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Average Income of Ferrari Owners in USA?

Discussion in 'Ferrari Discussion (not model specific)' started by leroy105, Jan 15, 2021.

  1. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    I've seen some corvette haters I think here here... :)

    I'm usually turning my nose up from Porsche land, at American cars... But man, those guys at Chevy delivered a heck of a car for $60k starting msrp. I was blown away.
     
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  3. mestlick

    mestlick Rookie

    Jul 26, 2018
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    Colorado
    Full Name:
    Michael Estlick
    5%-10% of your net worth can be cars. You should comfortably be able to pay cash for the car, and you could pay for it twice if you really had to. Income does not matter. If you want to finance or lease that is fine, just follow the above guidelines.
     
  4. Way2fast

    Way2fast Formula 3

    May 24, 2006
    2,050
    Santa Barbara County
    Full Name:
    Sam
    If your retirement accounts are fully funded, the kids college accounts funded, and you have spare cash, time to enjoy life. I look at it as my children inheriting less money. If you are worried about maintenance, get a 3 yr old f-car. You can keep an extended warranty on it for up to 15 yrs

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  5. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    6,622
    Just buy that C8 for starters. That's the missus sorted, meanwhile you can have a serious think about it.
     
  6. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
    22,544
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    Tom C
    Exactly this. Assuming you're socking away enough dough for other desirables & requirables - kid's college fund, retirement, vacation house, etc. - go for it!

    My wife and I were savers not spenders, and the Ferrari is our aversion therapy. Lol. The deal we made with ourself was pay off the mortgage early, wife gets to go all HGTV on the whole house remodel she wanted, & I get a Ferrari! Maybe attack it that way?

    Best of luck...T
     
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  8. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,972
    If I followed this, I would be driving a Camry, not the 2 exotics I own......no thanks.....everyone's path through life is different so financial "rules" are very seldom applicable to most.
     
  9. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,972
    This makes WAY more sense than most financial advice concerning high end exotics. I would also add to this do you have significant equity in a home? Some people are way over their heads in a house that is 3X yearly income with a 30 year life sucking mortgage.
     
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  10. VAF84

    VAF84 Formula Junior
    Silver Subscribed

    As you may have noticed, there's no "average income" for Ferrari Owners. There's such a big spread of cars, years, condition of cars purchased, mileage, do it yourself ability, to allow for people at varying levels to buy in. There's almost a $40k difference in spread between a 458 hard top and a spider in similar condition. Possibly a $60k spread between worn condition 458 and nice condition 458 convertible. To the Ferrari uninitiated it's still a 458, but the owners may have vastly different financial demographics.

    Furthermore, look at income in context. Your income places you between the top 1% and 5% wage earners in the USA. Which basically means of the entire world. So you are essentially one of the richest people in the entire world :D. Let that sink in for a minute. Then decide.

    Ultimately, most of us don't realize how rich we are, the difference is what we spend our money on. Some prefer bigger houses, they can afford less cars. Some don't care about houses, and their cars add up to more than their homes. Some prefer the challenge of making every dollar grow exponentially, and spend nothing on material and invest all of it; while living in a tiny home driving an old beat up car/truck. Others prefer to travel first class, and have extensive travel adventures, but live humbly. Ultimately there are only less than 3,282,000 people in America (The 1% - $737,697and higher annual wages), assuming they don't live in a high priced coastal city (NYC, SF), that can afford to sort of have it all; but realistically the 1% of which there are about 3,282 of in the USA making $2,808,104 or more in annual wages.

    All this to say, you can afford it if you're saving 75% of your income as you claim. Whether that's the smartest way to spend your money is up to you to decide.
     
  11. RedNeck

    RedNeck F1 Veteran
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    Jul 8, 2016
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    #34 RedNeck, Jan 16, 2021
    Last edited: Jan 16, 2021
    Hard for me to take this thread too seriously. Hope I'm wrong, but this doesn't exactly seem genuine. Anyone making almost $400k a year and putting$20k/month in savings should be well aware of budgeting at this point, and one's income is nobody else's business. I bought my first house and my first Ferrari in the same year...the banker was telling me that "I can afford much more house than I am budgeting for"....of course I said, "yeah, but I want a Ferrari", in my head of course.

    There's a big difference between someone like me who tears their 360 apart and puts it back together multiple times a year and the guy, virtually losing nothing on value and service, that drives his Concours winning Daytona to the country club for caviar and champagne, or the guy that buys a showroom new car and sells it a few years later for 40% of the $300k price tag to do the whole thing over again...so the answer to your question is, "There's no answer"


    edit: and btw, I also have a Corvette, so not all of us turn up their noses...
     
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  13. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    15,598
    Watch the first 10 mins of this!
    :)

     
  14. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,972
    According to CNN's calculator, a household income of $440k (before takes) is the 1% threshold, so the OP with a $340k take home should be right on the cusp.....
     
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  15. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    15,598
    Ha, you can get financial aid for private schools if you make 300k in metro ny! Everything is relative.
     
  16. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    U must be frugal to save 75% of what u make


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  17. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    He Is 36;)


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  18. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    Yeah could be a troll!


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  19. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
    Rossa Subscribed

    But in the NY era doubt ud be able to save 75%!


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  20. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    #42 leroy105, Jan 16, 2021
    Last edited: Jan 16, 2021
    Yeah, 36, self employed. Metro Chicago, so no my income is not 1% anything for the area. The Ferrari dealer however is located in the 1% enclave. :)...

    500k house, no mortgage, no kids, sold the vacation house two years back (personally I'm into vacation properties, but my missus likes to travel 1st class to New places as her cash blackhole.).

    I've got friends earning similar in 1.5 million dollar houses in the city proper, with mega mortgages and an affordable BMW lease- - so yes, definently how you want to spend.

    Very interesting to hear the perspectives on incomes and folks around the spectrum can stomach the ownership costs on the F-cars. F cars are really rare in IL since we don't have the warm weather year round to weekend the convertibles.
     
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  21. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    15,598
    No thats the point. Being 1 percent in metro ny and you are in debt/ paycheck to paycheck
     
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  22. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,972
    The calculator only takes income into account for the country.......and private schools have their own criteria since they have large endowments....but you cannot get Federal financial aid for a state school with that income.
     
  23. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    I meant u wouldn’t-so OP likely doesn’t live there


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  24. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,972
    I seriously doubt you are living paycheck to paycheck in any metro area with a $440k income unless you are seriously bad with money. But you probably don't have alot of choice in housing (Silicon Valley).
     
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  25. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    I have family that is hedge fund / lawyer types live in NYC / London / Paris, netting $500k and you are living in a 1 bedroom condo...would never dream of a F-car.

    But they have 1000/month wine and fine dining hobby.
     
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  26. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    On topic: anyone here actually own a CPO California, care to share your annual maintenance costs and miles driven?

    It sounds like there are some museum f cars sitting around, but I want to drive it a few thousand miles a year and sell it back eventually. Not looking for a garage trophy.
     
  27. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
    Rossa Subscribed

    Ok cut the BS - I’m French and lived 10 years in London. U make 500k a year in Paris which after taxes is way over 20k a month u would not live in a 1 bedroom and be stretched: healthcare and school
    Are feee.
    Matter of fact I just came back from Paris and rented a 3 bedroom
    Apartment underneath the Eiffel Tower for 6k for the month so unless ur friends are cheapskate this is utterly false


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  28. j34

    j34 Karting
    Rossa Subscribed

    Jun 13, 2019
    160
    USA
    Full Name:
    J
    Complicated topic that depends on whether you have a family, views on leaving inheritance, charitable giving goals, age/retirement needs, business goals. Don’t feel like there is a one size fits all number but I do think something in the 10-20% of liquid net worth (let’s just say net worth minus primary residence so not quite liquid definition) kind of range seems reasonable as an upper bound, unless you have say 20-30+MM and then you can go with a higher percentage, again depending on your goals.
     

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