To own or not to own? (F360)

Incredibly helpful advice posted here by everyone. You're very lucky to have found such a valuable resource with so many great people here! I can't add much to what has already been said but this: a very good 360 needing nothing can be had for around $65k here in Florida as I looked the car over myself. Maintenance on these is very manageable if you check out the car closely and do your homework before buying, much more so than the 355 or 348. The 360 is the best bang for the buck out there and you won't get hit hard by depreciation if you buy smart.

I bought my M3 for $75k three years ago and sold for $43k. $32k in depreciation 3 years plus taxes - you'll do much better on a 360 over the same time period.

Lastly, after you consider everyone's very solid financial advice realize that probably all of us think to ourselves, "why the hell did we wait so long?"

It's most prudent to wait, maybe the smart move of waiting is one of the reasons that allowed us to get into the position of being able to look back now and wonder why did!

That being said I almost died two years ago after breaking my neck and was doing the "prudent" thing of waiting, although financially I don't know why as we're in very different situations there. So because of that I've now bought two in the past year and a half and after all the great fun and crazy experiences I've had because of the car, looking back, there's no way in hell I would wait as long if I had it to do over!!!

 

I agree with Chris. If you don't have the means to buy a toy like this outright, you shouldn't buy it.

 

If I could've afforded it at 25, I would've got it, but now would regret that

 

LOL, if being able to brag about stuff like this is a requirement....like it looks like it is for this guy......no, a 911 won't be a target.

OTOH, if you want a great driving sportscar that does 3.8 0-60, looks great, and will beat the snot out of 99.999% of cars.....including alot of "look at me" rigs, all for less than $30k, a 996 Turbo is worth a look.

Being serious with you, financing 75% at your time in life on a car where $10k repair bills are not unusual just probably isn't the best thing for your family.

 

Dave,
That sounds like a great plan...BUT...make sure that if you are going to wait a few years, you have a deal with your wife that you WILL be getting one in the (near) future. I've seen too many women change after having kids. All of a sudden they may feel that it is not good for the family. Just make a deal with her that you are putting money aside for the car as a gift for yourself. Thankfully I don't have a wife like that, but many people do. Just a friendly warning from an internet friend
Best of luck to you!

 

I'm in the same boat as you with a few small differences (single, slightly higher income). I am giving myself a 1 year cool off. If I am still as obsessed as I am now, I'm in. And a lot of people will suggest paying cash. It actually makes much better financial sense to finance at 1.74%, and invest the cash into something else, yielding more. Cash is king, and leverage is his best friend when it comes to making investment income.

Adam

 

Adam, you are correct, if you can get such low financing, and invest in something with a higher return, then it is definitely worth financing it.
The reason most say cash is because if you don't have that much "available" if needed, you probably shouldn't be buying this car. Always use your money to make more money if you can!!

 

When I was 22, I was finishing a year abroad in Rome. I came close to buying a 275GTB (3 Million lira, which was $5000), but decided against it. I then almost bought a 250 long wheel base spider (700,000 lira, then $1200 but it needed a lot of work and a friend could do it for me).

Not buying the 250 is a longer story. In 1975, I bought a 911E for $5000, today its with me in the UK and its insured for GBP 40,000 (which is a bit higher than my total investment).

Had I bought the 275 GTB, the car would be worth $1.2M today, the 250 probably around the same amount of money.

I doubt I could have afforded to run either car, but the numbers were low volume production, and they appreciated. I knew they would. All I had to do was keep either car in the garage and I would make the money.

355s, 360s, 430s are pretty high volume items, so what their future value will be is a question.

This is just my story.

When my dad died in 2005, I probably could have bought a 275 GTB for I guess $500,000 and would have done well (or at least broken even on it if it needed a restoration). It would have been a better investment than my US house.

 

Always wanted a Ferrari but was too scared to buy one (too expensive, might break, might get hit etc) and settled for Porsche, MB etc. Finally bought one and it's just like any other car. So I would either get a Ferrari if that's what you want or don't buy at all.

 

I agree with the above point. My 911 did that to me, and I didn't drive the car much for fear of not affording it.

With the 360, you may be best to wait 5 years and they depreciate more, and hopefully your income goes up, and your net worth has gone up with some smart investments.

But its your call.

 

You have gotten some good advice to consider. I would like to suggest a dufferent interim car if you go that route - an NSX. I have owned one for the last 4 1/2 years and have thoroughly enjoyed it. I am in the process of selling mine because I bought a 430 about a month ago.

My favorite expression to sum up an NSX is, "Supercar looks, Girl Scout reliability." Like any car, do your homework and buy a good example. Regular maintenance is no differnet than a Honda and the timing belt/water pump is every 6-7 years and around $2k. It is a lot more exclusive at Cars & Coffee than any 911, but is defintately not as quick as a Turbo. A great place to learn abut them is NSX Prime - NSX Prime | Welcome to the NSX Community!

Good luck.

 

Good plan to consider family lifestyle. Buy the toy when the purchase and maintenance costs do not adversely affect you and your family's lifestyle.

Lastly, do not settle as owning a surrogate car toy may cost you more in the longer term. If a Ferrari xyz is what you want, then work towards it. Meanwhile, enjoy the journey by learning as much as you can about the specific car you want.

 

I was thinking of doing this but instead of a P car I was considering an early model F car such as a qv 308 or 348. Like cobra stated, I would buy the 308 cash and save every month and then sell the 308 once I have enough money to buy the 360. This would also enable you to get familiar with the brand and learn some things along the way as previously stated.

 

Presumption is it will depreciate. With some 355's asking is in low 360 territory. (Another Pricing thread.. ) 360's may fall.. or they might not if new FCar pricing continues to skyrocket.. In which case will you be asking yourself "why didn't I buy sooner"

 

I thought about this too but came to the realization that most 20 something year olds will not be satisfied with an older model like the 308. It's nothing like the many cars we have on our walls as kids, and the appreciation you will get will only be from people who are significantly our seniors, not our peers. It's a beautiful car though, don't get me wrong..

However I think if you go the pay cash for car now and trade up later, a p car or an NSX is definitely a great interim car.

Adam

 

I don't think I'd advise anyone to buy a certain Ferrari because someone had lower-than-average repair costs. I know a local owner whose 360 engine failed before 20K miles because of a problem with the varietor. That probably won't happen, but if someone is trying to shoehorn a used Ferrari into his budget then that would be enough to wreck his finances for a while.

These are old used cars now, so I wouldn't expect repair costs to be lower over the next 5 years than they were the last 5 years.

Probably because I live in southern California, but of the 18,000 (?) 360s they built it sometimes feels like we got 17,000 of them in the San Diego-OC-LA corridor, mostly Spiders. Maybe that makes them rarer in the northeast though.

I think the OP would do well to wait a few years, given that he's very young and that these cars will always be available in quantity in as-new condition.

 

Here's my perspective. Full disclosure, I'm older than dirt.

I've wanted a Ferrari since I was a kid. And, if you're like me, the thought of owning an exotic piece of Italian machinery is very appealing. I like the idea of sophisticated (and even slightly fragile) things. And I enjoy working on them, cleaning them, and using them.

However, at your age, a 360, especially if you have to borrow the money, is not exactly a wise investment. Just because you can do something doesn't mean you should do it.

If you want a certain pride of ownership, and if you like fancy Italian machinery, and if you enjoy fiddling around with high tech stuff, why not do what I did when I was a few years younger than you are now; buy a Ducati motorcycle.

The cost of a nice used Ducati isn't far off from what they charge for a major service on a Ferrari. Ducati bikes are plenty fancy, plenty high-tech, they have a frightening amount of performance, and the thrill factor is VERY high. But the cost is reasonable. In other words, a Ducati delivers a lot of bang for the buck.

When I bought my Ducati, a good friend ( a young guy like me) had an older Ferrari which he couldn't quite afford. I was plenty jealous, but I realized that it wasn't time for me to scratch that Ferrari itch. And, as it turns out, his Ferrari experience wasn't all that good because he was slightly over his head.

Many many years later, I still ride a Ducati. Even though I'm far from rich, I'm comfortable with my financial situation and I can see that I'll most likely die before I run out of money.

Therefore, I just purchased a used 360. It just made sense for me. And, I'll have to say, the feeling is sweeter for having waited for such a long time. Over the years I've owned both high performance and ordinary cars, but I've never lost my lust for a Ferrari. Looking back, I'm actually glad I didn't stretch my finances and buy one when I was younger.

Warning: If you decide to get a fancy motorcycle, be darned careful. They're dangerous, but that spice of danger, especially when you're pushing it a little bit, is something you can't find on some social network.

 

you cannot justify buying a 360, or any other ferrari, unless you have great finances.
but that doesn't mean you shouldn't buy it.

i think many people, including myself, should have not bought their ferrari but I dont' think many here did regret

what is important, though, is to try to get a ferrari where depreciation (example f430) and maintenance (example testarossa) won't kill you.

my 2 cents...

 

Too much talk - just freaking buy it lol