Budgeting around the dream... Worth it?

I think the forum doesn't put up with much crap easily.
People get called out pretty quickly around here.

On Lpower, you will have your butt handed to you pretty quickly if one starts talking crap. The "take no prisoners " approach keeps the troll posts to a bare minimum.

Shamile

Freeze...Miami Vice!

 

Agree, a lot of good information in here regardless if the OP is going to update us on their decision.

 

This is the key!! If it is something that depreciates and you don't need it then don't finance it. If it is done depreciating and will remain at its current value or even possibly go up in value then the equation changes. If this is the case then it's most likely ok to finance. BUT as others have pointed out these cars are crazy expensive to maintain. I think the operating costs can go as high as $1/mile. Spend time on the 360 section to get an accurate idea of operating costs before you make your descsion.

 

This has been suggested several times but never acted on.

 

Is that 3400 “extra” to play with ...or 3400 total?

If it’s total it will be tight ...but..

I’m a believer in you only live once and could be gone tomorrow. I’m not saying live broke but the experience of what that car and how you feel about it may make it worth living tight.
Also as long as you buy smart i.e a car that has done most of it’s depreciating already. If you ever get into a jam you just sell the car and get most of your money back.

Me personally though I don’t like living tight. Nothing beats cash in the pocket so if I want to go out to eat I do, see a movie, make a purchase etc.

It’s different for each of us.

 

Either way will be tight - $3400 when dealing with Ferraris is pocket change.

There's really only one of two ways one can own a Ferrari:

1) having deep pockets and disposable income

2) wrenching on it yourself

 

If the 3,400 is £ or $ its going to be tight...but as has been said it priorities and risk appetite.

I had cash from mine, but financed some as I wanted the cash for something else. Not ideal, but I was prepared to do it that way as I "wanted" the Ferrari and could afford the finance costs so...! Oddly enough the issue I had with finance was the car wasn't expensive enough, it would have been easier to finance a 360/430 instead of a 348.

The maintenance cost and "fix" stuff that didn't get picked up at the PPI is something that needs considering. UK regular service costs are ok, but as everywhere, parts can be expensive. I also budgeted 10% of purchase price to "fix stuff".

The fix stuff that didn't get picked up in the PPI was a good one, and fortunately I can and do my own wrenching, so saved £ks, but got very close to the 10%.

(Nice to see another troll on here. I'm thinking of starting a thread for my crowd funding page, as I really need a F40 and think you all should pay. Hope to see you in my new post soon )

 

unintended good thread imho

—
Something else comes to mind in the can I afford it vain;;

Is it better to buy cash a 360 at btm of dep curve but w higher risk of out of war repairs OR
Finance new w war? But dep?

I bet some would be surprised to see the $ outlay of an old used f car can be higher than fin a new variant w war.


Which begs the question- who is the real baller here???? The chap in the financed 488 .. or the bloke in the old 360... riding w no warranty? ))

 

Can you please post with words.

 

Like any other car purchase, sometimes you can get lucky. You could buy the cheap Ferrari and it be a wonderful car. Although rare, it does happen. Customer of mine bought a 360 for 50k, and has needed nothing but ball joints and a transmission mount. So far it has been cheaper for him to own them his amg Benz. Luck of the draw, however I would not base his experiance as a starting point.

 

Obviously this thread has gathered alot of attention, and its served a purpose. It caught my attention and I think it has been helpful regardless of the perceived lack of interest from the OP. I mean does it really matter what he/she decides from our perspective? A simple "thank you" maybe.

Im looking at getting a 458/488 spider in about 3 years. My situation is a bit different than the OP: I have alot more income although Ive committed to much more mortgage and have student loans. My father was an accountant and raised me to not fear debt so long as the terms are favorable. He actually worked for a guy with considerable wealth that would still finance vehicles because the interest rate was low enough and he could make better return on investments at the time (you could argue that this will be changing). I am first paying down loans with at least 5% interest, paying down a loan on a rental property, and building savings (~2 years after tax salary, but including retirement) before committing additional savings as a down and maintenance fund before financing a used 458/488 spider (based on interest rate of course). Ive convinced myself that this is a sound plan. This sill be an expensive car but wont be crippling. For the OP, I think the figures are running a bit tight and under assumptions of ideal circumstances. Not sure if people in the UK have the same lack of preparation for retirement that we have in the USA, but I'd be worried about liquidating savings like that for a car.

It is interesting and helpful to just hear what other people have done, how older vehicles can run up quite a range of maintenance costs that are hard to predict even with a PPI. It makes me a little more comfortable buying a newer used vehicle although I imagine that wont be bullet proof.

I've been getting really inpatient reading this forum. I've visited the local exotic car shop like every weekend and I just sit in the 488 gtb or the superfast and smell the leather... Responsibility is painful.

 

I was just in Vegas, for $500 odd dollars, you can rent a 488 spyder. Imagine my surprise when i noticed it in the air port going home

 

As far as I'm aware, a lot of people in the UK are not prepared for retirement. I'm sure its similar in the US, but the pensions scene is very complicated (not helped by the government continually changing things), full of sharks, with very few safe ports to get actual sensible unbiased advise. I know people who are very financially savvy and when it comes to pensions they struggle. The financial advise industry is geared to either a) sell you a product or b) get you on a annual/monthly advise plan, with almost no options for one off advise.

Don't forget that the 458 will be over 10 years old on your time scales, so I certainly wouldn't count it as "newer"! Whatever replaces the 488 will be out/on the cards by then so your analogist today would be a 430. Its interesting to look at what cars are attracting the most "new" DIY threads / restoration threads. Whilst a few years ago it was 348/355s, it now seems to be 360/430s, so don't be surprised by the time you get there, 458s will be in this camp or not far off. Not necessarily a problem...but something to be aware of.

Agree being patient is hard. I gave in; and don't regret it at all; its only money! Being patient is certainly not one of my strong characteristics!!!!!

 

If you anticipate significant income growth, go for it. If this promotion is a likely upper end of your income, don’t.

 

3) Both

 

Lol...true, but you only need 1 or the other....both would be a bonus