Taking my first big step to owning my 1st Fcar

That's good thinking except that the 3 cars you mentioned will probably require more maintenance $ that the Cobra, but they will garner a hell of a lot more attention and you'll enjoy the sound a whloe lot more.

Ferrari's are intoxicating.

 

Maserati isn't a bad alternative. Depends on your taste, I tend to like the modern (F355, 360) cars more than the older. While you can't find F355's and 360's in the $40-50k range, the Maserati's are in that range and offer ALOT of car for the money.

 

Just a heads-up... Make sure you do your due diligence with researching the various aspects of ownership beyond just gas and parts - specifically, insurance. Unless you plan to insure your new Ferrari with your "regular" insurance company at sky-high rates, you'll want to go with a specialty company like Hagerty (who I use), Grundy, etc.

Most specialty companies, if not all, have *some* sort of restriction on insuring a car - be it driver's age, the car's value, the insurer's (you) daily driver, the daily driver's value, where the car will be parked, etc., etc.

In short, make sure you have all your ducks lined up BEFORE you have the title in hand...

 

That's good advice, especially since you are coming from a 96 Ford to a Ferrari. The insurance on my 308 is very low, but I have a milage restriction that you may not be OK with if you want to drive the Ferrari a lot. I agree that you should check out the insurance first! -m

 

"Unless you plan to insure your new Ferrari with your "regular" insurance company at sky-high rates"

Not always true. My rates with State Farm are far lower than any specialty insurer I contacted, there are no mileage limits, and I have greater liability coverage than the specialty companies would give!

My record is spotless and I have 5 vehicles with State Farm.

My 360 is $820.00 every 6 months! My CL500 is $860.00 every 6 months! Figure that one out!

 

Agree with this completely. don't take another step until you get insurance quotes, I'm a few days over 25 (ok a few thousand days over 25, so I can't provide any useful data), but I have a suspicion, when you agent hears: 23 / male / ferrari the rate calculator program is going to start smoking. since your driving a mustang cobra, you prob have pretty high rates to begin with so it may not be too bad. worth a phone call now IMO.

 

The same here.

 

Yeah but are your cars insured for a set value or market value? With my insurer, Leland West, if I total my car I get the amount I insured it for. Not some arbitrary depreciated value they think its worth. Might want to double check that.

 

"Yeah but are your cars insured for a set value or market value"

I understand this is a good approach, but how much more are you paying for this over time?

I looked at this option but I would have end paying $800-$1,000 per year more for this per vehicle.

What's the deal there? I would be paying for that value and maybe never use it! To me that makes no sense.

I am happy the way I am insured, and with 4 high end vehicles that can amount to a hefty amount per year. Not for me thanks. I'll bet the ranch on my good driving record.

 

Good point... I guess I wasn't thinking about upper-market-value cars like yours, but rather the 308s, Mondis, GT4s, etc. I pay under $300/year...I don't think my regular insurance co. could touch that.

 

I think it's a good step. Sacrifice something now so that you can have later what you really want.

Although though if I practiced what I preached a little better I would be selling my Subaru.

 

Me too. About 560 a year. Good points though GCalo

 

Here's how I look at it. Earthquake hmeowner's insurance-big scam.

When you purchase a home, you can't secure a mortgage w/o fire and liability insurance. The reason is that the probability not possibility of fire is very high. Much less fire probability for homes in the high end areas however.

Anyway, there is no requirement of earthquake insurance by mortgage lenders, because the probability of loss by earthquake is so low, lenders don't care.

So, here's the scam. Every time the ground shakes here the insurer's rattle their swords while peopl eare weak, and they sell big policies.

Go try to collect on one of those! The deductibles are so high, they would probably end up paying for nothing and you have paid into this regularly!

My MIL's house was badly destroyed by the Northridge quake but not badly enough to cover the deductible! What a joke.

Now if it burned as a result of fire, she could have fully collected. So, why do you think insurance companies now encourage folks to put ground shake sensors on their gas lines? Some insurers will even pay for the devices!

So, use common sense and apply good judgment to insurance policies.

They love to take your money but somehow don't speak English when you have a claim!!!