Ferrari Forums banner
1 - 19 of 19 Posts
G

·
Discussion Starter · #1 ·
1.40 years old
2. married
3.


1.40 years old
2. married
3. no kids
4. net worth (Includes house) 650k
5. annual earnings 100k

My wife says I can afford one. I personaly don't see it. Please help me decide.
 
G

·
Discussion Starter · #2 ·
Hi Gary,

I like your wife&#


Hi Gary,

I like your wife's attitude...and perhaps she has a friend for me! My demograpics are similar, though I'm just a bit older (and single)!

Ferrari ownership is a wonderful experience...and if you have the desire and ability to maintain them yourself, costs are very manageable. Buy a nice car, in good shape...and enjoy!

Regards,
David

 
G

·
Discussion Starter · #3 ·
That's one beautiful car.

That's one beautiful car. Are you trying to say I can
afford such a car?
 
G

·
Discussion Starter · #4 ·
Thanks Gary!

As to affordin


Thanks Gary!

As to affording such a car, a BB wouldn't be my choice as a "first" Ferrari....but I'd run the idea past your wife, just to be sure!

A nice 328 would be my choice as a first Ferrari...Affordable, reliable and reasonable maintenance costs, to boot.

Regards,
David
 
G

·
Discussion Starter · #5 ·
The real question is not your

The real question is not your net worth and annual income, but your passion and liquid assets. I disrecommend obtaining a loan on a used car in general and on Ferraris in particular. You need to be in a position where if the car gives you grief (heaven forbid) you can afford to get it fixed correctly without having that cost "break the camels back" so to speak.

So, you should consider the aquizition of your first Ferrari as a quest. Determine those cars that have what it takes to make your desireable list, and determine what you are willing to pay for each of these cars. Then go searching and buy the first one that falls into your cost and desirability goals and passes the PPI. Set your cost goals at a reasonable level and you will find your car shortly, set then more like a bottom feeder, and your search will be long and frustrating. Most Ferraris for sale are in the position that the owner is willing to hold onto the car for a long time and wait for the kind of deal he wants. When you find that Ferrari that empassions your heart, passes the PPI and fits your budget, buy it. And don't squibble on the last $1000 or so; you will forget it around the 10 mile mark on your drive home....

You also need to understand that cars of this kind of performance levels are not maintance free like you typical sedan. Fluids need changed regularly. Twice a year for engine oil, once a year for the transaxel, at least once a year for brake fluid. Its not hard work, and nothing about Ferraris means you can't do the job yourself with a normal backyard mechanical set of tools, time and energy. In addition, tires grow hard and less grippy with age, these should be change no less often than every other year, even if you are only putting 100 miles per year on your car. You really (really) don't want to run out of grip at the wrong moment.

You also need to understand that the suspensions on modern Ferraris are adjustible, and can be setup as docile as a lamb, or as wicked as a wolf without changing any parts (other than alignment washers). Oversteer/Understeer is controlled by rear ride height (Google roll couple distribution) and when setup properly, you can feel 0.5 PSI changes in one tire. These cars are sensitive, so use your senses to adjust the suspension to where YOU want it, not where some track junkie (like me) wants it.

Interior wise, keep armoural away from Ferrari plastic! Treat/feed the leather at least every other month (more if you drive with the windown down) or have a convertible.

And then there are major services. The engine gets pulled and belts, bearings, hoses,... get put back right. The best way to reduce the cost of a major per miles put on the car is to drive the car long and often. Garage queens can end up costing significantly more to own and operate on a per miles basis than cars that are driven constantly.

I track my car, and use my brakes a lot. I end up changing (not bleeding) the brake fluid 4 times a year (and go through 3 sets of brake pads a year.) Tires last about 1 year, brake pads last 5 track days. And I only get 6.5 MPG on the track. My F355 gets better milage on the hiway than my 6 cylinder 4Runner.
 
G

·
Discussion Starter · #6 ·
Well said Mitch.

To add to


Well said Mitch.

To add to what Mitch said, obtaining a Ferrari isn't the hard part. Maintaining a Ferrari is what can get expensive. You need to understand that that parts are expensive just because it is a Ferrari. Nothing special about the parts, just the name of the car they go on. It goes with the territory. Also if you are going to have a dealer work on the car, the labor rates they charge are very expensive. A trip to the dealer can run you upwards of $7,000. So just be aware. Now if you are inclined to work on the car, then it does get cheaper. Not cheap just cheaper. Remember the parts are still gonna be pricey just because of the name, but there are ways around that too. For example, I recently replaced the CV boots on my 348. If I had taken it to the dealer it could have cost me around $1000 - $1,200 or so. The boots would have been $300 each, then lets say four hours of labor at $120/hr. It can added up fast. Doing job myself, it cost me about $180. That is $120 for the CV boots and clamps, $30 for the CV joint grease, and $30 for a metric allen socket set. So doing your own work really keeps the cost of maintaining a Ferrari down.

As for the price of the car, it depends on what you want. Mondial/GT4/308's with some miles on them can be found in the mid $20k range. 328/348/testarossa's priced in the $40K - $60k's. 355/456/512tr's in the upper $60k - $90k's. Then the newer 360/550/575's will run $100k+. It just depends on what you are looking for, and what you are willing to spend. As Mitch said earier, a Ferrari really is not the type of car you want to finance. So I would advise you to get the best car that you can pay cash for. If your wife is telling you to get a Ferrari, then DO IT MAN!!!!! Run with it before she comes to her sences.

One last word of warning. Ferrari's are a sickness, once you are infected you are ruined for life. Hahahaaaaa.
 
G

·
Discussion Starter · #7 ·
You stated that Ferrari Is not

You stated that Ferrari Is not a good car to finance.
Can you explain this in more detail?
 
G

·
Discussion Starter · #8 ·
Sure.

Let's say you pic


Sure.

Let's say you pick up a car loan for 40K, so your payments run around $800/month or so (just rough guesses). So you're putting a decent chunk of your takehome into a car payment. Not really a big deal, most people do that for an Explorer or a pair of Hondas.

Tha difference is that the Explorer or the Hondas aren't likely to suddenly reach into your wallet. My 328 has been a relatively low maintenance car, but I still have several thousand in repairs/maintenance this year. Most of those are non-repeating charges (water pump, etc), but they're still not uncommon.

So imagine that you're dumping $800/month into a toy, and all of a sudden it wants another $1200. If the car is paid off, it's a pain but bearable. With the loan in place, it might be, as stated above, the straw that breaks your ownership.

It's really about how much you're willing to sacrifice to the Italian Passion.
 
G

·
Discussion Starter · #9 ·
However, lets say you wanted a

However, lets say you wanted a 246 dino 5 years ago. They were 45K - 60K pristine, you don't finance and start saving now you have the $$$, but now the same car is 75k - 110k. Now what do you do. You can afford to finance when it will not affect your lifestyle. Lifestyle includes savings to me. I have financed 2 cars and have no regrets. Not fully financed 1/2 financed and kept the other funds in my play account for any repairs(never happened luckily). Life is too short to not enjoy certain things.
 
G

·
Discussion Starter · #10 ·
I live in southern california.

I live in southern california. Are there any mechanics that are more reasonable than others. In my current business (Not car related) I found a mechanic
that is 30% cheaper than other mechanics. Over a 5 year period that equates to alot of money. If I can find somebody reasonable to work on the car then I will get one.
 
G

·
Discussion Starter · #11 ·
The "essential man" is

The "essential man" is very important in owning one of these vehicles, IMO.

Someone who is knowledgeable of the particular 'weak spots' or common failures can really save you some heartache and heard earned cash!

The dealers are able, but not really too interested in maintaining the older cars.....find someone older than your carburetors!

"You know what I'm talkin about!!!"

The comments about financing without a "set aside' fund is well taken. A big note and a big bill in one month is a bear!!
 
G

·
Discussion Starter · #12 ·
This is a very interesting dis

This is a very interesting discussion. In May, 2005, I bought a 1997 550 with 11,300 miles on it for $127,000. I paid $9,500 for a one year warranty on the drive train (not knowing how the previous three owners had treated it). After $1,500 delivery to Wyoming from Phoenix and tax and license, the total "purchase" costs came to around $145,000.

DRIVING it 6,000 miles in 2004 has cost me about $1.10/ mile in additional maintenence and repair costs. That ~$7,000 figure includes a lately-discovered windshield crack that's growing from behind the mirror and can't be glued, since the crack is forming from the inside.

Much of my car's overall maintenance costs have been things like hundreds for identifying the A/C coolant leakage, caused by the previous three owners NOT driving it enough to keep the seals and valves functioning properly. Another major cost item was the diagnosis of electrical ground faults, due to 7 years of age and vibration in electrical connectors. Repairing the front air dam, after it got smashed in Yellowstone was $1,100. Oil change and review of engine compartment at year-end was about $200. A seized alternator belt pully bearing was $850 including towing.
It's impossible to get local AAA towers to haul the car to Denver since
A. they don't have the nylon tire webs to lash the car to their flatbed trucks and
B The car's value exceeds their carrier insurance limits.

My insurance runs around $850/six months. I have that with State Farm.

I hope that in 2005, the cost/mile of owning and driving the car will go down to something like 50 cents/mile. But I'm aware that around 30,000 miles, I will probably have suspension bushings and brakes and other major cost items to replace or repair...as will be the case at the 30,000 mile service interval.

It's interesting to anticipate that, eventually, this car will cost more than it's worth; And may not be worth more than a mere $40,000 on a trade in, say in 2008 on the 2006 Maranello replacement.

To me, the 550's late-90's styling is incomparable. It's a prettier car than the 575 and much more subtle than the 612's (which actually have little metal badges on their dashboards, telling the new owner that Ferrari won F1 races!)
That's what I want when I spend $275,000 on a car...little metal showoff badges, glued to the dash! Duh!
 
G

·
Discussion Starter · #13 ·
My rule of thumb when it comes

My rule of thumb when it comes to toys...
And I consider a Ferrari to be a toy.

Always pay cash for a toy, Never finance a toy!
If you can't pay cash for a toy, then you can't afford the toy.

And never own more toys than you have time to play with.
I'm not into collecting, I'm into playing with my toys.
An old Indy car is of no value to me if it just sits in the garage and I have no time to take it to the track.

I guess for some Ferrari owners, looking at the Ferrari in the garage before they go to bed each night, or driving it round the block once every few months brings them enough pleasure in owning the car.
But for me, the shear joy of owing a Ferrari does not come from how beautiful it looks in the garage.
But in how I feel after I have put the car through the paces it was designed for.
And I play hard with my toys!
 
G

·
Discussion Starter · #14 ·
I just bought a 355 ( 1994

I just bought a 355 ( 1994 ) and in Portugal there is only one ferrari dealer ( they ask me for about 10.000 Us dollars for de 30 K ( in my case is five years ) because the car have 20 K miles.
They told me that is without the parts. I really think they are stupids.( the problem is that in Portugal they sell about 15 / 20 cars a year and 99% of those guys don't care about the amount of the invoice...) so good business
So I would like to know where I can find the right manual to do myself and with my mechanic(does ferrari sell that ? )
I would like to do part of the job myself ( I used to have a Porsche boxster and it was really easy job )
Thanks !!
 
G

·
Discussion Starter · #15 ·
The only reason why I would fi

The only reason why I would finance a Ferrari is because I can invest the money at a higher return than the cost of the loan. Other than that, I'd pay cash.
 
G

·
Discussion Starter · #16 ·
Pay Cash for it,for one. Then,

Pay Cash for it,for one. Then,buy one that has just been Serviced,so that you won't have to worry about that for a few Years. Get an "Agreed Value" Coverage Insurance Policy. I got mine Insured for the exact amount that I paid for it. But,If it goes up in Value,get that changed. Then,ENJOY it!
 
G

·
Discussion Starter · #17 ·
Hey it's the other Gary R.

Hey it's the other Gary R.! With a name like that, you certainly need to own a Ferrari!


Seriously, get yourself a nice 308 QV or a 328 to start out with and go on from there.

I started with a 1981 308 GTSi back in 1997 and now I'm on my third Ferrari (512BBi)
 
G

·
Discussion Starter · #18 ·
You can own a Ferrari. Questio

You can own a Ferrari. Question is: how devoted are you to the car. If you can swing it, get a 512BB, TR, or 512. They will cost a fortune to maintain if you drive them, though. If you want something to drive, but are uncertain how much you want to pay for the privilege, get an 8 cylinder, like a 308, 238, 348 or 355.

Art
 
G

·
Discussion Starter · #19 ·
Great discussion! Just went t

Great discussion! Just went through all that before I bought my 355. So glad I did, nothing quite like it. Gary, if the wife is ok with it jump at the chance. It took me a drive to Key West with the top down before my wife changed her mind about my mental state. ENJOY!!
 
1 - 19 of 19 Posts
Top