How can i own a Ferrari?

Ugh, not again...

 

I would get your career in order first. You are wanting to switch from a good career to a better career, but will take years to prepare for. You don’t want to risk not having finances in order, because after buying, you will be repairing and maintaining, which is obviously a lot more expensive than a normal luxury car, but with your degree, you can probably do some of your own work. Good luck either way.

 

First, there is no rush. I would start with a cheaper older (but solid) Ferrari. You might find you love it & are happy with it. If not, upgrade as your income increases. Your first home probably won't be your multi-million dream Home either.

 

Well - I am just a CPA and I own a Ferrari. So one would certainly think that a mechanical engineer could as well. Work hard, save your money, and as you enter your mid years, you will have enough in the bank if you really want one.

Heck, a decent 360 doesn't really cost much more than a new Chevy Tahoe these days and the depreciation on the Tahoe is probably far more per year than the annual costs of the 360.

Save, work hard, invest, don't borrow money, make smart financial decisions and don't fall for the 'gotta have it now' mentality that so many folks do these days.

 

Your student loan payments will be over 4K a month after dental school and ortho so it’s not an easy solution ... first hand experience.

Do what you love, and pick up a 360 before you get married with kids !

 

EDIT: I just saw the comment regarding a $4K loan payment as well.

OP - I honestly hope you take my advice to heart - because no one should be buying any car unless they can afford to pay cash - especially a Ferrari. Now, this isn't to say that financing a Ferrari or other car isn't the best way for some people - it might be - but only if they could pay cash if they want to and are doing the financing because the money can be better utilized elsewhere.

If you are borrowing money to buy a depreciating asset or a toy because you cannot afford it otherwise, then you cannot afford it - period.

Spend some time listening to the Dave Ramsey podcasts - they would be enlightening to you. Not saying everything he says is right or is gospel - but the overarching thought process of living on less than you make and making responsible financial choices is rare in today's society and worth getting a grasp on. Also, don't just pick a profession because it creates an expected salary. This will lead you to a life of sadness and disappointment. I'm not saying to pick a career based solely on what makes you happy, but it needs to have some factor in the decision as well as what income it will produce versus what you want in life.

Finally - with respect to dental school - it is abhorrently over priced nationally as compared to what the salary expectations are. It is not typically a good investment unless you are being comped by excellent scholarships or a military commission, or the like. In addition to the costs associated with it, there is also the time value of money. You will be in school for a decade - not making any real income. Over your lifetime - how much money would you have earned in that ten years and how long would it take to (a) pay off any student loan debts and (b) recoup the lost income from the school period of your life? Odds are, it isn't as good a financial decision as it is made out to be.

 

I'm a mechanical engineer, and I own a Ferrari...it just took 25 years to get here. Plus I've been messing around with cars my whole life.

Get financially smart. When all your friends are making fun of you for not having the newest greatest phone, be quietly saving and investing. You'll be there a lot quicker than I got there.

A Ferrari is a luxury item. Don't borrow for it. Work hard, treat yourself.

sjd
Here's the really neat secret...buy at the bottom of depreciation. 348, 355, 360, 612, 456...all good buys, IMO.

 

PatrickWest. I actually didn't see a question in your first post.

Did you have a query along with your proclamation?

If no, best wishes on your plans to buy a Ferrari 458 spider right out of college.

Although, I would say dream bigger; go for a yacht as well. Debt, income, depreciation, prudent long term financial planning?

YOLO and FOMA baby.


My mistake, it's right there in the title. So the key is being able to have a decent enough credit score to get a loan from a bank. You can start now in college by getting a credit cards and being responsible for it. Keep the balances below 10%. Also, get a job and get a small auto loan as well, this will help you further build your credit. Have the auto loan paid off right around the time you graduate. Get a solid job and make sure you've have as little other debt as possible. Have your rent really low or better yet, live with your parents. Once you have established credit, a steady job, no debt, and have low expenses, you should be able to swing a large enough loan to afford a 458 spider.

Hope this helps.

 

Well school did just get out.

 

No advice on the F-car purchase, but as a one-time chemistry major, I advise you to take a "serious" chemistry course or two before deciding to switch careers.
Good luck...T

 

First you get the money. Then you get the women. Then you get the POWER!!!
(I think a Ferrari fits in there somewhere, I'm just not ENTIRELY sure where!)

Kevin

 

I do wonder what factors makes a person want to drop 200K on a car right out of college, even before they have a house to store it properly. Although, I guess he may have inherited a home, or plans to garage it at mom and dads.

Sort of like buying a yacht, but not being able to afford docking fees, maintenance, or the staff.

 

I don't even have a job, a degree, or two pennies to rub together, and I have a Ferrari. Granted, I have to hang a large sheet off the side of the passenger door, and "tamp" the edge of that to the ground to kind of create a temporary tent (it gets tiresome every day doing this), but home's home. It IS a 2+2, but no seats in the back, so my wife sleeps shotgun, daughter in the frunk, toddler boy in the real trunk, and I of course sleep with my hands on the steering wheel.

 

That's called true Ferrari passion my friend. Well done.

 

So engineer doesn’t pay enough for a Ferrari?

I’m an engineer and have a Ferrari and a yacht; the Ferrari is way cheaper!!! Relative is an engineer and has three Ferrari’s second home in europe and a fing big motorboat!

Shall I go on?

Problem is people want everything these days NOW. Took me 25 years to save for my Ferrari.

Get your head down; do well in your career, get financial savvy, save money and EARN it.

Now get off fchat; get back to studying, get a part time job, start a pension!

 

Save some extra money for a multiple jars of vasoline, your going to need it !!! lol

 

The real question that I have is WHY do you want the 458? What is it going to give you that you want?
- Is it a sense of "I'm driving A FERRARI!" ?
- Is it for the way the exhaust note fills you as the smell of the leather as you blast through gears on a perfect fall day?

There are many Ferrari's that can give you the sense of what you want. When I was your age (*cue old guy music) I was driving back to college on the tagkanic parkway in New York and I envisioned myself blasting down the highway in a Red Mondial. It's that SENSE of driving on the end of the day my little red car that is with me today when I take the 360 out for a drive.

Ask yourself what it is that you want, because you might not need the 458 to get it. And in this way it's a lot more attainable. I suspect it's more attainable that you think it is. Hint: once you have the right Ferrari... the newer ones will be very cool, but they're just a newer version of what you got.

And one final word: You make the choices on how you have what you want in your life. I bought mine with a loan at the low point in 2010, but my family lives below my means and knew I'd be able to pay the loan because I have a high paying job that has security. You can buy it when you're young -or- wait till your older. I didn't want to wait until I was an old guy popping Viagra with a bad back. I made this decision knowing that this money could have been better used for retirement savings etc. OTOH I treated enough old guys with money that were in the hospital dying with unfulfilled dreams to know I want to live the life I have. Balance this with the fact that when I was shopping there were ALOT of guys selling their Ferrari's because they HAVE to. Usually guys under 40 years of age. You can be the guy who is buying... or you can be the guy who is selling. Make sure you can afford to own whatever you buy, you're going to see in the next recession those that can afford what they have and those that can't.

 

Find the right woman, and the money, power and Ferrari will all follow...T

 

Find the right Cougar!

Seriously, listen to the guys. Lots of good advice posted.

 

The tagkanic parkway, does that also run from NYC to Albany? I've always taken the Taconic.

(damn you spellcheck )

 

I am a Mechanical Engineer, and you ABSOLUTELY CAN afford a Ferrari. You just need a little patience AND a PLAN. I've just finished a 5 year savings plan and I can buy a 458 cash right now. I already own a Lamborghini.

If you want to go into Dentistry, that's great......until the student loans start.

Yes, we pay new grads around $70k, but if you have any snap at all, you're over $100k in 5 years.

 

Okay Patrick, forget these other guys. I'm going to spill the secrets...okay, ready? Lean in close now...you listening? Okay...

First...collect underpants.

 

Dude. Don't even make me get all dutch on you... Kaatskill and all.. (where I grew up)

Yup the section on the east of the hudson right before the i84 interchange. Right. There. Blasting south in a black or red Mondial with the top down. I'm so going to do a video on it one of these days..