Originally Posted by Sandra
..............well the point is, I'm glad I didnt get a Ferrari in my 20s and park it in front of my apartment. A home is a smarter first purchase, toys come later.
This girl nails it on the head and better yet it is with 20/20 hindsight, the BEST kind.
If you are making 50k then you should be able to buy your own house (if you haven't already). After you get some equity in it buy a rental, then another. Sit on them for a few years and sell out after the real estate market picks up after this up coming down-turn (a good time to buy, by the way).
Change your time table a little, make your purchase around 30.
A 355 is a great looking car but the chronic maintenance issues like valve guide problems on the early ones, cracked headers (over and over), jammed exhaust diverter valves, melting catalytic converters (3k each) and engine out services (30k or 5 years) can run from 6k to 15k (depending on what kind of surprises you find) can quickly end your ownership, PERIOD.
I would seriously consider starting with a car that you might have a chance of maintaining properly on a working mans budget.
I started with a 308 and it has been more or less manageable but I am going to attempt a move to TR. This translates into roughly DOUBLE the cost of everything; purchase, parts, insurance and maintenance, and STILL LESS than maintenance on a 355.. This will be a stretch for me and I am twice your age and well established.
Consider Ferrari ownership a "disposable" target for your money and NEVER consider it an investment.
One lady asked me how I could afford a car like this and I told her, "I don't own a boat". Same difference............................