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  1. Charlie Goodenough

    Feb 18, 2018
    22
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    Charlie goodenough
    #1 Charlie Goodenough, Feb 18, 2018
    Last edited by a moderator: Feb 18, 2018
    Hey Ferrari owners I am making money at a pretty fast rate now(and in case I sound like a hillbilly I am from Texas) about 2,400 a day and I was wondering what would be a good first Ferrari, I dont like the new ones as much and like the 355,348,360, mondia, and 550 the best which would be the best of these cars or do you have any other suggestions.

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    I dont know why I said 2400-10000 a day I meant a week from my (fun side job) which is selling old European cars like jaguar and mercedes.
     
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  3. titus2669

    titus2669 Karting

    Oct 4, 2017
    77
    Sacramento CA
    Full Name:
    Titus
    I would save up as much money as you can. Have a large sum for rainy days and other put a large chunk into an account for retirement. If after this has been said and dont then you should start saving for a ferrari. Make sure you the cash set aside before you jump on a deal and dont forget to have some cash set aside for maintenance and unforseen expenses. I would pick the 355 or the 360. Do your research before you buy as each car will have its ups and downs.
     
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  4. Viperjoe

    Viperjoe Formula 3
    Silver Subscribed

    $2,400/day? Then go for a LaFerrari.
     
  5. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
    14,554
    Charleston, SC
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    Curt
    When I was looking to buy mine back in 2009-2010, there were several ads I’d come across at low prices. I’d ask “Why are you selling?”, and they’d always respond “I don’t want to.. buy I have to sell it.”

    Don’t be one of these people.

    I was irritated with my wife when she said “emergency fund first”. So I did and I’ve never touched it. Save some money padwan. Then if your income is puffed up enough buy it, or use a low interest loan. Also factor in maintenance and repairs and of course... taxes on that income to the gubment! Oh and at 19... insurance!

    You don’t want to make all this money, buy a Ferrari and then have to sell it to pay taxes next year... ;)

    Be careful... is it a stable income or seasonal. When I was your age I might have gone out and bought a car versus saved it...
     
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  6. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    4,652
    Yep, this dude is ballin at $600,000+ per year.
     
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  8. G. Pepper

    G. Pepper Two Time F1 World Champ
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    Mar 15, 2012
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    George Pepper
    Thanks for the laugh!

    A Ferrari should come after you have other aspects of your finances secured in terms of a portfolio.
     
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  9. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
    14,554
    Charleston, SC
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    At 19 though you never think beyond what you’re doing for dinner or the weekend. We’ve all been there. :) I used all my money for my education at that age, which lets me look back and say “I don’t regret a thing”. If I’d spent a ton on a car that I really couldn’t afford because I had a few good months (it doesn’t last)... I’d look back and say “shoulda woulda coulda”...

    At that age though you don’t listen to the wisdom you’re offered...
     
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  10. Viperjoe

    Viperjoe Formula 3
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    On a more serious note, one should carefully note the austere and prudent advice so eloquently noted in the above posts. I am compelled to add, however, that three life threatening events within a six month period does tend to reinforce the YOLO concept, and induce spending that one might otherwise refrain from.
     
  11. toggie

    toggie F1 World Champ
    Owner

    Nov 30, 2003
    18,453
    Virginia
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    Toggie (Ron)
    #9 toggie, Feb 19, 2018
    Last edited: Feb 19, 2018
    A Ferrari 360 Modena is a nice car.
    You can get one with a 6-speed stick-shift at a decent price still.

    I used to own a 2001 titanium colored 360 coupe.

    The 360 comes with 400 hp and the engine service with belt change can be done without removing the engine from the car.
    There is an access panel behind the seats that lets the mechanic get to the engine.

    As far as money management, you'll have to make the call on balancing between "saving up money for your future" versus "enjoying life along the way".
    Either extreme is bad for you.

    .
     
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  13. Charlie Goodenough

    Feb 18, 2018
    22
    Full Name:
    Charlie goodenough
    The great thing about being a middle man between dealers is there is often no taxes, luckily I got a big net and I can admit my dad did help me, but other than Ferrari I was considering lotus, r8, and xkrs. I do just hate how insurince kills teens but fortumintly I only hqve a month left till I will be 20
     
  14. Charlie Goodenough

    Feb 18, 2018
    22
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    Charlie goodenough
     
  15. Charlie Goodenough

    Feb 18, 2018
    22
    Full Name:
    Charlie goodenough
    I listen to wisdom or but some times I take risks the first car flip I did was at 13 when I bought a 83 mercedes for 500 and flipped it for 2,500. I am still considering the cheaper lotus, alfa, r8, and another jaguar
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  16. azlin75

    azlin75 Formula Junior

    Jul 16, 2017
    785
    Kansas
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    Shawn Hicks
    Id have to agree, at your age the best advice is to start stocking money away while you are healthy and it will have plenty of time to grow into a nice nest egg. If your pullin in 2500 a week id at least be putting $5500 per year in your 401/ira/ whatever retirement fund you have and then investing an additional $25000 in the market per year. That would still leave you with 100k before taxes (not counting credits for IRA contributions). Then start a savings account to get at least 30-40% of the value of the car you want to buy in cash, lets use a decent 02 up 360 modena as an example. Lets pretend this car is 80k and you intend to save 40%, which is 32k. Use 20k down and finance the rest. Lets assume you get a loan at rate at 5% at 48 months, your payment would be just over $1400 per month. What about that other 12k I saved you might ask? That is your rainy day fund for when your stuff breaks, needs misc repairs, or there is stuff that needs done right now.

    Another trick you could do is purchase a 2009 Maserati Granturismo Sport with the F1 transmission. Like getting a Ferrari for half the price.
     
  17. G. Pepper

    G. Pepper Two Time F1 World Champ
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    Mar 15, 2012
    26,277
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    George Pepper
    The last manual cars for mid V8's were the 360/430, attainable front V12's 550/575 (There were a few 599's, but they are big bucks now). If you are thinking of a V12 I'd get a 575 if you can swing it, or a 550 if you can't. The 360/430 is much more likely to kill you if you are not a disciplined driver. Glad I had a FIAT when I was 19.
     
  18. Carnut

    Carnut F1 Rookie
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    Nov 3, 2003
    3,711
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    Morrie
    Life has a way of changing, and as I tell my sons, what you want at one age will change, as you will as you get older. That said, you can have as much or more fun in an Alfa 4C (and get one new with a warranty) or a Lotus Evora 400 as you can in any of the Ferrari's you mentioned. Both are capable sports cars that are equal (and if you want to do some mods) or better cars than the Ferrari models you mentioned. There are many reasons people choose to buy a Ferrari, for some (and I see nothing wrong with this), it is a way to reward themselves for the work they have done in their lifetime (you are not quite old enough for that one yet). For others it is like anything else that is flashy and says I'm successful, and then there owners who see these machines as more than cars they are about the history of the brand and the Ferrari experience. Then there are guys like me, we just like to drive them. Which one you are, well that is for you to decide, you have been given some good advise here, but as it has been said you will probably choose to take the advise that suits you. My advise buy a 4C or a Lotus, leave the Ferrari as something you aspire to after you have some more miles on your life. Best of luck!
     
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  19. Raydog9379

    Raydog9379 Karting

    Jan 10, 2018
    131
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    Ray
    1) Pay off any debts, as a young person my advice would be that you need to have 0 credit card debt each month. 2) Save money, plan for a 6 month emergency fund bucket and retirement. 3) Then start thinking about play money.
     
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  20. A348W

    A348W Formula 3

    Jun 28, 2017
    1,671
    North Wiltshire, UK
    All really sensible advise....but you only live once.

    I bought mine last year, possibly shouldn't have, possibly should pay more to the mortgage but I have some savings and a reasonable pension provision, and having had a few people pass away around me way too early...what the hell. Its only money!!!

    At the end of the day, unless you are unlucky you shouldn't loose too much on a Ferrari if you buy sensibly and maintain it properly. So man logic would say the Ferrari is a savings account of sorts, although you pay any interest and cost of maintenance etc. Maybe you get lucky and make money, but I wouldn't count on it.

    Its a fantastic community, the cars are awesome, I've got some great trips planned for this year and really looking forward to it.

    At your age, I'd get the Ferrari, do a couple of serious road trips with a hot girl, go to club meets etc. and see where you end up. At 19 there is plenty of time to earn more money, but do put something away along the line wrt pension...the absolute best advise from above. It might not seem important at your age, but looking back, if I'd started a pension scheme earlier, my pot would be looking much rosier now!

    As to the other cars you are thinking about, the acid test is..... put yourself in one at a set of traffic lights. A Ferrari pulls up next to you. Do you think a) I have the coolest car (and there is no answer where an Audi is the correct answer, other than a group b rally car) or b) think...shi*. I wish I had bought the Ferrari, that looks and sounds soooo cool!

    Good luck in whatever you decide to do.
     
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  21. Chupacabra

    Chupacabra F1 Rookie
    Rossa Subscribed Owner

    Sep 30, 2005
    2,643
    Behind a drum kit
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    Mr. Chupacabra
    My two cents - if you can responsibly do it, buy what you want now, it's cheaper! I learned that the hard way when I bought a new Porsche because I believed all the malarkey about Ferraris being "soooo expensive to maintain" and requiring "major services like airplane overhauls" (I've owned an airplane - BS!!! OK - maybe a neglected 355). What I really wanted at the time was my 348. The Cayman S is a great car, but in the two years I owned one it depreciated around $20k. That's roughly twenty years worth of 348 major services!

    I invest in businesses that pay me well and also earn a good amount from my "real job" - music. I always look to maintain a very healthy amount of cash on hand - not billions by any stretch, but a respectable amount. I do not play the stock market, I look sideways at many conventional means of accumulating retirement, and I try to only buy things, including cars, that are of high value and don't depreciate like falling rocks. Money in the bank if they need to go, and I hopefully had enough fun that if I do have to take a little bit of a bath, that was just the price I paid for the good time. You state you are interested in older models, which I think is a good place to start especially as far as value is concerned. Get a three pedal, well-maintained example of any one of the cars you listed, keep it in good shape, and if it has to go I doubt you'll lose much if anything. I have two cars (911, 348) from that same era that have cost me a very normal amount to maintain and have modestly appreciated since I purchased them. How many cars can you say that about?!

    Not saying any of the advice you have been given thus far is incorrect. Just a slightly different point of view. My outlook seems to have changed very little since I was nineteen though, so maybe I'm simply destined to remain immature and you should stay away from anything I have to say :)

    One cautionary word, and this is something I try to think about every day - how long can you reasonably expect to maintain your current level of income? Try to think of every possible scenario (you can't, but it's a good exercise) and what you would and could do if the worst case were to occur.
     
  22. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
    14,554
    Charleston, SC
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    Curt
    If you were 19 and you pulled up next to any woman or guy in a Ferrari the ONLY thing they'd be thinking is "Does his Dad know he's out in his car?" -or- "I hope he doesn't scratch his Dad's car when he's out in it."
    The exact opposite you'd want for that experience.
    It's one thing to be in a Ferrari driving around then take a date to a nice restaurant and then some shopping.. and then there's driving around in a Ferrari and stopping at an Arby's for burgers.
    At 19 I actually could have bought the Ferrari, but didn't have the income to live the lifestyle.
    Now because I invested in my education... I have the life, not just the car. THAT's the lesson we're trying to convey. At 19 I wouldn't have listened. (OTOH I was in a Porsche 924 and then a 928 when I was 22)

    FYI WHEN that happened to me at the stoplight when I was 23-24 it wasn't a Ferrari (I would just and say "one day"), it was a BMW 3-series while I was in an old beaten Porsche 924. I was a bit jealous admittedly. I wondered if I missed out on something that I was in such a ratty car when others were in such nice rides. It's the rabbit and the hair. Now on weekends when I'm in my car I don't wonder anymore.
     
  23. thorn

    thorn F1 Rookie
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    Aug 7, 2012
    3,203
    Tallahassee, FL
    You have a good income, but I'd first ask:

    - how much $ is in your checking account?
    - how much in savings acct?
    - current monthly expenses?
    - is this current income going to continue, as far as can be logically determined?

    Depending on the answers, dropping $70-80k on a car may be an ok idea, or a terrible one.
     
  24. 19633500GT

    19633500GT F1 Veteran
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    Nov 9, 2010
    9,323
    Blueberry
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    Muffin-Tops
    Find a model you like. Then simply crunch numbers. If it makes sense on paper and after some intuitive thought. Go ahead and buy what you like. If it doesn’t make sense, wait and save a little longer until it does.

    As the above has said.

    6-12 months of savings “just in case”
    Money set aside for taxes, I’m assuming you’re reporting it if you’re flipping cars, if you’re not...
    Cost of living- day to day month to month calculations
    Retirement set aside
    Higher education. Far more important than a sports car 1/4 into your life.
    BUT. If it all adds up and you CAN, then do it.
    Just make sure it makes sense.

    People always preach above “7 lines of income”

    I like to plan the other way too. If everything goes to hell, where can I pull emergency funds from. I want 7 viable options. A car. An account. A fund. Anything. If it all makes sense. Go buy!
     
  25. yunita

    yunita Rookie

    Feb 2, 2018
    18
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    yunita ar
    subscribed, this seems like a very interesting thread[​IMG]
     
  26. azlin75

    azlin75 Formula Junior

    Jul 16, 2017
    785
    Kansas
    Full Name:
    Shawn Hicks
    I'm not rich, nor am I poor by any stretch however my, the great woman she is, insists on a minimum of a 6 month cushion. It's come in handy a few times. She also has the new stipulation that when I purchase my plaything that we put the same amount into savings as the payment is.

    I say payment because I can't pay for a 100k car outright, but I can make a 30-50% down payment depending on final negotiated price. How I'm able to do this is from a combination of paying off debt, not having to invest as much in my business, and having acquired and renovated some rental properties. I wish I would have saved more in my youth, I could have been far better off and had to invest far less then I am now for retirement and could have reached this point at least a decade sooner. But having said that I don't regret the life I have lived as I had a lot of experiences many of my friends haven't, and I'm not broke now.

    What ever the op chooses I certainly hope debt reduction and savings for retirement are at least considered before making any large purchases for leisure.
     
  27. paulchua

    paulchua Cat Herder
    Lifetime Rossa Owner

    Jul 1, 2013
    13,661
    Menlo Park, CA
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    Paul Chua
    Only you know what you like the most. Any additional parameters you can provide? (do you have to have stick, convertible, 2+2, front-engine/mid-engine, v8/v12, etc)
     
  28. ago car nut

    ago car nut F1 Veteran
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    Aug 29, 2008
    5,081
    Madison Ohio
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    David A.
    Buy a Ferrari that won't depreciate much. Then If would need money, sell it. Plenty of good advice from above. But when you are that young, thinking about the future and retirement is a long way off. Be responsible with your life and you will be ok.
     

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