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Discussion Starter #1
hi guys,


I would really wanna thank you all in advance for providing me with any possible info .

I'm looking into buying a 430 spider or a 360 spider,

I was offerred two types of deals,
1) a 3 years lease contract with option to purchase

2) owner ship by financing the car from the begining.


I have now idea how the lease works.
I do need to come up with substantial amount of cash in eaither case,
but can i still call my self the owner of the car i'm driving when i have leased it ?

or im gonna be another guy who is actually renting.

in the other hand, the lease contract seems interesting as i dont need to strugle finding buyer for the car if i was to buy a another car after 3 years.

anyway, any help or reply is really appreciated.
thanks in advance
 

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The person providing you the lease can best answer the question. Why would get you a lease if you had no idea how it works? Not too savvy. There is also a big gap between a 430 and a 360. Buy the 360, its already more depreciated.
 

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Discussion Starter #3
The person providing you the lease can best answer the question. Why would get you a lease if you had no idea how it works? Not too savvy. There is also a big gap between a 430 and a 360. Buy the 360, its already more depreciated.
Dear Andrew,
Thanks alot for such quick respond,
The 2004,10k milage 360 is going for 200K CND (including PST and GST)

and the 2006, 5K milage 430 is going for 300K CND (Including the PST and GST).

I was so confident on the 360, but after i found out that the 360 is having only 1 year of warranty ,while the 430 has 3 years+ up to mid 2011.

Also the dealer was telling me about the improvements in the 430,
the only reason stoped me from putting the deposit was that i didnt know if i wanna Lease or Finance it.

As far as i understood about the LEASING PART of it,
The car is registerred to the Lesso company and they will sign a lease-with option to purchase agreement with me.
i need to provide the half of the downpayment of what i require to finance,
and i have the option to buy the car half price after 3 years.
Its sounded pretty interesting, but it was alittle bothering me that if i do a LEASE purchase, can i claim im the owner of that car or,
no i'm just hiring the car.
i'm pretty new to this, if i know many other ferrari owners are doing the same, i would be very glad to do as well.

In the other Hand, the fianancing which is to be done by a bank, not a leasing company, i would need double of the downpayment and for sure i can sell the car anytime i want, ofcourse that is subject if anyone would think of spending a 300K at these economical ressesion and etc,
maybe i would have had to have the car for sale in the market for up to one year to have it sold,

but I personally admire the financing part as the car would be registerred under my name,
in the other hand, the leasing option, gives me some peace of mind that i can have the car sold back with certain price, and of course half downpayment.

Kindly do inform me if this Lease to Purchase is something usuall for other ferrari owners as it seems interesting to me .

Any reply is really appreciated.
 

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Hi Skyco:

First, I am only giving opinion and not an expert on this. That being said, I would lease the F430 with an option to buy at the end of the term. The reason being, I've noticed the 360 price dropping drastically (and you may not be able to recover your invested money), whereas the 430 is holding at a much steadier rate than the 360, and might be worth buying at the end of the lease term (or based on the future prices you might decide to turn it back in, without taking the loss that an actual owner has to take). We are seeing 360's go for US$90,000 now. That's quite a hit.

As for being called an "owner," I view anyone in a lease agreement as an "owner" because so many of us say we own a house, when in fact most homes are owned by the bank and us together. Leases are common for private citizens in America, but mostly common for businesses in Europe and elsewhere.

I don't know about the F430, but the 360 needs belt changes costing around $3,000 every 3 years (regardless of miles).

Whichever car you decide on, think about how much money you will have invested by the end of the lease, and try to project what the car will be worth at the end of the agreement. Most likely, you will know the 430 holds a higher value than the 360, but might have cost you more. It's not an easy decision, but one I wish I were contemplating. Good luck to you!
 

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Skyceo,

I am an owner-based peron.

I would recommend you purchase the car.

The lease will have absolutely no value in a few years.

As to 360-430 controversy, that's a personal choice. There are differences in each.

My advice is to stay away from the lease.
 

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Completely agree with GCalo, leasing a Ferrari (or any other new high-value car) is just throwing money away. It would even make much more sense to join a car club such as P1 (in the UK, not sure if that exists in the States). Then you're throwing money away as well, but you can drive the latest of the latest and pick and choose whether you are taking the Murcielage or the Scuderia.

If you can't afford to buy a 360 or F430, then choose another model. Most people just see the badge anyway - I've had people ask me if my 35 year old Boxer was new... And cheaper Ferraris are just as much fun, believe me.

As for 360 vs. F430: the F430 wins by a mile, in my book, but then again it is much more expensive. The Challenge Stradale is however very much worth a look if you want raw speed.


Onno



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Purchase the car and develop the equity if you are planning on keeping the car. If you want to trade the car in, then lease it.
 

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Discussion Starter #8
Thanks ,

Actually i'm pretty much agree that the lesse is actually somehow the owner,
the owner might find himself many other better things to do with the money than have it locked in a form of car which it value would mostly depreciate despite real estate or other investments in most of the cases.

based on my calculations,
It somehow is much better to lease the car when i need to pay 40% cash downpayment for the purchae , also when is leased and if i see the market is not very well after 3 years, i can just get rid of it, i'm assuming that i might be driving the car for 80,000KM in 3 years, so if i wanna sell it , might not be an easy job.
but when i feel, someone might give me restriction on milage and etc, i would rather drive a Motor Bike, but i know i'm in control,
is true that after 3 years and 80,000KM i might be losing a lot on the car value, but the feeling which makes me feel it's Mine, i'm in control is giving me the confidence that it is definitly WORTH BUYING IT.


I am assuming that 50% joy of such investment is the car it self,
it's the joy of driving and maybe the outstanding uniqness,
But i personally cant enjoy the car to the fullest if i know is Leased.
It might not be very might business minded, but i'm very much agree with all of you guys,
Is much better to be owned. Is about feelings, and the joy of owner ship is associated with the car. i think so. is it?

thank you very very much, is truly a pleasure to read all of your replies.

Before i finish my reply,
I just wanted to let all of you ferrari owners to know that i truly admire you, your aschivements and everything about you.

You guys Are truly the Heros in this world, it takes a lot of guts, efforts and passion to be you.
I Admire you.
Good luck and thanks again
 

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If you plan that much mileage no lease company will make you a deal!

They want to limit mileage on exotics at 5K/year! These cars are not Chevys!

Be careful with your thinking.

Why do you need to drop 40% to buy? Theye are many purchase options. Explore them all.

17% into a lease will do nothing for you.

We are not heros. We are actually pretty foolish to spend so much $ on a car. However, we are an unusual breed and we enjoy what we do.

Just make sure you use good common sense before acting upon a car.
 

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Discussion Starter #10 (Edited)
If you plan that much mileage no lease company will make you a deal!

They want to limit mileage on exotics at 5K/year! These cars are not Chevys!

Be careful with your thinking.

Why do you need to drop 40% to buy? Theye are many purchase options. Explore them all.

17% into a lease will do nothing for you.

We are not heros. We are actually pretty foolish to spend so much $ on a car. However, we are an unusual breed and we enjoy what we do.

Just make sure you use good common sense before acting upon a car.
I was offered 12k mileage per year for the 430,2006,
64K CND down, monthly around 3,200 CND for 3 years contract.

anyway since i would require, 64K for lease, i'd rather add it up to 100K to finance it at least.

for sure i'm gonna use the car daily, and im looking into easily 30K mileage per year.
do you still think is wise for me to get a 430 which would cost me 300k CND (including the PSTs and the GSTs) ?

like would anyone be interested to buy a 150K mileage 430 in 5 years?
maybe i would be selling it for 80K by then...

My credit is pretty fresh , thats the reason I would require 35% to 50% down to finance it,
but i'm very much comfortable putting it.

Anyway about the spending so much cash on the car, i would call it passion.

please let me know about my other options.
 

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for sure i'm gonna use the car daily, and im looking into easily 30K mileage per year.
do you still think is wise for me to get a 430 which would cost me 300k CND (including the PSTs and the GSTs) ?
I personally don't. I drive my Ferraris (15,000 miles in my 550 in 18 months), but they are holiday machines, not work horses. Driving one in Canada, daily, when 6 months of the year the weather is, shall we say, not very car friendly... I don't see the point. A Ferrari is something to be treasured not flogged to an inch of its life. I also fear that you may find that Ferraris are not really built to German standards. If you pamper them they're fine, but what you're talking about is not what Luca had in mind when he signed-off the spec sheet.

Also - Ferraris are not nice to drive when its snowing. 500bhp on wide tyres with an engine in the back... I'm telling you, it's seriously stressful, even with the F430's excellent ASR. Your braking zone is also longer as there are no winter tyres available in those sizes, as far as I am aware. And if there is ONE area that Ferraris are ferociously expensive, it is crash damage. A window for $5k? A bonnet for $6k? Oh yes.

Hey man, you must do whatever you think is best. But I would rather buy a 360 + a daily Beemer than a F430.

Oh, and I think you'd be lucky to get rid of that F430 after 150k of those hard miles. 80k might be optimistic.

Hope this helps.


Onno



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I personally don't. I drive my Ferraris (15,000 miles in my 550 in 18 months), but they are holiday machines, not work horses. Driving one in Canada, daily, when 6 months of the year the weather is, shall we say, not very car friendly... I don't see the point. A Ferrari is something to be treasured not flogged to an inch of its life. I also fear that you may find that Ferraris are not really built to German standards. If you pamper them they're fine, but what you're talking about is not what Luca had in mind when he signed-off the spec sheet.

Also - Ferraris are not nice to drive when its snowing. 500bhp on wide tyres with an engine in the back... I'm telling you, it's seriously stressful, even with the F430's excellent ASR. Your braking zone is also longer as there are no winter tyres available in those sizes, as far as I am aware. And if there is ONE area that Ferraris are ferociously expensive, it is crash damage. A window for $5k? A bonnet for $6k? Oh yes.

Hey man, you must do whatever you think is best. But I would rather buy a 360 + a daily Beemer than a F430.

Oh, and I think you'd be lucky to get rid of that F430 after 150k of those hard miles. 80k might be optimistic.

Hope this helps.


Onno
It's only another personal opinion, but I fully agree with this.

Michael
 

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I say this with the nicest intentions: this is not a Toyota. The whole picture painted here is troubling. Buying a $300K car in a devastating economy, at a time when few truly wealthy people are doing this with "fresh" credit sounds scary. Planing to use it as a daily driver in Canada, well, impractical at best.

Are you sure you want to do this? They are giving away cars a few years old. When you drive your new car off the lot the dealer will crack the champagne, not believing he just signed such a lease. All of this just does not sound well thought out.
 

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Discussion Starter #14
I say this with the nicest intentions: this is not a Toyota. The whole picture painted here is troubling. Buying a $300K car in a devastating economy, at a time when few truly wealthy people are doing this with "fresh" credit sounds scary. Planing to use it as a daily driver in Canada, well, impractical at best.

Are you sure you want to do this? They are giving away cars a few years old. When you drive your new car off the lot the dealer will crack the champagne, not believing he just signed such a lease. All of this just does not sound well thought out.

JTNY, thanks,


You are very much right, it might get me in trouble doing that,
please give me more opinion of what you think,

I've decided to get a 2004, 360 Spyder, but NOT LEASE,
Finance and Buy.

I was told to put down 105K, and 100K Loan.(170+PST+GST+Insurance).


For sure i want to keep my privacy and see the tax guy having a nice time In his OFFICE only.

And the daily driving part of it doesnt include the short distances and the winter as i would be getting another normal vehicle for that purpose.

how does is sounds now? do you think still is gonna be troublesome and would raise eye brows?
 

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Discussion Starter #15
I personally don't. I drive my Ferraris (15,000 miles in my 550 in 18 months), but they are holiday machines, not work horses. Driving one in Canada, daily, when 6 months of the year the weather is, shall we say, not very car friendly... I don't see the point. A Ferrari is something to be treasured not flogged to an inch of its life. I also fear that you may find that Ferraris are not really built to German standards. If you pamper them they're fine, but what you're talking about is not what Luca had in mind when he signed-off the spec sheet.

Also - Ferraris are not nice to drive when its snowing. 500bhp on wide tyres with an engine in the back... I'm telling you, it's seriously stressful, even with the F430's excellent ASR. Your braking zone is also longer as there are no winter tyres available in those sizes, as far as I am aware. And if there is ONE area that Ferraris are ferociously expensive, it is crash damage. A window for $5k? A bonnet for $6k? Oh yes.

Hey man, you must do whatever you think is best. But I would rather buy a 360 + a daily Beemer than a F430.

Oh, and I think you'd be lucky to get rid of that F430 after 150k of those hard miles. 80k might be optimistic.

Hope this helps.


Onno



Hi Ono, thanks, I have a clear picture now,
The depreciation value of a 430 is almost double of the 360 whn i put those miles on it.

Also, i can see is a good time to buy a 360 now as the prices are dropped, as said but i dont see much of drop in canada.

I wouldnt thought of having snow going into the air intakes and whatcing the engine praying to god to find a new owner.
For sure is to be well taken care of, is a huge sin to be that cruel to such ultimate perfection.

But i wouldnt hesitate to have her seeing most of the places i see.

Would i be looking at annything more than 20K for her maintenance, if she give me like 20000 mile a year?

Thanks in advance
 

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Discussion Starter #18
Why not save $100,000.00 and have a PPI done on a $90,000.00 "360" here in America?

I would be very Glad to do so,
But im looking into getting a Red color 360 Spyder.

I tried looking around, but prices arent much diffrent than canda, maybe 10k diffrent after all the shipping and etc.

Also the canadian dealers provide a 1 year warranty on the car.

OIf i can get a Nice 2004 spyder for 170 CND Before taxes here is the same as i get one in states for USD 141 , but after we consider the Charges, documentations, shipping cost and etc.


I would jump on to get any spyder from states if it would cost me anything bellow USD 110.

Also please let me know if you have any suggestion.

Many thanks
 
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