who is the youngest and oldest ferrari owner here?

Not one, but TWO high power cars for a kid who just got his license. Wonder what the Dad drives?

What is the kid like? Is he the kind of kid who beats the heck out of the cars and acts like a snot? Just curious.

 

You have (2) 360's right? Out of curiosity, what do you do to make that kind of money?

What do the rest of the 24 and below crowd do to get these cars? Whatever it is...congrats!

 

Wow, I'm out of the running too. 21 when I bought the 550, 22 now.

--Dan

 

Quote: "incidentally mondial85 i just read youre in indianapolis.. did you go to college in IU Bloomington? thats where i am"

No, I go to college in Ohio. Have lots of friends at IU though who love it. I can be sure Im gonna have a good time whenever I visit IU!

 

Good thread! Well at the age of 25 I do not have a Ferrari but that's ok for me right now. I am jealous of all the young guys on here that have already taken a shot at owning a Ferrari and hold nothing against those whose parents hand them to them. Everyone is delt different cards in life and I am ok that I have not had a 360 drop into my lap. Honestly I would feel much better after working my butt off for years to be able to finally walk into the dealership and point out the one I want. As long as you stay determined something is bound to happen.

 

Quote: "To all the young Ferrari owners: Can I ask what you pay for your insurance and with whom? I'm thinking of buying my first Ferrari sometime soon (I'm 20), but I'm worried that the insurance will be really ridiculous."

I've bought my 308 at age 23 (August 2002). I've found insuring it to be fairly reasonable... State Farm. Every discount known to man--"former" good student, accident free, multiline (renters/homeowners insurance), multicar (87 SAAB 9000t -- 203k miles!), anti theft, "Steer Clear" program for "young drivers" etc. Both cars are $100/mo right now. Just learned the 308 is going to go even lower when I turn 25 (currently rated as youthful driver on it!).

My story is simple. The passion was there for a long time. Went to graduate school doing computer stuff, did well, had fun, and got a good job after graduation. No student loans, no debt. (I worked between one and three jobs--all reall, all with W2s--throughout college.)

No debt, young, decent amount saved, good 401k. Getting the 308 just seemed to be the right thing to do, especially with a reliable and paid off daily driver (the SAAB referenced above).

I think many folks who are in this situation--no debt, good income, some savings, and a reliable daily driver car--could feasibly investigate $25k to $30k for a 308 or maybe a little more for a mondial / 328. That said, price of admission is low--I've spent about $12k in upgrades and repairs and general restoration... Not unusual for these cars. Another month, it'll pretty much be perfect .

And that's the story of how you do it. I think there's a lot of people out there hesitating, a lot of people with the means but who otherwise may be more conervative. It's takes a fair amount of gumption to actually buy it... Not to mention deal with the many colored and varied reactions of people who have trouble reconciling the idea of somebody this young owning a "Ferrari."

Example: This morning. Carpet cleaner guy, good guy. Comes in through the garage (steps are carpeted) and looks at the 308... Looks at me... Then goes on.

 

how many times have i said that landscaping is extremely profitable?? Where i live 85% of people have their lawns cut. If i didnt go to college and was home in the spring and fall, i'd cut also.

 

Just because you have a ferrari doesnt mean you have to show it off to people everywhere. If you leave it out, thats what people will think you are doing, which will garner bitterness. Drunk college kids...well you know what i mean.

Keep it safe unless you are taking it out for a nice drive.

Just my opinion.

 

There was a member here that got his 308GTS QV at the age of 18. His name is BretM in NJ, but he hasn't posted here in a while. I think he was working at Classic Coach & was very busy with school.

http://www.ferrarichat.com/cgi-bin/discus/board-profile.cgi?action=view_profile&profile=bretm

 

Good man!

 

Three weeks ago when I was in San Fran, George Lucas went into FoSF and bought a Modena Spider.........for his 10 year old son.

 

I was 23 when I bought the 365. Bought it when I was in grad school. I hit 30 this week and I still have it (and the degree).

 

You have got to be kidding me! What the hell good does a 360 spider do to a 10 year old? He cant even drive! Besides, when the kid can drive, the car will be "out of date".

 

One question for those who have bought the Ferrari when young - was it a 'limiting' purchase, ie. by acquiring the car were you able to have and do other things or did you spend most/all of the money in the car.

I am a believer (for myself) that the car/house/etc. should always be a maximum percentage of one's net worth, ie. car = 10-20%, house = 50% and so on for a balanced lifestyle. So if one has $100,000 in savings (stocks, bonds, bank), car should be worth 10-20K (and no house)...and so on.

What does everybody think of this?



/Dan

 

How the heck did you get a 550 Maranello at 21?

If you don't mind my asking...

 

Uldamia: I drove an old MB in college, and got a little flack for it - even though it was an 88, many people don't understand the $ values of things and just buy into the brand name for good and bad. I had people accuse me of being a vain, spoiled, materialistic rich kid out to exploit people, when I bought the car with scholarship money for a little over three grand, come from a rather indigent background (esp. given the F-chat crowd), and bought it because it wouldn't break down as much (and my folks had the same old car, which they also bought used/12 years old).

People will judge, and that is that. Now, you shouldn't let it bother you, especially if it is your own car, but don't put it past people to be haters, which will only get worse if they know its your Dad's... college kids want some sort of equality - if you have a car like everyone else's, that's fine, but if people feel you're showing them up, they get sensitive. Of course, your friends who get rides will think it's juuuust fine! That's just from my own experience.

DanTm: I disagree, for myself at least. Your formula is great for saving, and if you follow it you would be a PAW (prodigious accumulator of wealth) by Millionaire Next Door standards, but that certainly wouldn't work for everyone. I know I certainly don't have the patience to wait for $100k in savings before buying a $20k car! It's almost impractical, really - when you're young you have expenses.

Besides, sometimes things like Ferraris can get you into social circles with business connections that will *lead* to investment opportunities, instead of waiting around pinching pennies. And many careers offer potential to have your cake and eat it too (ie. Ferrari and house and investment $$)... if you were saying you wanted to be an elementary school teacher and have a Ferrari, your approach *might* make more sense, but I'm skeptical.

 

ryalex - I agree with your first paragraph directed to me, but I disagree somewhat with the second.

Basically the way I see it, it's very few cases where having a Ferrari (or any other exotic for that matter or 'percieved' high end car) will help in the business world. There were some threads earlier where Fcar owners had a second (or third, etc.) car such as a Taurus for business meetings with clients and so on.

Personally I have a sports car which looks better than what it's worth, but is still seen as an expensive car here in the school circles (similar to your MB experience).

As far as penching every penny, I agree with you, definitely it's not the case of saying: 'let me accumulate $100K so I can buy a 10K car first', by cutting all corners. I was more or less talking about a life-long philosophy


/Dan

 

Oh yes, well when meeting with a client or potential sale is one thing - in many instances you want to lay low (although I'm going into law and can avoid this somewhat, certain types of attorneys are expected to be successful) - but I was talking about having Ferrari/exotic owners friends in a social setting, who might throw deals your way. Kind of like your squash or golf buddies. Or fellow F-chatters.

My personal take on what would be *really* smart is to save up enough for a car and buy rental real estate whose income would cover financed car payments. In the end you'll own both.

 

I guess my past is somewhat comparable...I got a new '66 Pontiac GTO when I was 16, babied it and never had an accident even though I did get a couple of speeding tickets. Don't think I was a snot back then but thats just my opinion.

It was 37 more years before I got the Ferrari. No regrets, I had other priorities in my 20's but I do get an occasional twinge about the Ferraris and Vettes I could easily have bought CHEAP after I got out of college.

 

bought my Skyline R34 GTR at 30, then bought a F355 GTS at 32. Both in blue. Both are mine. Can't think of (can't afford ???) a better car to buy at this moment !!!