am i crazy ?

Maybe it's time to switch to CS. Just need to find a place to drive a bit hard than it will put a smile on your face...

 

It sounds like the car isn't doing it for you for whatever reason. The rental probably pencils out much better for you. Why don't you sell and see if you want to do the rent thing later? As far as the rent thing goes you could probably do that on a much shorter basis and get the same out of it. Meanwhile you've saved a pile of dough in the process.

 

"Am I Crazy"?

I think there are better terms to describe what you have outlined.

Bored with owning a Ferrari and high cost short-term leasing will cure this?

 

In a way, you've got a blessing and a curse on your hands. The blessing is you got a 360 spider, experienced and enjoyed it for the marvelous machine it is. Metaphorically, you've tasted and gotten used to a stellar wine. The curse is the pattern of outings you've enjoyed have become repetitive and boring and now you must prepare the car for a long hibernation in the garage to avoid the hiddeous ravages of Toronto winter. And while you do this, the car WILL depreciate.

I've got a CS and have experienced both the blessing and curse I've described above. While the driving gets wonderfully extreme at times and always puts a smile on my face, the realities of traffic, time available, and driving routes can sometimes force me into a repetitive and boring driving pattern. Oh, lots of readers will say "just drive it" etc, go on trips all the time, track it all the time, but many of those voices come from the peanut gallery -- ferrari wannabies who know very little about the realities of owning one of the most costly and impractical cars of all time.

Your idea of leasing an exotic for $5K a month with no ownership obligations is intriguing. You'd still get to enjoy the exotic wine, could rent when the driving time suits you and the weather is accomodating. If you rented 4 months a year, equivalent to about $20K, that would just about offset the depreciation of your 360 spider with NO maintenance costs. Oh, for the peanut gallery let me concede that maintainence costs on a 360 can be relatively low if you're lucky, like say $2K per year, on average, but watch out -- on my first ferraria 355 F1 spider, I forked out $20K in the first year on unforseen stuff after PPIs and expert checks up the bazoo.

In my case, with my CS which I love, I self-affirm the notion that I'll drive it on long trips (which I do), I'll take spirited outings in relatively calm vancouver weather (which I do), and I'll enjoy buffing and tinkering with it in my lifelong sportscar fashion. Even so, one can just feel the dollars dripping out of ones wallet with the depreciation and maintenance costs in a seemingly nonsensical way. Another point the wanabees often miss is that just because someone can afford a 360 spider, doesn't mean they rest easy when depreciation and high maintenance sets in. Many, if not most, people who accumulate wealth do so because they are fierce enemies of waste, inefficiency, depreciation, and poor quality that leads to high maintenance costs. Ferrari depreciation and quality issues are a slap in the face to many of these people. Well, at least to people like me.

Anyway, I think you're on the right track; you're thinking outside the box. And if you don't have to "own" the exotic as part of the ego equation to impress others, but simply want to enjoy driving it, the lease option makes perfect sense IMHO

Best of luck.

 

Sell the car. As usually happens with a woman, once gone you will miss her. Unless attached to your car, the rental provides a "do over". If this does not work, you spend relatively little money, and look for something else to smile about.

Good luck.

 

If bored don't dare to take prozac, you need coca instead.

 

For me...part of enjoying the car is knowing it's MINE. A rental car may be fun, but it wouldn't be the same thing. If the car is worth renting, it's worth owning. If it's not worth renting, forget it.

You didn't buy it as an investment....keep it. Add thrills in other places, like bringing a 2nd woman into the bedroom....prove me wrong!

 

very well said..

 

how can you do this in canada?--will they allow you to drive / register the car here, and will you have to pay all the import duties?

 

could cost him more in the end

 

You've mentioned depreciation and tax efficency so money does seem to be an issue for you. I think that no matter how much wealth one acquires, exotic car money is still a big chunk of change and as such it should always be an issue.
However, if you are bored with your spider get something else. Life is short so if you're willing to spend a fraction of your wealth, go ahead and by the toy that excites you.

-Peter

 

It cost more to eat at a nice retaurant then it does at Taco Bell.....it's about life-style I suppose. But your point is valid. I don't drive my 360 every day, but I enjoy seeing it every day and knowing I could hop in it and drive it at will....

 

This question would have been much more relevant had it been posed prior to the purchase. Since the purchase has already been made, you would lose a considerable amount due to sales tax and resale costs.

At this juncture, I think that you just accept the decision and enjoy the car!