So yeah I love Ferraris

Welcome aboard!

Many of the owners here were very similar to you at the same age... The Ferrari passion, as you know, starts young.

Check out this thread for starters and initial insight.

Portion of income used for "toys"
http://www.ferrarichat.com/forum/showthread.php?t=112704


You could probably do it on $75k/yr if you (a) had no student loans or other significant debt [i.e. no credit card debt], and (b) were willing to make payments over 5 years.


Work hard in college and you can find yourself in a position to make this happen - matter of priorities of course!

 

You've got good taste.

I didn't get mine until I was 52, but could have much earlier (late 20's) had I been so inclined.

 

Just purchased mine a few months ago at 22. Don't stray from your passion and it is possible alright!

I don't think for the most of us that income is relative; I think that for the average Joe, like myself, we are just fortunate enough to find a way to make a little extra to fund our hobby

 

I think you could do it on 75K a year if you're single and have no significant debt. But you might run into some issues.

I'm 24 and will be making about 70K a year with my new job and want a F355. Realistically though I think it would be trouble. So i'm going for a new Porsche 997 Carrera S instead. The only reason I won't buy an older Ferrari on this income is because I know I can't afford the maintenance. You might want to think about that. When something goes wrong the cost of service and parts is astronomical. I know it's not what you want to hear but I would go for another great sports car first and once you have some more liquid than get your Ferrari.

 

To all lurkers thinking about joining the forum to ask a stupid question....read the question above and take some notes.

I don't know how many times this question has been asked, but this kid worded it intelligently and a little differently and...wow...no flames.

Sorry I can't really add to the question...it was just nice to finally be able to comprehend someone's post/question.

 

I think you've got the right idea .

 

+1
Totally agree.

 

I'm in a similar situation. Just about 22, graduating from college next spring, have no debts at all (that means no student loans, car payments, credit card, nothing). I too wanted a 348. I still do want one, but I know I would have to make payments on one, and the maintenance would kill me.

Instead, I'm looking for a well loved Maserati Coupe from 2002-present in the same price range a 348 would put me. This gives me new technology, an exotic, more reliability, and the Italian mystique I love. Plus the Coupe is an underestimated monster (390hp).

Granted, I'm not just all about driving a nice car for the sake of having a nice car. I currently drive a 2001 Toyota Tacoma and am graduating with a Business BS degree and will do real estate as a second income. This means that I need a level of professionalism that my Tacoma (while very reliable and I love it) doesn't offer me. That may seem superficial to get a car for an image/status symbol, but if I'm going to be selling houses and being a business associate/executive, I need to look the part as well as I function the part.

All this aside, don't give up your Ferrari dreams. Just offering a bit of warning that a portion of one-time Ferrari owners sell because they cannot afford the maintenance cost. $5-10K every 30,000 miles can do quite a bit of damage to those who have to make monthly payments for 5 years.

 

I think most of us would have written this post, if the Internet had existed when we were 17.

Time goes fast, and I'm sure you'll be pulling down well into six figures by the time you're 30. It's hard to say what 348s and TRs will be worth then, or even 5 years from now, but all these '80s cars we love are going to be very old stuff in 10-12 years. You'll be tracking down one of the remaining good ones from a dwindling pool. I'd suspect the remaining 348s will be mostly used-up scrap cars or ones that have been carefully driven and maintained by enthusiasts.

I'll be the spoiler here and venture to say it's important to save and invest when you're in your 20s, and not strap yourself for any car. Get a house, start your investments/401k, etc.

But with the engineering education you're talking about you will absolutely have Ferrari keys in your pocket someday. It's just going to be more of a hunt for the cars from the era you like.

 

I'm 25, busted my a$$ in high school and college, opened up my own business when I graduated from XU and am now on my second Ferrari. It's possible, just don't waste your money on foolish "20-something year old" items, such as Xbox games, $100 shirts from Abercrombie & Fitch, etc..etc....Keep saving and saving, don't eat at Mortons, eat at Mc D's and it'll happen.....Every buck counts. I have to ask though, why get a 348 when you could bag a 308 for less $$ which is a better car for those heel & toe manouvers anyways.....

Cheers,
Aaron
'82 GTSi

 

I"ll add my agreement as well.

 

Lucien...

Your post is a clear indication that you're well on your way to Ferrari ownership. Congratulations and welcome to FerrariChat...!

 

As a 348 ts owner it is very realistic to buy one on a $75k salary. Especially considering the time when you will likely be in the market (5-8 years from now?). If you can live in a part of the country with reasonable housing costs (Houston???) you could also afford a home and still have some income left to squirrel away. It is important not just to have dreams and aspirations, but to also allow yourself to attain those things so the reality matches up with the expectation. Good luck, and learn all you can in college!

BT

 

I made a promise to myself a long time ago that I would have a Ferrari before turning 30. I bought my 308 in March. I turn 30 in about a month. I kept my promise by going to college, law school, and practicing corporate law for 5 years. Pretty much hate my job, but suddenly forget about it when I fire up my little V8.

There are any number of ways to do it, but almost all of them require some foresight, a little bit of planning, and some attention to priorities. Seems like you've got these qualities.

Good luck, keep visiting this forum (you'll learn A LOT here from some of these guys who are INCREDIBLE resources of information), and post your pics *when* , not if, you finally get one.

Cheers,
J.

 

If the internet had existed when I was 27, I would have been driving a 275GTB/4 a year out of college...and it's the reason that I now own my 330 2+2. Information Technology put what was mysteriously exotic and geographically distant into realistic focus.

 

Lucien,

Welcome. Excellent first post. You are going to fit in fine!

First let me say, for someone just getting started in life, I usually quote the number of $100K per year to afford a starter ferrari. this is because they don't own a home yet.

the good news for you is you live in texas. if you pursue aerospace engineering and stay in texas your likely in good shape because median housing value is about $250K... but if you move to CA, your in big trouble...

keep in mind, at 17 your likely 5 years away from graduating college, so housing costs may increase.


as it stands today... if you made 75K/yr and lived in a houston suburb you could probably get an acceptable home and have enough left for a 348.

but remember no kids in that equation. no retirement investments in there either... so be careful.

I usually quote 100K/year for someone starting out as the minimum majic number. others will disagree with me. obviously depends on where you live and the standard of home you desire / require.

FYI... been there / done that. was mechinal engineer at nasa / jsc in houston several years ago (90's).

best of luck,

simon

 

i've done the "buy a car (or two) with first big job" thing and it wasn't all that great. best to have disposable income and the financial flexibility that comes with it.

when you're young, going out expenditures can add up fast. you won't want a car crimping your nights out. i sold the car i bought and don't regret ditching the payments. my advice is wait for a while until you can put a big chunk of the purchase price down or your salary is big enough to support payments and playtime.

john

 

My son is 17 as well, and he is working towards...a Porsche ;-(
There is no set salary, but keep in mind the following regarding Ferrari.
The cheapest one nowadays is probably a Mondial 8 (mine), and a good one can be had for 20,000. The 348 or TR will cost about 50,000 plus.
Whatever you get, figure on an average of 5,000 per year to keep them going. Hope that helps, and good luck to you! Most of us were in your shoes and if you keep to your goal you will have one.

 

When I was 17, I lived at home, worked evenings at a service station, and drove a $75 "fixer-upper". (I'm not going to mention what gas cost back then. )

It's not a matter of how much you make as how much you spend on other things. Will you buy into a house first or park a Ferrari at an apartment? Will you listen to your IPod, or a mega surround sound stereo system? Armani or JCPenny suits? HDTV Plasma wall or 12" Sony? Planning on dating any swimsuit models? Etc.

Used Ferrari prices tend to vary on several cycles of various lengths. After Enzo died, the prices went crazy, and I forgot about Ferraris for a while. After the dot-coms collapsed, I wound up buying one for less than the price of a new Audi. Pay attention to the market.

But with any Italian car, make sure you have reasonably priced service on hand. If you have to take the car to, say, Guido's Gold Chain Service for maintenance, your operating costs will be higher than if you have a good little independent shop -- or do most of your own service. And that's a bigger factor on "income requirements" than just the purchase price.

And keeping in touch with the local shops may get you a lead to a good used Ferrari -- and/or a "motivated seller" (e.g. somebody who can't afford a major service or who needs quick funds to close escrow).

 

Oh man, when I was 17. Well, I'll be 48 this fall so that was a while ago. Just bought my first Ferrari two years ago, second one two months ago. Never thought it would happen.

See, about 30 years ago interest rates went through the roof and inflation took off. People who knew nothing about cars but a lot about investments started running Ferrari prices into the stratosphere. Like a Daytona went from a $20K car to a $100K car overnight, and suddenly it was well over a Million and climing fast, and taking all the other Ferrari's up with it. Pretty much shattered my dreams and I totally lost all interest, stopped reading, didnt care.

About 10 years ago I found these web forums and was blown away. Prices of Ferrari hit a max around 1990 and dropped like rocks afterwards. Hear tell a 250 GTO sold for $14.9 million in 1990. Heard carbed 308's had sold for well over $100K. The point is that todays prices have no bearing on tomorrows, and the income you may feel is adequate today may not be realistic 5 years from now.

The point was made to keep knowledgeable. Stay in touch and always be ready, as you never know when a "deal" will arise. I would also advise learning mechanical skills. Even if you never do any work it will help you to find a good car and know when your getting screwed by a mechanic. It will also save you $$$$$$$ should you happen to do your own work, and on these cars it can be substantial.

Last, you really should have a half decent home in a decent area to own a car like these. Its just not gonna work out well in an apartment complex or trailer park, or keeping it parked in a storage facility. Im sure you wernt thinking that but thought id throw it out there. Its like owning a horse, you need a stable.

Good to see you sorting this out at 17, wish the web existed when I was 17.

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