Well, mine was darn close. 1990, ts, red, black leather, 38,500 miles, Keith Collins floormats, Sony CD changer and high dollar amp of some sort, new Dunlops, 1 year old 30K service, near mint. $42K cash on the barrel. Bought in Feb. I know of another F-chatter who bought one exactly one month earlier. Same year, color, 31K miles, tubi, fresh 30K, $43K cash. Did we both just get lucky?
Those both sound like very good deals...Maybe the market has firmed up a bit. But those kinda deals, you just threw out the logic of what color an service...Too bad they were red and had the service done...otherwise you could have gotten them for $32k and $33k....wow....
i guess some get lucky and brag about it since there are only so many 348s out there, each year it gets more and more difficult to find such a gem at those prices... i think we are on the uphill side of the pricing now, but close to the bottom. i think in the future , you wont find a decent 348 with acceptable miles on it ,clean , for less than 45k. but what do i know , im just going by my observations and stats.
Not intending to brag. Actually it's no one's business what I paid for my car, just trying to add to the discussion.
I stick with my earlier comments. I bought my car UNDER market. It's a $50K car +/- at market value. We can argue the point all day long. Makes me no difference, I was just trying to help this fellow.
Hey Husker, any snow in Amarillo? I agree with you that you bought your car a little under market, but you say it had a 1 year old 30k. In the broken timing belt thread you say you just replaced your timing belts. So you have had the 348 less than a year, paid $42k and had to do the belts at $5k making the serviced price $47k which is not to far off of mkt. for a freshly svcd. car. Do I have this right? As far as color, a non red car will take a little longer to find the right buyer for but the price discount is not $5k.
Chuck...I had to replace a T/O bearing last spring, and I went ahead while it was in there and had them replace the belt. But all of it was around $2K if I remember correctly.
I think that with a lot of patience and research and 'cash' you might find a great deal (a low $40K 348), but I would agree the market seems to have firmed up on these models and to find a nice one you should plan to spend more than a low $40K number. The people who found nice cars in the low $40K price range I would bet would not sell them today for what they paid. That means they were good opportunities. As with all Ferrari's the service history is a major factor but we are talking hopefully from the same baseline which is a vehicle not in need of immediate service. As far as color, IMO there is a factor, it may be intangible, but there is a broader (you define broader) market for a red Ferrari in any year and any model. It is a subjective value, but it exists.
im just wondering when there will be a 348 owner who is desperate to sell his car for cash at below avg . asking price. from what ive seen demand is way higher than the cars (quality, serviced cars) . yes i do see some used car dealer cars for 49- 52k , but with spotty history , and most are 89 and 90s with 30k + miles. it seems to me you have to be good buddies with someone who has one, or at the dealership , before someone wants to trade in their car . all the internet ads from private and dealers have been browsed by thousands(i hate technology) so any tips ?
I don't know about desperate. But "motivated", yes. Every major purchase (stocks, houses, cars) I make I try to buy from someone motivated to sell. When you need to sell something quickly, you will settle for "below market". It is true with ANYTHING from laundry detergent to Ferraris. Here's the two keys: CASH and no fiddling around with financing or "PPI's". PPI's typically take several days to get scheduled, etc., and the deal is "gone" before you can get the PPI done. A motivated buyer is interested in one thing, and one thing only: CASH. Many aren't willing to take the risk of no PPI. If you are in that camp, plan on paying market or very near it. Also...quit worrying about whether the car is a 89 or 90. This is way overblown. You're talking about a 15-16 year old car versus a 13-14 year old car. Big deal. They will all have some little issues here or there.
I'll chime in here... You're in the market for an extremely expensive toy car -- but a toy, nonetheless. If 5K on the purchase price is keeping you from buying the car, you're probably not in a financial position to actually OWN the car. I'm not advocating "throwing away" that much money, and I'm not suggesting you do anything less than very thorough research. BUT, 5K will disappear faster than you can say "Enzo". Find the car you want, pay a reasonable price, and just be done with it. -Daniel
Excellent point, Daniel. However, I always enjoy my Ferrari more knowing full well that I can sell it today for as much more more as I paid for it. Just a psychological thing - I probably need to see a shrink for that.
well , i guess am a penny pincher. because im out of my league buying a ferrari, but i had a recent loss in my life, and i decided,you know i want to live a dream(need something postive in my life right now to feel good about),and its not going to put me in the poor house buying this , and hopefully if i buy right, i can enjoy it for a few years, and sell it without blowing the whole wad. im basically using my home equity to buy this car.
Home equity? To buy a 348? Listen, you might have suffered a recent loss in your life, but don't compound the problem by tying up precious home equity in a Ferrari - or any other toy for that matter.
Whats the difference if the equity is in the home or in the car? Your just trading assets...The only thing it will cost you is the interest on the money you borrow...at 4% for 40-45K....your talking about a little over a $100 bucks a month...sounds like a cheap dream to me...If you can afford the maintenance then why not? Buy a good 348 at a good price and will not see any depreciation I think we all agree on that....Life is too short to wait till your 50 or 60 to afford the car....by that point you might not even by physically able to drive the car. Just my 2 cents...
Well, I going to reluctantly get into this conversation. I paid top dollar for my 348ts! 10k mileage, 30k service just done, 5k put into the interior, +++ Oh, by the way I have two stone chips. My opinion Look for your 40k bargains and get out your wallet! You get what you pay for!
back to the home equity thing , well- i meant line of credit, i prefer using that because of the good rates AND its tax deductable, rather than a conventional car loan. i can afford the monthly, just dont want to pay all cash or to buy it and expect the whole 60k wad to be never seen again .thats all. i plan on keeping it however long i want ,and selling at reas price, which i suspect even in many years, wont go below 30k.losing 30 k value over some years of enjoyment wont bother me. i just want the most car value i can get ,is that wrong?thats why i am here , picking your brains ! thats all i can do on a wal mart stockboys salary
Newbie348 - I applaud your decision to get a Ferrari, and I'm delighted it's a 348. If you're going to use a home equity line of credit, that's your decision. Just be DAMN sure you're financially ready to peel back grand or two whenever you go for service. If you're already into credit on the purchase, are you liquid enough to deal with maintenance issues that will certainly arise? It's not about whether you have the wealth to buy the car, it's about whether you have the liquidity to own it. -Daniel p.s. No matter what you chose, we'll still anxious to welcome another brother into our 348 fraternity!!!
RE: Home equity question. You guys who poo poo the idea...how many of you are paying mortgages? If you are paying a mortgage and pay cash for a Ferrari, you are still using your equity because you could have used the cash to pay donw the mortgage. Debt is debt. Newbie: A shiny Ferrari is not likely to help you with your loss for more than about 1 1/2 hours. Bad reason to buy. 2nd: If you are worried about the money, you won't enjoy the car. It's a toy and you have to comfortable with the idea it makes no financial sense whatsoever to really enjoy it. Good luck and best wishes, Dave
geez gimme a break! i have enough liquid funds to buy the car , but i dont want to do that , are you guys my accountants?! dont worry about that, if you must know, it will be less capital gains when i sell this house if i use that as "home improvement allocation " rather than my cash ... im smarter than you think . i have a second home in another state... and im not looking for the car to replace an empty place in my life, just something new and FUN to do ,different than my norm on the weekends . gathering info here so i avoid making a mistake. didnt know this was DR. Phil chat room. lets just worry about the fact that there are rarely perfect low mile garage queens under 50k and under 20k miles . if there are , tell me . thats all
Well, Newbie...what do YOU think? Have you seen any "perfect" 348's out there for $50K? You've got access to the same classifieds that the rest of us idiots do. Don't bark all over the posters for questioning your purchase. You have been less-than-forthcoming until your very last post. We didn't know you were loaded with cash. We didn't know you were looking for a perfect 348. And when someone says they are taking equity out of their house to buy a toy, the clue phone tends to ring. Good luck in your search.
