© 2021 MOTORSPORT NETWORK. All rights reserved.
Sign up to receive latest updates for Ferrari News, Threads, and Classifieds
Discussion in 'Ferrari Discussion (not model specific)' started by leroy105, Jan 15, 2021.
Ferrari addict is definitely a real thing!!!
Sent from my iPhone using FerrariChat
To remove this ad click here.
That's actually what I did. I own the F430 now, but keep thinking I need to just get into the 458 so I can get it paid off sooner, and enjoy it longer. Thing is, this time I want to do it right. Splurge on the Spider, with the color combo I want. Need the prices to come down just a bit more. I feel like they actually went up about $10k overall in the last few months.
Kind-of agree with you. My last car loan was on a new 1972 Toyota Corona MK II I got for my wife as she had never had a new car or any car for that matter.
It is not the purchase price so much with exotics rather whether you can afford the maintenance, insurance and depreciation (if you plan to trade often). If the "holding" costs, particularly the surprise ones, are not an issue of concern then you can afford the car IMO. The real question is how much $$$ you want to tie up in a depreciating asset. I would think 5% of your net worth is plenty for those type of assets. Perhaps I am too conservative?
@EastMemphis out of curiosity how much is the top private school in Memphis? In Portland the top elementary school is $30,000 a year, so for two kids it is like buying a 360 and driving it off a cliff every year or so.
We did public before but with covid are switching to a cheaper private ($12,000 a year each) so for two kids will eventually add up to a Ferrari cost but at least takes more than 1-2 years.
Image Unavailable, Please Login
Sent from my iPhone using Tapatalk
Had a red 360 stick. Loved the looks and sound. Unparallelled.
i wanted a daily though and too rough around the edges for that. Too showy for my area. Not enough nice roads. Couldnt drive it anywhere and at that point was my main car. Then my wife beat me off the line in our E63 Wagon with our kids in the back and I was done with it. Traded on a new NSX. Now that I am in a better place financially would love to revisit a once a week Italian car like a Diablo but prices are nuts.
Randy, I have similar concerns about depreciation. The last new car I owned was over 25 years ago. I tend to buy used awesome cars that had a huge MSRP but are well depreciated and I drive them for a long time. My best deal ever was I bought a 2 year old CL55 for $35 K. I drove it for 10 years and 100K miles, totaled it and the insurance company gave me $21 K. That’s under $1500 a year depreciation for one of the best coupes ever!
so true and I have never been a corvette hater intact I have owned many of them site I was 20 when I bought my first I have owned over 40 corvettes and at one time owned maybe 30 at once.. I own three right now but they are mostly older cars...
Ron, I also had a CL - 2003 CL55 bought used with 8k on the clock and put 206k on it when I sold it. Loved the car obviously, but after about 135k maintenance started to be a issue. That said but nothing like Ferrari maintenance costs. Occasionally I get new cars mainly for my wife and special order them for her exact preference, that way she doesn’t seem to question my purchases. Besides she usually wants practical DD cars and doesn’t like to change cars often. She takes years to learn the features of any vehicle even if I go over them with her at purchase time. Works for me.
Randy, very similar. My wife does buy new as well. But she buys practical and keeps for a long time so it is ok. The latest is a Porsche Macan that she factory ordered 4 years ago. She still doesn’t know how to use the stereo. But I like that it is a GTS so we can zip around when we go out together.
Interesting thread and I appreciate people sharing financial details for better insight into the typical owners situation. Just wanted to say I am jealous of people living in cities where a 5k sq ft house is $500k. Houses are 10x as expensive in LA where I am.
Don’t look at the upfront cost of the car so much but try to figure out the true cost of ownership: depreciation, maintenance, repairs, etc. Buy something that has the potential of going up in value (or at least not going down too much). Had I bought a 6 speed F430 a few years back when I was looking at them I would have been up $100k on it right now. It literally cost me $100k by NOT buying a Ferrari. Ouch!
Hell is right. Got an out of state business on Lamar Ave and it’s my only view of Memphis although I stay on Poplar Ave when visiting. Rough area!
Sent from my iPhone using FerrariChat.com mobile app
Andy...Those were our old stomping grounds when the wife and I lived in Memphis. We're probably the only folks who ever moved to Texas and had their cost of living go up! Lol...T
I’m a Financial Advisor for a living and all I do is think about where to put money that makes money. I have a 2011 BMW because the car doesn’t depreciate anymore and it’s been so hard for me to sell it and buy something new the last several years. I wanted a 2nd car that is a convertible primarily for memories with my kids (9 & 7). Every convertible option I was looking at (BMW, MB, Porsche) I thought about my actual cost of ownership if I owned it for 2-3 years. The BMW and MB I figured would cost about $7-8k a year in depreciation and service. Porsche maybe a little less bc they seem to hold their value better.
But if you buy a used Ferrari, the depreciation can be very similar if not less than a newer BMW or MB. And if it’s even remotely close to the same depreciation cost of a Porsche, the experience of a Ferrari far outweighs the increased cost.
I just purchased my first Ferrari, spent $141k out the door. I’m expecting total cost of ownership to be less than $30k for the next 2-3 years. I spend that on a couple vacations with the family. And the memories I create over the next 2-3 years with my kids is so worth the cost.
To each their own but as your internet acting Financial Advisor, you can certainly afford it. The question is, do you want to spend that discretionary income on a car and will you get enough enjoyment out of it for the cost?
Sent from my iPhone using Tapatalk
Well it depends on your definition of "insanely rich"
I'm looking for one and not rich by any means . Comfortable and doing well ...I guess
Owning my business, paid my dues (divorce) , everything paid for beside my house
I got a cl65 06. 40k miles. Let’s be real compared to a Ferrari even the abc suspension, struts, coil pack and bakes have been super cheap and the performance and comfort is still superb
Sent from my iPhone using Tapatalk
When I still had my CL55 I talked to my long time service rep and friend about upgrading to a 2006 CL65. His opinion was that while the performance was much better the maintenance issues were far more than the CL55. So, I took his advice and never upgraded. I will be interested how your experience compares after 100k+ miles. 135k is when I started having repair and replacement issues running about $6k-$8k per year not including tires which were about $1.6k every year and half. I assume the CL65 is about $1.5-$2.0k per year for tires?
But still likely not close to Ferrari maintenance bills but then no one puts really serious miles on their F-car like they do a MB so hard to compare in some respects.
Yeah I’d say it cost me 5/6k a year including tires. I absolutely love this thing. I got a rentech tune on it it has close to 700hp. It’s still super fast and delivers the power very smoothly. It’s a car I like a lot for some reasons
Sent from my iPhone using Tapatalk
You think the lions share of Illinois owners have 15-20% of their net worth in owning a Ferrari? I live up the border from you in Wisconsin near the many of the “it” lakes. The Illinois crowd has invaded that area, paying 4+ million for a lot and just as much money is spent in constructing a home, if not more. Certainly, some of those people must be overextended but my bet is most are not. There are more and more exotics up here too, many with IL tags. I respectfully think you’re underestimating just how high the concentration of wealth is in the Windy City.
@ssgharkness020147 -- https://www.usatoday.com/story/money/2019/06/03/how-much-you-need-to-make-to-be-in-the-1-in-every-state/39529571/; ~$1MIL/income is top 1% in IL. There aren't too many of those households though (relative to the rest of the state). But yeah, like I said, I'm not a 1%'er, not even close! And I bet there is a big skew in 1% in IL too.
So by IL standards, I'd be a broke SOB driving my Ferrari (ENTRY LEVEL FERRARI) around Lake Geneva!
What are the "it" lakes besides Geneva ? I've heard the homes there are pretty incredible. I'd like to tour that lake someday.
I think the one element missing here is like when we buy our first house ,we tell the realtor that I can't go above 5ook and fall in love with the 575k house and go for it and because we love it we go for it and never look back and find ways and means to pay for it.
What I'm saying is we always spend more than we think we can afford and therefore the shear joy of owning that "expensive' Fcar, you'll find a way to either earn more or spend less on other things to keep it and eventually trade up.
And if the s-- hits the fan you're not going broke if you have to bail and sell it.
Don't be shy!
I personally have NEVER paid more than I think I can afford for anything. Love and money never mix. Don't let "love" lure you to financial ruin.
Decisions involving financial matters often do not go well with emotions, that's how folks get into debt they cannot afford. Then they wonder how they got there, usually a whole lot of small bad decisions - things they though they "needed" at the spur of the moment. But having a financial plan as to how you can afford an item is a completely other matter. Some real thought went into the decision rather than just an emotional decision. IMO
Most expensive items like Fcars are a want decision not a need decision and within reason most successful people,assuming a relative degree of smarts, will cut other items out,ie expensive vacations or dining out every night to find ways to afford the "want" items-fwiw,I always have.