430s first ferrari/collector car financing

Standard brakes rotors and pads looks like they need replacing very soon, you can see the rotors are glazed a tell tell sign of worn pads.
Why else would they take a picture ?
Did they take a picture of the clutch reading ?

 

Weather you can pay cash or finance your 360 now is the time keep your money in the bank.
Pre Covid 19 car loans where at highest sense the great recession 2008, average car loan rates 4.99 used cars and higher.
PenFed CU are the go too for exotic's financing there rates around 2 percent maybe cheaper with auto pay .

 

https://www.penfed.org/auto

 

don't dream you need to budget 3k per year for repairs on top of financing

 

I owned both, get the F430 it is a lot more enjoyable than the 355! I had a clean, well sorted 355 and even then I worried the car was going to explode, it just felt fragile. The 430 on the other hand has been rock solid, never had an issue and it sounds so freaking good.

 

Which one? Options? Miles? Condition?

 

Seems a tad high. As a point of reference, I picked up my 2007 f430 spider last year. 19,000 miles when I bought it, has CCBs, and carbon fiber rear challenge grill.
I paid $107,000. Admittedly, it’s a year later, and Image Unavailable, Please Login the market is shifting around given all the newer cars, but I would think something in the low 90s will be more reasonable


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Do your research on brakes. They’re very affordable since they aren’t CCB’s. Not something to worry about too much.

 

I paid 91k for mine Sept 2020, 2007 F1 Spider, 18,400 miles. Was due for minor service which I had done at dealer. Rear Challenge CF grill. Carbon inside contrasting Daytona seats. Bought here off F Chat through yellow compass. Nero Daytona over Cuio.

 

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Is it that normal to have a sportscar in a finance/loaning system in the US?

Here in Europe it’s definitely not normal, and there’s very few companies offering loans for these kind of things. I’d definitely just pay for a car since you want it to be yours and not the banks. Just makes you sleep better.

You wouldn’t finance a Rolex, would you? Then why finance a Ferrari?

 

If you can throw $100k into an investment portfolio that averages 12-15% annually, and borrow $100k from a bank paying even 6-7% interest, you're still making money in the long run.

For other folks, you're absolutely right they'd rather just pay for it and be done with it. Totally up to the individual.

And yes, sadly, some people DO finance a Rolex here lol. Just the American mentality among oooohhhhhh so many. "If i can afford the payments, I can afford the item." Lots of people learned a hard lesson when governments started telling them they weren't allowed to go to work and provide for themselves/their families this year. My wife (Licensed Massage Therapist) was prohibited from working even though she already practiced more stringent precautions than medical providers. We were just very grateful and fortunate that my employment kept us going without needing to dip into any savings or other "side funds".

Ultimately it's just a different mentality in the US, for better or worse.

But I agree with the mentality of the first statement I made...banks are clamoring to loan money right now since so many people have been out of work and not borrowing, so interest rates are low low low (we refinanced our house at 2.49% this summer). For lack of a better phrasing, "money is cheap" right now.

So it makes sense for some people to do it that way.

 

Depends. Some people finance toys because they can use the Capitol towards other things that generate money rather than depreciate like sports cars. Like rental income from real estate. Often even if you have considerable cash assets and other more liquid assets than a Ferrari when the interest rates are so low, I.e. the money is cheap many people take a bank loan here, they are easy to get at low rates. For example a 100k car with a 80k note you have 20k in equity and 80k you can use to make more money in your business. For a salary earner with no investment desires or a person where parking 100k cash to depreciate more makes no difference because of massive cash reserves or does not concern them then paying cash happens. Wealth and the management of it is relative to each persons individual situation.

But yes many cars are financed in the US or even leased. Especially luxury cars which are not typically held for long periods of time or other vehicles that are obtained for business use where taxation rules make leasing more advantageous for deductions on business taxes.




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Hmm. I get the investment part. I need to have quite some money moving around and my liquidity needs a huge buffer as in my dental/surgical clinic money comes in, but money goes out just as fast and I need to invest all the time. However, I believe in Europe it's really hard to finance luxury items as it's just the concensus that you need to save up for something, then you can purchase it and it being a Ferrari, always have some money in the bank.

I completely agree though, money is quite cheap right now and interest rates are crazy low. However, it will always cost money to loan money. It must be a US thing then.

The mortgage being one huge exception of course.

 

Money coming in and going out is regular business reserves. Cash to invest or buy toys with is ancillary to business reserves for my way of thinking.


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well.. im joining you in the "430 1st Ferrari" club. I got a SCUD, its on the way here now. Very excited. As far as financing, that's a different story for everyone id guess. ex. I traded a g63 and a old M3 with a small cash delta. Because those were owned, its a easy play for me. But... I "paid cash" for my last Porsche 19rs.and hated having the money killed and didn't like the car so that didnt help obviously..lol. you'll always get the don't do payments on toys crowd, but with money cheap and you can pull good returns on YOUR money. then keep it out and play around a bit.