Does anyone here make under 6 figures and still own a Ferrari?

I see nothing wrong with a Fcar and a single wide.

 

Just look at all the people who are in "their own homes" the pay for 50 years and they still may not own it.

If you love cars, just trade something of equal value for the Ferrari and it won't set you back further than say a 2 week vacation every year. {Depending on the model of course}. If you don't vacation, there you go. Your payments can be in lieu of a 2 week jaunt every year. Besides when you factor in the costs of a new Honda/ Toyota plus the gas, insurance, maintenance a well maintained Ferrari won't be much more in the year to year
costs. I'm either very close to buying a 355 or pulling my hair out, so I've done my home work, just do the math and find out if you can swing it.

If you have/ like a motorcycle, the same rules apply. Dump something of equal vale and you get the toy at no additional cost.

If you can't or will be strapped for cash all of the time, then don't. I've sunk a lot of cash into a few cars that were NOT worth it and I resented the car. I couldn't imagine how I would have felt if it was my last buck.

Also always have a few grand to spend on the car. Checkout some common parts for the car you want then checkout some common issues about the car you want. Some parts/ maintenance are reasonable and some are out of control.

 

Its got to be per week. How could anyone live on only that much per month??

 

I'm a blue collar guy like many here. I've always had some kind of cool car ever since I was in college over 25 years ago. I started out with an Olds Cutlass as my first car, it was decent and I took excellent car of it. After a bit I uptraded for a 442, then onto a Chevelle....etc. etc. Anyways to make a long story short, I just kept going up the ladder in small steps from musclecars to vettes and finally onto my first Ferrari...a 1987 Testarossa that had a few issues but was mechanically very solid. I have learned to do all my own work on the Testarossa, and over about 4 years I had the car in good shape. I eventually sold it and stepped up to a 1989 Testarossa and will work on this car until I'm ready to jump again. I make less than 50k a year, and I do at times scrimp and save and cut back on the social life a bit to get parts that I might need for the TR. I save thousands by doing my own work. I also have a home equity line of credit that helped to purchase the car. This way the car is free and clear, and I can claim the interest on my taxes. I will admit it isn't always easy to keep things going, but if you plan ahead and use your brain you can get a Ferrari without being rich. I also have a 2002 Beetle, a 2001 Audi A8L, a 1971 SuperBeetle, and a 1989 Ford F-150 truck. So if I can do it....so can most anyone else. The key is to research, plan, use self-discipline, buy smart, ask those in-the-know, and have the skills to do some basic mechanical stuff.

 

First of all........Drive one!
Find out what its really like.....and get hooked!

Enjoy F-chat and learn from this outstanding group of people everthing you need to know.

Work like Hell!, (and use common sense)

Make a choice! (owning one would end the dream)

and....

Most F-chatters don't own a ferrari on a variety of reasons.
(not only financial)

 

I live in a van down by the river. Gets pretty cold come January.

 

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but seriously it is possible to own a ferrari just replace new pos car with no style with an old 308-328 costs near the same only now you have an f car.


ie don't ever buy brand new cars that arent fcars, heck don't even buy those new and spend as little as possible on your daily driver think used toyota corrola always buy a used minivan for the kids and then spend all that extra on your 20 year old fcar, i work with folks paying over 700mo for the newest bland suv's that money can buy expeditions/tahoe's and the like to each their own but I could get alot more out the 45k folks are plunking down on those land barges.

 

A lot of good advice here! I would say "TheCarReaper" had a good point!
As I started to look for my first, I started with the 308 then 328 ..now the I make enough for my dream 355 Spider. When I finish paying off the Mac Daddy Family Truckster, The same payment will easily pay for my first. The best advice would be No credit cards! Home equity loan is a great thing as you can write off the interest! Now on the verge of my first Ferrari, the bikes will actually move out of the garage to make room for the 355. I hope mom has some basement room because my wife won't let me have another bike in my bedroom or kitchen or living room again! -- AH the memories!

 

The whole premise of this question is being asked wrong. First you need to ask yourself "what Ferrari" are you considering. Obviously an Enzo, or a vintage 250 would be a considerable amount of money to couph up. When you begin to consider 6 figure cars, you probably have to be making a good 5 figure income and have some cash squirreled away or some creative financing to pull it off. But its been done.

The point is, we should be comparing apples to apples. If your making $30K a year, a 355 is probably out of your range. But a 308 shouldnt be. For today at least. A 308 GT4 is the cheapest Ferrari you could buy and own right now. Decent cars are selling under $20K. On a 10 year $20K home equity loan, you could have a payment under $200 month. If your willing to have daily drivers that arent brand new, and can do repairs yourself, this is all very doable.

And its true, you wouldnt want to park a Ferrari out alongside a single wide in a park, so just move. It always amazes me that people would keep living in crapville with high insurance rates and ripoff niegborhoods, and not move away to some more decent area. If everywhere else is simular to here, housing in the city is always far more expensive than rural areas. Couple in the high insurance rates of the city, and getting out can really make a major difference.

 

Hey we weren't talking about YOU! LOL.

RMX

 

I am still having a belly laugh about it!

 

OK Mondial coupoe can be had for 15-20K... I had an 85 that I nought for $18,000. Drove it for six months then sold for $21,500. Deals are out there... car was perfectly reliable and 90% as fun as a 355 (and 1000% more fun than a Maxima). Good luck in your search!

 

If you live in Miami and are just starting out and have not purchased a house then the answer is probably no. First of all, you need a garage. The cheapest house with a garage will run you $350k. Including yearly insurance ($3000) Taxes ($6000), you will have a big mortgage on your hands. About $2900 a month. If you make $75,000 a year or about $4500 clean a month then you cant!

If you bought a home in miami 5 years ago, then your mortgage should only be about $1400 and you can. (equity loan!)

If you live in a less expensive part of the country then you still can.

If you live for these cars and nothing else matters (home, wife, kids) then anything is possible.

 

Yeah! I bought my 308 while I was a cashier at Safeway!

I'd always wanted a Ferrari, so I got a loan for an old motorcycle. Paid it off, sold it, and bought an old kit car. Paid it off, sold it, and bought a Delorean. Paid it off, sold it, and bought my 308. Easy!

 

Sacriledge! I have never sold a guitar in my life (consequently I own 14 with more to come....)!

Then again, I have also not sold a Ferrari yet either but own only one

As people here have said - it's all about priorities. For me, a Ferrari was not enough of a priority to really save up for it when I was earning in the 60k range (4 years ago). I could have bought a 308 if I had wanted to but I didn't want to give up the nice holidays. I've now crossed the divide above 6 figures (just, but I don't pay tax at the moment) and first bought the dream guitar (a custom Martin), then the house (1 year ago), and then the Ferrari (two weeks ago). Other people would have put the emphasis on finding a wife or starting a family - it's all about what you want from life and what will make YOU happy.

Take your time to weigh up the options, then put a financial plan together, and then stick to it and make it happen. It'll bring a smile to your face for decades to come, that I can guarantee!


Onno