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How to Afford a Ferrari?


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Old 04-07-2011, 06:23 PM   #1
 
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Default How to Afford a Ferrari?

I have been dreaming about owning a Ferrari as long as I can remember and can not figure out a way on how to afford one.

I'm turning 40 this year and am still living paycheque to paycheque, and am curious on how and what successful people like you all are doing that can afford you the opportunity to buy such a beautiful car as a Ferrari.

I have owned my own business, been a bar tender for years, worked in automotive parts and sales, I even went back to school a few years back to take Computer Animation and Graphic Design... I just can't seem to catch a break to find that Career that can afford me the opportunity I dream of.

Any suggestions or guidance would be greatly appreciated.
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Old 04-08-2011, 03:35 AM   #2
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I've answered this question many times, do a search.

I always say that a Ferrari should never be a goal in itself - it should be a reward for the success you have had.

It seems there's little direction in your career. Find something you love to do which has a demand for it and stick to it. Then see where you end up. First stop living paycheck to paycheck, then buy the house, then secure a pension (you're 40 already), then get some spending money secured. Only buy the Ferrari when there's $200k in your bankaccount. And don't buy a $200k Ferrari then, buy a nice 308. Buy the 458 Italia when you've got a networth of $1million or over.

Just my $0.02.


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Old 04-08-2011, 04:25 AM   #3
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It's not the career.....


"Half the quotations by famous people you see on the internet are complete bullsh*t." - Abraham Lincoln

Everything you heard is not true

Stop chatting and start living the ferrarilife!
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Old 04-08-2011, 06:59 AM   #4
 
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There is an artical in May Road and Track megazine by Peter Egan title 'Ferraris and Other Used Cars' which is very interesting in owing a 'used' Ferraris without 'loosing ' your wallet.

Ferraris and Other Used Cars - Side Glances at RoadandTrack.com


I hope this will help.

J.
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Old 04-08-2011, 09:43 AM   #5
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Simply said JazzyO....

He needs to get his prioritys straight because at the end of the day its only a car.
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Old 04-08-2011, 09:45 AM   #6
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Oh....one more thing. Its easy to buy any large ticketed item, its harder to maintain it!
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Old 04-08-2011, 12:17 PM   #7
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some get paid to drive them...


"Half the quotations by famous people you see on the internet are complete bullsh*t." - Abraham Lincoln

Everything you heard is not true

Stop chatting and start living the ferrarilife!
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Old 04-08-2011, 01:26 PM   #8
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Default I have a different response

I am not entirely with the above opinions that you need to set aside the dream.

The only good advice above I see is the following:

1. Buy the 'affordable' entry level car: 328 or such. [for some that may be a 599, whatever]

2. Maintaining is much harder than acquiring one. [now that you got one: NOW what do you do!]


3. It's not the career [why some I hear even sell amphibians or whatever ... who would have thought THAT ]

actually, that is the common response even if you have a 1Mill net worth. It's all relative, and go for it.

You only live once, and there really is no 'greatest' of times to pull the trigger, only the 'worst' of times to have done so.

If you are comfortable in maintaining all, then try it. You'll either sell the adventure in that it was too difficult for the time selected, or keep doing it. Eventually you give it up anyway. After all, I can show you a LOT of real Ferrari owners who do not currently own one for a variety of reasons...but sure glad they did so when the decision was made to at least try, and get the dream done.

I don't know if one will always be in my garage: Things change, but I went for it and glad I did so.


Time, career, model: All relative.


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Old 04-08-2011, 02:26 PM   #9
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Not sure where I stand here. All I know is that I like what I like when I see one. I never set out from the start to aspire for Ferrari or for that matter any others. w/ smiles Jimmy
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Old 04-09-2011, 02:21 PM   #10
 
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Thank you all for your advice, I greatly appreciate it.

The Ferrari I always wanted was the 308 GTS, I have been in love with the lines of that car ever since I first seen one, and then when I drove one... well it really put the hook in me.

A little more about me; The reason I currently live paycheque to paycheque is that I just bought a Farm, started a new job and own 4 Horses, plus I live on Prince Edward Island, Canada (The Have not provence concerning wages = Lowest Salaries in Canada) I currently work as a Parts Manager at a local import car retailer, so obtaining parts and finding a competent mechanic to work on a 308 would not be much of a problem, also I'm not to bad with a wrench myself.

What lead me to post this thread was reading a post on here from a 24 year old who never went to college and makes $180,000 + a year and was wondering what Ferrari to buy.

Curiosity got the best of me, so my real question is "What does the average Ferrari Owner do for a living?"

Last edited by erock308; 04-09-2011 at 02:44 PM.
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Old 04-09-2011, 03:03 PM   #11
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Great self-intro there. Looks like you have a lot going for yourself already and sounds good to me. A lot better than many out there. w/ smiles Jimmy
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Old 04-09-2011, 03:11 PM   #12
 
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Thank you for your kind accolades Jimmy and I wish all the best to you and your part of the World.
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Old 04-09-2011, 03:47 PM   #13
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Quote:
Originally Posted by erock308 View Post
Thank you for your kind accolades Jimmy and I wish all the best to you and your part of the World.
I think I know how you feel. We read all kind of stories and cannot help but wonder sometimes. But then, you can never tell what is true and not. What is important that you have this passion, in your case, 308. Seems like you have your priorities in order and with the things going, you would realize your desire in time.
As for myself, if I reflect my early 20's, I wish I were in the position of the aformentioned lucky guy with great income and not knowing which F car to buy. Yes, I was in college, but near poverty level, two meals a day, working part time, and no cars in LA. Even after college and working with monthly paychecks, it was a far cry from wines and roses. Back then, I still remember,...my parents' friend's son got a new Mercedes (still in his 20's) and I thought, ...gosh, how nice. My parents told me then that it would be highly unlikely that I would own my own house here in Japan because of the exorbitant land/real estate cost in Japan. Sorry, I am spinning out of orbit and ranting.

The point is, you like 308, you have passion, with passion and priorities in order, you are heading in the direction of owning one in the future. The process is half the fun. People here are very helpful, enjoy and good luck to you. w/ smiles Jimmy
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Old 04-09-2011, 09:03 PM   #14
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Quote:
Originally Posted by erock308 View Post
Curiosity got the best of me, so my real question is "What does the average Ferrari Owner do for a living?"
Well, there is no such thing as an average Ferrari owner; I'm sure there are a lot of stories. That said, I'm pretty sure that entrepreneurs who own their own businesses are over-represented; probably that and people in what used to be called investment banking.
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Old 04-10-2011, 05:05 AM   #15
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Nice to see someone asking this question and then actually coming back with a response in his own thread. That doesn't happen very often!

FWIW I'm in gold mining - an industry that didn't live up to the name for a long time but now thankfully is back.

The 308GTS is a great car, a real driver's car and a real Ferrari. Not too expensive, depreciation proof. Can't really go wrong - provided you're not expecting a rocket ship in today's standards.


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Old 04-11-2011, 09:14 AM   #16
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I was always told that a 328 was easier to maintain, less maint? Is there any truth to this because this car was always a favorite of mine.
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Old 04-11-2011, 11:28 AM   #17
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Erock308:

Well, sounds like you have a lot going for yourself. Yet having some farm/ranch experience I would buffer into my bank account enought for at least a two year problem for income: One does not want to 'bet the farm' on peripheral stuff.

Those other $$$$-burners [HORSES], are a PITA....Had about five at one time and [just me] couldn't wait to get rid of them...then again I was a casual user of them and they were more work than pleasure.

Guessing you love riding, but I find one is plenty unless you have specific sport needs or farm uses per horse-model.

Considering vet bills, feed, and etc. I expect you could easily afford just two horses: A 308 and a hay-burner. Shoot, if the horses were quality enough, you could almost use them for near downpayment.


Guide to the Galaxy: Don't Panic
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Old 04-11-2011, 02:01 PM   #18
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The 328 is a little easier to maintain but the difference is not that big, frankly. Personally I would buy a carb 308 over a 328 any day, but having said that the difference is not huge. I still love the 328 (was my first Ferrari drive), and I would be very happy owning one. You can't really go wrong here, both are lovely cars. Make sure you drive several (examples, as well as versions) and find out what suits you best.


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Old 04-11-2011, 02:30 PM   #19
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erock308 first of all welcome to the forum.

As to what work one needs to be doing to afford a F car ....that is a difficult one.
My son recently calculated that if I had saved the money I spent on cigarettes I would have a 430 at the age of 54 ( I am 55 ).

So if you are a smoker stop and save the money towards the F car.

In South Africa where I live owners come from a diverse socio economic group (cars here are twice the price they are in America) with the bulk of them being enthusiasts and sacrificing other material comforts for the sake of owning a Ferrari.

I guess it is how one prioritizes things that determine ownership in many cases as not all owners are wealthy and most I would think are what one could describe as being comfortable ( I guess in a similar comfort zone as you) with the F car instead of a few horses.

I will tell you this fwiw (in South Africa) the bulk of the auction cars from the finance houses are new models 360-430 and come from typically youngish people who have bought on finance and have set aside a large portion of their salary to acquire the car and have with the economic downturn discovered themselves retrenched and having to settle for lower paying jobs.

What I have come to understand over the past 15 years of ownership is that most owners need to work and very few are in a position of absolute financial independence (certainly here in SA) although I would guess that it would not be to dissimilar elsewhere.

So take courage and save for that 308 that you so wish for and make sure that it is not a cheap one as that will prove to be expensive.

The man who coined the phrase "the most expensive Ferrari you can buy is a cheap one" knew what he was talking about.
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Old 04-11-2011, 06:16 PM   #20
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Erock, welcome to Ferrari Life....

Here is my 2 cents...


I’m going to talk about the other side of the coin. The guys who answered made excellent points and are great and dear friends of mine. But, I am going to talk from another level you might understand and where I came from at one time.

Being successful is one thing; living pay to pay is another completely different story. So what is the next step for you?

This is where you need to be honest with yourself, not for us, we in all honesty don’t care if you lie to us or not. This is not the point of this.

So the following questions seriously need to be on your list to think about....I am also going to give you helpful examples because these are some of the questions I asked myself 10 years ago (I said some not all).

What is pulling you down financially?
·You mentioned horses? Are you making double what they cost you? If not are they important to you?
·Do you own a vehicle that is costing you more in repairs than maybe a smaller vehicle that will be on warrantee for the next 3-4 years that will enable you to save money? And is it an unnecessary gas guzzler?
·Alcohol is a killer for money savings. I know friends who spend literally $400-$500 a month just on booze alone.
·Don’t laugh but is a woman costing you a fortune? I had a friend who’s girlfriend was such high maintenance she was costing him almost $1,000 a month to keep her happy.


Are you making the right decision with your money?
·I know people who spend money on hunting rifles because they are cool, spend $1,500-$2,000 per year, go hunting once with it, the next year sell them at less than half price like $700-$800 and buy a new one...
·Gambling? Casino or the Friday night poker game at Big John’s house
·Soft Drugs? (most won’t admit it)
·Restaurants 4-5 times a week or more (doesn’t include Timmies LOL)
·Are you addicted to using your Credit Card(s) that one is a killer...

Are you spending on other toys?
·ATV, dirt bikes, boats, R/C, high tech gadgets, whatever?

My last a final question I asked myself...

What are you willing to sacrifice maybe temporarily or permanently to achieve a goal?
·Anything in the above lists?
·Vacations in the south?
·Are you still a bartender? A part time job for a little while helps. Are you willing to have a second job? Can you afford time wise to have a second job? Because tips are nice. So taking all the tips you earn and instead of spending it daily, save it like you owe a loan shark named Pauly “The Shiv”
·You said you are good with a wrench, ever thought about buying cheap cars one at a time that needs repairs (you get part cheap) and fix them up and sell the cars in much better shape that you bought them. Even making $500-$1000 per car is still a great investment with your time when living pay to pay. My neighbour did it for 2 years fixing a car per month and reselling it at a little profit to continue paying his house when his girlfriend left. The house was his but the now missing money had hurt his final income for bills. After a while he was making 4-5K per car per month. Not bad for wasting weekends doing what he liked. Now you might be saying how can I afford cars when I live pay to pay, well what can you cut to save to get started? Booze? Anything????? Do you own a truck? Maybe buy a plow to make extra money on the side during the winter even if it’s a few contracts...You only need that first extra cash for maybe that first car to fix to get you started.....just an example.
·You said you bought a farm, do you rent space for horses? That pays awesome.

My final thought on all of this, people will say, “Think outside the box” I say and pardon my language.....that is the dumbest fucken saying I have ever heard. I you have created a box around your life and abilities to achieve something then you have already lost. I say what box? Do you see a box? I don’t see a stupid box.....start with the basics and move up from there. If you’re trying to figure out how to spend your gold without having a clue how to dig for it then you have already lost. Make a plan, stick to it, don’t let anyone pull you down and constantly evaluate yourself to ensure you are always on the right path to your success...not others.


Things to think about or get your juices flowing...




~

Mario


1990 348 TS (87284)

“I build cars for young men that only old men can afford” - Enzo Ferrari

Last edited by Magnum6464; 04-11-2011 at 06:28 PM.
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