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Discussion in 'Ferrari Discussion (not model specific)' started by Alex308qv, Dec 1, 2019.
I lose my ass on all my cars. I'm a car guy and purchase them to enjoy.
Yea, but you could be under snow Phil!
More snow=better skiing.
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.
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.
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...
Chalk it all up to tuition at the University of used Ferraris.
In my opinion, you did come out ahead.
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.
I agree with this. Normalcy bias. This gravy train isn't going to last forever.....
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.
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.
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".
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.
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.
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.
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.
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.
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.
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I would hope you would want to wait. ;-)