Did you buy used or new?

Maybe I have to see it in person. I wonder if I waited a year or 2 do you think the 599s will come down the same way? Have they already been? I'm not really in any rush.

 

I don't see the 599 dropping as quickly, no.

 

Why are 612 dropping so fast?

 

It's not the first model to suffer quick depreciation. But FWIW I'd say comparatively high initial sticker price, understated styling with limited appeal, and during production technology advanced rapidly, so earlier units like mine were dated rather rapidly. My car is sorta like a stretch 360, where later models had the same F1 as the 599, CCB's, mannetino, better suspension, etc. For all the updates though, it retained the same powerplant, which was also dated. It's enough, but enough has never been what this is about. Always room for more power.

 

Maybe a good question would be do you buy a current model new or used (i.e. did you buy your 458 or California, etc. new or used)? Obviously anyone buying a 430, 599, etc. now is buying used.

 

Good point.
Many of us buy older models not just because they're cheaper but because today's Ferraris don't deliver the peculiar experience we're looking for.

 

Lol...peculiar. intended or Freudian slip?

Sent from my SAMSUNG-SGH-I317 using Tapatalk 2

 

I was hoping that would be picked up on.

Intended.
As in distinctive.

 

All used.

 

If you're such a whiz at financial mathematics, I would think it would be unimportant to you how other people bought their Ferraris, new or used or at what age they bought their first Ferrari. Why don't you make a spreadsheet to see what makes the most financial sense for you and your needs?

Financial maturity dictates a lot of one's spending choices on a luxury product. The point of diminishing returns varies greatly from individual to individual. For example, I don't feel like I can afford a 458. When I say that, people love to point out I have multiple individual cars in my collection worth 3 times a 458. Yes, that may be true but none are going down in value. The idea of buying a car at my age (30's) that would lose so much value in the next few years just doesn't seem like something I can afford. For a daily driver, I don't spend more than $25k because again, I can't stomach losing so much money on depreciation. Anyway, the point is that it's an individual decision and the world (and the Ferrari world) is made up of all types. Other people's decision making most likely has little relevance to you and your life.

FYI, if you buy a new Ferrari at msrp early enough in the product cycle, you're usually ahead of the market for a couple of years. I think that 458s still sell around MSRP or slightly below and the big depreciation is about to come. But I don't really know as this really isn't a model that's well suited to me. So know that sometimes it makes sense to buy new over used.

 

I am on my second F car, always used, under 5k miles and has to be super super clean and like new. It takes patience but in both cases when I purchased F cars I waited for the perfect F430 and the perfect 458 to arise and they did!

Unless you "have" to have the an exact spec buying these cars new is just murder on depreciation.

 

It is. 458 coupe has done amazingly well, but it's coming soon. Not my guess, but my dealer's. Going to take the 430's down a bit with it, but nobody should be crying. They've done beautifully as well.

 

You make it sound like I have a PHD from MIT in math. It is just a masters degree. I'm not albert Einstein. But the threads I created were out of curiosity, not because if say most owners buy used then I will buy used, or if most owners are old or young, then I will buy old or young. I was just curious that is all.

 

I wonder when the scudaria is going to drop. I wouldn't mind one of those. Or a california.

 

I don't mean to pick on you, but you keep on posting anomalous comments, that are at odds with common expectations. The level of spreadsheet that is being suggested by sherpa23 is about the level of an undergraduate business/accounting/economics/finance major, and that's somewhat generous. Pretty much anyone that can build an Excel spreadsheet and use the PMT(), NPV() and IRR() functions should be able to do it. I don't know what you're imagining that would take it to the level of an MIT PhD.

 

In order to be in a position to spend $155k on a car, as you stated you are, you are probably doing better than a PhD from MIT. Seriously, that is a ton of money to spend on a car. Curiosity is fine and all but if that's where you are, these questions seem fairly meaningless, in my opinion. Seriously, if you want real info and how to figure out what's best for your taste and style, join your local Ferrari Club chapter and go to events and meet people. As far as mone goes, I was never in a position in my 20's to buy a $155k car (and certainly not before i was done with undergrad or grad school) so maybe I just don't get it but I would think that you can make up a simple spreadsheet based on your individual financial abilities and the known financial parameters of the car you want and go from there. It doesn't take a PhD from MIT or even a lowly liberal arts student to do that.

I made a spreadsheet for every car I've bought with maintenance, insurance, and appreciation/depreciation numbers as well a bunch of other relevant numbers for 8 years out and detailed notes specific to the cars. I have bunch for cars I didn't buy, too. I know I'm not alone and I don't think that most people who do analyses like this that can boast of either the level of education you have or the financial wherewithal that you have in your 20's.

It's just hard to see the point of what all these threads are about. There's no information, no profile, etc. These are the threads we see when school lets out for summer.

 

Anybody with a single course in finance would understand that interest is calculated ANNUALLY. That is a pretty easy concept.

It doesn't take a PhD from MIT. It is very basic finance.

One would think that a basic finance course would cover this.

 

Amortized loan and say buying a government bond pays interest differently. And no they do not go over that stuff in financial modeling. Of course it doesn't take a PHD to do this stuff. I was being over dramatic if you guys didn't pick up on that. Since the comment was me being a financial whiz which I never claimed to be. Again I was just curious. Clearly curiosity in this case is bad.

Anyways who cares? How did this get to me? I'll just lurk then till I buy the car then post. If that makes everyone feel better.

 

I work hard (Like for instance right now I'm doing some coding for work on some econ analysis rather than going out) and have been in a very fortunate position in my life, plus I made the right financial moves early on. I may not even get the car, i'm still trying to justify that money into something that will depreciate rather than say another condo to rent out and collect money on. I just want to see the options and what it is really like to own the car and maintain it. Then I started learning about the owners and I got curious and wanted to learn more hence the other threads.

 

Well, I don't want to beat up on you too much, but your comparison to bonds is not appropriate either, and your explanation is not correct. (And, if a school in a MASTER's PROGRAM does not explain the difference, then you should reconsider your school.)

I am going to cut and past what you wrote.

"He is selling it for 237k. Learn to do math. 237k * .07 (7% interest) = 16590 in interest you would be paying. That interest would be divided by 144 so you would pay 144 in interest a month for 12 years.

"Any amount of down payment would drop the interest owed. I guess you can still have money and not know simple multiplication."

The mistake you made is not in failing to see the difference in bonds . . . the mistake you made is that you took 7% interest (which must be applied annually) and then divided it by 12 years. It is actually 7% per year for 12 years.

If I had a 12 year maturity bond with a par value of $237,000 which paid 7% interest, I would make $16,590 in ANNUAL INTEREST, not 7% over 12 years. I'd make $1,382.50 per month. That is almost 10 times the interest you quoted.

And, then after all that, you got the math wrong. $16,590 divided by 144 is actually $115.21, not $144.

Look, everybody makes mistakes--and I have made my share. But, you gotta see it from our perspective . . . if you are in a Master's program and make a mistake that was made here--and then fail to see that you are continuing to make mistakes, then those of us who do finance are entitled to our doubts.

 

Obviously then I made a typo in the calculator to get the wrong number. How many times should I apologize for being an ********* earlier? My foot is already in my mouth get over it.

Ok you are right whatever. Are we done? I'm a lurker now, not a poster.

 

At one point my sixth grader, with a little coaching from me, built a spread-sheet in Excel using electricity consumption and supporting data over a couple years to calculate how much his grand parent's motorhome cost to have plugged in in the driveway.

Numeracy need not be a function of education when a willingness to get ones hands dirty and play with numbers and relationships can yield interesting elements in how they work together.

Same thing with Ferrari ownership: Buying pre-loved Ferraris suggests you spend time or money finding out the level of attention in the previous love. There are more used Ferraris for sale at any given moment than there are new ones so there is significant opportunity to learn.

I was younger when my Ferrari was built so that makes me a used buyer still learning.

 

You're 15 years old aren't you?

 

Speedsterr being stalked by Velociraptors...
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Yeah, he's surrounded. Come clean, kid. It's okay, just come clean.