How to afford 430 scuderia? - Ferrari Life
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 83 Old 02-01-2013, 03:49 PM Thread Starter
 
Join Date: Feb 2013
Ferrari Life Posts: 4
How to afford 430 scuderia?

I am sure this question gets asked all the time. I am 25 with little debt and make roughly $1600/mo. I put about $800 a month into dividend stock portfolio and/or mutual funds. Trying to get a job at mcdonald's on the weekends just for that extra $50 a week.

Will I ever attain this goal? My absolute dream is to own a 430 scuderia (in any color other than black).

Thank you kindly for any responses.
paulc87 is offline  
Sponsored Links
Advertisement
 
post #2 of 83 Old 02-01-2013, 04:17 PM
Owner
 
Join Date: Sep 2010
Location: Pacific North West
Ferrari Life Posts: 2,526
Nice to have goals, but for a first sports car that would be quite a stretch IMO. The thing people don't factor in the maintaining the car once you get it, plus insurance, plus tires, etc. Sure you could buy the high mileage Exotic's Racing Scud with 35,000 plus miles, but then what would it cost you to maintain it.

I bought my first Ferrari, a 360 Spider pre-owned at age 41. Pick the right stocks though, and who knows. FB when it was at 18, USG last year when it was at 12, BAC when it was at 6, Sears had quite a ride up last year.

Don't you want house and family first?

2015 458 Speciale', 2014 F12, 2013 458 Rosso Scuderia (To be traded), 2012 MP4-12C, 2010 LP670 SV, 2010 Panamera Turbo, 2009 16M, 2009 Scuderia , 2008 CLK63 Cab., 2002 996 GT2, 1994 RX-7 R2
markjayw is offline  
post #3 of 83 Old 02-01-2013, 04:22 PM Thread Starter
 
Join Date: Feb 2013
Ferrari Life Posts: 4
Nope, I want to own a 430 by age 30. Thanks for the reply btw.
paulc87 is offline  
 
post #4 of 83 Old 02-01-2013, 07:12 PM
 
Join Date: Feb 2012
Ferrari Life Posts: 248
Sure u can do it

Hi guy
the way down 430 prices are going you can surely buy & drive one in 5 years
in 5 years 430 prices should a steady-60-75 g or even less with high miles

no timing belts to worry about just the regular maintenance
this is driven by( timing chain) started in 2005

my 2 cents
good for u
i bought my first 1982 ferrari 308 @ the age of 32 for $45,000 cash
i am 66 now---& still driving & owning ferraris---they will bury me in (one)
KROME is offline  
post #5 of 83 Old 02-01-2013, 08:36 PM
Owner
 
Maxemus's Avatar
 
Join Date: Dec 2012
Location: Miami
Ferrari Life Posts: 239
We all have different trajectories and I guess ways of getting to our goals. What's right for one may not be right for another. I didn't get to own my first F car until the age of 42. With that said, it was a priority of mine to make sure my financial situation was such that I could pay for it and if I lost money on it it wouldn't change my way of life.
Maxemus is offline  
post #6 of 83 Old 02-01-2013, 09:02 PM
Owner
 
Join Date: Sep 2010
Location: Pacific North West
Ferrari Life Posts: 2,526
Quote:
Originally Posted by Maxemus View Post
We all have different trajectories and I guess ways of getting to our goals. What's right for one may not be right for another. I didn't get to own my first F car until the age of 42. With that said, it was a priority of mine to make sure my financial situation was such that I could pay for it and if I lost money on it it wouldn't change my way of life.
Exactly, read this post over and over again.

Hey and what is wrong with a Black Scud!

2015 458 Speciale', 2014 F12, 2013 458 Rosso Scuderia (To be traded), 2012 MP4-12C, 2010 LP670 SV, 2010 Panamera Turbo, 2009 16M, 2009 Scuderia , 2008 CLK63 Cab., 2002 996 GT2, 1994 RX-7 R2
markjayw is offline  
post #7 of 83 Old 02-02-2013, 02:11 AM
Owner
 
JazzyO's Avatar
 
Join Date: Feb 2007
Location: The Netherlands
Ferrari Life Posts: 6,392
Quote:
Originally Posted by paulc87 View Post
Nope, I want to own a 430 by age 30. Thanks for the reply btw.
Why? Age is just a number. And life without a Ferrari is still great.

I think it is great that you're saving up. That instills a great financial discipline that will serve you for the rest of your life. I also admire people that have a goal.

But I can guarantee that you will look at things differently in a few years' time.

What I suggest to you is keep saving, and be active with those savings. Review your financial position regularly and keep on building on it.

Then use the savings to do what it is that you want to do. Whether it is buying a Ferrari or putting a deposit on a house. Don't forget to think about the future as well - any $ put towards your pension in your 20ies is worth double what you put away in your 40ies.

I must say that personally I think buying a Ferrari in your apparent financial situation does not sound like a smart plan to me. But it is not for me to say what you should do with the money that you earned.

All I will say is that struggling to keep your Ferrari will not be fun. A Ferrari should be a source of joy, not heartache. So only go for it when you can comfortably afford it. Never put yourself in debt to buy a depreciating and high maintenance toy.

Life, in my experience, is best when it is in balance. You have to enjoy the money you earn, but you also need to plan for the unexpected.


Onno



Never pay again for live sex! | Hot girls doing naughty stuff for free! | Chat for free!

Future: No idea
Present: 458 Italia, 550 Maranello
Past: 365BB x 2,
330GTC
JazzyO is offline  
post #8 of 83 Old 02-02-2013, 05:30 AM
Owner
 
kulferrari's Avatar
 
Join Date: Apr 2012
Location: NJ, USA
Ferrari Life Posts: 176
Quote:
Originally Posted by Maxemus View Post
We all have different trajectories and I guess ways of getting to our goals. What's right for one may not be right for another. I didn't get to own my first F car until the age of 42. With that said, it was a priority of mine to make sure my financial situation was such that I could pay for it and if I lost money on it it wouldn't change my way of life.
I have to agree with Ernie here. I had a goal similar to your. I set the mark at 35, coupled with that was the realization that retirement was a higher priority. I did not purchase my Ferrari until I turned 46. Could I have puchased my Ferrari at 35? Absolutely but that $100k is happily (and more wisely) invested in my home and retirement.

The difference here is based upon being able to "afford" as opposed to "comfortably afford". Personally I think that's the target you want to hit. Work to be successful enough by age 30 to comfortably afford your dream car.

A Ferrari is the byproduct of your ongoing success, not success itself.

Best of luck with your aspirations.
kulferrari is offline  
post #9 of 83 Old 02-02-2013, 05:49 AM
Owner
 
champagne612's Avatar
 
Join Date: Sep 2010
Location: St Louis
Ferrari Life Posts: 10,022
Smart young man!

A man with no plan goes nowhere - wish you much success.

Suggest skipping Mc Donalds and going somewhere to find a mentor or business where there is more potential.
champagne612 is offline  
post #10 of 83 Old 02-02-2013, 06:54 AM
 
chenglo1's Avatar
 
Join Date: Jun 2012
Location: Midwest
Ferrari Life Posts: 531
well...

I'm no investment guru but i think if you are able to afford to live comfortably AND be able to set aside $800/mo for the next 5 years AND take no losses onyour investments, you can put a decent down payment on your scud or 458 or 430 bythe time you are 30.

I finsihed school at the age of 25 and thought i would own my F car in 10 years max. I also had a Ferrari fund (savings acct) but that kept getting drained: payoff school loans, wedding, payoff wife's school loans, car1 to get to work, car2 for wife to get to work, house, house repairs, remodel kitchen to satisfy wife, wife goes back to school-more college tuition AGAIN, start own business...so point is that things do keep popping up. I never thought of all those things when i was 25 or even 30y.o. Maybe if one wants to bypass the wife factor, a mcdonalds income could afford an F car. well...an older one maybe?

I also agree with the gentleman who said to skip McDonalds. Unless, you want the mangaement experience, i think you could learn a lot about workflow, managing employees, providing stellar cust service. It takes an exceptional student to pickup learning opportunities in the worst scenarios but you may be that person.


Having recently just started my search, i realize that theres no way i could have afforded for the F car b4 the present. All those purchases/expenditures were/are needs (aside from my other 150K worth of toys-could have been F car for sure) to keep the family happy. best of luck young man!
chenglo1 is offline  
post #11 of 83 Old 02-02-2013, 07:30 AM
Owner
 
Join Date: Sep 2010
Location: Pacific North West
Ferrari Life Posts: 2,526
I don't know, I just think kids now a days have the wrong priorities. Even entertaining a 200k car at that age and income level is crazy. It really drives me nuts when I see kids under 10 walking around with Iphones.

Op does not want a nice place to live first, where will he be parking this 200k car, on the street, maybe in an apartment covered area? Someone is not doing the math here.

2015 458 Speciale', 2014 F12, 2013 458 Rosso Scuderia (To be traded), 2012 MP4-12C, 2010 LP670 SV, 2010 Panamera Turbo, 2009 16M, 2009 Scuderia , 2008 CLK63 Cab., 2002 996 GT2, 1994 RX-7 R2
markjayw is offline  
post #12 of 83 Old 02-02-2013, 10:20 AM
 
Join Date: Jan 2013
Ferrari Life Posts: 22
At that income you simply dont. I would lease one occasionally and have a Ferrari day. I make somewhat more than you trading and thats what I do. However I was lucky enough to have had family whom owned Ferrari so while I caught the fever because of that I also got some satisfaction driving them.

Keep saving though. You could put that money into a franchise, your own project or maybe it turns out you are pretty gifted at trading too. If you can barely afford the car I would invest the money you would waste on the car on projects, so that you can more easily afford the car.

And while we are at trading, apple is about to slip below an P/E of 10, might be a good time to get in before the buback program kicks in. Or play it safe and bet one half on apple and one half on samsung.

Trust us, Ferrari are nice toys, but just like a playstation 3 cant satisfy certain things, same is true for a Ferrari. Sure a Ferrari is better for socializing and meeting women, but what if you dont have the money to socialize once you meet somone?

Last edited by Cassius; 02-02-2013 at 10:27 AM.
Cassius is offline  
post #13 of 83 Old 02-02-2013, 11:41 AM
Owner
 
alexscud's Avatar
 
Join Date: May 2012
Location: Italy
Ferrari Life Posts: 135
Quote:
Originally Posted by Maxemus View Post
We all have different trajectories and I guess ways of getting to our goals. What's right for one may not be right for another. I didn't get to own my first F car until the age of 42. With that said, it was a priority of mine to make sure my financial situation was such that I could pay for it and if I lost money on it it wouldn't change my way of life.
Emie, i totally agree !

Paul, good luck

2008 430 Scuderia
2003 360 Modena
alexscud is offline  
post #14 of 83 Old 02-02-2013, 07:00 PM
 
Autoholic's Avatar
 
Join Date: Aug 2012
Location: The Driver's Seat
Ferrari Life Posts: 490
Quote:
Originally Posted by paulc87 View Post
Nope, I want to own a 430 by age 30. Thanks for the reply btw.
Rob a bank.

At $1600 / month, I'm kinda surprised you are able to put half of that away unless you live with your parents. Here is some advice that will get you places, get an education in managing money. People who's business is moving money tend to end up with some extra cash. If all you do is move money around all day, you end up getting good at it.

Someone needs to work on his priorities, like getting a house and a good job. $20,000 a year is not going to provide enough money to afford much. Stop drinking from de Nile river, it isn't helping. Use the money you are saving and take classes on learning how money works - banks, stock market, etc. THAT is how you end up affording a Ferrari, by having an education be it from school or learning as you go. Oh and this is coming from a guy 2 years younger than you and working on finishing up a degree in engineering. I have goals too, but I also have a realistic plan to achieve them.

You remind me of by Brother in Law, I love the guy but he didn't go to college and now he has to struggle to get promotions and can't really go to college. He has two kids and a divorce between him and my Sister didn't help things. She didn't finish school and is now trying to, not an easy task with a job and two kids. They both made a lot of stupid choices at a young age and now are in a vicious cycle where progress is slow. It will take them years to accomplish what proper planning can do in half the time. Don't make the mistakes they did by not getting a useful education first. Make that your priority, money will come easier if you get an education that has a demand behind it or a way to turn it into your own business.

I know all this might be a bit harsh, but I mean it with a good heart. There is no way you are providing for yourself entirely on $800 a month and putting $800 in investments. Buy the Ferrari and you will suddenly find yourself without that assistance, be it parents, GF, etc. and living out of the Ferrari. Not to mention that you are neglecting insurance and maintenance on a Ferrari. Combined, that is not cheap compared to other sports cars that are not exotics. Time to wake up.

~Joe
"Autoholism is an incurable addiction medicated daily with car porn."

Last edited by Autoholic; 02-02-2013 at 08:55 PM.
Autoholic is offline  
post #15 of 83 Old 02-02-2013, 08:45 PM
Owner
Elite Member
 
tazandjan's Avatar
 
Join Date: Aug 2011
Location: Albuquerque, NM
Ferrari Life Posts: 11,860
Lower your sights initially and buy a car that will not depreciate like a 328 and then trade up to maybe a nice 360, and then to an F430/Scuderia.

My first Ferrari was at age 27, so no reason why you cannot have one by 30. But then, I always was a car freak and made sacrifices to own that Dino 246. They were just used cars back then.

Taz
Terry Phillips

Present: 575M 135171
Past: Dino 246 GT 02984, 365 GTB/4 14009, 308 GTS 25125

Every day I look around, and if nobody is shooting at me, it is a pretty good day.
tazandjan is online now  
post #16 of 83 Old 02-02-2013, 08:56 PM
 
Autoholic's Avatar
 
Join Date: Aug 2012
Location: The Driver's Seat
Ferrari Life Posts: 490
Taz, you probably were making more than $20,000 a year though when you were 27, at least once you adjust for inflation. I don't know how old you are.

~Joe
"Autoholism is an incurable addiction medicated daily with car porn."
Autoholic is offline  
post #17 of 83 Old 02-02-2013, 09:31 PM
Owner
Elite Member
 
tazandjan's Avatar
 
Join Date: Aug 2011
Location: Albuquerque, NM
Ferrari Life Posts: 11,860
Joe- I made way less than that. We are talking 1st Lt in the USAF in 1975.

Just depends on how badly you want one. I had a 69 911S I sold and that was half the price of the Dino 246. Just like a 360 is about half the price of a Scuderia. Cars can be bought in bite-size chunks if you buy the correct chunks.

Taz
Terry Phillips

Present: 575M 135171
Past: Dino 246 GT 02984, 365 GTB/4 14009, 308 GTS 25125

Every day I look around, and if nobody is shooting at me, it is a pretty good day.
tazandjan is online now  
post #18 of 83 Old 02-02-2013, 09:34 PM
 
tomcattmatt's Avatar
 
Join Date: Nov 2012
Location: San Diego, California
Ferrari Life Posts: 45
Paul,

There are a few shifts in mindset that will help obtain your dream Ferrari.



Take the $800/month you are saving and invest it in assets. Assets in this case are businesses, buying a rental property, etc. (basically something that generates additional passive income for you)

If you can get enough money into income producing assets, then finance your Ferrari, essentially it will be free.

Heres a rough and dirty example: I'm going to use the Ferrari 360 because i have the numbers handy. If anyone on the forum finds errors in this please let me know!

Ferrari 360 Modena = $80,000
Financed that would be $1,264/m + $216/m for Maintenance and $166/m for insurance
(60 months @ 6.9% A.P.R with a $16K downpayment)
Total Monthly payments is $1,646

So rather than paying $80,000 for a liability, save up a bit more and get a $200,000 rental property that kicks out $1,700/month in passive income. (I'm out in San Diego so $200K doesn't get you much more than a shed, should be easier/less expensive in other areas.)

Now you have an asset that is worth $200,000 AND a "free" Ferrari.

*I am 25 as well. Keep dreaming and use your vision to motivate you.

**Also ditch the McDonalds job and work for free for a top business person in your city. Let them mentor you and you will learn FAR more than you will flipping burgers.

Matt
tomcattmatt is offline  
post #19 of 83 Old 02-02-2013, 10:38 PM
 
chenglo1's Avatar
 
Join Date: Jun 2012
Location: Midwest
Ferrari Life Posts: 531
i'm with Matt

Matt,

great point on the volunteering and esp. the rental prop. around here in midwest, home prices are horribly low and rental prices are going up. a pretty good investment opportunity. my dad just bought 2 homes at 60K and rents them out for 900 and 1100 each. he and i did do most of the repairs ourselves b4 renting out though. Believe me, friends and family keep telling me that i am crazy to be searching for a ferrari. All i keep hearing is "It's JUST a car!" are you nuts? why don't you buy the neighbors out? (my dad passed down the family farm to me and most neighbors moved or sold). Hence, like the others said, start acquiring some assets. Preferably assets that will appreciate (i.e. real estate-usually-just not now= good time to buy) vs depreciate (i.e. expensive audio eqmt=no no). then in 5 years, sell that 60K home for 120K and pick up the Scud!
chenglo1 is offline  
post #20 of 83 Old 02-02-2013, 11:25 PM
Owner
 
355dreamer's Avatar
 
Join Date: Jul 2006
Location: MAR
Ferrari Life Posts: 1,132
Bought my first Ferrari at 27, paid cash, and was making about 20x what you've described. It was a 355, and cost me about 55k. It was a stretch, because I was putting away a lot of money even then for my future.

IMHO, you are in no position to buy a Scud. Get into the hobby with a 308 GTB. I think those are destined to appreciate. Save more, buy a 360, wait another 5 years, and buy a scud for 100-130k
355dreamer is offline  
Reply

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome
Copyright 2012 ONE Media, Inc.
FerrariLife is independently run with no affiliation with Ferrari SpA
Ferrari for Sale | Maserati for Sale