458 - Buying A 458 Italia Was A Mistake (So Far) | Page 2 | FerrariChat

458 Buying A 458 Italia Was A Mistake (So Far)

Discussion in '458 Italia/488/F8' started by FFan5, Jul 1, 2020.

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  1. rlips

    rlips Formula Junior

    Jul 29, 2011
    959
    New Jersey, USA
    ok, i'll jump in here....This is simple: a Ferrari is a Luxury good. It's an extravagance. It is (rarely) any kind of asset or investment. As such...it is...wait for it...EXPENSIVE!


    Expensive to own, expensive to service, and expensive of opportunity cost of capitol. So, if you have the money, and want to spend it, go ahead...enjoy. But realize you are spending money on an expensive toy.


    Rant over;)
     
  2. wthensler

    wthensler F1 Rookie
    Silver Subscribed

    Apr 27, 2015
    3,149
    Gator Country, FL
    Full Name:
    William
    Wife and I are in lovely Sarasota for the 4th, and coulda, shoulda, woulda brought the Spider, but I wanted to bring my bicycle so I can ride up to Anna Marie Island. Believe me, it was hard leaving her behind.

    I’ll never regret my Fcar purchase, nor look it in terms of dollars and cents.
     
  3. Randyslovis

    Randyslovis Formula Junior

    Jul 7, 2011
    897
    Atlanta, GA
    Full Name:
    Randall J Slovis
    I may be one of the few who appears to understand the math AND where you are coming from. I turned down a Speciale when new as I (A) had my 458 spider and (B) wanted the Speciale A.
    As I wasn't willing to buy 20 other cars to get the A, I was "stuck" with spider.
    Had I taken the Speciale and driven it the same number of miles as my spider it would still be be worth sticker.
    That is WAY less than my spider has cost.
    BUT, I didn't want another 458 coupe so I knowingly "paid" for what I wanted.
    At the end of the day, I think doing the math is important. At least for some of us, making a large purchase can affect spending in another area.
    Be it a luxury good or not, $ can and do affect what I think of a product, vacation, meal, etc.
    For now, the spider has been worth it.
    I can only hope your math does not interfere with that!
    Best
     
    Need4Spd likes this.
  4. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed


    William, you should have driven the 458 and rented a bicycle while you are here in town. Be careful riding your bike along GMD. Remember, Sarasota is the home of the newlywed and the nearly dead. Best , Kirk.
     
    defiant and wthensler like this.
  5. Underblu

    Underblu Rookie

    Apr 21, 2016
    11
    You can't really do hindsight investment calculations like that. Unless you want to make yourself crazy.

    Look at it this way, you could've bought the SPY for $282 panicked and sold at $162 back in March and lost $120,000 with no enjoyment to speak of.

    And sure you could say, "I don't panic sell'. But I post regularly on Rennlist and during the height of the meltdown, that site was thick with doom and gloom prognosticators suggesting a multi-year great depression. I was mocked for being an optimistic. I guess some folks missed the Fed pulling a rabbit out of a hat.

    Bottom line. There's nothing more valuable than time. You bought a beautiful car, exactly how you wanted it it and enjoyed it for two years. If you can't clearly see that in the ledger of life, you are way up, that's on you.



     
  6. wthensler

    wthensler F1 Rookie
    Silver Subscribed

    Apr 27, 2015
    3,149
    Gator Country, FL
    Full Name:
    William
    Thanks Kirk, great idea for next time. Managed 44 miles to Anna Marie Pier and back. Enjoying a wonderful dinner at Element in town, guy just passed in his Aventador. Wife liked the snorting noise and says Lamborghini has cooler names. LOL! Next time I’m in town I’ll bring the Fcar and we’ll meet up, I’ll give you a heads up!
    Image Unavailable, Please Login
     
    italiafan likes this.
  7. IloveGT

    IloveGT Formula 3
    BANNED

    Oct 17, 2015
    2,419
    never met a Korean who is rubbish in Math!
     
    AtomicPunk88 likes this.
  8. IloveGT

    IloveGT Formula 3
    BANNED

    Oct 17, 2015
    2,419

    I don't think the game of exotic ownership is healthy for your mind.
     
    DOWORKFCAR, GT2goneF and xfrgtr like this.
  9. Texas Forever

    Texas Forever Seven Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    75,370
    Texas!
    Put down the calculator. Wake up before daybreak tomorrow and drive. If the car doesn’t move you, sell.


    Sent from my iPhone using FerrariChat
     
  10. XSpeed

    XSpeed Formula Junior

    Jan 6, 2019
    408
    Full Name:
    SX
    that's called the lottery effect. after the winning numbers are known, you can make up all the stories you want to convince yourself to whatever opinion you choose.

    The thing is, you did not know any of this at that time.
     
    GT2goneF and Texas Forever like this.
  11. michaelo

    michaelo Formula Junior
    Silver Subscribed

    Mar 25, 2006
    350
    Tn.
    Full Name:
    Michael O.
    This thread gave me a headache!
     
    GT2goneF, Mighty Joe and xfrgtr like this.
  12. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,686
    You’re biggest mistake was violating one of my most cherished rules:

    Buy the most special car you can truly afford.....

    Instead, you bought a mass produced car (by exotic standards) that you knew would depreciate hard based on market history.

    Would I love having a 488? Sure, but in my financial position I can’t afford a lot of depreciation, so I opted for the most special car I could afford (05 Ford GT). So I couldn’t truly afford a 488.....being poor sucks
     
  13. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    Your rule does seem to be holding up, although I doubt it always does. But I like it. It looks like a 360 CS with 60k miles on it would have cost more to own than a 360 with 60k miles on it. For me, I'm going to keep driving my Italia and buy a Speciale when some driven ones hit the market, if any owners are actually doing that.

    At the moment, I'm tracking 57 different investments I've made, from Bitcoin to houses to indexes to REITs. I also track some investments I passed on against the ones I chose. I will track the performance of all of them. I will analyze my mistakes and wins. It's just who I am and how I got here from working at K-Mart. Maybe I shouldn't do that with the car, but whatever, it was fun for me. I don't bemoan my money mistakes. Whatever works for you guys, great, keep it up!
     
    Texas Forever likes this.
  14. mdrums

    mdrums Formula 3

    Jun 11, 2006
    2,172
    Tampa FL
    Wow...thats way to much mind boggling math to think about. Jeez just enjoy life and buy what you can afford to go have fun with. When you are to old to get in and out of these cars I would say those great memories are worth more than 50-60k extra in the bank....you can't take it with you!
     
  15. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    I agree that you cannot take it with you! I'm not trying to die with the most money, I am just fanatical about never working for someone else again. I'd rather do hours of math than have to work at a company that doesn't go in the direction I want. No Ferrari is worth that. About $1.6MM from now I'll be assured to never have to work for someone else barring hyperinflation, war, etc. At that time, I'll stop doing the math on toys, probably.
     
  16. Tarek307

    Tarek307 Formula 3
    Silver Subscribed

    Sep 26, 2018
    1,294
    Long Beach, CA & Alexandria,Egypt.
    Full Name:
    Tarek Salah
    man you sound like you're a lot of fun at parties lol
     
    RayJohns, AtomicPunk88 and GT2goneF like this.
  17. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,686
    No it always seems to work.....

    I know a guy like you, very smart guy...always tries to invest smarter. I finally figured out that he doesn't care about money, he loves the mathematics & philosophy of investing. He cares not about losing money, but losing itself....being wrong about something.

    No, we don't invite him to parties.....
     
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  18. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    If you EVER, AT ANY TIME, get bored, you got the wrong car, FROM THE BEGINNNING.
     
    Shark01 likes this.
  19. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    I don't think it is crazy at all. I could have bought a Pista or even an SF 90. I just don't fully like either one of them. If you buy a car with the hopes that it won't depreciate, you are making a mistake from the very beginning and might as well not buy any car, for that matter. I have built my F8 to my liking. I initially had an idea to spend not more than 300 (excluding taxes and other fees). I then thought. I don't like any other car as of now. I do not like McLaren or Lamborghini for me to own. I don't see myself ever getting V6 Turbo Hybrid either. So as if now, it seems that this is it. I built it with very little holding back and I will spend 400k or a little over that. I didn't build it thinking of depreciation. I built it because that is how I like it and want it and as such, I will enjoy it. I think it is a very nice spec. When I drive it and when I take it to places, I guarantee that I nor nobody will be asking me, thinking or telling me how much I am losing by the minute. Enjoy the damn thing. If I paid a lot or paid less... It doesn't matter because I will enjoy it. The best thing God created was tomorrow. Money comes and goes. Since there will be tomorrow, I will be able to make more money. Material things remain. My car will live beyond me. I will therefore live on through it. In the mean time, I will create good memories.
     
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  20. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    Too funny
     
  21. 997_T_u_r_b_o

    997_T_u_r_b_o Rookie

    Nov 14, 2020
    35
    Full Name:
    Steve S.
    Awesome! And so true!
     
  22. scuderia-seat

    scuderia-seat Karting

    Jan 27, 2018
    52
    USA
    Full Name:
    late apex
    you made the mistake of paying cash and losing your liquidity;
    current loan interest rates are tolerable and the putting the cash in the market as you describe would address both of your issues;
     
  23. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,686
    Buying toys with cash is NEVER a mistake.
     

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