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This would be my first Ferrari

Discussion in 'New Member Introductions' started by Josiah, Sep 8, 2013.

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  1. Josiah

    Josiah Rookie

    Sep 8, 2013
    1
    #1 Josiah, Sep 8, 2013
    Hello!!
    This is intimidating as hell...

    I'm work in EMS. A Ferrari has always been my dream car, the company, the history, etc

    I have $20K saved cash (specifically for buying this car) and great credit. I'm looking at used, later models, as obviously I don't make a huge amount of money per year. But I am entirely debt free and have a stable job, no kids. I could realistically deal with $1,000/month in payments+insurance+maintenance.

    I am located in Colorado, about 30 mins from Denver.

    I am super open to any and all advice. I have searched everywhere, read so much. But nothing compares to actual experience.

    What do you (collectively) recommend for my situation?

    Thanks so much in advanced!

    J.
     
  2. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,664
    South East
    Full Name:
    Jimmie
    #2 greyboxer, Sep 8, 2013
    Last edited: Sep 8, 2013
  3. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,782
    Weston, MA
    Full Name:
    Paul
    #3 Nospinzone, Sep 15, 2013
    Be realistic with maintenance costs. Once you've zeroed in on a model, go into that forum to read and then ask questions. Good luck!
     
  4. buzzpics

    buzzpics Formula Junior

    Jul 22, 2013
    712
    Frisco Tx
    #4 buzzpics, Sep 15, 2013
    At that price range it would be a killer to finance along with maintenance costs (especially in your budget...mine isnt much better..lol). My recommendation would be to continue saving a bit more, and when you're situated with about $30-35k in savings purchase a 308/328 (maybe even 348) outright. These things dont take well to neglect, so the better a car you can buy outright, the better off you'll be in the long run.
     
  5. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    16,526
    Charleston, SC
    Full Name:
    Curt
    #5 vrsurgeon, Sep 17, 2013
    Have some other questions for you.. when you say "afford" a Ferrari, is this on top of your retirement savings? IRA? etc. Will you essentially be stopping any contribution to your essential savings to get the car.. in which case, save some more for a few more years and don't get married and have kids! :)

    Will you be repairing it yourself or will you give it to a mechanic? If you'll do work yourself it will be more affordable.

    Also would like to know what models do you want? Any? In that case it's easy. 308, mondial or ideally a 328. Get one, enjoy it and drive it until you can trade up to something newer.

    348- cheap to get but the maintenance will be expensive, specifically the engine out.
    355- My advice forget it unless its the only car in the world you want.
    360- More reliable. Mine has been very reliable as of late. With all the costs You'll exceed your 1k a month estimate though. 1k might cover your car payment..
    430 and later- above budget.

    I'd go for a 328 or 348 personally in your shoes, buy it for $37k or less and finance it at 2% and keep the 20k as a buffer or pay off loan. Ideally pick up the car for 30 ish and get the belt out service done (5-7k). Keep the money as backup incase you need it. If you hate the car or it becomes too expensive then sell it.

    Even as a doc I could have gotten a later model FCar, but putting $$$ for investment and retirement is VERY important to me. The 360 was the latest car that gave me what I really wanted and let me have ample cash in the bank and didn't drain my after tax income to heavily. In addition I financed it at 3% or less. Warning.. these cars can be great or VERY expensive... parts are not cheap even when you do it yourself. Don't fly too close to the flame kimosabe.. :)
     

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