355, when can one really afford?

Hi guys,
Long time lurker and ferrari fan.
My dream ferrari has always been a 355, with a 458 italia being very close.
I know a 458 is out of the question right now.

My question is when can one truly afford a 355 including all running costs? Im sure the right answer is never, but even so
Im 38.
live in indiana low cost state.
make between 120k and 140k a year, between W2 job and rental properties.
Networth including primary approx 900k
200k in retirement assets.
100k in liquid cash
The rest in real estate.

I live relatively frugally, but do have a nice home that i pay 1800 a month mortgage on. no other auto loans or consumer debt.

Any opinions?

 

Your good. Get the car.

Plan on 3-5k a year in maintenance if it has not been well maintained.

 

I agree don't wait if you can buy it outright do it. Learn to DIY and xref parts. Oh and get a leak down test before you buy so narrow it down.
I have spent a ton of money and sweat equity on my car but its mainly fixing things that are not broken as a preventative measure. Its 2 pages long. I'm somewhat atypical it seems.

 

Frankly, if you ask "Can I afford it?" The answer is clear. You cannot afford it.

When you can afford it, you won't be asking the question. You'll know.

 

U are easily good... lots but without such a nice situation.


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I disagree with John above, you're just being cautious. You're good to go but like Brendan said, budget 5k a year.

 

We look forward to seeing your F355 adventures.

You are good to go. Buy a good one and get it fully sorted then just enjoy.

Robb

 

Lets be honest range rovers and mid level benz cost more. The issue is maintenance. Plan, DIY, research and spend lots of timeout here. If you don't have wife kids and other financial costs and its you and the car... definitely I would have done it in your situation. I had to wait till kids left the house.

 

Have you driven either of the cars yet? My advice is to do that first as your two dream cars are very very different. Connect with some forum members in your area, visit a ferrari dealership if you can.

If you still have the same desire, you'll figure it out.

Buying - Your goal seems to be avoiding a car that needs a restoration (which is when people spend big money). Normal maintenance comes to $3k/yr as others have said. So...
- Buy one with a recent major service (if possible)
- Get a PPI (If you can get leak down testing done, that'll buy you a lot of piece of mind)
- Have the garage check for leaks (the hoses may now be 19-25 years old)
- Budget 5k up front for tires, oil, brake pads, brake fluid, gearbox fluid, power steering flush (for peace of mind)

If you can do that and hold out for the right car, then you're good.

 

You can afford a 355 I bought my last one when I was unemployed. Paid cash for it.

You can more than afford one in my opinion.

 

I owned a 355 GTB for 15 years in the UK, had few problems mostly maintance costs. I tracked mine a lot, just don't use main agents no need. Go for it you only live once.


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Must be the depression era parents I had. $200k in retirement savings, $900k net worth, $100k liquid. How old are you? If over 40 I wouldn't be spending 10% on my net worth on car, especially if you only have $200k put away for retirement.

If you have to ask about it, you can't afford it.

 

Go into debt be a true American !!!!

 

When it comes to things like this, I look at what it will cost to get out of it rather than the cost to get into it. If you buy a Ferrari correctly and keep it as long as you wish, you shouldn't get badly hurt on the exit. The cost of maintaining it is the true net expense.

 

$5k a year sounds up there.

 

Sounds like you're ready, just have some allocated in mind for maintenance and a good relationship with an independent.

My only 'surprise' maintenances have been less than $3k, typically a visit for small fixes will be $500-800. Which overall has averaged slightly under $1/mile when you include tires and paint touch-ups.

 

I think we all live differently for sure... I spend my time hald in the bay and half in FL. In florida if u retire with 500k and u have paid ur house said 200,300k... U are not that bad, In cali hard to save, live, buy a home etc...

 

No one can answer the question for you, and all anyone else can offer is an opinion based on their own experiences, which aren't your experiences.

Buying a used Ferrari is slightly different than buying or leasing other cars. As long as you don't buy a basket-case, typically what you pay for the used Ferrari you will be able to sell it for later, so your expense over time is the maintenance. You need to figure out if your budget enables you to buy it cash or finance it, while having a pool for maintenance. Everyone who said budget $5kUSD a year for maintenance is in the game already and knows. You might not spend that in year 1, but you will spend it at some point so $5k a year is an average figure.

Some of the maintenance costs get offset when you insure it as a collectible which are typically less costly policies then regular car insurance. I pay about 2/3 less a year to insure a Ferrari under an agreed-value policy than my daily drivers; so the Ferrari saves me money.

 

Thank you for the replies. A little more info. I am single, no kids.
How much on average do people pay for insurance to insure the car?
As far as PPI when looking at a prospective car. What if the car is in a city, that does not have a ferrari dealer?
How are you able to get he car checked out correctly?
Thanks for all the help

 

$1000 a year insurance with stated value at 62K. Insurance is a whole thing in itself. I was paying $1700 for a year with USA regular car insurance but I could drive it to the store or errands or what ever I wanted. The problem there was no stated value. Most collector insurance is cheaper but your not allowed to do errand in it or park it in a store parking lot but you have a stated value in the event its totaled etc... so check carefully make sure you know what your getting.

I use these guys.
https://www.classicins.com/

 

I have regular car insurance for my 355. $287/6 months and I take all but comp off for 6 month out of the year, so, $312/year, ACV. (Actual Cash Value). Only restrictions are under 5k miles/yr, not driven to work. My state has very strick laws about evaluation. Basically, insurance has to fix it of pay me what it cost to preplace it with a car of equal quality and condition, including sales tax and registration.

For the OP, if you really want to know if you can afford it, talk to your financial advisor.

 

Buy the best car you can, it most likely will be cheaper in the long run.

 

Man I am destitute.... and still buy Ferrari’s. I put 100% of my faith in GOD. My money is his money and I help it move around. I don’t store up treasures, but enjoy the fruits of my labor, putting others first and justifying my automotive addiction.

So far so good. Next year may be a different story. But, here today, gone tomorrow, NO REGERTS..... ;-)

Buy it, won’t break you, but if you lose $20k, make sure it went to pay your local mechanic. Cheers!


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My 2c, you clearly make enough and know how to save, so do what I did and create a separate savings account and label it something like 355cash, it is purely psychological for organization but it works. Throw what you think you can into the account as you can, and as the account rises to meet the market start looking hard and buy not the first but the best car (mechanical condition) and own it outright. From that point on you have nothing but maintenance and that sort of costs and almost all future expenditures are optional.

You can be well funded or clever / or any combination of the two. If you buy one with a recent major you have some time to breath and get to know the car, and if you get a stick instead of F1 you have greatly reduced the car's complexity. I don't know what you mechanical skills are but dive in as best you can because even small stuff like brakes or annual maintenance is far cheaper done by you.

Lastly, you mentioned 355s and 458s, opinions very greatly but my view is the 355 and the 458 are actually quite similar in character and I often describe the 458 as a 355 with more thrust. I have the money set aside for the 458 and keep thinking about it but the 355 is such a great car and I have other stuff that is just as fast as the 458 so I keep doubting what the 458 will do for me. That debate is ongoing and won't be solved any time soon.

 

Bought a lot more with much less income than that, so I say go! ;-)