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Discussion Starter #1
Hello Members,

First time on the forum,

I need some advice from long time Ferrar ownners.

I am 30 married no kids.

Own my own home,300K in investments.

Salary is 3K a month take home(not much)

Originally was going to buy a 2008 Z06 in March for 70K

Came into some extra $$$$ AND NOW I HAVE MAX 150k TO SPEND


This probably the only chance i would have to buy a car for 150K


Here is my question should i buy a 04 360 without any warranty and have to worry about maintenance issues?Is it expensive?Can i afford it?

I have always wanted an exotic,Ferrari,Lambo...I was thinking Gallardo from the US..but i just found i cannot import them to Canada.

So then my other option is the real Italian Stallion the FERRAE+RI

My question is with a income of just under 60K a year would i be able to maintain my Ferrari.


If the answer is no.


What is the alternative to an exotic?

I would preferably like to spend 120K max but cn push it to 150K if i have to.


Once again thank you and i apologize if i have wasted your time.

And one last thing i am all about show..and i do appreciate the heritage of Ferrari.
 

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Hi, welcome to the forum.
I should warn you that I am biased towards 328's as that's what I own. I would recommend one as a first time Ferrari, you should be able to pick up a good low mileage late 89 (ABS model) for the equivalent of £30K - £35K GBP from a reputable independent.
They are widely regarded as one of the most reliable and best built Ferrari's, and in comparison to later V8's far cheaper to service and maintain. Mine had a major service and was fully detailed as part of the price - cam belts, valve guide clearances, cam seals, new brakes, cleaned and waxoiled everywhere, plus lots of other things. That was 18 months ago, and since then it has cost me less than £1000 GBP in annual servicing and other very minor issues.

My advice is live your dream, but don't burn all your cash on a car. A Ferrari is a Ferrari whether it's a 308 or a 430, it will still turn heads and give you immense pleasure whether you are looking at it parked in your yard or garage or driving it on the highway. Ease yourself gently into Ferrari ownership, you won't lose money on a 328 they are fully depreciated, and if you buy well it won't cost you a fortune to maintain it.

After a year or two of ownership, you might be ready to look at spending more on a later model.
Best wishes
 

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First and Most important question

Why do you want a Ferrari/Z06?

You need to be clear on this point...Are you looking to turn heads, Go Fast, Own a dream, Be the first in the neighborhood, or is there some other reason. Ferrari's tend to be for the true efficionado of the species. There are of course other reasons to own one but you need to be sure of your expectations. They are not for everyone. Buying one for the wrong reasons can put you in the poor house without a smile.

Second point

Why would you blow your whole wad on the purchase price? If you buy a 3x8 or 355 you can bank your future service needs and never worry about whether you can afford the maintenance. I promise you any of these awesome cars will satisfy your needs regardless of your reasons why you need one
 

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Agree with both ArchieGibbs and Saint Tazage.

Specifically on the Ferrari, if you do decide to go ahead with a purchase, your budget should be half what you can spend. Invest the rest and use the income to cover help insurance and maintenance. This way you are very unlikely to have to starve to pay your mechanic. Suggest you test drive both a 328 and a F355 to see which best stirs the heart. Once you have decided on the model, then you need to begin the serious hunt.
 

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I agree with the others have said. Between the older and the newer Fcars there is a world of difference, in driving, and maintaining them. If possible try and drive different models to see what you like. Research is very important in purchasing an Fcar, check the maintainence records , last belt service. and what was serviced at the time. Most important get PPI (Pre Purchase Inspection) it may save you money in the long run. Also put money aside for future maintenance. Do not let your emotions and feelings buy the car. You can always ask questions and advice from people here. Good Luck
 

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This is a question that only you can answer, Manny, but we can certainly give you advice.

I bought my first Ferrari this year (a $130k 550 Maranello), and I am also a regular working Joe who happened to come into some money. I do not consider myself to be poor, but I do not have 300k in investments like you (yet) and the house is not paid off.

Principally, I reasoned I could give my dream car the green light if the following conditions were met:

1. I should, in principle, not have to borrow money to buy the car. I did borrow a small amount in the end to give myself more breathing room but it was not required.
2. I should be comfortably able to pay for all ownership costs from my regular salary, without giving up house payments, monthly investments, holidays and generally enjoying life.
3. When considering ownership costs, I would take ALL costs into consideration, particularly depreciation. If you buy a car for $150k, you run it for two years @ $10k a year (fuel, tyres etc) and you sell it for $110k (very likely if you buy a 2004 Modena), it will have cost you $60k, or $2,500 a month. And this excludes any misfortune (drive train packing up or something like that)!!!
4. If I could not afford the car I wanted, or if I thought it would look too unattractive, I would buy a cheaper model, using the money saved to keep it running for several years. The hierarchy of desirable Ferraris, for me, was 1) 550 Maranello, 2) F355 Spyder, 3) F355 Berlinetta, 4) 328GTS, 5) 308 GTS.

Anyone of these cars would have made me a happy man, but the 550 was the first choice. So, it was very important to gather as much info as I could regarding the total ownership costs. These forums are great and you can find a lot of info if you look hard enough.

In the end, it transpired that if I took a long-term view on ownership (drive the car to 100.000km on the dial, sell it for 60,000 euro), counted on a major break down every 35,000km, drove 7,500km a year, had the car stored at a Ferrari specialist, I would need to count on between 1,200 and 1,500 euros a month (depending on which car I bought). That amount includes servicing, labour, brake pads, fuel, tyres, insurance, you name it! This is for a car in Holland, mind, which is an expensive country to run them in. I'd say the same car in the States would come to about the same number, but in USD.

I was very comfortable with being able to cover this cost, and so went ahead with the purchase.

5 months into ownership, I can see I've been a little optimistic on trade-in value already, the 550 still dropping in value. However, on other costs I've been underestimating and so I am still very happy I'll be able to keep the car for a long time.

So, I suggest you do a similar exercise for yourself. Find out as much as you can, and then see what you will be comfortable with. Be conservative when you do your estimations, it is much better if the car turns out cheaper than you thought. I like Boxer's suggestion that you should invest half your budget - I should make a plan in that sense as well. I'm very confident my numbers are correct, now that I have spent less I should put some money into a "Ferrari account" for any big bills coming.

I hope this helps! And I hope you make your dream come true. But please remember: the "cheap Ferrari's" are still dream cars, and will make you smile time and time again. My friend has a 308GT4, which I always thought to be a less succesful design, but I must say I love that car. Like any Ferrari, they seem to be living organisms. So if you decide to go the safe option in terms of purchasing cost and depreciation, you are still in for a wonderful experience.


Onno



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Read through the numerous posts in this forum and you will realise it is not about which Ferrari you have, but about how much pleasure it gives you.

I would echo the sentiments expressed above. You seem like an intelligent dude, buy what you 'feel' you can afford, leave the rest for a rainy day (it always rains!). If you come into some more money you can always change it.

My choice 328/F355.
 

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Discussion Starter #8
Wow,you folks are awesome.

I have learned so much from you posters in the last 24 hours then i think i have learned in the past month doing my research.You are telling from experiences that cannot be bought but only be valued over time.


I think i have realized that i am not comfortable as i would like to be owning a Ferrari as i should be not being doubting myself if i am looking to purchase soon.

I think i am gonna wait till i can be more financially secure before i buy the car of my dreams.

What are peoples thoughts on the 2007 Maserati Quattroporte GTsedan?

I was thinking of that as an alternative for now as it would be brand new and i could get it for about 90K ..and not have to worry about warranty issues.

And then look at buying a Ferrari later in life.
 

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get it for about 90K ..and not have to worry about warranty issues.
And then look at buying a Ferrari later in life.
I couldn't agree more to the previous rantings and advices.

My only advice is to get in now while you still have no kids, trust me, having kids are as much as trying to maintain a ferrari.

Go with what your heart says, you will know if you are ready financially. I trust you have a good head for investments judging by your investments at your young age. If your eyes are set for the 360, then don't settle for something else, you will just keep on saying, what if. If you do your homework you will get a good car, and maintenance should be nominal provided no hidden repairs happen.

Once you get the sting from the italian stallion, there is no turning back. :D
 

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What are peoples thoughts on the 2007 Maserati Quattroporte GTsedan?

I was thinking of that as an alternative for now as it would be brand new and i could get it for about 90K ..and not have to worry about warranty issues.

And then look at buying a Ferrari later in life.
Exactly what I would NOT do!

Have you seen resale values on Quattroportes? Seriously, it makes much, much, much more financial sense to buy a F355, heck, even a 360 Modena.

New cars are nice, they smell good and it's great to spec it to your taste but if you want to be financially sensible, stay away from them. I was considering a new BMW 335i cabriolet a year ago and I went onto the website, spec'd it, and when I looked at the price when I was done, I thought: WAIT A MINUTE! I can drive a Ferrari for that money. And it's true. A new 335i Cabriolet in 3 years of ownership will cost you more than a 550 Maranello (unless you are very unlucky - Ferrari spare parts are expensive). A Quattroporte will lose 30% of its value the moment you drive it out the door. That's 30k gone as you sign the check... Maseratis are also expensive to run - not as much so as Ferraris but it's not too far off.

It's up to you of course - most people just LOVE the idea of a new car, and I must admit I am still also thinking about that BMW Cabrio as a second car, or maybe a Porsche Boxster. But in the end I'll probably be much more sensible and buy a Fiat Panda shopping trolley and a 308 QV as a second Ferrari! :)

More fun for less money! Somehow I think you can tell I'm single...

In the end, one forketh over one's money and one payeth one's price...

Have fun deciding! I'm sure you'll be happy whatever you choose.


Onno



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Exactly what I would NOT do!

Have you seen resale values on Quattroportes? Seriously, it makes much, much, much more financial sense to buy a F355, heck, even a 360 Modena.

New cars are nice, they smell good and it's great to spec it to your taste but if you want to be financially sensible, stay away from them. I was considering a new BMW 335i cabriolet a year ago and I went onto the website, spec'd it, and when I looked at the price when I was done, I thought: WAIT A MINUTE! I can drive a Ferrari for that money. And it's true. A new 335i Cabriolet in 3 years of ownership will cost you more than a 550 Maranello (unless you are very unlucky - Ferrari spare parts are expensive). A Quattroporte will lose 30% of its value the moment you drive it out the door. That's 30k gone as you sign the check... Maseratis are also expensive to run - not as much so as Ferraris but it's not too far off.

Onno
+1...
 

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Manny
I had to re-read your first post. How did we push you off the fence? How are you willing to drop 90k on a Maser but not consider the absolutley impressive Ferrari you can buy for the same dough. That Maser is going to depreciate like a rock where a 90K Ferrari will not depreciate that much at all. Are Maintenance costs scaring you that much?

I'm not plugged in to present resale value but I assume 90K can get you a near perfect 355 or fair 360. Plus there are many other possibilities 365's, 512's, 246's, etc..

I've attached a list of asking prices that is a little out dated but should be fairly close. Don't just pick one off the list thats near your price but rather look at what you can get for the money. If you are going to put off a Ferrari for a few more years then save your money till you can afford the very best. Your gonna need to love the car you select or drive another clunker for a few more years
 

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The parts and labor to fix an old Ferrari are INSANE. If you are poor, a Ferrari will only keep you poor, and make you poorer.
 

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If you mean restoring a hunk of junk...yes I agree...purchasing a near perfect 355, Testarossa or decent 360, 512 boxer, 365, 246 is a very differant story.

I'm hearing that he wants a Ferrari but is not specific enough to detail what type of Ferrari. Wanting a car because it's a Ferrari is very differant than wanting a 360 Modena because its a 360.
 

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The parts and labor to fix an old Ferrari are INSANE. If you are poor, a Ferrari will only keep you poor, and make you poorer.
I think that depends on how old the car is, the model and how rare the parts are. I'm sure it's true for some models, especially the more complex newer models.
I'm no expert as I'm not a DIY er. However, during my time as a member I've learned that many of our members who own classics (308's, GT4's, 328's, TR's) do a lot of the work themselves and don't spend a fortune keeping their cars on the road.
It is always a worry that if something big goes wrong it might get very expensive, but what's life if you don't take a risk? If it all goes horribly wrong and I have to sell up, at least I can say to myself that I achieved one of my dreams and owned a Ferrari, once.
 

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Exactly what I would NOT do!

Have you seen resale values on Quattroportes? Seriously, it makes much, much, much more financial sense to buy a F355, heck, even a 360 Modena.

New cars are nice, they smell good and it's great to spec it to your taste but if you want to be financially sensible, stay away from them. I was considering a new BMW 335i cabriolet a year ago and I went onto the website, spec'd it, and when I looked at the price when I was done, I thought: WAIT A MINUTE! I can drive a Ferrari for that money. And it's true. A new 335i Cabriolet in 3 years of ownership will cost you more than a 550 Maranello (unless you are very unlucky - Ferrari spare parts are expensive). A Quattroporte will lose 30% of its value the moment you drive it out the door. That's 30k gone as you sign the check... Maseratis are also expensive to run - not as much so as Ferraris but it's not too far off.

It's up to you of course - most people just LOVE the idea of a new car, and I must admit I am still also thinking about that BMW Cabrio as a second car, or maybe a Porsche Boxster. But in the end I'll probably be much more sensible and buy a Fiat Panda shopping trolley and a 308 QV as a second Ferrari! :)

More fun for less money! Somehow I think you can tell I'm single...

In the end, one forketh over one's money and one payeth one's price...

Have fun deciding! I'm sure you'll be happy whatever you choose.


Onno
Ha! I couln't agree more as to what onno, arch and saint has just said. Those Masseratis are notorious for depreciation. If you want the best bang for your buck, go for the 328's-355's. The 360 can still wait maybe a year or 2 until they fully depreciate. The F430's are still at a premium.

Yes, Onno I too long for a new car this year. Those new 3-series twin turbos from BMW look appealing for an everyday use car. But ever since I have had a pick-up truck, I have always loved the convenience of the flat bed at the back. I am currently looking at the Toyota Tacoma 4x2 4 cylinder for fuel economy, since I log in about 100-150 miles a day.

Sorry to deviate from the topic. Don't go for the Masserati, you are at a Ferrari forum so we are biased and would lean towards a Ferrari. Since you are here, it is obvious too, that your heart says Ferrari!

Viva Ferrari!
 

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Exactly what I would NOT do!

Have you seen resale values on Quattroportes? Seriously, it makes much, much, much more financial sense to buy a F355, heck, even a 360 Modena.

New cars are nice, they smell good and it's great to spec it to your taste but if you want to be financially sensible, stay away from them. I was considering a new BMW 335i cabriolet a year ago and I went onto the website, spec'd it, and when I looked at the price when I was done, I thought: WAIT A MINUTE! I can drive a Ferrari for that money. And it's true. A new 335i Cabriolet in 3 years of ownership will cost you more than a 550 Maranello (unless you are very unlucky - Ferrari spare parts are expensive). A Quattroporte will lose 30% of its value the moment you drive it out the door. That's 30k gone as you sign the check... Maseratis are also expensive to run - not as much so as Ferraris but it's not too far off.

It's up to you of course - most people just LOVE the idea of a new car, and I must admit I am still also thinking about that BMW Cabrio as a second car, or maybe a Porsche Boxster. But in the end I'll probably be much more sensible and buy a Fiat Panda shopping trolley and a 308 QV as a second Ferrari! :)

More fun for less money! Somehow I think you can tell I'm single...

In the end, one forketh over one's money and one payeth one's price...

Have fun deciding! I'm sure you'll be happy whatever you choose.


Onno
I totally agree, I was looking at prices for a 2002 Maserati Coupe GT and they go for 45K and new list price only 5 years ago were a little over 110K…now that is depreciation…

Now not to say its not a good car but I would never buy one new…


~
 

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I totally agree, I was looking at prices for a 2002 Maserati Coupe GT and they go for 45K and new list price only 5 years ago were a little over 110K…now that is depreciation…

Now not to say its not a good car but I would never buy one new…


~
That's pretty hefty depreciation, would defintely be a great used car buy at 5 years old.
I have been thinking about Ferrari depreciation based on independent dealer prices in the UK. good condition 1500 miles PA cars, FSH and major service at time of purchase.
1976 Fibreglass 308 GTB - Cost new approx £15K, cost now approx £30K and rising.
1989 328 GTS - Cost new £52K , cost now approx £34K and levelling out.
1972 246GT Dino - Cost new approx £6K, cost now £70K min and rising.

There must be plenty of other examples, Boxers, F40's, F50's ...etc.

Based on this, I still believe that a well maintained 15+ year old Ferrari is a better buy than any new car, and in my case a 17 yr old 328 gives me much more pleasure than anything else I could have bought for the same money, and if I ever had to sell it, I wouldn't lose a lot.
 
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