Hey guys. Im posting on here to try and figure out if im going to be able to pull of this purchase. heres alittle about me. im 22, single, right now im making about 45-50k anually with a good chance of being about 60-70k in the next 5 years. one of my greatest loves in life is cars, this is very important because i will give up lots of other "nice things" to own a nice car. I have a nice townhouse with attatched garage in a nice gated community and im pretty set as far as career and home go. im mostely into older/classic sports cars but what im looking to own is a more modern, easy driving fun car that would be great on the highway. im looking at either a 355 or maybe in a year or two the 360's will have dropped enough in price. im looking to spend 60-80k. not all upfront but maybe through a loan. ive looked at all the cost calculators and prices on maintanance but i want to hear from some of you in my financial situation and how hard it is to own, i know not everyone who owns a ferrari is pulling 600k a year. do you think i could pull of this ownership with my situation? and remember this would be top priority in my life, i dont go on vacation or have satalite tv, my current car is a 500 dollar chevy corsica. im willing to make other sacrifices to own a ferrari. my cost of living expenses is very low and im real good at saving my money. what do you guys think?
Potential future owner
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I would suggest re-financing your home in order to pay off the car in full up front. I don't think a 355 is unreasonable for a car, in terms of maintenence, etc. I am looking into a 348 Spider, which is similar to a 355. Just make sure you have at least five thousand on hand in case something unexpected happens.
i am into older cars and have owned many datsuns/triumphs/mgb's, cars like that and for this car im looking for something more modern. i do love dinos and mondials but just not what im lookin for. the 348 is an option as is a yellow tr although i find the interior on the testa to be very dated. i just said loan, but yeah i havnt really gotten that far as to figure all that out yet. thanks for the replies.
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J P D,
I would suggest first determining what you can afford without stretching, then I would factor in $1-2k per year in runnng/general maintenance with a ballon of $5k every 4 years. These numbers will need to be fine tuned later depending on the model you choose. By going through the classifieds here and on Ferrari Market Letter, you will be able to determine which Ferraris currently fit within your budget. I would highly recommend reading through the Buyers Guides (http://www.ferrariforum.com/members/)and Owners Manuals to get a better idea of personality and costs of running the different models. I would also look through the articles for differnt views on the models anjd market (http://www.ferrariforum.com/models/) Once you have narrowed down to a particular model, plan on 6-12 months to find the right car.
Good luck.
I would suggest first determining what you can afford without stretching, then I would factor in $1-2k per year in runnng/general maintenance with a ballon of $5k every 4 years. These numbers will need to be fine tuned later depending on the model you choose. By going through the classifieds here and on Ferrari Market Letter, you will be able to determine which Ferraris currently fit within your budget. I would highly recommend reading through the Buyers Guides (http://www.ferrariforum.com/members/)and Owners Manuals to get a better idea of personality and costs of running the different models. I would also look through the articles for differnt views on the models anjd market (http://www.ferrariforum.com/models/) Once you have narrowed down to a particular model, plan on 6-12 months to find the right car.
Good luck.
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JPD
I was in the same situation as you in 1997. I was 21 and wanted a Porsche at all costs. I traded in my Golf 3 (that was three years old at the time) on a 1968 Porsche 911S. In retrospect, the car I bought was actually a pretty shabby example but I made a small profit on the car when I sold it. I then traded up three times getting Porsches all the time and then made the move to a pristine 308 GTSi. I have always had no debt on the cars I owned and therefore the maintenance costs have been manageable - even the inevitable unforeseen costs!
I have two points to this whole story. First is that when you buy your first Ferrari, it will be massively exciting whether it is a Mondial 8 or a 360 CS. I recall getting my first 911 and I literally couldn't sleep knowing it was parked in the garage! Remember that there is a lot of time to experience all that Ferrari has to offer. If you start off with a 360, you will most likely never experience the older and, in many ways, purer Ferraris.
Secondly, it does not make sense to stretch yourself out too much financially (this is just the impression I get from your post) to drive a car such as a 355 or 360. Imagine having to sell the car because of an unforeseen engine rebuild that you can't afford to fix.
Overall, I recommend you definitely buy a Ferrari - to experience that at such a young age is awesome. Just make sure you have done the numbers correctly before you make your decision.
Good luck!
I was in the same situation as you in 1997. I was 21 and wanted a Porsche at all costs. I traded in my Golf 3 (that was three years old at the time) on a 1968 Porsche 911S. In retrospect, the car I bought was actually a pretty shabby example but I made a small profit on the car when I sold it. I then traded up three times getting Porsches all the time and then made the move to a pristine 308 GTSi. I have always had no debt on the cars I owned and therefore the maintenance costs have been manageable - even the inevitable unforeseen costs!
I have two points to this whole story. First is that when you buy your first Ferrari, it will be massively exciting whether it is a Mondial 8 or a 360 CS. I recall getting my first 911 and I literally couldn't sleep knowing it was parked in the garage! Remember that there is a lot of time to experience all that Ferrari has to offer. If you start off with a 360, you will most likely never experience the older and, in many ways, purer Ferraris.
Secondly, it does not make sense to stretch yourself out too much financially (this is just the impression I get from your post) to drive a car such as a 355 or 360. Imagine having to sell the car because of an unforeseen engine rebuild that you can't afford to fix.
Overall, I recommend you definitely buy a Ferrari - to experience that at such a young age is awesome. Just make sure you have done the numbers correctly before you make your decision.
Good luck!
yeah, the 355 is what catches my eye the most. not just appearance but as a whole package it seems like the best fit for me. i do like the 3x8 series and tr's but i dont think i would be as satisfied with one. i guess if i have to wait and save for a little bit longer then thats what ill do.
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I happen to consider Ferrari's with less than 12 cylinders to be real Ferrari's, personally. IMO, I find that people choose the cars they drive because they want them and not everyone who could affort it would buy a Ferrari, let alone a V-12.
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