[SUPERCAR]

Since you are all the experts maybe you can help me out. I am seriously thinking about a Ferrari but the actual purchase is probably a year or two away. Do you guys know what are the longest finance terms you can get for a expensive car like a Ferrari. I know there are 7 year financing available but do they go any longer? I will have a chunk of change to put towards my purchase (when it happens) but payments will still be outrageous on a $100,000 plus car. Also, what would be a good starter Ferrari? I don't want to get anything too old maybe 95 and up?
Thanks for your help!

 

[Dmitri]

I'd look into a 355 probably. Or perhaps a 550?

 

[Saint Bastage]

Depends on what you want to spend. These are ball park prices for good enough to great cars.

308 - 25K to 55k appreciating
328 - 35k to 60k appreciating
348 - 45k to 70k appreciating
355 - 55k to 90k teetering
360 - 85k to 120k Depreciating
430 - way more Depreciating
Testarossa - 50k to 75k teetering

I don't follow pricing on these cars. perhaps someone else can help
456 ?
550 ?
575 ?
599 ?
612 ?

Another way to consider you financing is partial ownership through a lease company. I'm told its fairly common. You put down 50K...they put down 50K. You lease there half (numbers just as an example)

 

[archiegibbs]

I hope you don't take any offence, but for what it's worth, my advice is don't buy a Ferrari on finance, it's a toy and if you can't afford it don't have it. On top of the purchase costs you also need to account for servicing and maintenance, plus any unforseen problems which can be very co$tly on a Ferrari. If you are looking to stretch your payments out as long as possible it would suggest you have a tight budget, a $5K service bill on a 355/360 is not unheard of.
Why not set your sights a bit lower and look at a 308/328? They are cheaper to buy, cheaper to maintain and if you know anything about cars, you might even be able to do some jobs yourself. But they are still every bit a Ferrari and still the most instantly recognisable Ferrari's around. Even a 30 yr old 308 will turn heads and get you admiring nods from most people who see it.
Best wishes, whatever you decide to do.

 

[agp22]

Hate to say this, but I would not buy something I was not attracted to. Since I can remember I always wanted a Ferrari. Some models more than others. So when the time came and I went out looking for a Ferrari, I had a clue as to what attracted me, V12, real looker, extremely fast and drivable (at least on paper), and as far as service is concerned, when it breaks down, if it does, either fix it or wait until you can afford it.

Then opportunities come up, and I grabbed the one I could and wanted.

Will it break down? I'll take the chance. The pleasant moments in it will certainly be of higher importance to me than the maintenance issues that can arise, it's like the weather, it's not always sunny, sometimes it rains.

Do you like any model in particular? then maybe you should read about it, and try to get a good one! When you find it, make sure it has not been involved in a serious accident (i.e. all the gaps between the body panels are equal, a crashed car's structure may move a bit and you can notice that the panels are not spaced equally between one another after the car has been "straightened out") that could be bad if you're driving fast and need to brake hard.

Want to finance it? why not? If it allows you to have the car two years earlier than otherwise, a lot of things could happen in those two years.

Good luck

 

[SUPERCAR]

If I want the car of my dreams that will mean I have to finance it. I would rather pay cash but who wouldn't? I really like the 360 Modena Spyder in Red of course. That is my ULTIMATE DREAM CAR but ALL Ferrari's are beautiful! My husbands is a proffesional auto tech and can work on anything. Parts I am sure are expensive but it's a small price to pay to drive a dream. I am a 35 year old gal who pretty much lives by the motto....you never know about tommorrow so enjoy today!

 

[Tony K]

Saint Bastage -- My knowledge of Ferrari prices is exactly the same as yours! I guess it corresponds somewhat to which models you are interested in?!? :rofl: (it does for me!)


To SUPERCAR -- I am not wealthy financially, so I would never buy an expensive car that is depreciating. I would also not finance it unless I had the money to pay cash for it and had a serious, well-paying, safe investment where the cash would earn more than the interest on the loan.


EDIT: By the way, SUPERCAR, your post was not there when I started typing, FWIW.

 

[Night Life]

Depends on what you want to spend. These are ball park prices for good enough to great cars.

308 - 25K to 55k appreciating
328 - 35k to 60k appreciating
348 - 45k to 70k appreciating
355 - 55k to 90k teetering
360 - 85k to 120k Depreciating
430 - way more Depreciating
Testarossa - 50k to 75k teetering

)

You are bang on these models for pricing and appre/depreciation

To supercar I too live by your rules most of the time but be careful with a stinger

A stinger is something that you want that can sting you hard in the pocket book, i.e wife, house, car or in my case GF ouch....

 

[SUPERCAR]

You are bang on these models for pricing and appre/depreciation

To supercar I too live by your rules most of the time but be careful with a stinger

A stinger is something that you want that can sting you hard in the pocket book, i.e wife, house, car or in my case GF ouch....

I know and with the US economy going in a downward spiral because of our rising gas prices....it's freaking me out a bit. The husband works at a Ford dealership and he is starting to see the consumers panic a little. Gm just announced they are closing 4 SUV and Truck plants today. How much is gas in Italy or any place else? Here in Tucson Arizona we are paying $3.70 which isn't bad in the scheme of things is it?

 

[Mike Law]

If I want the car of my dreams that will mean I have to finance it. I would rather pay cash but who wouldn't? I really like the 360 Modena Spyder in Red of course. That is my ULTIMATE DREAM CAR but ALL Ferrari's are beautiful! My husbands is a proffesional auto tech and can work on anything. Parts I am sure are expensive but it's a small price to pay to drive a dream. I am a 35 year old gal who pretty much lives by the motto....you never know about tommorrow so enjoy today!

Then you'll enjoy these pics of my red 360 spider

http://www.mwnetmedia.com/360spider/

My first Ferrari was a F355 GTS. I absolutely loved that car! It's not that expensive and has the power and the looks. Great car in my opinion!

I wouldn't recommend doing the service on your Ferrari yourself though. Not saying your hubby can't do it right but if you ever wanna sell the car, you'll get less for if cause the service isn't done at the authorized Ferrari dealer. Something to think about.

 

[SUPERCAR]

Then you'll enjoy these pics of my red 360 spider

http://www.mwnetmedia.com/360spider/

My first Ferrari was a F355 GTS. I absolutely loved that car! It's not that expensive and has the power and the looks. Great car in my opinion!

I wouldn't recommend doing the service on your Ferrari yourself though. Not saying your hubby can't do it right but if you ever wanna sell the car, you'll get less for if cause the service isn't done at the authorized Ferrari dealer. Something to think about.

Wow!!!! Beautiful and exactly what I want!!! How do you ever leave it in the garage, I mean it's so beautiful I would have a hard time leaving it alone! I understand about the Ferrari servicing and resale value if you do the work yourself but honestly if I had YOUR car I don't think I could EVER sell it!

 

[Chrishawk4]

Beautiful 360 spider! Very clean.

Chris

 

[archiegibbs]

I Here in Tucson Arizona we are paying $3.70 which isn't bad in the scheme of things is it?

Here in the UK, we are paying the equivalent of $11 a gallon, it isn't much cheaper anywhere else in Europe, you really don't know how lucky you are in the USA.

 

[SUPERCAR]

Here in the UK, we are paying the equivalent of $11 a gallon, it isn't much cheaper anywhere else in Europe, you really don't know how lucky you are in the USA.

Yes I know we are VERY lucky but I think our days of cheaper gas are coming to an end.

 

[JazzyO]

Since you asked our opinion, here's mine.

1. Your husband can't do any of the major service work on a 360. It needs a special computer called OBD II which is sold by Ferrari to official dealers and selected specialists only. In any case, you are not likely to save more than a $1000 a year.
2. You can finance a Ferrari, but on a "longer than 7 year" term? That really doesn't make sense to me. Let's say that you buy a 100k 360 Modena and finance 50k at 8%. I'm not sure about the interest rate being normal but it doesn't sound out of place for a loan like this, especially with mortgages where they are. At 8% for 10 years, you will pay around $625 a month, coming to 7,500 a year. At the end your car will be maybe worth $60k (very difficult to predict) and you will have paid $25k in interest alone! That's 50% of the amount you borrowed.
3. On total ownership cost - this is a bit difficult to predict as it is very dependent on the miles you do, your storage, how you drive, insurance and so on. But a good ball park figure is $2.5/mile (includes fuel, insurance, services, tyres and so on). Let's say you drive your 360 5,000 miles per year. Then your car will cost you $12.5k per year. On top of that, comes the finance of $7.5k per year. Makes for twenty. After 10 years, the car will have cost you $200k and will be worth $60k. All this is excluding, God forbid, accident damage or a major failure of something.

I don't want to sound like a pessimist but don't underestimate what a car like this costs. I've seen and heard to many tragic stories of people that refused to look facts in the face.

Having said all this - I hope you get you realise your dream and that you get to enjoy it as much as I am. Just go into it with eyes wide open, safe in the knowledge that you don't have to worry too much about affording it.

Hope this helps.


Onno



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[SUPERCAR]

Since you asked our opinion, here's mine.

1. Your husband can't do any of the major service work on a 360. It needs a special computer called OBD II which is sold by Ferrari to official dealers and selected specialists only. In any case, you are not likely to save more than a $1000 a year.
2. You can finance a Ferrari, but on a "longer than 7 year" term? That really doesn't make sense to me. Let's say that you buy a 100k 360 Modena and finance 50k at 8%. I'm not sure about the interest rate being normal but it doesn't sound out of place for a loan like this, especially with mortgages where they are. At 8% for 10 years, you will pay around $625 a month, coming to 7,500 a year. At the end your car will be maybe worth $60k (very difficult to predict) and you will have paid $25k in interest alone! That's 50% of the amount you borrowed.
3. On total ownership cost - this is a bit difficult to predict as it is very dependent on the miles you do, your storage, how you drive, insurance and so on. But a good ball park figure is $2.5/mile (includes fuel, insurance, services, tyres and so on). Let's say you drive your 360 5,000 miles per year. Then your car will cost you $12.5k per year. On top of that, comes the finance of $7.5k per year. Makes for twenty. After 10 years, the car will have cost you $200k and will be worth $60k. All this is excluding, God forbid, accident damage or a major failure of something.

I don't want to sound like a pessimist but don't underestimate what a car like this costs. I've seen and heard to many tragic stories of people that refused to look facts in the face.

Having said all this - I hope you get you realise your dream and that you get to enjoy it as much as I am. Just go into it with eyes wide open, safe in the knowledge that you don't have to worry too much about affording it.

Hope this helps.


Onno

Thank you very much! Honesty is always welcome. I guess all of the above is why I am not driving a Ferrari around right now. I am planning to get my Vette paid off and use the $25,000 it will be worth as a down payment for the Ferrari. That is still a few years away. In the meantime I can pay off some bills and save more $$$. I wish I was super rich so I didn't have to worry about finance but you know what....I will really appreciate what I have when I get it!

 

[ARIVERA]

SuperCar, don't give up! When I decided to buy a Ferrari I sold my mint condition 935 dp Porsche (see pic). I thought I was going to spend over 60K for a 348 Spider. I then found the deal of a life time on a Spider. So what i'm saying is you never know who might be selling a Ferrari at a low ball price in good condition that you can afford. So dont give up, keep looking!

Good luck
Alex

 

[SUPERCAR]

SuperCar, don't give up! When I decided to buy a Ferrari I sold my mint condition 935 dp Porsche (see pic). I thought I was going to spend over 60K for a 348 Spider. I then found the deal of a life time on a Spider. So what i'm saying is you never know who might be selling a Ferrari at a low ball price in good condition that you can afford. So dont give up, keep looking!

Good luck
Alex

Alex, thanks for the input! That is one beautiful Porsche! Any pics of your Ferrari?
Jeannie

 

[Oddball]

Here in the UK, we are paying the equivalent of $11 a gallon, it isn't much cheaper anywhere else in Europe, you really don't know how lucky you are in the USA.

$11 a gallon? I thought the problem in the US was due to the value of the falling dollar. How much has the price of petrol risen in the UK in the last year, and how much of the increase was due to various taxes?

 

[t1fosI]

Since you asked our opinion, here's mine.

1. Your husband can't do any of the major service work on a 360. It needs a special computer called OBD II which is sold by Ferrari to official dealers and selected specialists only. In any case, you are not likely to save more than a $1000 a year.

The issue of maintenance always fascinates me (sad but true ). Just a slight variation to Onno's post. OBD II (On-Board Diagnostics) is the motor industry diagnostic standard. http://www.obdii.com/

Ferrari's proprietary tool for accessing OBD data such as DTCs (Diagnostic Trouble Codes) is the SD range (SD1/SD2/SD3).

In Europe under the EU 'Block Exemption' Directive that was enabled in 2003 by the Competition Directorate, vehicle manufacturers were 'forced' to adhere to changes that they had originally agreed in the previous EU Directive (I think it was 1995?). One of the key changes was to allow non-franchised garages access to diagnostic tools and information. Therefore, anyone can buy the proprietary equipment if they want to, however the cost of the equipment is obviously prohibitive if there is no sustainable business case.

Here is one for sale on Ebay, not recommended as they require constant updates.

With regard to the relationship between servicing and access to a diagnostic computer, this is not dependent in all instances. Certain major procedures can require access to an SD machine in order to facilitate 'reset' e.g paddle shift gearboxes, but by no means all. Also very often a competent technician can perform a procedure and the dealer can perform the necessary reset for a fee.

If one is concerned about service history, making sure the job is done right etc etc than sure take it to a specialist/dealer. But IMO the most important thing is that you have confidence in the person who is doing the work.

just my $0.02

PS I would also recommend that you do not finance your Ferrari purchase. But I think it was 212Export who pointed out that a surprising number of Ferrari's are actually leased.



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