Set goals and rewards for achieving that way you can work hard and enjoy payoff without waiting until you are getting “old”. Ie, get X promotion or financial level unlocks a Mustang, next level a Porsche, the next level unlocks a Ferrari and so on. Worked for me.
Not so easy to answer. However, at least in Italy, if you become millionaire strangely girls start falling in love with you
Don’t know about love but the need for a large penis is inversely proportional to the size of your bank account.
My rule was I would not focus on cars and toys until I bought and could afford to keep my own home. Not being a "rich guy" means your home becomes your first investment. An expensive sports car is not an investment-- quite the opposite. Ferraris or any sports cars out of warranty are going to be expensive. Insurance for you at your age will be a major sticking point. IMO your first sports car should not be a Ferrari. Don't fall prey to the old Freddy Mercury song: "I want it all and I want it now"
At 23 I was married, had a Master's degree, was half way through Law School and my wife and I started a business. The last thing on my mind was buying a Ferrari. The level of immaturity of the OP is far more significant than his inquiry on how much money required to buy a 458. My advice to him- grow up first. Once you become an adult , which only happens when you are financially independant from your parents and have a successful career or your own prosperous business, should you then even begin to contemplate an extravagant, depreciating purchase.
Tomorrow is guaranteed for no one. Finance it, drive it, love it. The carrot is overrated. Learn how to obey the stick. D
Buy the house first. I purchased my first for 90k and sold it for 340k. At the time i purchased a triumph for 3k. Still have it by the way. Now i have many cars including a 458. Build the empire save and invest first, then buy whatever you like.
Im 56. I live in an age where you got married early ( me 21 ) had kids early ( 24) . Priority was own , build your own house. Pay it of. Was easier in those days. Paid it in 2.5 years ( FYI worth about 1.6 million today ) Yes I wanted a Ferrari as I was always into cars. Started low Mazda RX7's well the whole series. Then just relyed on company cars while i saved. So years later 20 years I guess and investing in property I have a 488 GTB. My thought HOUSE FIRST, and from what I have been reading HEALTH INSURANCE close second . Its a car , not a must have
This right here. I finance all my toys, because my loan rate is WAY lower than my rate of return on investment. Plus I have a few routes to write down car payments. But that's because I've done all the math, analyzed my risks, and have enough in reserve to carry me through a bad down turn. As for buying a house - there are a lot more variables than there were even 15 years ago. Today I rent, because I live in a place where the math doesn't make sense for me - my rent is less than the property tax I'd be paying). I previously owned and profited off of real estate, but now the math doesn't hold - and I put a higher value on my freedom to cut and run to another place if I desire, without having to worry about an expensive, immovable asset. I'm 36, I've owned 4 Ferraris, currently have a Lusso and an 812, and my Pista arrives in a few months.
Hello Martynas, Thank you for your honest post. Focus on the foundation first, home, savings, steady income. Once you've achieved that, then I would look at the 458. The 458 is just the first aspect of the total ownership experience. If you don't have a place to store it (home), it will easily and quickly deteriorate. If you don't have any (savings), you won't be able to maintain it No (steady income) means you don't have the means to grow said (savings.) Everybody has different level of risk tolerance, myself - I would only buy a Ferrari once I'm sure I own my own home (so I can store them properly), have enough savings so I would never need to sell them if things get rough, and a steady income that the Ferrari only take a small fraction of my expendable income (~10%) That's just me, but there is no 'right' answer necessarily. P.S. one last thing, you mentioned the roads are very bad. So you may want to wait until you move to a place where you can fully enjoy the car. It would be like buying a plane, with no airport nearby.
No, thank you. Its awesome to see a person with dreams and goals and the desire to achieve them. Good luck.
Yup, like the guy that put his Lambo on 11 credit cards. I said before, there is no 'right' answer, but I will disagree with your advice for this 23 year old still living with his parents to get the 458 on credit. Could he get hit by a bus next month? Sure, but I'm willing to bet the chances of that happening is way lower then seeing his 458 repossessed by next year. The saddest thing being, he couldn't even enjoy it for that year, because as himself said, the roads around him are very bad.
Let’s see- a 23 year old kid with no money says screw the future- I’m buying a Ferrari. If he gets hit by a bus tomorow, can’t enjoy the Ferrari anymore. If he doesn’t get hit by a bus, but can’t afford the car, can’t enjoy the Ferrari anymore. Seems like the best advice is not to Buy the Ferrari till you can afford it.
Can you imagine the APR for a 23 year old with no assets as well? Holy smokes Batman, on a car that is still far from the bottom of the depreciation curve, and while I can't predict the future, we can all agree that we're not at the 'bottom' of the global economic cycle.
The worst advice you can give a 23 year old who still lives at home, who apparently has no income, or prospects, is to follow your dreams regardless how unrealistic or irresponsible they may be because who knows when you will be hit by a bus or succumb to a deadly disease.
I can imagine you talking lika Borat! Image Unavailable, Please Login Juuust go for it ! Sexy time!!!
Buy it when you can afford the monthly payment, pray for no mechanical failures, drive it like you stole it. YOLO Sent from my 16M
In my experience, these two things are mutually exclusive. If you want to keep the car running with few mechanical failures, drive it like you FIX it. Driving it hard, without concern for the welfare of the car, will bring you nothing but expensive grief. One can still enjoy a car driving it carefully, avoiding road hazards and keeping the engine from the red line. I suppose another way of looking at it is to : "Drive it like you love it."
The first part of your first sentence where you say “but I understand if I will buy it will be a very stupid move” sums it all up. Follow your own intuition