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Asking rich people for advice

Discussion in '458 Italia/488/F8' started by Martynas Zaleckis, Jun 30, 2019.

  1. Martynas Zaleckis

    Jun 29, 2019
    2
    Full Name:
    martin bred
    hello im 23 years old and im still living with my parents, but i want 458 so damn bad, but i understand that if i will buy it it will be a very stupid move, so my question is how much money approximately should i have to feel comfortable to buy this car including repair costs and so on? 500k, 1mil? I need to know how wealthy people think.. I want it because i will be young and driving this exotic car that nobody in my country drives even when the road is very bad in my country i would still buy it.. but it's stupid decision.. thanks
     
  2. imahorse

    imahorse Karting

    Nov 25, 2017
    160
    WI
    Full Name:
    Dustin
    You don't necessarily need to be a millionaire to own a Ferrari, but these cars aren't exactly Camrys. In difficult weather sports cars become difficult to drive. My viper almost killed me in a mild rainstorm. While I don't have a 458, I do have a 360 and they aren't exactly reliable compared to everyday cars. It's not a car that you have as your only car. On a 100 mile cruise yesterday I had a check engine light pop up and my clutch overheated (all in all not a bad day ) I've had to fix so much on my "cheap ferrari" that it would blow your mind, but I am able to do all of the work myself these days which has saved me tens of thousands in repair bills. Let me tell you a story. When I was 21 I bought a Corvette. I was obsessed with sports cars and just felt that I absolutely had to own one. I took out a large loan to buy it and it was my only car. Having to drive it in the Wisconsin winters was truly horrific. Eventually things started breaking on it and I couldn't afford to fix it while trying to pay it off. It sat broken for 2 years. I eventually refinanced it for the 4th time and fixed it. 4 years after buying it I sold it for the loan balance because I refinanced it so many times. I should have never bought that car, but I was obsessed at the time with the image of it. At that stage of my life I was all about making terrible decisions. I'm fortunate enough to have bought my Ferrari when I was 27, but keep in mind that most Ferrari owners don't buy their first Ferrari in their 20s or 30s. It takes years to be able to make this happen for most people. If you can work on cars you can save a lot of money, but cars these days are becoming so computerized that it is becoming very difficult to DIY. I guess what I'm trying to say is don't buy one prematurely. Wait until you can afford it. Don't take out giant loans that you are barely able to afford the payments on. Also, make sure that you want the car because you love the car, not for the image that social media and TV ties to these cars. A Ferrari won't make people like you. In my experience, many people started to hate me out of jealousy. It won't make women flock to you either, and if some do, you don't want them in your life. Hope this helps.
     
  3. j09333

    j09333 Formula Junior
    Silver Subscribed

    May 7, 2004
    613
    One rule only.
    If you can not afford in cash, you are not ready.
    Financing and wishing good luck is stupid move :)


    Sent from my iPad using FerrariChat
     
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  4. SoCal to az

    SoCal to az F1 Veteran
    Silver Subscribed

    Nov 25, 2012
    6,060
    Arizona
    Cash after all obligations are taken care of- rent, mortgage, savings, retirement, college etc etc.
     
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  5. EastMemphis

    EastMemphis Karting
    Silver Subscribed Owner

    May 25, 2019
    217
    Memphis, TN
    Full Name:
    John
    Best advice? Save and invest your money. Buy a three year old Toyota, Honda or equivalent. When you're rich and famous, or just rich, then go for the gold.

    Poor people make poor choices and that's why they stay poor.
     
  6. roma1280

    roma1280 F1 Rookie
    Rossa Subscribed

    May 2, 2010
    3,130
    NYC, PalmBeach, Roma
    Full Name:
    Mark
    All the answers above are correct. I myself spent my entire first bonus on a Porsche 911 so don’t listen to me.
     
  7. Martynas Zaleckis

    Jun 29, 2019
    2
    Full Name:
    martin bred
    thank you!
     
    paulchua likes this.
  8. Suborbital

    Suborbital Rookie

    Apr 25, 2018
    48
    Fallbrook, Ca
    You said it much more tactfully than I would of...
     
  9. tomc

    tomc F1 World Champ

    Apr 13, 2014
    16,945
    DFW, Texas
    Full Name:
    Tom C
    Only thing I would add to the above great advice, don't forget about insurance, gasoline and maintenance /service, especially the last. Purchase price is only the price of admission. When things break or need servicing, it can get to $$$$ very quickly with an F-car. Best of luck...T
     
  10. C50

    C50 Formula Junior
    Silver Subscribed

    Aug 19, 2016
    679
    808
    As a member of the first-bonus-911 club, I endorse this plan
    :D
     
  11. RoyalPink

    RoyalPink Karting
    Rossa Subscribed

    Mar 18, 2019
    102
    "It is better to live rich than to die rich"
    - - Samuel Johnson
     
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  12. stretchgeneral

    stretchgeneral Formula Junior
    Rossa Subscribed Owner

    Aug 9, 2014
    624
    Weston, MA
    Full Name:
    McK
    I think there are different levels of stupid decisions made in the '20's. I would recommend getting a used 911 as that first car you can't afford, but you get anyway, that years later you wished you hadn't.
     
  13. Michaelw488

    Michaelw488 Karting
    Rossa Subscribed

    Mar 20, 2018
    126
    Full Name:
    Michael W
    Great advice has been shared with u this is mine!start with a pre-owned sports car that u can afford to have fun in & take of. Do your due-diligence grow as u go! Good Luck
     
  14. PhilNotHill

    PhilNotHill Two Time F1 World Champ
    Silver Subscribed Owner

    Jul 3, 2006
    25,913
    Aspen CO 81611
    Full Name:
    FelipeNotMassa
    I was 55 when l bought my first Ferrari. The wait will just make you enjoy it more.
     
  15. j09333

    j09333 Formula Junior
    Silver Subscribed

    May 7, 2004
    613
    Sounds like good plan to have :)


    Sent from my iPad using FerrariChat.com mobile app
     
  16. Il Co-Pilota

    Il Co-Pilota Formula Junior

    May 29, 2019
    774
    Copenhagen
    Full Name:
    A.B
    You have wealthy idiots that make poor decisions and you have wealthy people that makes smart decisions. You can learn a lot from all walks of life. Don't think the guy driving the Ferrari will always give you the best advice. What works for some, won't work for others, pure and simple.

    No matter whether you buy or lease, you should have enough income/savings to buy cash. It does not have to be so that you own your home at that point, but you need to be at a stage in your life where you have the means to save up and pay cash, after your rent/mortgage and other monthly expenses have been paid.

    Lots of people have dreams and lots get burned because they get in over their head.

    Don't take this the wrong way, but here's the thing.
    You're 23 but you still live at home. You are in that situation looking into a fairly new and expensive Ferrari? It does not compute mate.
    Before even considering this, get out on your own, mature and make a life for yourself.

    There's a lot more fun, excitement and gratification to be had from that than any Ferrari will ever give you.

    If you want success and fortune, you need to get out and follow your dreams, take chances and work damn hard for it. I think you will find that most here have been successful because they chose to do something they were truly passionate about, which put them in a situation where they were fully invested and enjoyed what they were doing. Find your nichè and start working for your goals. Unless your parents are willing to pave your way with money for you for the rest of your life, forget everything about instant gratification and easy solutions.

    The day you can walk past your local Ferrari deàler and comfortably say "I can swing that" without caring about all your necessities, then you might be ready.

    Have a fun journey.
     
  17. Principissimo

    Principissimo Formula Junior

    Sep 14, 2015
    690
    Milano
    Full Name:
    Bruno
    Usually if you have to think if you can afford a Ferrari means you can't ;)
    To have toys when you are not a baby means you don't have to worry to buy them ;)
     
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  18. rocketman

    rocketman Formula 3
    Silver Subscribed

    Oct 1, 2009
    1,139
    #19 rocketman, Jul 1, 2019
    Last edited: Jul 1, 2019
    Rapper Jay-Z said in an interviewyou can’t afford something unless you can buy it twice“.
    More importantly, at your stage in life, you should follow the Wants/Needs rule.
    This is the rule that you should prioritize your needs over your wants.
    Simple : If you want it but don’t need it, then don’t buy it.

    ** Also, not a bad rule for those saving for retirement
     
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  19. Viper830tt

    Viper830tt Karting

    May 10, 2017
    60
    I say use the dream as a motivation to constantly improve. I was in the same spot at 17 when someone let me drive their Ferrari and it changed me for life. Im now months away from getting mine and have spent a couple decades living simple, learning how to manage money, starting a family, and developing my skills in my trade. I can finally get this car without destroying my youth. Agree with what is said above on being able to afford it !lthough a better way would be to save the money for the car, then invest it and finance at a decent rate. Then you are putting to use what you have learned. If you wait, you can also get something faster than anything anyone has here :)

    All the best

    Sent from my SM-N920V using FerrariChat.com mobile app
     
  20. Melvok

    Melvok F1 World Champ
    Rossa Subscribed Owner

    Jul 25, 2008
    12,716
    Amersfoort, Holland.
    Full Name:
    Mel
    #21 Melvok, Jul 1, 2019
    Last edited: Jul 1, 2019
    Sure all nice postings here, I cannot agree more …. being 65 with my 458 as second Ferrari.

    It is like a real horse of flesh and blood … do you need it or is it nice to ride/own ?

    Then comes the insurances, the horsedoctors bill, the hoofsmith, the trailer, the stable, the food …

    It is not just buying but also the maintenance … every year again.

    Keep your dreams and let us know when/if you achieved yours !
     

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  21. Surfah

    Surfah Formula 3

    Dec 20, 2011
    2,430
    +1. Buy your toys with cash.

    Seems odd to be living with parents and rocking a 458. Girls will laugh at you when you bring them home after a date and sneak them past mommy and daddy. They will be convinced the 458 is your dad's.

    Get your own crib, buy an inexpensive sports car like a Toyota 86, invest in your education or improving your work skills and save for the future. Get a 911 before an F-car so you always have something to work towards.
     
  22. bpu699

    bpu699 F1 World Champ
    Silver Subscribed Owner

    Dec 9, 2003
    10,181
    wisconsin/chicago
    Full Name:
    bo
    You want to own a Ferrari? You have to be rich, because it takes money...

    You ask, What can I do to buy a Ferrari?

    I would ask, What are you willing to give up?

    Years of your life? Weekends? 80 hour weeks? Living like a pauper as you grow a business?

    Are you willing to risk it all, knowing it may not work out?


    Anyone can own a Ferrari...or yacht... or plane...

    But, are you willing to pay the price?
     
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  23. Yellowgallardo1

    Yellowgallardo1 Karting
    Silver Subscribed

    Sep 19, 2018
    70
    Full Name:
    marcus
    I paid cash for my car but personally so think it’s stupid to pay cash when you can finance at sub 4 rates. I’ll borrow all day long when money is cheap
     
    Mayrivercrab likes this.
  24. SoCal to az

    SoCal to az F1 Veteran
    Silver Subscribed

    Nov 25, 2012
    6,060
    Arizona
    This is fine for someone who is investment savvy and has the funds to carry the loan and leverage the cash for other investments.

    If you however are a 20 something kid living with your parents- pay cash for your toys.
     

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