Financial Guidance Needed - Ferrari Life
 
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post #1 of 8 Old 09-22-2013, 01:46 AM Thread Starter
Tam
 
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Financial Guidance Needed

Hi Everyone, I'm new to this forum. My question is that how can someone afford a Ferrari? I'm currently a freshman in college, and still got a long way to go. However, seeing people own ferraris and wonder how could they even afford such a thing is a mind bottling question to me. Sorry if that's a stupid question. Maybe if someone can explain it to me, that'd be awesome. Do people do payment plans at all or they just pay it off in one transaction? And if I want to buy (when I get older obviously haha), what should I be doing right now? Any guidance would be great knowledge to me. Thank you everyone. Take care - Tam

P.s: I have a full ride to a UC and my major is crim but I'm considering of double in accountant as well
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post #2 of 8 Old 09-22-2013, 12:56 PM
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post #3 of 8 Old 09-22-2013, 01:24 PM
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Save your money and don't set your first Ferrari ownership experience too high. For example, you may want to look at a 308 or 328 ... they are more affordable and the maintenance cost less than many others. If you are handy with a wrench, you can do a lot of the work yourself. A word of warning, parts for Ferraris are not inexpensive. So, the cost of ownership is likely to be higher than say a Porsche.

Save your sheckles my friend. Most everyone here got their Ferrari that way.



Quote:
Originally Posted by Tam View Post
Hi Everyone, I'm new to this forum. My question is that how can someone afford a Ferrari? I'm currently a freshman in college, and still got a long way to go. However, seeing people own ferraris and wonder how could they even afford such a thing is a mind bottling question to me. Sorry if that's a stupid question. Maybe if someone can explain it to me, that'd be awesome. Do people do payment plans at all or they just pay it off in one transaction? And if I want to buy (when I get older obviously haha), what should I be doing right now? Any guidance would be great knowledge to me. Thank you everyone. Take care - Tam

P.s: I have a full ride to a UC and my major is crim but I'm considering of double in accountant as well
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post #4 of 8 Old 09-22-2013, 05:50 PM
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You're asking the right question and that's a start. You might also be surprised to learn some of the owners don't have huge incomes. I know of at least one that has had a wide variety of super cars over the years and has done it buy doing his homework and looking for deals. He drives them for a year or so but also has them for sale for the right price, usually more than he paid. Basically gets to drive them for free.

The difference between rich and poor people is not the income but more a state of mind. I know plenty of people that have tremendous incomes and are totally in debt. I also know guys making $45k a year that have money socked away in 401K's etc. Most of the rich guys pick up pennies when they see them on the ground...its the mind set. There's a reason they have money.

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post #5 of 8 Old 09-22-2013, 07:19 PM
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post #6 of 8 Old 09-22-2013, 07:39 PM Thread Starter
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Quote:
Originally Posted by bisel View Post
Save your money and don't set your first Ferrari ownership experience too high. For example, you may want to look at a 308 or 328 ... they are more affordable and the maintenance cost less than many others. If you are handy with a wrench, you can do a lot of the work yourself. A word of warning, parts for Ferraris are not inexpensive. So, the cost of ownership is likely to be higher than say a Porsche.

Save your sheckles my friend. Most everyone here got their Ferrari that way.
I just learned alot from just a few words from you. Now I kind of having an idea on what to do....I guess i'll put the Ferrari ownership under the file "when-i-have-extra-money-aside" haha...and also need to learn how to work the wrench because nobody ever taught me to (grew up with mom). Still got a long way to go, but i should start saving now.
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post #7 of 8 Old 09-22-2013, 08:36 PM
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I buy alot of lottery tickets. . Read the book "The Millionaire Mind."

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post #8 of 8 Old 09-23-2013, 07:47 AM
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Quote:
Originally Posted by bisel View Post
Save your money and don't set your first Ferrari ownership experience too high. For example, you may want to look at a 308 or 328 ...
What? 308/328 are absolutely wonderful cars and still a pretty good value although they are headed up these days with nice examples topping 348/355 prices.

Perhaps you meant to say he should be looking for a model that is near the bottom of the depreciation curve making it less expensive and a pretty solid investment?
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