For those who think they can't, to think again!

Heya people,

I just thought I'd share some thoughts of the day with the population of this board who are thinking of buying rexes, or Zs, or whateverelse of the like.

Do proper research into things if you REALLY want a Ferrari.

I never really even thought that I could lease a Ferrari. To me it was always something that you went out and bought for cash, when you could afford it. Well after some research on my own part, I found that for the money that I was paying in lease for a Jeep (yes you read that correctly) I could have had a 308QV (one of the older models that I personally like). I am kicking myself right about now for that, and just thought I'd share that with you so you don't wear your boots out kicking your own head in

Now I also know enough about finances to know that leasing a car is NOT the best financial decision, unless you are writing of off in your company. However, we all know that buying a Ferrari is not a "financial decision" ... it's a decision of the heart. If I bothered to research this about 25 months ago ....

 

yeah it occurred to me instead of my X habit i could have been in a GT4 by now... of course i wouldn't have had any left over for petrol and stuff but hey.

so give us your sums, i'd never contemplated leasing, but by the time i realize i'm wasting money i'll want to be getting enough on the black side of the accounts margin that i'll think it was silly to not do it for such a pittance.

 

Well basically I sold my ITR in a hurry (about 8k under value) cause I had two cars on lease. I was paying around 900 a month for Jeep lease (insurance, diesel, etc don't matter, you're going to have to pay that anyway).

For a 308 the lease is $1030 with a 12k deposit for say an $80k car (I was just going by ads online + red book).

So a bit of patience, a bit more planning, 12k deposit would have been a piece of cake, and $1030 in lease I could easily handle. But... history is history, and not much I can do. I am happy with a 350Z for now which I am going to modify slightly and track the crap out of.

I am of a mind set now of "if you don't have the cash for it, you cannot afford it" - when it comes to toys and leasure. I adopted this philosophy after some very bad financial decisions in the last between May 03 and Dec 04. Expensive mistakes have a way of teaching you good lessons.

As for habit X, some examples (from friend's experiences):
Smoking = $400 a month
Drinking = $800 a month (I am serious... I know some peope my age who spend $200 on a friday night, every friday night)
Drugs = $2000 a month (yep, know people who spend all their "savings" on such crap)

I am sure you all can think of others... (girlfriend = $5000000000 a month )

 

yeah thanks for that... my "X" habit is X1/9's.

drinking is probly about right but i managed to kick that $5000000000 habit. edit: should add this too:

so you reckon $1k per month and $12k deposit.... hmm, for now i'll stick with my X and see if it can make me happy, but it could be an option if i considered that i didn't want to have a car for keepsies... i'm **** at selling stuff, i usually just give it away rather than bother, leasing would be good so i can just give it back and forget it.

 

If only it were so easy. If you just give it back and forget it, they screw you by claiming it isn't worth the residual. You need to sell it or trade it, just like you owned it.

A word of advice, always pay cash for your fun car. Otherwise, it stops being fun.

 

my theory on leasing...

work out how much you are likely to drop on the car ie. a 348 paying niave prices will cost you $130k. To drop the car in a hurry you'll get $90k. Risk is $40k. Ask yourself, can you afford to lose $40k TODAY and is the absolute pleasure of owning and driving a 348 whenever it takes your fancy worth $40k (methinks yes ). If the answer is yes then put a $40k deposit on the car and lease it. You know that worst case scenario you can drop the car anytime and pay it out. If you don't have the $40k today then don't lease the car. Simple.

being able to afford repayments is never a problem - it's always being able to afford the payout.

mind you, buy the 348 from someone desparate to drop it for $95k and you'll be $35k in front from day one

 

Yep, I agree with it. Be sure to PLAN PLAN PLAN and know your figures inside out.

 

308QV hey? Probably my favourite "normal" Ferrari. Boy did YOU screw up!

 

Thanks for rubbing it in mate!

 

This is one thought provoking thread. If I were in a similar predicament, I would also consider the two 330GT 2+2's (se1 appox $68,000, and se2 approx $89,000) I saw recently for sale at Brooklands in Sandringham. What relatively affordable ways to get behind the wheel of a bona fide 1960s front engine V12 Ferrari!

BTW, if anyone has viewed these cars, could they give me any info on condition, history etc. Would be much appreciated!