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Average Income of new Ferrari owner

Discussion in 'Ferrari Discussion (not model specific)' started by mr. green, Nov 3, 2003.

  1. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    I am speaking of brand new cars. A 2003 demo model would be acceptable as it
    has never been registered.
     
    todd likes this.
  2. BWS550

    BWS550 Wants to be a mod

    Apr 1, 2002
    8,933
    NEW JERSEY
    Full Name:
    BRUCE WELLINGTON

    YOUR A PUTZ GREEN...GO GET LOST IN THIS NEW FORUM
     
    matteo likes this.
  3. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    Wellington,

    This is a new forum, Unfortunately you still have your negative and hateful attitude. I am not going to let your negativity ruin my learning process.
     
  4. vanimal

    vanimal Formula Junior

    Mar 19, 2003
    380
    UK
    Full Name:
    Vaughan
    Mr Green - enough to pay for it obviously...... Think before you ask - and play nicely.
     
  5. pete04222

    pete04222 Formula Junior

    Nov 1, 2003
    613
    Maine, USA
    Full Name:
    Peter Cyr
    Well, let's see. For a 60 month loan you would need $20,000 down and your payments would be $5,000 per month.
    So I would say you'd need to be making at least $60,000 a year. If you want stuff like gasoline and a house you would need to make a bit more.
     
  6. Brian C. Stradale

    Brian C. Stradale F1 Rookie
    Lifetime Rossa

    Mar 17, 2002
    3,603
    Dallas, TX, USA
    LOL, Pete! Maybe a bit more for food and clothes and such. But at least we have our priorities straight. ;)

    So, Mr. Green, if you're getting by now and saving a bit slowly to get up to that $20K down payment, then figure you need only make another $70-80K per year (*after* taxes) and you can get yourself a lovely late model Ferrari. In the meantime, you might want to set your sights on something a little lower budget.

    LOL.
     
  7. SRT Mike

    SRT Mike Two Time F1 World Champ

    Oct 31, 2003
    23,199
    Taxachusetts
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    Raymond Luxury Yacht
    $20k down and $5k month gets you a "late model Ferrari"? What late model Ferrari costs over $300k? You could buy anything brand new made by Ferrari for that kind of cash. The only $300k Ferrari I can think of is the F40, and it's not late model.

    In case the question is serious, I would say a brand new 360 could be had on a budget of $100k/yr if you don't mind devoting a good chunk of your money to a car. The payments would be less than half the $5k figure - maybe more like $2k/mo with a chunk down.

    Of course the more you make the more comfortable you can be spending that $$ on a car.
     
  8. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    SRT Mike,

    When you talk about 100k budget, Is that before or after taxes. How about Insurance and maintanence.


    I was talking to a friend of mine last night and we discussed this topic. He feels
    that to be able to afford that type of vehicle you must be able to pay cash for
    it. He says "If you can't pay cash then you can't afford it"
     
  9. fanatic1

    fanatic1 Guest

    Nov 1, 2003
    553
    columbus
    Full Name:
    philip
    SRT Mike,

    If your talking about a 100K Salary.......there's no way you could afford a new Ferrari.........if you Gross was 100k, meaning your net is approx 70K even with the best loan on a FCar on a 60 month car loan at 8% would be at least 3k per month.............thats quite a chunk.............and doesn't include ANY OTHER living expenses...............

    Mr. Green, there is a small amount of truth to what your "friend" said.......I would bet that many people on and off this board that buy new F Cars can afford to pay cash....now they may not CHOOSE to pay cash based on investments/loan rates and what not...many factors, but I bet they could..............
    Of course there are people that will live in a card board box and eat cat food all year so that they can buy a new FCar...but I don't think that was in the spirit of your question.
     
  10. Brian C. Stradale

    Brian C. Stradale F1 Rookie
    Lifetime Rossa

    Mar 17, 2002
    3,603
    Dallas, TX, USA
    I was just using Pete's numbers... I assume he was using the cost for a 575 and normal interest rates. Mike, you seem to be assuming no interest at all and some wishful thinking.

    $175,000 minus $20,000 down is $155,000 loan.
    If we assume zero-interest 60-month loan, you have $2583. Even a 72-month 0-interest loan doesn't get you down to "$2k/mo". Unless by "chunk down" you mean over $50K down!
     
    jimpo1 likes this.
  11. Juice It

    Juice It F1 Rookie

    Sep 22, 2002
    3,233
    Maryland (DC Suburb)
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    Jeff
    Financing 220 for 6 years with nothing down would be in the 4k range. No posers here!
     
  12. F550kid

    F550kid Karting

    Nov 2, 2003
    234
    uk
    Full Name:
    zak
    Isnt there a way of permanently not picking up certain users on this new system so its as if you never even see their thread?
     
  13. Ontogenetik

    Ontogenetik Karting

    Nov 2, 2003
    149
    >He says "If you can't pay cash then you can't afford it"


    Applicable to practically everything.

    That said, comfortably + wisely, a car would be 5-10% of annual income.
    Personally, would only pay more for a race car or something extremely rare.

    Certainly not any of the new/newer Ferrari's, perhaps a Zonda.
     
  14. ART360

    ART360 Guest

    You'd better be making 250 or more if you're only going to put 20k down. If on the other hand, you've saved say 100k, the note becomes manageable. Still paying the bank interest for a toy is something that I can't comphrend.

    Art
     
  15. ART360

    ART360 Guest

    You'd neeed at least 25k to support a car like that with only 20k down. Most people would put at least 30% down, which would be closer to 50k. I'd think that at least 100kl would be a good down payment, and I still don't understand why someone would pay interest to a bank on a toy.

    Art
     
  16. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    21,374
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    One way to solve the problem is to change the parameters: settle for a used 355 or TR, and you'd be looking at $20k down, financing $40-65k paying $800 to $1200 a month. I think $100k/yr salary could handle that, without a big mortgage/student loans.
     
  17. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
    Maui
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    Allan
    With finance rates as low as they are today, in many cases it makes sense to finance large amounts.

    In the meantime, i bought a brand new 03 Ferrari Enzo yesterday. Paid cash! 80 cents to be exact, its a Hot WHeels.
     
  18. pete04222

    pete04222 Formula Junior

    Nov 1, 2003
    613
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    Full Name:
    Peter Cyr
    Yeah, I just punched in 180,000 for 60 months at 8%, it came out to around 5,000
     
  19. Chevarri

    Chevarri Formula Junior

    Jan 20, 2003
    764
    In a rose bush.
    Full Name:
    J'aime
    How much do you think it would take for a 355 6spd?
     
  20. Norm512TR

    Norm512TR Formula Junior

    Nov 10, 2001
    892
    Colorado Springs, Colorado
    Full Name:
    Norm
    I drove Porsches for years waiting to afford a Ferrari. My guideline was always that I had to make enough to be able to afford two nice cars- a daily driver and then a Ferrari
     
  21. Ferruccio

    Ferruccio Formula Junior

    Feb 2, 2003
    440
    olathe, KS
    Full Name:
    Dan Gordon
    Serious question: If you made $80,000 a year could you get a loan for a $80,000 used Exotic? If so were would be a good place to get a loan for that?
     
  22. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
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    Allan
    Where are you guys getting 8% from? Do you have bad credit? You can get 3.9% these days.
     
  23. pete04222

    pete04222 Formula Junior

    Nov 1, 2003
    613
    Maine, USA
    Full Name:
    Peter Cyr
    Allen - I just pulled 8% out of thin air. I think 8% is around what a used car loan is.

    Ferruccio - It depends on what your debt to earnings ratio is, your credit, how much you have to put down, etc. Most banks won't touch used exotics. Try a company like JJ Best. Better yet, a home equity loan if you can.
     
  24. Ken

    Ken F1 World Champ

    Oct 19, 2001
    16,078
    Arlington Heights IL
    Full Name:
    Kenneth
    If I gave up sashimi, I could afford a 360. No joke!
     
  25. StoryBook

    StoryBook F1 Rookie
    Owner Lifetime Rossa

    Mar 1, 2003
    4,298
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    MPL
    Ferrucio....serious answer: I highly doubt it.
     

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