Taken Off Market 2015 F12 Berlinetta. Magnificent. Benefit from my misfortune.

beautiful car. glws. sorry to hear about your misfortune

 

Stunning. Love the interior!
Sorry about the sale.


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GLWS but I'm praying for you to find another gig ASAP and keep her!

Man if it were me I would try and sell the A7 first, keep the F12 and drive a cheaper daily (old truck?) in the mean time.

 

Out of curiosity what do you do. Maybe I have a job in your field and can get things going so you don’t have to let it go.

 

Absolute beauty... sorry to hear about the job loss and even though this is a very beautiful ferrari, which I'm sure you worked very hard to be in a position to even consider buying it, it's just a car and there will be more when the next door opens.... good luck!

 

Gorgeous, sorry about your job, glws

 

best spec f12 I've seen

 

Very sorry to hear about your situation. Some well intended thoughts on being able to keep the car. These are short-term, stop-gap solutions to give you time to maneuver, realign your finances, keep the car, and don't have a fire sale and get taken advantge of by low-ballers.

Long term they could be rather expensive....so you have to asses in relation to your own, specific financial situation and tax position.

1. If you bought it outright, sell it to a leasing company and lease it back. There is a cost, but you get a big lump of cash and some low monthly payments. This will help your short term cash flows. Obviously, once you are in a better situation, you can buy it back for less. If not, you can still get rid of it later.
(A) If extended warranty was purchased separately, you can cancel that and get $Xk back. This gives you some emergency money and you can always get the warranty later. Just don't drive the car. Also, be careful because some warranty contracts apply any refunds to the Car Loan Principal. This means zero $ in your pocket outright.

2. If you financed it, refinance it for a longer term to improve your short term cash flows. You will pay more interest, but again this is a short term thing to allow you time to think and not get ripped-off.

I've helped a few of my clients restructure in this pandemic.

 

You are doing the right thing by selling it. 29 years of stock trading has taught me that "your first loss tends to be your best the best loss".

The longer u hang on (to a stock, commodity, car, CRAZY girlfriend, etc) and hope things turn will around the worse the situation tends to get.

Live to play another day. Protect your capital blah, blah, blah.

Another poster said it best, it's just a car. You'll get another one down the road .

Dude, you bought a Ferrari! So you clearly have been successful at something. And u will be again.

BTW, you never answered what career you are in? Curious as well

P.S. Life is weird and seems to be getting weirder by the day !!!

 

Absolutely gorgeous car. A true gentleman’s Ferrari with a beast under the skin. Love everything about this car. Wishing you the best of luck with the sale and the days ahead.

 

I would read the contract myself and not take the word of the dealer.

 

His profile says Physician. That's why I have faith that he'll get another gig, although transition might take a few months.

A bit of a tangent from the sale, but the day after I overnighted my purchase forms back to Ferrari of Atlanta three weeks ago, I got an MRI report on my neck (from the crash that totaled my 458). Said "Possible arachnoid cyst of the posterior fossa." Brain cyst, a day after dropping $200k+ on a car. FML. But I was asymptomatic so I was trying to stay calm. Had a follow up brain MRI last week on a 3T machine and was cleared, nothing at all found. (except an "unremarkable" brain). Must have been a dark spot on the edge of the image.

 

I both agree and disagree with you. When it comes to investments, then yes, get out once your losses reach your pre-defined limits.

However, the car is a depreciating asset. It is mass-produced and likely bought for enjoyment. Unless there is something very unique about it for the market, it is generally not an investment. It won't generate positive cash flows or materially appreciate to offset the negative cash flows.

So, the decision is really one about (A) maintaining liquidity (B) limiting losses

So, if the intent is to get a replacement car when "situation" improves then goal would be to maximize short-term liquidity while making the Sell-Buy decision based on what reduce total cost over a certain time horizon.

If there are sources of sufficient cash (job, inheritance, etc) in the near future and there is an intent to buy a replacement car, then whatever approach provides acceptable liquidity while minimizing total cost yields the appropriate decision.