It all depends on your focus and why you want the car. NOW BE HONEST! If it is to impress your friends or win the heart of your woman, find new new friends and a different woman. If you want the car because you have gasoline in your veins and the dream is what gets you out of the house and out into the rat race each morning, then do it. You only live once, and waiting until your old enough to pay cash means you may be an old man...Moreover, you can NEVER justify the purchase of depreciating luxury when examined in the cold light of reason, so don't even try. Forget reason and live! I bought my first sports car twenty years ago with a montlhy payment that was ONE HALF of my monthly salary. I was not even close to owning a home at the time. I loved it and getting behind the wheel of that car on may favorite canyon drive was worth every penney. All these years later, I can now either do cash or finance, depending on the circumstances and the car. I understand the guys who hit it big and then look for outlets for the wealth in the form of a Ferrari. I'm at the other end of the spectrum; I loved cars first and the money came mostly because I was motivated to satisfy the car habit. End the day, the REAL question is how bad to you want it and why? If you rank your Car lust right up there with eating and shelter, you'll find a way. If you listen to alot of the advice in this thread and take it to its logical extreme, we should all be driving Toyotal Camrys and saving for our children's inheritance. To which I say poppycock. You can't take it with you, and have you even seen a hearse pulling a U-HAUL?
I posted earlier on this thread but wanted to add something. When I buy any type of high end exoctic I already plan how long I am going to own it. What ever I feel the depreciation is going to be I pay that up front. The rest of the cost for the car I heloc with one of the rental properties. If I am off on the depreciation Then I pay off the difference while driving the next car. This almost always puts me in a positive value situation on the car I am driving. If I had to fire sale the car I could at any time and most likely generate funds in doing so. I would rather not use my cash reserves to purchase a High end auto or boat. Just doesn't make sense IMO.
Cash. You'd better get your "needs" paid for before you start looking at "wants". Note: Your Grampa would probably tell you how dumb you are for financing a Ferrari before buying a home...he'll be much prouder of you owning a home.
I agree; Ferrari ownership isn't that impressive if the rest of your living situation doesn't match up.
I think by getting to deep into it some people missed my questions. In my previous post I stated that I plan on purchasing a home first, and in my first post I stated that I might actually invest in an additonal income generating property before purchasing the Fcar. The purpose of my post was to more so get everyone's opinon on what they felt was the best way to finance the vehicle. Thanks again everyone for your opinons, I appreciate it. I think i came to the conclusion that i will focus oni business and aquiring my first piece of real estate and then move on to the the next and see what positon I am in until i feel like i can afford itlike any other car. I have no problem entertainign a loan term loan. Like i said i plan on owning the car for a while. Actually, I think i am going to rent one for a weekend one of these days just to have that memory burned in my head every day when i wake up.
JohnnyHooks, I am glad you are going to rent one first. Might be a good idea to pre-determine whether it is really for you. As for the note about people getting too deep into it and missing the question, it is like I said at the beginning of this thread! People always answer what they want to answer, never focusing on the question. There is good and bad to FChat; that is the bad. too much self-absorption! Anyhow, I hope you come to the right decision; and, in the meantime, SUBSCRIBE TO FCHAT! It benefits everyone. Thanks, Joe
I think the posts here are very much informative. People go to the trouble of answering, and some go to the trouble of trying to get into the shoes of the questioner. That is being sincere--not self absorbed. When asking the question about "financing methods," it is a perfectly acceptable answer to suggest something that the questioner has not considered. In this case, rather than answer "use a home equity loan," or "try a high end leasing company," or "go to your local banker and get a consumer loan," some people on this thread suggested that the buyer reconsider his underlying proposition altogether--and those opinions are worth something. Check my history of posts and you will see that I freely admitted that I lost my ass on a real estate deal--had to sell the Ferrari among other toys. That sucked. (By the way, I paid cash for the Ferrari I sold then. Now, I have no car debt at all.) Now that I have recovered and turned it around, but I did not consider buying a Ferrari--until I had cash in the bank to cover it. My advice is to buy a lesser car--it is still a Ferrari for Pete's sake.
You are right. I was focused on the other parts of the message. Hence, the use of "totally disagree" was wrong. Mea Culpa. Fchat RULES!
Great thread with a lot of people opening up their personal "stuff"; thanks. Gotta say though, Johnny, just stick to your guns and do what you want. Asking people's financing questions is fine, but don't try and defend your reasons for WHY you want the car; you come across too much as "trying to explain it to Dad". In the end, YOU, and not a bunch of folks posting their opinions on the interweb, are going to have to pay for the damn thing! You know what the best thing is for you.
