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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. t88power

    t88power Formula 3

    Feb 19, 2001
    2,396
    Puerto Rico
    Full Name:
    Ernesto
    LOL. You can structure a lease however you want. At the end of my least term, I OWN my 360. It is just another form of financing. Guys, paying cash vs. financing isnt really an opinion thing. Financially speaking, it is stupid to pay cash for a car and just let that money sit idle. There is no way around it. Instead, you can finance it at 4-5% then take the cash you would have wasted and INVEST it. A good rental real estate investment should be able to return more than 5% (including rental income and capital appreciation). However, some people just feel better from a psychological perspective to pay cash and go to bed every night "knowing" that the car is theirs. I, on the other hand, would have many sleepless nights thinking about the cash I have sitting idle in a car that could otherwise be earning a return. Of course, this conversation is moot if you are worth $50M+. Then these amounts are nothing.

    Ernesto

     
  2. ralessi

    ralessi Formula 3

    May 26, 2002
    1,093
    Houston, TX
    Full Name:
    Rikk
    Maybe I am naive or just don't get it or something since I don't really own anything, but this concept of "knowing" something is yours kind of boggles my mind... Of course it is yours! It is in your garage?! You can do what you please with it without restriction?

    ... Maybe it is just a personality thing?
     
  3. Shadow DN8

    Shadow DN8 Rookie

    Nov 4, 2003
    23
    fwiw - www.bankrate.com says the rule of thumb for car loans is the monthly car payment is about 15% of the after-tax monthly take home.

    Therefore to borrow $150,000 using a 36 month loan at 5% interest would require a monthy payment of about $4500. Using the 15% rule, it would take $30,000 after-tax income per month.

    Somehow I think the 15% rule would be relaxed on higher incomes. I'd like to hear from some bankers for some real scoop.
     
  4. Testacojones

    Testacojones F1 Veteran

    Nov 3, 2003
    5,139
    Terra
    I bought both my 328 and testarossa cash, its true about not putting all the money in the car so you can use the rest for investment, but hey maybe that deal goes to hell and you loose your money and your ferrari. I rather buy cash and if anything goes to hell well maybe thats too bad, but I will still own a ferrari.
     
  5. notoboy

    notoboy F1 Rookie

    Jul 8, 2003
    2,531
    NYC
    Full Name:
    David
    I'm with you, I bought my cars in 99 and 2000 and paid cash. They were the best investments I made those years, because if I had left the money where it was, I wouldn't have the cars or the cash today.

    A friend bought one and financed it, and when the market took a nose dive, he had to sell the car. Now he drives a Jeep (nothing wrong with a Jeep mind you, but just making my case).

    Ideally, the money is doing better when it is invested, but not always...

    As a side note about the salary of Ferrari guys, I talked to a Ferrari dealer a few years ago, and he put it like this: "There are two typical Ferrari owners, the rich and the SUPER rich." "Rich" has all kinds of connotations tho: I don't consider myself rich. You?
     
  6. ima2nr

    ima2nr Rookie

    Nov 2, 2003
    22
    atlanta ga
    Full Name:
    kevin prickett
    maybe I'm just new to the board, but aren't some of you being snobby!!?!! It wasn't very long ago, WHEN I was trying to figure out how much money I needed to make to buy my first Ferrari. So here is my answer MR. GREEN.

    I'm the car fanatic, I love all cars, and have made may career as a mechanic and custom fabricator. I leave the house at 8 am and usually get home after 10 pm (this includes driving my 97 F355 B to work and back... 160 miles per day, 6 days a week). please understand that I am a mechanic, and I perform all of the necessary mantinance myself. This may not be par for the course, but I love working on the car myself, and it drastically reduces the cost of ownership.

    Between myself and my wife, our combined AFTER TAX income is approx 100K. I purchased my car for exactly 80k. I financed 100% of the purchase, and the payments are 1650.00 @ month for 5 years. that works out to 99k total purchase including interest. I pay my child support, take my kids to Chuck E Cheese, and I have a 150k mortgage. I didn't buy my F355 to impress anybody, or any of you; I bought it because it was the best I could afford. If the bank would let my buy an F40, then I would drive that as my daily driver... the same goes for an ENZO. I'm an entusiest, not a poser. If you want a Ferrari to make yourself look wealthy, then you want It for the wrong reasons. After a hard work week, I unleash my stress in the North Georgia mountains. When I'm filling the car up with gas, and an admirer ask about the car, I'm excited to give them a tour. My favorite is to let the younger kids sit in the driver's seat. I would have killed for that as a kid!

    I understand your question Mr Green, because I don't come from lot's of money, and I am certainly not rich. I just work hard everyday. I didn't go to Yale or Harvard. Hell, I didn't even go to colledge. I joined the ARMY and I learned self-discipline. I'm also a Gulf War veteran. I've worked hard to get to where I am, and I have a long way to go. BTW- I will turn 32 this november, way less than the 'avg' Ferrari owner. Why wait till your 'over the hill' to enjoy life's pleasures?

    I also would like to remind every one on this board- we are here to exchange info. That means If you want to recieve info, you must also be willing to share! I don't know everything Ferrari, but here I can become a sponge. I don't feel That I'm better than anyone else, I think all people can learn from each other. If you have to talk down to some one just because they haven't made the same choices in life as you, then you are probabbly a very lonely and depressed person. Money will never buy you happiness. I get the impression here: (in this thread, That if I dont make 250k a year, that I'm not worth of most of your company)

    Mr Green, fell free to PM me and I'll share some ways you can quickly make extra cash with small investments (less than a thousand dollars). I'd post my info here, but It seems these guys have so much money they don't need any more! (I know some of you don't fit into that catagory, and please don't be offended if you don't) I have worked my was from being an employee, to owning the company I previously worked for: and you can too.

    My point is this... I have been the 'poor' guy asking the 'rich' guy about his car, and I've been disrespected and treated rudely by more than one "Ferrari, Lamborghini, Bently, etc." owner.
    P.S. you never know who your talking to, or how much money the have!

    I was driving my 89 Honda prelude recently, and stopped to fuel up and was admire'n this older gentlemans '69 something hot rod. He was rude and he insulted my Honda and "all them rice rockets" when I asked about his car. He said something about "real cars, and RWD vs FWD", And HIS car was 400HP and etc, etc. He never even asked If I was an car enthusiest, or what else I drove. He als didn't ask if my car was modified, or stock. If he would have been nicer, he might have had a chance to see under my hood. You see, I own an import performance shop, and my old honda is fully Built for drag racing! it makes 420 WHP on 93 octane, and 560 WHP on 120 octane. It only has 4 cylinders, it weighs in at 2450lbs with me in it, and it will out accelerate my F355 like it's standing still. YOU NEVER KNOW WHO YOUR TALKING TO.
    As we left the station, we both got onto the expressway, I was behind him of course. Well, he had to show off! So as he hammered down on the accelerator, I just paced him for a few seconds, (I was waiting for decent speed, approx 80 miles per hour, for better FWD traction). then I got into the turbo deep!! Full boost sounds wicked in a 2.2 liter Honda, and as I passed, I just waved!!!! I wonder if he hears turbo's spooling in his nightmares now? Just a thought....

    Hey, You never know who your talking too... Mr Green may very well be a board moderator with a diffrent screen name seeing how we're treating each other and HOW WE ARE REPRESENTING THE MARQUIS.

    I feel FERRARI embodies being the best you can be...Including beeing the best person. I can only pray that I'm not judged by preconcieved images others have baised on past bad experiences with "elite" people driving thier Ferrari's.

    Just my .02
    If I offended any one, please forgive me and take another look in the mirror... I was talking to you. If you want to censor me too, just re-read this thread, and you'll find some excellent computer advice on how to make that happen.... But be warned, I just very well may be the only guy that has the answer to that tech question you may ask in the not to distant future.
     
  7. notoboy

    notoboy F1 Rookie

    Jul 8, 2003
    2,531
    NYC
    Full Name:
    David
    ima2nr,
    I applaud your love of cars, and wholeheartedly agree with your dislike of rude and pretentious people. I have found, however, that the majority of Ferrari owners that I've met are passionate about their cars and share much the same passion with their cars as you and I. The rude people are few and far between, but they do leave a sour taste in your mouth. I hope they guy you passed on the hwy still cringes at thoughts of Preludes.

    I can relate in part to you, bc I've been working and saving since I was 16, and when I saved enough money, instead of buying a house like most, I bought two cars. I figured I'd have the rest of my life to save for the rest.

    Unfortunately, I'm not a mechanic. I can work on old cars, but have trouble with the newer ones and their computers, so I end up using a big chunk of my disposable income to maintain my cars. If I only had a garage to work on them...

    David
     
  8. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    IMA 2nr,

    I read your letter and it really touched me. You are by far the most sincere person I have ever communicated on this chatline. I wish more of
    the members were like you, How pleasant that would be. I am sending
    you a Pm.


    Thanks Again
     
  9. wax

    wax Four Time F1 World Champ
    Advising Moderator

    Jul 20, 2003
    42,137
    SFPD
    Full Name:
    Dirty Harry
    "Mr Green may very well be a board moderator with a diffrent screen name seeing how we're treating each other"

    Hahahahahahahaha

    If you only knew how many times he's trolled F-Chat.

    Historically, and I'm being generous - 1 out of every 20 questions posted by Mr Green is relevant to F-Chat. That's why he gets certain responses. Perhaps with a mentor, he'll increase relevant questions, and gain wisdom not just in the financial possibilities that you (and life) generously offer, but in sociology as well - such as not making thinly veiled snide comments about or to Jews at every opportunity. You see, Green's an Anti-Semitic - his minimalist "Shalom" response wasn't meant in the best light. Far less appetizing Anti-Semitic commentary got one of his many accounts banned on the old F-Chat. Trust me, though I'm not Jewish, let alone worship the deity of anybody's choice - I don't take such comments lightly. Neither does the site owner - hence the previous ban.

    To answer the original question - Closet Boy Green - It's not any F-Chatter's business how much another F-Chatter makes. Substitute *whatever* for F-Chatter and you'll be on your way to being something aside from a pariah.
     
  10. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    First off I'm not an anti-semite. I have alot of respect for the Jewish people. They have been persecuted for thousands of years and still they
    contribute more to American society than most groups. My Doctor happens to be Jewish, If I was an anti-semite why would I have a Jewish
    doctor. I have also been to many bar mitzvahs and bat mitzvahs. Why
    would I be Invited if I didn't like Jewish people. I also have Jewish friends
    and neighbors. I have been Invited many times over the years for Passover dinner. Before you can call me anti-semetic know the facts!
     
  11. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    What do those threads have to do with being anti-semetic!
     
  12. whart

    whart F1 Veteran
    Honorary

    Dec 5, 2001
    6,485
    Grandview NY
    Full Name:
    Herr Prof.
    Tuner: You are new here. Mr. Green has a history on this board, and the responses to his questions are, unfortunately, a reflection of that. I don't think you can judge this group by that, or assume that its members are elitest, monied or arrogant.
    And, while the question is, in the abstract, an interesting one, it is not likely to generate much useful information. You, obviously, have a tolerance for debt that others might not share; given that owning a ferrari can mean a $20,000 GT4, or a kilobuck vintage racecar, the cost of ownership is so variable as to make the question and the answers virtually meaningless. (Also, people generally seem more reluctant to talk about their finances than their sex life, which is telling).
    I am not getting down on Mr. Green by saying this. I think i speak for most on this board in welcoming anyone with enthusiasm, regardless of their means, background, education, etc. That even goes for Green, despite his frequently odd posts. Having said that, it might pay for you to linger a bit and get to know the players before you make any judgements. And, by the way, welcome...
     
  13. Ontogenetik

    Ontogenetik Karting

    Nov 2, 2003
    149

    Thomas I (Wax)
    Formula 3
    Username: Wax
    Post Number: 720
    Registered: 7-2003
    Posted on Monday, October 27, 2003 - 3:33 pm: **
    ------------------------------------------------------------------------
    Green - Remember the last time I made a push for you to be banned for your condescending remarks toward Jews?

    F•ck you and your Mother aka the Whore of Babble on.



    Exemplary comportment Thomas I.

    Mr. Green, if I were you I would have an attorney recite
    a number of very memorable fairy tales for Mr. Thomas I,
    in the process delivering a fairly potent sedative to addtl. literary apes.

    Thomas, for the record, have you also "made a push" for others to be banned for sexist, racist, threatening remarks, or are your ideals confined by the mob? And what was the action undertaken?



    >Remember the last time I made a push for you to be banned

    How ironic





    http://www.google.com/search?hl=en&ie=ISO-8859-1&q=%22israel%22+international+peace








    whart

    >(people generally seem more reluctant to talk about their finances than their sex life,
    >which is telling).


    Average Income of new Ferrari owner mr. green 85 3,881

    Ferrari Girl! Bikini #3!!! allanlambo 21 923 *


    Apparently, Mr. Green understands 'people' better than 'people' understand themselves.
     
  14. Robert Johnson

    Robert Johnson Karting

    Dec 8, 2001
    57
    San Diego
    Full Name:
    Robert Johnson
    Dear Mr. Green,

    I have looked into your post history and can justify asking you to pack sand because it looks as though the world is all about you, so it might be time for you to piss off into your little own world.
     
  15. Darolls

    Darolls F1 Veteran
    BANNED

    Jul 2, 2003
    6,799
    Full Name:
    Sparky
    Mr. Green and all-

    I don't have time to read the entire thread, but what I glean from the few posts I have read, is that 'Green' makes racist and prejudicial posts.

    If this is true, I suggest that Mr. Green leave now, or that he be sent into oblivian by the the powers that be (Rob Lay).

    In my book, anyone that makes slurs towards anyone else because of their race, religion, or other ethnic background, is not acceptable in this forum.

    If I perceived something that really isn't going on, I apologize, as I only read the last few posts!
     
  16. Dave

    Dave F1 Rookie

    Apr 15, 2001
    2,722
    Little Rock
    Full Name:
    David Jones
    I don't buy new cars...
    I would rather let someone else pay the premium to be the first on the block... and let them take the depreciation.
     
  17. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    Darrols,

    I am not a racist, neither am I anti-semetic. Why don't you read what I
    say before you open up your stupid mouth!
     
  18. wax

    wax Four Time F1 World Champ
    Advising Moderator

    Jul 20, 2003
    42,137
    SFPD
    Full Name:
    Dirty Harry
    Based on what? An assumption on your part? Read on.

    Yes, I have done so with ^"2"^ other users. Yesterday, in fact. Glad you didn't see the thread. What was being said might have pissed you off . Other than that, a few bigots directed inflammatory remarks to some of our Arab and/or Muslim colleagues. After I made several in-depth points about what is and is not *right* with a couple of these folks - they either agreed their assumptions were incorrect or shut up. Coincidence? Perhaps. Did someone else have them banned? I don't know.

    ^"2"^ = 1 person using 2 nics from the same city outside the US. Brand new accounts. Quite the spectacle. Not to be confused with even one of many of Green's internet personas which others have successfully requested be banned.

    Incidentally, I've never "followed" in my life.

    Green, as stated before, has had numerous accounts. Why? As stated before, he's been banned repeatedly. "The last time I made a push" referred to was in fact, very shortly before one of the Mr. Green accounts was closed yet again. At first, the reply was "no" - apparently I was the first to make the request - others soon followed, and the account closure was made. Again, that was the first time I've requested an account be closed. His or that belonging to other people. Again, the second was today - quite offensive.

    Let me describe Mr. Green's recent history this way:
    If you take a look at the links provided on my previous post, you'll see that his posts have something rather distinguishing about them. The dates and posts are bass-ackwards. There's a reason. He's been banned - with cause - repeatedly.

    September 25, 2003 - Mr. Green had at least 402 posts. You may not realize this, but this was not the first of his many accounts and not all of them used the name "Green."

    Oddly, during Mr. Green's absence, numerous accounts were opened - were quite inflammatory - and were subsequently closed by the moderators of this board. Coincidence? Perhaps.

    October 28 - Mr. Green had at least 56 posts before being banned yet again.

    Re-registered on October 29.
    23 posts made before changeover to new software.

    Do you see a pattern? Memorable fairy tales, indeed. You want a fairly potent sedative? Just bore yourself with the lack of imagination on the part of the individual you so gallantly defend.


    What do you think about Israel? Given the "irony" and all, apparently you have an opinion.


    How presumptious of you. Some Trolls I ignore - others - I kick in their virtual teeth, being the literary ape that I am.
     
  19. Mojo

    Mojo Formula 3

    Sep 24, 2002
    1,292
    Washington St.
    Full Name:
    Joseph
    Mr. green
    It appears like everyone here dosen't like you, so your always defending your self. Why not drop the name, turn over a new leaf, and try it again. Just an idea.

    As far as this thread, to me its not the cost of the Ferrari, its the potental cost if you lose an engine or tranny that you have to think about when buying a Ferrari. I don't make enough to take that chance. I guess Im not a gambling man.

    Cool I got my post back, thanks Rob. I know how boring that must be.
     
  20. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    Mojo,

    If your not a gambling man you probably will never own a F-car. People who own F-cars take chances in life. It's hard to own a F-car being Joe
    average. Ask yourself, are you willing to do what it takes to drive that
    rolling piece of art.
     
  21. Ontogenetik

    Ontogenetik Karting

    Nov 2, 2003
    149
    mr. green

    >Darrols,
    >
    >I am not a racist, neither am I anti-semetic.

    Forget we mustn't, Palestinians as well are considered Semitic.


    >Why don't you read what I
    >say before you open up your stupid mouth!


    Darrols: "If I perceived something that really isn't going on, I apologize, as I only read the last few posts!"

    It's good to drive. It's good to eat.
    It's good to ... (let me use your imagination).

    It's good to read.



    >are you willing to do what it takes to drive that rolling piece of art.

    And remember god did not create Man, Man created god.
    One should understand what it is, one is dying for.


    >It's hard to own a F-car being Joe average.

    The most beautiful/expensive mirror is that which reflects ... you.



    >Why don't you read what I
    >say before you open up your stupid mouth!
     
  22. Darolls

    Darolls F1 Veteran
    BANNED

    Jul 2, 2003
    6,799
    Full Name:
    Sparky
    Mr. Green wrote:
    I am not a racist, neither am I anti-semetic. Why don't you read what I
    say before you open up your stupid mouth!


    Mr. Green-

    By the context of your post, it shows that your self-earned reputation is well deserved.
     
  23. ART360

    ART360 Guest

    Mr. Ontogentik:

    Are you an ex-employee of Genetech? If so, did you know Herb B?

    Art
     
  24. 2tall

    2tall Rookie

    Nov 5, 2003
    7
    Royal Oak, MI, USA
    Full Name:
    Brett A. Summerer
    When I was making $90K I could have afforded a 360 if it was my only car, but I live in the snowbelt. The problem with that is that I wouldn't have been able to do any of the investing that I did so that I'm not at $90K anymore :)
     

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