certain I am in the low end of the economic spectrum on this board.

It really is a matter of willpower and learning to manage your money correctly. Never let anyone tell you otherwise.




PDG

 

What if your choice was finance or take another 300k out of your biz and pay even more income tax above the income tax you already paid on 1.5MM ...

There can be great reasons for the madness

 

My general guidance is that if you have to finance your first Ferrari you probably should give the purchase decision an additional good night's sleep

 

And should they get a new SUV every 3 years, that alone will prevent them from ever buying that Ferrari.