What % does your Ferrari make up of your Net Worth?

MY father always says, "The spouting whale gets the harpoon!"

Think about it.

DL

 

.01889% for my Lotus, but it's cheaper than a new Geo.

Ken

 

DEFINE:

Worth

Value

 

Can't believe you expect to get answers to the question.

 

"Thar she blows!!!"

 

People have asked a lot of questions on here that I'm surprised get any answers, but they get answered by a few people.

Oh yeah, 3.33 x 10^-4 percent of my networth. But then, its a hotwheels

 

Art, even if your Ferrari is only $50k you would have to be a millionaire in order to reach the 5% ratio, which you say is "way" too much?

One hardly needs to be a millionare in worth to own a Ferrari. I would guess most owners are in the 20-30% area, assuming you count mortgage as a liability against net worth.

I don't own a Ferrari, so I can't participate.

 

Very few cars are truly "investment" cars. Most cars, the vast majority of Ferraris included, are depreciating. It's not a good idea to have a lot of your net worth tied up in something that depreciates.

However, the other way to look at it is that like any other hobby, you will spend money at it, so what's your fun worth to you? I'm astounded at the number of people who spend thousands to go on a vacation or a cruise.

 

90%+ Of the American population DOES have a much too expensive car. They would be better served with a less expensive car and more saving/investing/building capital then throwing it away into a depreciating asset.

 

Though I think the percentage should be closer to 15%-30% for your ENTIRE garage. Not just your sports car.

 

LOL. I never count my toys as part of my net worth. Hell, I don't even count my house as part of my net worth.

 

If only we all could be so lucky

 

net worth is a simple caculation... all assets vs all liablilitys..... any thing you owe on your houses is a liability...my biggest liability is my spelling!!!!!anyway based on what authur said, his net worth must be at least 3million!!!!

 

This is very true. It all depends on what you want. MANY buy expensive cars because they can finance for YEARS upon YEARS and still look good. It is the way MANY people think. Personally I would only buy a car if I could afford it but that is just me. I say that when you buy a car like this you should be able to buy it and then have 1/2 of the price just in case you need to have MAJOR things fixed. Just my two cents.

 

I would be interested in how you came up with that calculation??

 

Hmmm, I'm considering buying an F355, which will EARN me $4000 a day, how does that fit into the net worth equation

Ricard

 

Ricard you could be turning tricks in the back seat and not make $4k/day.

That said the answer to the question of my two Ferraris:

They are definately liabilities not assets, even assuming a stable value, as old 308GTBs are....

My net worth is a negative number that very hard to quantify, given child support liabilites.,...from the ones that have found me!

 

Precisely his point, I am afraid. 90 percent of Americans probably DO have more car than they can afford. How many kids are in DAYCARE having SOMEONE ELSE raise them because the parents ELECT to work their a**es off to pay for crap that isn't worth JACK in 10 years? Any guesses?

 

AMEN TO THAT! I agree with Art that if you have to calculate it you're in over your head. Also, I've never considered a house an asset because you have to live there.

I'd say the number of Americans in over their heads is way over 90% and I'd guess that the ones in the deepest are the high income earners.


The reality is that most of the people who look like they have money(some ferrari owners included) don't.

 

thats a very personal question are you a tax inspector

 

Dr. Tax....If your statement is true (About not counting the house), I'd burn all my money if I had yours!