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Seriously thinking about a Ferrari, I have questions

Discussion in 'California/Portofino/Roma' started by cossie370, May 19, 2020 at 10:13 PM.

  1. cossie370

    cossie370 Rookie

    Tuesday
    3
    Full Name:
    Thomas
    Hey guys,

    Assuming our world doesn't come to an end, I have a feeling I would have a Ferrari in my garage soon. I know you guys would say get one as you are mostly bias, but there are couple of questions I would like to ask you guys anyway.

    1. I have a house with a two car garage, expansion and moving are not possible. I would have to buy a shop/warehouse to actually house this extra car. Is anyone doing that or am I crazy to even think that way?

    2. With a lot of people working from home now, how do you feel about having an extra car that you might not drive other than the one day you decide to get out and get some sun.

    3. While I don't expect the car I want (12-14 California) togo up in value, I don't want to lose my son's college savings on it. How realistic is it to drive it while keeping most of its value? I am guessing I would be getting a car with 15-20K miles and I drive 2-4K miles at the most as it would be strictly be a weekend car. Do I actually have to ditch it at 30-40K as anything over 40K is consider high mileage?

    4. What is so special about your Ferrari? I am going to be honest with you guys. From a financial point of view, I am not sure if it will ever makes sense. The car won't be tracked as my other cars are likely faster. It's not practical. I also don't go crazy on the street anymore. I am getting the bug because it was a childhood dream. I woke up one day and realize I am very close to going from a lower middle working class family to being able to buy a (used) Ferrari. I can probably get a new one if I sell my other cars, which I won't.

    5. Going back to 3 for a second. Do you guys feel the pain to have it drive to far away places? I mean like 100-200 miles away.

    6. Any advice you can teach the newbie?
     
  2. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    10,708
    South East
    Full Name:
    Jimmie
    Spend lots of time reading this section - most of your queries have already been answered

    Cali is designed for miles & outdoor life & long journeys but will depreciate
     
    Il Co-Pilota, BLAMPEE and SLViper1 like this.
  3. SLViper1

    SLViper1 Formula Junior
    Silver Subscribed Owner

    Mar 25, 2014
    368
    Nashville/Destin
    Full Name:
    Steve
    (Just do it, searching is half the fun)
     
  4. uhn2000

    uhn2000 Formula 3
    Silver Subscribed

    Oct 15, 2011
    1,803
    Toronto
    Full Name:
    Joe
    Welcome to the passion/drug ..hehe :) Yes many of us have storage issues, I think I have cars scattered all over the place (well until our new home is done). There is no shame in having a car you don't drive everyday, sometimes doing that makes it more of a special event. Don't bet on a car going up in value, it might maintain but not up.... thats my crystal ball. Nothing is like a Ferrari, once you are in you will wonder what took you so long, I have lots of brands and I think its a special one. Drive it all you want my friend these cars can handle it.. my FF has 42,000kms when I sold it. The rest you can search, happy Wednesday :p
     
  5. tomc

    tomc F1 World Champ

    Apr 13, 2014
    19,370
    DFW, Texas
    Full Name:
    Tom C
    1. Consider something like this if you have space.
    https://www.shelterlogic.com/shop/department/outdoor-storage-buildings/garages

    2. Fantastic. Working from home for ~ 3 years now. More productive. More control over my work schedule. Get up early, get some work done, reward myself with a drive in the Cali.

    3. I hate to tell you, most would consider 10K high mileage in F world. My Cali has 25K and is likely considered a hooptie. Tell your son to study hard, get a scholarship and go to a state
    college. If he gets good grades let him drive the Cali from time to time. :D

    4. Similar profile for wife & I. To us, the F-car is a reward for hard work. When I was 11, I lived in a storage room. To now look down @ the cavallino on the wheel, from time to time, I have to pinch myself. If your financials are sorted, and you can afford it, go for it. As a wild-a$$ estimate, my Cali has cost me ~$5K/month in the 4 years I got it. Lock, stock & barrel. Purchase price, gas, insurance, maintenance, repairs, FCA & dealer events, etc. If you can swing it. go for it. If you're gonna worry about $$, wait until the financials are in order.

    5. I have arthritic back, hips, shoulder, etc. 100 - 200 mile trips are OK with the heat seater cranked up, and a pit stop or two to walk around and stretch. It's not as comfy as our Cayenne, but it is comfortable.

    6. Talk to local F-car enthusiasts about local service/dealer options for F-cars. Some are highly reputed, some less so. In my opinion, your relationship with dealer/service is just as important as the sales experience. To be honest, one of these days I am going to jinx myself telling people how reliable our Cali has been, and it has, but still you're likely going to spend a good bit of quality time with a Ferrari tech. This isn't a mass-produced Honda. It can be a fickle Italian steed. Especially as they are now approaching 10 years old for earliest models. The good news is, that circumstantial evidence suggests that the more you drive it, the more reliable they are....T
     
  6. DavidPutty

    DavidPutty Rookie

    Jan 19, 2020
    6
    Chicago
    A low mileage certified California from a dealer will likely be an extremely nice car and someone else ate six figures worth of depreciation. Plenty of them out there.

    I bought one like that and it still smells new, engine/suspension etc is still clean like it just rolled out of the factory

    Sent from my SM-G930V using FerrariChat.com mobile app
     
  7. Mohamed Haider

    Mar 21, 2020
    10
    Massachusetts
    Full Name:
    Mohamed Haider
    I bought mine about 6 weeks ago and was kicking myself that I should have done it much sooner. Its a 2011 with 33K miles on it but it drives amazingly well for a 9 year old car. It was dealer maintained since day one and was driven regularly. I have had issues with past toys that sat in the garage more than they were driven but the toys I used regularly never had issues. Personally while the low mileage cars are appealing, I prefer ones with a few miles on them as the chances are better than any bugs have been sorted out by the previous owner. I don't buy them with the intention of breaking even. Case in point, my BMW S1000RR bike accumulated 50K miles in 4 years - keep in mind that I live in Massachusetts so year round riding is not an option for me.
     
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  8. XSpeed

    XSpeed Karting

    Jan 6, 2019
    108
    Full Name:
    SX
    Don't burn your savings if the price of the car is less than 10% of the money you have in the bank or stocks or whatever.

    What happened in last two months will change everything and it will affect everyone in the most unexpected ways.
     
    m5shiv and tomc like this.
  9. Mighty Joe

    Mighty Joe Formula 3

    Sep 3, 2010
    1,004
    Atlanta, GA
    Full Name:
    Joe
    I have owned Ferrari's for 10 years now and honestly have regretted it for "Zero" minutes! I'm on my 4th F-car and I love these things! Life is short!!!
     
    BLAMPEE likes this.
  10. MarcoDLC

    MarcoDLC Rookie

    Thursday
    2
    Tennessee
    Full Name:
    Marco DLC

    TOMC, was that a typo, 5k/month or year?
     
  11. tomc

    tomc F1 World Champ

    Apr 13, 2014
    19,370
    DFW, Texas
    Full Name:
    Tom C
    Hi Marco. Welcome to F-chat!

    Per month. All in. Purchase price is probably 2/3 - 3/4 of that amount.
    I put aside a few K per month into a "slush fund" for a few years, and when it
    got to a respectable amount - and my wife got sick of me going on about one day
    owning a Ferrari! :D - we payed cash for the Cali.

    If you remove the purchase price, I would guestimate ~ $1,500/month.
    Again, all in. Insurance, warranty, gasoline, annual service, repairs, going to
    FCA and Boardwalk events, new tires (2x), new key, new titanium wheel caps,
    etc., etc.

    T
     
  12. MarcoDLC

    MarcoDLC Rookie

    Thursday
    2
    Tennessee
    Full Name:
    Marco DLC

    OK thanks! and thank you fro the welcome...I was a long term lurker and when I moved forgot to change the email (now defunct) so had to do a redo :)

    I am on the prowl for a CPO California T...I am trying to follow the mantra if you can't pay cash, don't buy it. Glad my wife didn't see it would be 5k month in services :) I think I am less than 6 months away from a cash buy so almost there!
     
  13. tomc

    tomc F1 World Champ

    Apr 13, 2014
    19,370
    DFW, Texas
    Full Name:
    Tom C
    We thought abt financing since interest rates were super-low, and one can always employ the $$$ invested elsewhere.
    Our test was, if the F-car bursts into flame tomorrow & is a total write-off, would that prevent us from putting food on the table, funding our retirement plans, doing other things we enjoy, etc.
    We are blessed that the answer to that Q was "No!", so we went all in to make the F-car & it's been great.

    Where are you in TN? (We used to live in Memphis) Depending on where, you could be close to either F of Atlanta, or the dealer in NC.
    Good luck and post up pics when you find your T!

    T
     
  14. alex

    alex Karting

    Dec 19, 2003
    55
    Crystal Lake, Illinois
    Full Name:
    Alex
    Tomc we went the cash route as well. We saved for a long time and then made a careful choice based on what we could afford and what made the most sense for us. Sounds like $1500 per month for maintenance, gas, storage (if needed), license plate fees and insurance is about right, depending on where you live. If you live in a cold climate, you will need winter tires if you plan to drive when the temperature is under 45 degrees. And then there are expenses for special drives, social events and the odd t-shirt or cap! Of course the figure can be higher depending on the level of involvement you choose. You have to feel at ease when you go into the purchase. You want to have fun, not be constantly preoccupied with finances.
     
  15. cali2012

    cali2012 Rookie

    Apr 27, 2020
    5
    Full Name:
    Giulio Novarese
    Hello there, I can tell you one thing Marco, it is a lot of fun.......especially if you can do some work on the car yourself.......codes reader, oil change, battery,spark plugs, engine mounts.....for the rest it is just so much fun. Just bought this 3 weeks ago.
    Regards to everybody
    Image Unavailable, Please Login View attachment 3191421
     
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  16. cali2012

    cali2012 Rookie

    Apr 27, 2020
    5
    Full Name:
    Giulio Novarese

    Attached Files:

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  17. tomc

    tomc F1 World Champ

    Apr 13, 2014
    19,370
    DFW, Texas
    Full Name:
    Tom C
    Agreed on all accounts. You said it much better than I...T
     
  18. tomc

    tomc F1 World Champ

    Apr 13, 2014
    19,370
    DFW, Texas
    Full Name:
    Tom C
    Now that is more like it. Think the black roof on red car is a great look. Enjoy and congrats!

    Now go and move that hanging bike in your garage, it's making me nervous looking at!

    T
     
  19. cali2012

    cali2012 Rookie

    Apr 27, 2020
    5
    Full Name:
    Giulio Novarese
    Tom it is just a car.......:) you can fix it......
     
  20. alex

    alex Karting

    Dec 19, 2003
    55
    Crystal Lake, Illinois
    Full Name:
    Alex
    The black roof on a red body is a stunner! Enjoy!
     
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  21. tomc

    tomc F1 World Champ

    Apr 13, 2014
    19,370
    DFW, Texas
    Full Name:
    Tom C
    Touché!
    T
     
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  22. Il Co-Pilota

    Il Co-Pilota Formula 3
    Rossa Subscribed

    May 29, 2019
    2,112
    Copenhagen
    Full Name:
    A.B
    Welcome.

    1 and 2. Meh. What ever works as long as you are not far away.

    3. Forget all about regaining value. This is not a collectible. It is a mass produced car and even if you don't drive it, it will depreciate. If you're digging into the college fund, don't do it. Consider what you spend on it a loss. Not only does it have high general running costs, but some service items are expensive. Don't for kne second by into the notion that the brake discs will last forever, because they won't. And when you take your Csli to your dealer for brakes, they will hand you a bill for 25 grand. Don't worry about the depresiation or running costs because there's nothing to worry about. It will depreciate and it will be expensive to run. Want the most value and get your moneys worth? Use it as a daily driver.

    4. Not sure I follow you. Have you driven a Ferrari? I suppose it is one of those things where you either get it or you don't. If it excites you and makes you happy, that's the allure.

    5. It's a car, and it is intended to be used as a car. Shop in it, vacation in it, take it to work. It won't melt in the rain and it won't burn in the sun. It is fine for long trips. 200 miles is nothing. Some of us do that in half a day just for the sake of going for a drive. My personal "record" for long driving is driving the 488 to Germany from Copenhagen Friday afternoon arriving late evening. Sleep then run about 700-800 km on the Nurburring track during Saturday, then drive back to Copenhagen that same Saturday night. That's about 3400 km with about a fifth of them being on track. Can this be done in a Csli? Of course.
    Now as far as track goes. Don't think about it like that. Most don't track their Ferrari, and even fewer track their Cali. The Cali is for all intentions a GT, not a track bred race car. Then again, the only Ferraris that are races cars, are the race cars. The rest are street cars of which some do really well on track.

    If you buy a Cali, buy it to use it. It's a great car and a great GT. The longer the trip, the more you'll connect with it.

    If running costs, mileage, worrying about parking and devaluation is your thing, this might not be for you. What's the point if you cannot relax and enjoy the experience? My suggestion is this. Rent a Ferrari for a long weekend once the country opens up and take it for a trip with the Mrs. to experience it first hand. That's the best way to get an understanding of what it is about. I'm not trying to discourage you, but be realistic about it and consider your options. There are so many false assumptions about Ferrari ownership, and it can really ruin the experience if you buy into them. The two main this are that for one people assume the cars aren't comfortable or reliable, and the other is the notion that any Ferrari will retain value if not driven. Both are not true, and both is also why the statement "just drive it snd enjoy it" holds true.


    Good luck on your journey.

    Sent from my SM-G930F using FerrariChat.com mobile app
     
  23. cossie370

    cossie370 Rookie

    Tuesday
    3
    Full Name:
    Thomas
    I think It will happen, just waiting for the market to settle itself out. The problem isn't buying the car, the problem is that I have to buy another place to house the car. It's another big investment I have to make before buying the car. I got out today during my day off, I saw tons of vacant office space and warehouses. I am going to wait on the real estate side to settle out first. It's only a California, there will always be one available.
     
  24. alex

    alex Karting

    Dec 19, 2003
    55
    Crystal Lake, Illinois
    Full Name:
    Alex
    Remember that modern Ferrari's need to be on a tender when not driven. You will need a space with electricity. That was one of the issues we faced with ours. In the off season we are storing it at our dealer which is located 25 miles away! Hoping we'll eventually find a place that is closer.
     
  25. cossie370

    cossie370 Rookie

    Tuesday
    3
    Full Name:
    Thomas
    I identified a place that is 20 miles from home, the other place is 60 miles away and my wife won't let me do it. It's more expensive, my goal is for it to drop about 10-15% and then I can buy it.
     

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