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Are you under water?

Discussion in 'Ferrari Discussion (not model specific)' started by Alex308qv, Dec 1, 2019.

?

Are you under water?

This poll will close on Dec 15, 2019 at 12:51 PM.
  1. Yes

    19 vote(s)
    38.0%
  2. No

    31 vote(s)
    62.0%
  1. Eric C

    Eric C F1 Rookie

    Mar 20, 2009
    4,552
    St. Louis, MO
    Full Name:
    Eric
    I lose my ass on all my cars. I'm a car guy and purchase them to enjoy.
     
  2. Nospinzone

    Nospinzone F1 Rookie

    Jul 1, 2013
    4,308
    MA
    Full Name:
    Paul
    Yea, but you could be under snow Phil! :D
     
    308 milano and PhilNotHill like this.
  3. PhilNotHill

    PhilNotHill Two Time F1 World Champ
    Silver Subscribed Owner

    Jul 3, 2006
    26,193
    Aspen CO 81611
    Full Name:
    FelipeNotMassa
    More snow=better skiing. :)
     
  4. BOKE

    BOKE F1 World Champ
    Lifetime Rossa

    Jul 13, 2009
    16,039
    The Entertainment Capital of the World
    Full Name:
    ボケ
    Most cars depreciate. Some cars appreciate with time. I pay cash for cars, so I am never "Under Water."

    Regarding Ferraris, other than a shortlist of exceptions unless you have a carburated 12 cylinder Ferrari that you bought at the right time, it will end up costing you some money to own the car. If you want to avoid losing money, for enjoying a Ferrari, there is always Uber.;)
     
  5. imahorse

    imahorse Karting

    Nov 25, 2017
    194
    WI
    Full Name:
    Dustin
    I bought a neglected 360 to fix up hoping to come out ahead. Didn't exactly go as planned. I'm about even I'd say. The knowledge I've learned about the platform was well worth it.
     
  6. Jeff328

    Jeff328 Formula 3
    Silver Subscribed

    Sep 5, 2006
    2,225
    WI
    My 1988.5 328 GTS is an all-original 30k mile car. I bought it in 2006 and at the moment have spent a total of just under $65,000 on it including purchase, maintenance, repairs, and accessories. I think I could get more than that out of it. But I'd have to sell it to find out. I did have 2 unsolicited offers of $75,000 for it this summer. Sometimes I think I should have taken it. But if I sell this car, I'll never have another Ferrari...
     
  7. BOKE

    BOKE F1 World Champ
    Lifetime Rossa

    Jul 13, 2009
    16,039
    The Entertainment Capital of the World
    Full Name:
    ボケ
    Chalk it all up to tuition at the University of used Ferraris.
     
    Pawilly likes this.
  8. Nospinzone

    Nospinzone F1 Rookie

    Jul 1, 2013
    4,308
    MA
    Full Name:
    Paul
    In my opinion, you did come out ahead. ;)
     
    BOKE, imahorse and Admiral Goodwrench like this.
  9. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    12,887
    Charleston, SC
    Full Name:
    Curt
    As a late GenX, you guys are seriously over estimating what you think your classic cars will fetch. By the time we want to retire ain't gonna be no funds left for fancy classic cars even if you can still drive them on the road.
     
  10. kes7u

    kes7u Formula Junior

    Oct 18, 2017
    387
    Shorewood, MN
    Full Name:
    Kevin
    I agree with this. Normalcy bias. This gravy train isn't going to last forever.....

    Kevin
     
  11. A348W

    A348W Formula Junior

    Jun 28, 2017
    953
    North Wiltshire, UK
    Didn’t buy my Ferrari to make money; I bought it to drive and put as many miles on it as possible.

    Miles = smiles!!!

    Am I above or below water? Undoubtedly below as I don’t have that kind of luck; but I don’t care as the enjoyment of driving it is worth it to me.
     
    AandSC and ago car nut like this.
  12. RedNeck

    RedNeck F1 Rookie
    Silver Subscribed

    Jul 8, 2016
    4,509
    TN/GA
    Full Name:
    Matt
    Eh, I'm probably about even, which is really about the best place to be when you are buying to enjoy, rather than flip. I'm sure I could get what I have into it if I sold it today (which is tempting) I bought the lowest-priced, highest mileage, gated, US-spec Modena on the market when I got mine in 2016, put around 10k total into it, sold about 4k worth of stuff that was on it (challenge wheels, stereo system, etc.)....not to mention it has a ton of new and updated parts on it. Pretty sure I could break even, even though the manual craze has kind of evened out.
     
    imahorse likes this.
  13. jcurry

    jcurry F1 World Champ
    Silver Subscribed

    Jan 16, 2012
    10,560
    Lk Stevens, WA
    Full Name:
    Jim
    Ya know the question in the poll is not what is asked in the OP. I answered NO to the poll based on the question posed in the OP. If would be YES if I answered the question "Are you under water".
     
  14. Rosso328

    Rosso328 F1 Veteran
    Rossa Subscribed Owner

    Dec 11, 2006
    5,614
    Central FL
    Full Name:
    Paul
    Having spent the last 30 years in banking / lending / credit, the term “underwater” has a specific meaning in my world.

    Underwater means that you owe more against the asset (car, real estate, whatever) than the market value of that asset. So if you are still carrying a loan of $50K on an SUV that you couldn’t sell for more than $30K, yes you are underwater.

    On the other hand, having spent money on something you have enjoyed does not mean “underwater” unless you intend to sell it and will be left with ongoing debt and expenses post sale.

    I bought my 328 in 2006, and have enjoyed every mile in it. I’m not “underwater” in any way at all, as every dollar I have spent since then was an investment in my own enjoyment. If I ever do sell my 328 (unlikely) there are no lingering expenses to cover, so I will never be underwater.

    That said, the last 13 years have been a bit expensive at times, but that’s a completely different discussion.
     
    Thomas Magnum likes this.
  15. mwr4440

    mwr4440 Three Time F1 World Champ
    Rossa Subscribed

    Jun 8, 2007
    39,161
    Bavaria, The 'Other' Germany
    Full Name:
    Mark W.R.
    I am ahead ... but not by much.

    A few Gs tops even though mine has appreciated near, but under, 100%.


    But when you paid what I paid, TWICE Nothing is still NOTHING.

    :D
     
  16. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    5,480
    1977 MSRP 11.5K stg
    1992 bought at 25K
    2019 agreed valuation 80K

    Currently kite surfing, however its a big ocean with some rogue waves that could easily bring her down.
     
  17. Themaven

    Themaven F1 Rookie
    Rossa Subscribed

    Nov 2, 2014
    2,837
    London
    Full Name:
    Darius
    I have sold 2 Ferraris in my short life. Both more than 20 years old.

    Testarossa, bought at auction, made about $70k all in when sold via dealer at the height of the fizz.

    550, didn’t actually sell it but received agreed value insurance earlier this year, when it was killed by a falling tree while in storage, around $20k up all in.

    I own a F512M and I think I probably would not be up on that if I tried to sell it now. But it’s a lot of fun.
     
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  18. Kruegmeister

    Kruegmeister Formula Junior
    Rossa Subscribed Owner

    Nov 24, 2016
    388
    Michigan
    Full Name:
    Kruegmeister
    Probably not Under on my 355, but only had a year and paid a fair price for it.
    Definitely under water on my 430
    My 64 L76 Vette maybe about even if they stay flat line like they've been
    My 68 L79 Vette I'm Above Water as I bought for $18K, put in $3K but had an offer @24K from my Mechanics Neighbor when he was putting my new suspension parts on.
     
  19. Statler

    Statler F1 World Champ
    Rossa Subscribed Owner

    Jun 7, 2011
    13,086
    With the really inexpensive cars, one 30,000 mile service and a couple belt changes and that’s half the initial cost already. Keep it and drive it for two 30,000 mile services and you’ve now matched initial price. (assuming adjusting valves and mechanic sending pics of camshafts sitting on bench plus fixing general while-you’re-in-there stuff runs 10k).

    worth every penny. Moar road trips.
    Image Unavailable, Please Login
     
    Texas Forever and tomc like this.
  20. dwhite

    dwhite F1 Rookie

    I would hope you would want to wait. ;-)
     

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