Time To Buy

There have been a few threads about this and most of the insiders think the poor outlook will at least remain poor and some think it will get worse {I do as well}. Do a quick search and you'll find what cars people should buy now for a good deal and what cars will be good deals later. I think a thread like that is still active.

 

There is a mystique about owning a Ferrari -- any Ferrari --over practically anything else. People 20 years from now will be saying the same thing.

20 years from now you'll be telling people about the time you owned one. Would you be saying that about a Porsche Cayman? A Corvette? Unlikely.

It will be the same issue with resale value, provided that operating costs (fuel, maintenance, insurance) don't kill exotics in the future. While your mass produced Cayman is being recycled for scrap, someone at the same time will always be looking for a great classic Ferrari in any condition.

So, if you can afford one, then just do it and don't look back.

But, buy what's right FOR YOU. If you're going to spend that much on a car, get what YOU want and don't sweat the small stuff. Get the model you want, color you want, the options you want, the condition you want, etc and pay a little more if it means doing so. Shop around and don't worry about the lowest price. Do your reseach first and shopping second.

What's most important is that you spent your money on something you really wanted rather than whatever the lowest point in the market held at the time.

 

Good points. I would rather have a car of my dreams which is the right colour with the right options, even if it's slightly less desirable to others and the resale value lower.

 

I would look at the prices you quoted as the price of 'entry' not the price of ownership.
These cars are not cheap to maintain. They have needs. And you are talking about an 8-10 year old car, which will have more needs, even if treated well so far. PPI and full history would be critical in any case. And, when bargain shopping, all the more so.
They are great cars. Owned 2 of 'em. But don't buy one thinking that it is a small leap pricewise from buying a new Porsche. And, certainly don't buy thinking you'll have a collector's item.

 

Out of the modern day Ferraris I like the 550 for a different reason I like it for nearly the same reason I like the 612 but I can't put my finger on it. I still wouldn't buy a 550 yet I would wait until after the summer and somewhat deep into the fall of 09. But if it makes you happy and you know you may not be getting the best deal this poor economy will offer, then so be it. You've been more logical about this than almost anyone before you. Your mind seems clear about everything. If I were you, I would start looking hard right away.

 

wait till July-Oct, prices will be much lower than today

Thats when I'll make my move

 

Great point. I people overanalyse the market and forget what Ferrari ownership is about. If The Right Car comes along, and the price isn't stupidly out of line, it's time to buy.

If you like 550s, the painful depreciation is done.

Absolutely. Cars don't depreciate simply because we flip a page on the calendar. Parts age and wear out. If you look over the pile of receipts for my 328, which is much simpler car than a 550, you'll get an idea of how much of it has been replaced over the last 22 years. The total spent on service probably adds up to most of the original MSRP.

 

Financial market decline accelerates the lose of value on older vehicles including Ferraris. There will come a point when these modern exotic cars have repair/maintenance cost that's too high to make sense for even the enthusiasts. What happens then? Will used Ferraris travel down the same ally as used Jaguars? I hope not, but only time will tell.

 

The 355, 360, 430, 456, 612, 550, 575, 599 and Cali. will all be cheaper then. You can save a lot of money. Think about it.








Happy shopping and enjoy the ride.

 

Wait 5 years? For what? I say, what a waste of LIFE.

Back in September, I went to the hospital with some minor chest pain. My doctor says I need a complete bypass or I won't live a week. Three months later, I'm better than I have been in 10 years. But, I have a different time table now on things I want or things I want to do.

The future cannot be predicted. Live for today. You never know what tomorrow will bring.

 

I have to agree with your comment that "if you can afford one, then just do it and don't look back". If you find what you're looking for then buy it. If you wait for the prices to go down then you may not find what you're looking for.

 

Tongue in cheek. I was out enjoying my cars the last couple days.

 

AMEN!!!! There is entirely too much space on when do I buy-how much will I loose-should I wait till next year, next summer? Yes we should always be concerned and not do something stupid when buying-have we forgotten the reason we buy a Ferrari? Is it not for the drive-the sound-the smell-the comradery! There is WAY WAY too much chatter on the future-no one, no one knows where the market (car or financial) is going.Sure prices are impacted by the market-DUH! As stated if you can afford it today-go for it- the man says "drive it like you stole it" and smile while your doing it!!!

 

You are right. We are in a good time to buy. There has been a big adjustment and I don't think it is a bad time.

Now, please excuse me while I go out and enjoy another drive.


Like I said. Happy shopping !!

 

Seems like there is always a lot of good reasons not to buy, if that's your mind-set, and always one very good reason to buy.

 

How many people were waiting for car prices to drop, or to be able to buy a new car as MSRP? A lot said they were but apparently few stepped up to the plate when it became available. Looks like a lot of people were poseurs, wanted the car, but didn't want to make a commitment.

Art

 

If you want a 550 dont spend time justifying it just get the car. It is a whole different ballgame from a cayman. Running costs are going to be huge, figure spending 10-20k unexpectedly in the first two years. EVO magazine ran a slightly used 550 for a year, the numbers were eye watering. It would not stop me if I wanted one, but then I am a car addict. If you are more practicaly minded there are better choices. Personaly for not much more you can get a zr1.

 

Hats off to Mr. bdelp, I for one am with you 100%. I have been researching my first Ferrari purchase, F355 6 speed manual, spider perhaps (need more input with regards to chassis flex), tour de France blue, ... Why do tommorow what you can to today.

 

Agree. You only live once and Ferrari ownership is awsome if you can affford to at least do it once before you die.

 

...and go buy a Ferrari. It's good for you, your brain, your cardio vascular system (all that washing and polishing) and the economy!
And please drive it!