When is the right time?

[Cavking]

I've always loved supercars, been on a few Supercar experience days, and will buy a Supercar one day.

I've landed a job earning £135k per year, so should be able to afford my first Supercar once I have the deposit together... But when did you feel was the right time for you to buy your first Supercar.

Was it your earnings? A business sale? A midlife crisis?

How did you know the time was right for you to push the button and what was your first Supercar?

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[Nosevi]

Wanted a Ferrari from a young age but being in the military and having a family it took me a while to save up for one. I wanted a 348 when they were new so having tried a few of the models from around that period and price bracket that's what I got. I bought it when I could buy it outright for cash and really didn't care about depreciation or future prices. I've seen younger owners finance newer cars with packages including big balloon payments at the end etc. but if (or in some cases when) their financial situation changes and they're holding a depreciation asset in a falling market on which they owe a lot of money the end result rather sours the experience. My only advice is that it's a toy, no one needs one of these cars, I wouldn't over-stretch yourself. Personally I'd buy what you can afford to buy rather than what your new job currently allows you to finance...……… but we are all happy to accept different levels of risk so obviously totally ignore this advice if you like

[Garvin]

The right time to buy is when a) you can afford the acquisition cost; and b) when, and this is important, you can also afford the running costs.

[jos]

Echo Pete's comments re over-stretch

Even today after 30 years I still occasionally scare myself by remembering that potential bills could make a big hole in income let alone having to continuously worry about finance

[A348W]

As Peter and Gavin say.

1) when you are comfortable with whatever financial commitment you are making, be it £40k to buy something outright, or £40k deposit on something newer. Nobody can make this decision for you and everybody is different!
2) when you are comfortable you can afford the running costs. Lots of experience about on what makes for a sensible annual budget, so do some digging on the forums.

I was similar to Peter, always wanted one, even more when my uncle got into them. Was only three years ago I finally got one and absolutely love it, both the driving and the people you meet.

Whatever you do, do lots of homework, attend lots of meets etc.

Enjoy and don’t hesitate to ask anything!

[Allandwf]

I too always wanted a 348. I climbed the car rungs , so to speak, via a few classics, couple of TVRs, ( Cerbera and Tuscan,) and a Maserati Assetto Corsa. I had the Maserati for six years, loved it but decided to get the 348. I wanted old school, something I could tinker with, and something to keep. I bought cash, and worse case scenario, in the scope of things, if I lost the lot it wouldn't be a disaster.

[sssdu01]

As Pete said its just a toy car so dont stretch yourself £££££ Personally I only pay cash for toys

Also you really need a healthy back up fund in case you get an unforeseen problem. When you decide which model you want ask on here what can go wrong and how much it costs. You might be surprised how one of these cars can just eat £15/20 K with ease !!

[Mike01606]

Agree with most of the comments....finance depends on the situation. There’s no right or wrong answer.

The biggest issue for me as others have said is getting value out of the cars particularly if you want to use them rather than just own them.
They are A to A cars for many and if you add in dry weather only use and limit the miles/depreciation, it’s hard for me to see the cost-benefit.
You’ll just find yourself driving the same local, congested roads.

I enjoy mine most when using with friends which realistically is just a few weekends a year, although I do a lot of junk miles running errands in it.

Good luck whatever you decide....M

[dave964]

The use on my 360 does seem to have dropped over the last couple of years (owned it 6 years) - and I often think that it's a waste of money when it spends most of its time sitting in the garage. On the other hand, if I'd never owned a car like this before I suspect my view would be different.

One of the very positive things about my recent (non-Ferrari) purchase is that I bought it as a car I would use pretty much every day. From a financial point of view, it was a bad idea - it's depreciation is well known, and the running costs aren't cheap either. But being able to use it whenever I want and whatever the weather is refreshing.

So my advice is : buy the model you like the most, and use it as much as possible!

[A348W]

So my advice is : buy the model you like the most, and use it as much as possible!

I'm in the same camp as Dave here.

I bought a toy, not an investment, the "benefit" from it for me is driving it, not "making" money. (Mines certainly not the model/condition for that!) But given how often we truly get to drive them I agree the benefit can look a little thin some days; that is until I go back in the garage and start her up again Only time I wont use it is if there is salt on the road.

Wish I had gotten a few pictures of me driving through the flood water Sunday. I'm amazed I got through, as the alternator would have been very very close to having a bath given the amount of steam coming off the exhaust

Good luck in your search and enjoy kicking tires!