Can I afford a 360

I bought my 355 in 2008 and financed $50k (I put $13k down) leaving my payment at $882. I have friends who pay $1500+/month for their S-Classes and 7-Series. My Lexus payment is only $369/month.

Thus, with the Ferrari and my DD I am still below their single car payment which doesn't include the wife's car, etc.

I'm comfortable and was only 32 when I bought it.

Buy the damn car. Who cares if you have to finance it. As long as you are comfortable then nothing else matters.

 

Extreme,

I'm in the same situation, only I'm in my mid-20s and considering a Lotus Elise. You'll have to let me know how it goes if you do end up making the purchase. Good luck!

 

You have to ask yourself how much of tomorrow are you willing to trade for today? I would personally say don't do it unless you pay cash but maybe I am old fashioned.

By the way, if you have more than 15k in cash, why aren't you planning on putting more down? I would think you'd be hard pressed to get a better after-tax return than the rate you'll end up having to pay to finance the car.

 

My thoughts...
You know your financial situation better than anyone here, so no financial advice from me.
First things first, You need to drive a 360 before you buy one and make sure that a 360 is right for you. Many of the cars that I thought I wanted to own, never made it to my garage after the test drive.
I'm not saying this is the case with the 360, just saying it is always a good idea to see how well you and a car fit together before a purchase.
Second, find a service location for your 360 in advance which has a good reputation among other Ferrari owners, and get info on a service routine and yearly expenses for the car.
And last, give your insurance company a call.

Good Luck!

 

+1




Unless u tell someone no one knows nor do they care

 

Do what you have to do to get the car and sleep comfortably at night.

Can't go wrong with a 355...pretty well fully depreciated (if you buy it right) and just oozes cool. Don't buy a 360 just for the extra HP. Ask yourself why you want the extra HP - plenty of current cars out there are much higher HP and quicker. It's not like you are going street racing (are you??). You don't need to blow anyone's doors off...you've already won...you're in the Ferrari.

 

I'm a newer member/owner as well, and I say go for it as long as your basic living needs are all paid off, such as your home and primary vehicle, and you don't have any other major obligations/debt. Do keep in mind that for some folks insurance can be outrageous, and as everyone will tell you, keep some cash ready for regular service and unexpected repairs (good advice no matter what toy you buy).

My personal thought was that I'm 43 and not getting any younger, and always wanted a Ferrari. My house and other cars are paid, and no other obligations. I don't have a trust fund or large income, but just enough that the payment is realistic, and the finance charge reasonable as well. I do have a rule that the cash for the purchase must be somewhere in my finances just in case the worst would happen, but using Ferrari's money made sense for me in this case. Like others have said, financing is a reality for many folks, and has allowed regular folks to realize their dreams.

Now when I die, this goal is marked off my "bucket list."

 

Good post Dean. I just bough a 2010 Civic with cash and my military retirement will pay my mortgage so i'm in a similar boat. I'm just waiting to get my civilian job, put about $25k aside you mentioned for extra (read...not routine) maint and such, and an extra $40k'ish for a downpayment. Then I'll be doing some serious shopping myself.

My best friend gave 20 years to the military and another 20 years of civil service to this country. He was diagnosed with brain cancer 2 months after finally retiring from 40 years of service to his country. Ended up passing away 8 months later, never getting to retire and enjoy the retired life he earned. So, when I'm financially able, I'm goin for it.

So you financed through Ferrari? May I ask what kind of options they gave you (terms, downpayment, etc)?

 

Doesnt the 355 have almost the same HP as the 360? With an MS exhaust, it can sound way better, IMO.

 

Ferrari has a 3-tier finance rate structure depending on your credit score. The last round numbers were from 6%-8% with 84 month terms available. I'm sure it is wildly variable depending on the applicant. As for down, they only specified the amount they would give me, the balance was up to me. In my case my outlay was 30% of the total purchase price with all dealer fees and tax/tag included. I didn't ask for other options as what they offered was exactly what I had planned for.

I was lucky enough to buy from a reputable Ferrari-specific dealer, and I did pay a premium price compared to all the low-ball deals out there, but the car is everything I wanted with no mystery in the history, as well as a fresh major service.

 

If you have that amount left over after a decent retirement savings deduction (at your age and income maybe $2-4k, not just "maxing out your 401k") and decent contingency for stuff going wrong around the house etc. then I can't think of anything better to spend it on

I bought private (with PPI), financed a small part of mine (CU) and got a great rate, saved tens of thousands in purchase and finance from going with a Ferrari dealer, marginal on a 430, not worth it for a 360 IMHO.

 

I went through a similar process. My sense is that many have. Just do your homework on the car and your finances. I almost made an impulsive buy on a beautiful grigio 6-speed F430. Knew nothing about the car but simply desired it. Cooled off for 3-4 months, researched the boards, and made an better-informed purchase on my current '06 f430. Interesting how it took only a week of driving to totally erase my previous trepidations. It's been amazing. You only go around once I don't think I'll ever regret this...until the exhaust manifold goes anyway.

Gordon