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Discussion Starter #1
Hey guys,

This is my first post to the forum. I have read 1000s of postings and I know what most of you are going to say. But, nevertheless, I was hoping I would hear diffrently. I am 32, have a stable job, so does my wife. I dont have kids and dont plan on having in the immediate future. I was wondering if I could afford to finance a 360. What kind of expenses am I looking at?? I dont plan to drive it more than 300 miles/ month. I know that I will not be able to get one after we have kids, so this is my only chance to experience what you guys already have. Thanks.
 

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Well, putnumleasing only has leases for 24-48months. I usually change cars sooner than that. Would be it better for me to finance the 360. I dont think I will keep it for more than 4-6months.
 

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I'm not quite following this, Doctor. 300 miles a month. That's two days of light driving, say 2 Sundays or a weekend. You plan to keep the car only 4 - 6 months. That's 8 - 12 Sundays. Why the heck don't you rent it?

If you had the money, it would be cheaper to buy it and then flog it, but since you don't, why would you expose yourself to such a large debt for such a short period of time ? And it's not just the debt - what if something breaks after two months? You will need to repair it unless you are willing to accept a drop in resale value.

So, just rent it and be carefree. You can even rent other cars if the 360 is growing stale after 3 or 4 Sundays... ;)

Best,


Onno



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You'll need to do the math on the finances but we can certainly give you an idea on the cost of ownership. I would highly suggest reading the buyer's guides. With as many miles as you plan to drive I would say $5k - $7k annually is a safe budget. If you can't afford a $7k hit per year on maintenance then you won't be able to afford it. A F355 could be more, a 328 will be less.
 

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I agree with most of what’s been said above. I think you’ll find leasing for such a short period is simply not available, not to mention the very high cost. Financing any rapidly depreciating asset (like a 360) will put you upside down in the thing almost immediately (i.e., owing more than you can sell it for). In other words, both leasing and financing may be possible but both will cost considerably more than paying cash.

On the other hand, buying a 360 the right way (i.e., finding the right car from a reliable source, inspection, negotiation, funds transfer, transportation, etc.) and paying cash should take 4-6 months (I worked nearly 18 months getting my 360). You’re saying you’d dump the car in that amount of time so it hardly seems wroth all that effort just to turn around and do it all again (i.e., sell it) before your first oil change.

Absolutely no offense intended, but if you’re that quickly bored with the passion and heritage and plain exhilaration of owning such a fantastic Ferrari, perhaps a 360 is not for you.
 

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Well, putnumleasing only has leases for 24-48months. I usually change cars sooner than that. Would be it better for me to finance the 360. I dont think I will keep it for more than 4-6months.
If this is the plan, then I would recommend joining a supercar club like a Club Sportiva:

http://www.clubsportiva.com/

instead. Keeping any still depreciating Ferrari for such a short period is asking for a huge financial hit.
 

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Discussion Starter #9
NO offense taken. I looked into renting the car. I am close to Chicago. They go for 1500-2500 per day and charge $2/mile. So thats not worth it. I can afford the 5-7k maintainence but cant afford to buy it outright. Well, I could but that would mean complete life style change for the next year. We love to travel and we are out traveling every month. So If i want to do the 360 I have to stop or at least cut back on the travel. Thanks for the tips guys. The more I think about it the more I want it. Think I am going to make that change and join the club next year.
 

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Boxer, the problem with the sportiva is that its only 14 days and the membership is 18k. I dont see how that is worth it. I would loose less than that If I get the 360 for 3 months and sell it. Besides, we have a key club sort of thing here where we exchange cars for 3-4 days with each other. I think the best thing is to save for the next year and buy it in cash.
 

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NO offense taken. I looked into renting the car. I am close to Chicago. They go for 1500-2500 per day and charge $2/mile. So thats not worth it.
Let's do the math: 8 days @ 150 miles per day = $18,400 for a rental. Oooh, that sounds like a lot of money. Is it?

A nice 360 is, I am guessing, about $130k. Resale value in 1 year: probably $115k if in same condition, if you sell privately. Dealers will ask $5k less, I would guess.

On top of this you have to add finance, which will be $8k or thereabouts? Not sure what the interest rate is at the moment. But 6% for 1 year = $7800

If you are sure you're only doing this for a year, you can get away with only 1 small service and no cost for tires, brakes etc. provided you have bought a good one.

So $700k for a service provided they don't find anything problematic which can affect your resale value, and then you have to add at least $1.20 per mile for fuel, oil, and sundry expenses.

That brings the total cost of ownership to $35,020.

Let us say you are extremely lucky and you manage to flog the car for the same price you bought it. This still means you spent $20,020 without ANY maintenance.

Still think renting is expensive?

I keep telling people: DO THE MATH! Very few people listen to me, however.


Onno



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Discussion Starter #13
Onno,

You only calculated cost for the mileage. They charge another $2000/day rental charge. Also, I do not plan to keep the car for more than 3 months this year unless I absoultely love it. I am in South Bend, IN. We got 72 inches of snow last year. I am not going to make payments for a car that I cannot drive. So I would sell it before Thanksgiving and get one march 1st week. But, I see you point. I think the best thing for me would be to save for a year and buy a nice 02 or something in cash.

Thx.
 

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It seems to me that you need to do some additional research. A 360 should not cost that much to rent. I know where I am located there are several options that are much less expensive. I can rent a 360 spider for $3000 a month with a decent amount of miles included. Take a look at this site for instance.

http://www.luxeautomotivegroup.com/rental/available_cars

I know that this company will do short term leases, but don't know about doing from a distance. Also, you have to lease one of the cars they have in their inventory.

Don't know if there is anything similar in the Chicago area, but I would think there should be. I would think that companies that are into renting Ferrari's would realize that the 360's have already taken the huge depreciation hit, and should retain their value fairly well. If they can get it rented regularly it should pay well for them.

Another idea would be to be a part of a "CAR TOUR" I have seen many of these where you go out on a Saturday drive in a caravan and get to drive a number of cars, usually around 6. It seems that this is usually between $400 and $1000 depending on the location and the cars. It gives you a chance to also evaluate the cars and see what you really like. I did one a few weeks ago, drove a 360, Gallardo, Lotus elise, Dodge Viper, Aston Martin Vantage, and a bentley Continental GT. I drove and took my 11 year old son along. It cost $600 and included lunch. The worst part was you were in a "caravan" and had to follow the leader. It was a great route, but you were limited to what you could do by the company.
 

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Discussion Starter #17
I do that here. All my friends have nice cars so we tend to exchange them during the week. I have driving all of the above except the elise and the vantage. Did drive a Vanquish S though. Thx.
 

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Drzuess, calculating cost for 3-4 months is nice to know but not of any use if you have a hard time selling the car before winter comes around or because of where you live due to a potential buyer from another state needing to travel to look at it? What if you’re stuck keeping the car until the next summer because it won’t sell? This is also something you have to consider. Buying a Ferrari is not like buying a regular car, most people take some time to find one and like Camdon53 said, it took him 18 months to find his. If you do find one for sale and you call to talk to the seller, find out how long it has been for sale, that will give you a clue as to how hard it could be to move it from your garage to someone else’s.

The 360 was made in abundance (for Ferrari standards). Just take a look at the duPontRegistry web site…there is a little over 250 360’s for sale. Then under that is the 355 at over 50 for sale, 4 other models in the 20’s, and the rest are single digits cars left for sale. Now, this is just one web site.

http://www.dupontregistry.com/autos/Search/DRauSearchCategoriesModels.aspx?makeid=31&makename=Ferrari&catid=1

In my opinion, it's another thing to consider...


~
 

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if

If Ferrari is in your heart, you must pick your lines and make the purchase.
Ferrari's are bought with your heart (as opposed to your brain). All this "rationalization" about the money end is what repulsed Enzo to begin with. Name the last time you bought anything that was any fun that made sense.

respectfully,

f-man;)
 

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If Ferrari is in your heart, you must pick your lines and make the purchase.
Ferrari's are bought with your heart (as opposed to your brain). All this "rationalization" about the money end is what repulsed Enzo to begin with. Name the last time you bought anything that was any fun that made sense.

respectfully,

f-man;)
What a great thought putted to words. This could be a "pamphlet" to our whole community here at Ferrarilife:) Congratulations
 
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