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What are the benefits to leasing a VINTAGE Ferrari?

Discussion in 'Ferrari Discussion (not model specific)' started by Smiles, Jul 8, 2004.

  1. Smiles

    Smiles Moderator
    Moderator Owner

    Nov 20, 2003
    14,107
    Pittsburgh, PA
    Full Name:
    Matt F
    I was looking at SF355's post on leasing, and got to wondering...

    I've seen the Putnam ads, and they will lease older cars. How exactly does that work on cars that don't depreciate?

    Let's say I've found my dream Daytona for $130,000. What would the residual be? What would the monthly payment be? Would the lessee need to purchase some sort of extended warranty, or otherwise agree to maintain the condition and value of the car?

    Is the rate usurious? If not, wouldn't that be a great way to choose a Ferrari: "test drive" it for the cost of the money, for as long as you like?

    --Matt
     
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  3. Erik330

    Erik330 Formula Junior

    May 8, 2004
    667
    Ohio
    Great question. I'm interested as well.

    Meet my new company car, a 275GTB/4.
     
  4. Kds

    Kds F1 World Champ

    It all comes down to cost and use of money, so the kind of car that you are wanting to lease is just one of the variables in the equation.

    An important variable mind you......as it pertains to future value.

    If you wanted to lease this car here in Canada I could set you up with a $50K down payment or even classify it as a refundable security deposit. You'd have "interest only" payments for a 2 year term as one example. The rate would be in the 8.5 % range. Approximately $560 a month. But you'd better have "gold balls" to get this kind of deal.

    You could also get a lease with the buyout around $70-50K after 24/36 months respectively, with a $30K down payment. That's roughly $ 1,825 a month over the 36 month term at 7%.

    This are both fully "open-ended" leases wherein you are responsible for the payment of the residual value. Therefore mileage charges and maintenance/wear and tear issues do not come in to play on these leases as you can't give the car back and walk away.
     
  5. thecarreaper

    thecarreaper F1 World Champ
    Silver Subscribed

    Sep 30, 2003
    15,974
    Savannah
    Full Name:
    I NEED A JOB
    leases suck. either own it out right or wait until you can. its a classic. it wont loose tremendous value. why would you give the equity to someone else when you can drive it for 3 years and sell it and get your money and all those smiles. just my opinion.
     
  6. Smiles

    Smiles Moderator
    Moderator Owner

    Nov 20, 2003
    14,107
    Pittsburgh, PA
    Full Name:
    Matt F
    Wow. So it is usurious.

    Kds, do you mean that if I put $50,000 down, I would still paying interest on the full amount ($130,000)?

    What does the expression "gold balls" mean?

    Thanks,

    Matt
     
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