Ferrari on a Budget | FerrariChat

Ferrari on a Budget

Discussion in 'Ferrari Discussion (not model specific)' started by RichieDMD, Sep 6, 2011.

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  1. RichieDMD

    RichieDMD Rookie

    Sep 6, 2011
    18
    Oregon
    As I mentioned in my first post, I am a long time car enthusiast. Unfortunately, I am currently in dental school so right now I am just learning about cars and not really physically making any progress on my automotive goals. My current plan calls for me to have a little "collection" of 3 cars...one of them I already own and it is currently about half restored (1969 Chevy Camaro) and is waiting for me to graduate to finish it. One of the other cars on my list (which I don't have yet) is a Ferrari 360 Spider.

    I don't see myself having a 360 in the near future. I need to graduate, buy a practice, buy a house, begin paying off school/practice/house and finish the Camaro. So, what I have is time to learn. lol.

    But, I don't think there is anything wrong with having time to learn and plan. I know the current price of a 360 is probably beyond what I will be able to afford anyway. So, as time goes by I assume they will depreciate.

    My current plan is actually based on another of my hobbies...coin collecting. I have found there are 2 ways to get the high dollar dream coin. You can buy a lower grade example you can afford (so you have one and can enjoy it) then save more, buy a better example and sell the old one (so, upgrade until you get what you want). Or you can wait and save forever and someday buy the high grade example. The first way allows you to have your coin sooner...but you spend more money in the long run because you end up buying a couple different examples. But...that way you have more fun. And to me, that's what life is about...having fun and enjoying the time we are here.

    So, my current plan is to simply work my way up. Once I am able, I will set aside some money and save. Then, I will buy a Ferrari that I can afford and that I like...I'm guessing either a 328 or 348 (this will still be several years down the road). Drive it and enjoy it and continue to save. Eventually...buy the next one I can afford and sell the current one. Do this until I work my way up to the car I ultimately want. Right now that's a 360...but it might not always be.

    The way I figure it...this will allow me to get a Ferrari in my garage sooner...and I will have been able to experience ownership of a couple different types, not just one. Along the way...I'll pick up the third car on my list (not a Ferrari...and a much more affordable car).

    Does this plan have any merit? Again, I want to learn and go into purchasing a car someday with the necessary knowledge.
     
  2. jsa330

    jsa330 F1 Veteran
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    Oct 31, 2003
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    By the time you're ready, a 360 will be affordable.

    I'm also keeping my eye down the road for that or a 550.
     
  3. italiafan

    italiafan F1 World Champ
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    Jul 19, 2006
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    my advice....don't worry about it.
    build your career, start a family, get to zero debt, get retirement accounts launched...then reevaluate at that point...maybe by then ferraris will be unimportant to you.
    if still important to you at that time then get the model that excites you the most, and the best example of it you can afford.
     
  4. PV Dirk

    PV Dirk F1 Veteran

    Jul 26, 2009
    5,401
    Ahwatukee, AZ
    I like your plan, but, and others may disagree, if you are looking a few years out you may be able to jump right into that 360 you want.

    The 328 is a car that has a strong following and is desirable in it's own right. The best examples are crossing price ranges with first the 348 and now the 355. It is just a matter of time until the 328 and 360 cross each other on the graph. They made quite a few 360s and nearly all Ferraris depreciate. I think the trends are in your favor my friend. I know a 360 isn't in my immediate future but it may be some day.

    You are right to keep your mind on the studies for now. If the car is really what you want, you'll get it soon enough.
     
  5. stingraymyway

    stingraymyway Karting

    Jul 23, 2011
    96
    Tennessee
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    Andy Seaton
    You're on the right path. Education that will lead to a good carrer.
    The Ferrari will come in time.
     
  6. SCEye

    SCEye F1 Rookie

    Aug 28, 2009
    2,950
    Norcal - Peninsula
    he's right.
    I finished medical school 13 years ago and only in the past 12 months began thinking about a Ferrari. Won't buy one probably for another year or two.
    when I finished school, my thoughts were of residency, girls, student loan, housing, etc. A Ferrari wasn't even on my radar... maybe it was but it was definitely not top 10.
    when you have to face real life, that money you have in the bank suddenly have plenty of other priorities.
     
  7. RichieDMD

    RichieDMD Rookie

    Sep 6, 2011
    18
    Oregon
    I'm sure you are right. I will be graduating in a year...and I recently got married. What I do know is, this is something I want to do at some point. Will it be in 10 years or my mid-life crisis? I don't know yet. But, what I do know is I want to learn as much as I can about the 360 and it's siblings so when the time does come (whenever it is)...I will be ready.

    Other things will come first. I need to buy a practice, a house, start a family, ect. I won't allow "things" (be it cars, coins, guns, Oregon football tickets, ect.) to interfere with those priorities. But, there is nothing wrong with learning about them. Like I said before...there are 3 cars on my "list." I feel I have a very good knowledge about the other two. It's time to learn about the Ferrari.
     
  8. ndc1

    ndc1 Rookie

    Oct 5, 2009
    1
    Most cars depreciate including most modern Ferrari's. Because of the this I would NOT plan on "working your way up" to the model you want as you will be spending far more money along the way in maintaining and further depreciating the current model. Don't over think it. Dreams shouldn't take that much work to dream about - you'll get it.
     
  9. Jedi

    Jedi Moderator
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    Mar 18, 2008
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    Wow! Welcome to "the posting side" of Ferrari Chat

    :)

    Jedi
     
  10. canadianferrarista

    canadianferrarista Formula 3

    Jan 16, 2010
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    Domenic
    :)
     
  11. WILLIAM H

    WILLIAM H Three Time F1 World Champ

    Nov 1, 2003
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    Its a good plan & you can have lots of fun w a 328. I think its far better looking than a 360 although maintenence may be cheaper on the 360 & pretty soon 360 prices will be within a stones throw of 328 prices. 360s are falling like rocks.

    One suggestion to your plan is that for the forseeable future I'd stay FAR away from buying real estate as its collapsing faster than used Ferrari prices.

    Depends on your local area of course but RE in most of the USA is a losing bet these days
     
  12. vrsurgeon

    vrsurgeon F1 World Champ
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    #12 vrsurgeon, Sep 7, 2011
    Last edited: Sep 7, 2011
    I graduated from Medical School 6 years ago and bought my 360 last September. My wife and I live a low key life and don't have the huge money pit home, so we can afford the yearly Vail vacation and the Ferrari.

    It took a couple of years out of training to put the finances in order, to allow me to buy the 360. I happened to find a nice example that I could work on myself, and as a result it's been a great experience so far. I predict you'll find yourself in a position to buy a nice example in a couple of years. :) I made the conscious decision to buy mine while I was still "young", I didn't want to be "that older guy with a ferrari". hehehe. ;-) You'll find yourself in the position to buy either: a boat, a vacation condo, or an expensive car... it's only a matter of time.

    BTW I agree with William H above.. Real Estate IMHO is still overpriced, and will likely be that way for some time.
     
  13. dentaldoc

    dentaldoc Rookie

    Apr 20, 2008
    6
    I am also a dental student. An have wanted a ferrari for many years. hopefully 5 years after school I can idealy purchase a 355. The 360 seems like its gonna be a stretch for me.
     
  14. SrfCity

    SrfCity F1 World Champ

    Probably better to try to get the 360 as they seem to keep coming down. By the time you buy the others it'd be more expensive with maintenance and other things you'd find. Good luck.
     
  15. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
    9,252
    Get your career on track
    Get out of debt
    Put Money in the bank
    Buy Ferrari when you can write the check
     
  16. Quadcammer

    Quadcammer Formula Junior

    Jun 29, 2005
    500
    Clifton, NJ
    Full Name:
    Oliver
    I wouldn't do the "starter" ferrari method.

    Why?

    Because the 328 is not what you really want. Its just a way for you to get a ferrari sooner rather than later.

    You will come to resent it for every dollar it consumes in maintenance, repairs, insurance, etc because that will keep you further away from the 360. Sure it might appreciate, and it might not.

    I say just keep saving your pennies in a ferrari fund and in a few years you'll have a good chunk of change, and 360s will have gotten even cheaper.
     
  17. Moopz

    Moopz F1 Veteran
    Owner Rossa Subscribed

    Jun 29, 2004
    5,348
    Orlando, FL
    I'm still surprised by how many dentists and dental students there are on this board. We must just have good taste in cars. :)

    There will always be the right Ferrari for you out there, you just need to find the time and place in your life to make it happen. And I hope you let your spouse/sig. other in on your passion early. When my wife and I were engaged, I let out the "Ferrari clause" saying that at some point in our marriage, I will be spending a substantial amount of money on an Fcar. She was and is still (mostly :)) understanding about it.
     
  18. rmani

    rmani F1 Veteran
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    +1
     
  19. rmani

    rmani F1 Veteran
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    Personally I'd be surprised if you see 360s getting much cheaper than what they cost today. There are some seriously good deals out there.
     
  20. Quadcammer

    Quadcammer Formula Junior

    Jun 29, 2005
    500
    Clifton, NJ
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    Oliver
    I think people said the same about 355s, and now they are in the 50s.

    I don't think seeing a good 360 in the mid to low $60s or even high $50s for a high mile car will be unusual in a few years.
     
  21. rmani

    rmani F1 Veteran
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    true. i keep forgetting over last winter i saw a lot of good 360s in the 60k range. i pretty much figure 50-60k will be the bottom. one advantage i think 360s have over the 355 is they still look very modern. the styling was way ahead of its time.
     
  22. dakharris

    dakharris Two Time F1 World Champ

    Jun 7, 2001
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    Factor in maintenance and the cost to own a 360 is less than a 355. The only reason to buy a 355 is if you like it better than a 360. In five years, a 430 will be as cheap as a 360 is today.
     
  23. mclaudio

    mclaudio Formula 3

    Dec 13, 2003
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    $50s? Although I can't vouch for their condition, I'm seeing 355s in the $40s and staying in the market for a while. I do agree with the general trend of the 355/360 pricing in the foreseeable future. At this trajectory, I may be interested in a 355 Challenge car sooner than later.

    For the OP: although I'm already seeing 328 and 355 pricing intersect, I would generally advocate waiting to get the car you really want. OTOH, I would try other models for experience and education. You may find that you actually would prefer the transition car. This has happened to me on a few occasions.
     
  24. White Knight

    White Knight Formula 3

    Aug 22, 2011
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    #24 White Knight, Sep 9, 2011
    Last edited: Sep 9, 2011
    I was in a similar situation to the OP several years ago. Like many of us, I'm sure, my father instilled in me the love of the italian cars from an early age. I can still remember him coming home from work and going into his "study" to work on one of his many ferrari models. By the time I was ten I was looking through his Dupont Registy's and collecting my own scale models.

    I had never really thought that there was really any chance that I would own an Fcar while "young." It was always one of those nebulous "oh wow that would be AMAZING...but never going to happen" deals. However, life led me down a path which, after a few years of judicious saving, allowed me to own one (working on a deal for a 355 currently). You never know where life will take you. You seem to have your priorities in order; get rid of the debt and get set in your career. Then start saving for your car...it will still be there.

    After many long discussions on the subject with my wife, we decided that we had two choices: 1) Buy the car of my dreams prior to children and enjoy it while still young (I'm 27), or 2) Wait 25 years until the children were grown and then do it (this is the route my father took).

    We decided we wanted to go with option 1, and so I began my search about 8 months ago. Your milage may vary, but after analyzing the many facets (purchase price, insurance, maintenance, storage, "normal" life expenses, etc.) and running several different financial permutations in my spreadsheets (I'm an engineer, so automatically anal about such things lol) we concluded that it was a good decision. Of course it helps that she loves the way 355s look also. :-D

    In some respects I envy my father, in that he will always have very unique appreciation for his 328 as it took him so many years to attain it. That type of feeling and payoff is hard to replicate, however, I know that the enthusiasm, love, reverence and enjoyment for the brand which he instilled in me so young will carry on when I eventually own mine. Which is the way it should be.

    I wish you the best, and enjoy the ride! Both pre- and post- ownership. ;-)
     
  25. Edward 96GTS

    Edward 96GTS F1 Veteran
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    Nov 1, 2003
    9,192
    A 360 is not like a rare coin, more like a quarter, going down in value everyday
    Ed. Dds
     

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