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Thread: When is the right time?

  1. #11
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    Quote Originally Posted by Ian355 View Post
    Bought mine outright after the house was mine not the building societies.
    Probably not what you want to hear but I cannot see the logic in having finance on a toy. A big bill, job loss, company goes bankrupt all could make for a bitter ownership experience. Rebuilds were said to be £1500 a pot when I bought my 355, but that was 17 years ago.
    I’m retired now so I can see my ownership coming to an end, but have set aside a certain amount to spend on the car and it’s use. After that I will put it up for sale. I don’t need any more worry in my life, it’s too short.
    I hope you achieve your dream but think carefully and do your research.
    Best wishes Ian
    Only entered the Ferrari marque when I could buy outright and the mortgages were paid off. Having sold a business a few years ago I bought my V8 and V12 dream cars and set about tinkering with them so they were 100% right for me. I have reached a point in my life where I don’t owe anything to anyone or any institutions. It is a very nice place to be. Having said that with a major health event last year and an ongoing property project going on I sold one of my other ‘special cars’ (Alfa 8C Spider) last year. The Ferrari’s have started to feel like too much of a dead weight for the times I have had to use them and the ongoing situation with UK roads but I am sure all that will change when I move full-time to Italy

  2. #12
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    Kyodo is offline Frankenstein's monster - The Ferrari F430 Club Member
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    I agree with Mod's points above. We've had our 360 for about six years and while I find it utterly adorable, it's completely wasted here in the UK, almost to the point of being a total waste of time and money. It's not the fault of the car at all, but the congestion, traffic and bs isn't just confined to the south east.

    We wont have it forever but as we're looking to split our time between here and Italy in the next year or two, I plan to keep it long enough to truly enjoy my dream over there.

    To the OP, if you're bringing home £100k+ you really shouldn't need to ask the question. Just do the maths, figure out which model fits your circumstances and enjoy

  3. #13
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    Mike01606 is offline Kid's bed - The Ferrari F50 Club Member
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    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

  4. #14
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    dave964 is offline No I'm Spartacus Club Member
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    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!

  5. #15
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    A348W is online now I don't use deodorant Club Member
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    Quote Originally Posted by dave964 View Post

    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!

  6. #16
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    Buying a supercar - It's very subjective and difficult to simply pin down to an income or other similar marker. Emotion plays a large part in such a purchase IMO. Personally, a very big reason for me was getting divorced. A now or never moment perhaps, maybe you could even call it a freedom purchase.

    But it wasn’t a completely impulsive decision. I had always wanted a 355, well ever since wanting a 348, 328.... etc. My love for the brand goes all the way back to Sunday afternoon TV watching Magnum PI. Also, when we were kids, my older brother used to go on about the 512BB and tell me all about how fast it was. My brother died in 2010 and I think that played a part in my carpe diem mentality.

    So in 2013, recently divorced and in my early 40’s, I financed £42K for the 355. The deposit went on a credit card and the rest on HP. Not very sensible from a financial point of view, some might say. However, I had also just landed a new job, income was circa 90K/annum and I figured that having a loan that was roughly half my annual income was manageable and if anything went pop, I'd take it off the road for a while until I could get it sorted. Thankfully that never happened.

    Roll onto 2019, I still have the car, it's all mine, worth a lot more than it was and I've remarried. No regrets - I've done over 20000 miles, with trips to Europe, including Nürburgring, Maranello, Alpine passes, all those wonderful things. Italy is such a fantastic place to take a Ferrari. Where a normal guy suddenly becomes royalty for a short time, before returning back from royalty to reality.

    If I'd put off buying it, as in "maybe next year" I probably wouldn't have done it at all. My (now) wife would have talked me out of it, I'm sure. She's far too sensible!

    Summing up, I’d say don’t necessarily take the big risk I did, but on the other hand, you’re a long time dead….

  7. #17
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    Mike01606 is offline Kid's bed - The Ferrari F50 Club Member
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    Quote Originally Posted by Youngun38 View Post
    Buying a supercar - It's very subjective and difficult to simply pin down to an income or other similar marker. Emotion plays a large part in such a purchase IMO. Personally, a very big reason for me was getting divorced. A now or never moment perhaps, maybe you could even call it a freedom purchase.

    But it wasn’t a completely impulsive decision. I had always wanted a 355, well ever since wanting a 348, 328.... etc. My love for the brand goes all the way back to Sunday afternoon TV watching Magnum PI. Also, when we were kids, my older brother used to go on about the 512BB and tell me all about how fast it was. My brother died in 2010 and I think that played a part in my carpe diem mentality.

    So in 2013, recently divorced and in my early 40’s, I financed £42K for the 355. The deposit went on a credit card and the rest on HP. Not very sensible from a financial point of view, some might say. However, I had also just landed a new job, income was circa 90K/annum and I figured that having a loan that was roughly half my annual income was manageable and if anything went pop, I'd take it off the road for a while until I could get it sorted. Thankfully that never happened.

    Roll onto 2019, I still have the car, it's all mine, worth a lot more than it was and I've remarried. No regrets - I've done over 20000 miles, with trips to Europe, including Nürburgring, Maranello, Alpine passes, all those wonderful things. Italy is such a fantastic place to take a Ferrari. Where a normal guy suddenly becomes royalty for a short time, before returning back from royalty to reality.

    If I'd put off buying it, as in "maybe next year" I probably wouldn't have done it at all. My (now) wife would have talked me out of it, I'm sure. She's far too sensible!

    Summing up, I’d say don’t necessarily take the big risk I did, but on the other hand, you’re a long time dead….
    Great post

  8. #18
    francisn is offline Post whore with no life, no friends, and a problem fitting into normal social circles Admin dude
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    I don't know if my 308GT4 classifies as a supercar and although it is now worth substantially more than when I bought it 5 1/2 years ago it was still a lot of money for what is essentially a "toy".

    I had wanted to be a Ferrari owner for more than 30 years. But I am financially cautious. But finally, with mortgage paid off, no debts, my pension sorted and with some spare cash from a very long term (£10 a month taken out in 1972!) life insurance policy, probably the best investment I ever made, I asked my wife what she thought of me buying a Ferrari. She responded with "I'm surprised it's taken you so long!" . So I said "Do you mind?" and she said" would it make any difference?". So I bought it. She has no idea what I spent then or since but she knows what enjoyment it has given me.

    In my mind I wrote off the cost on the day I bought the car, and I wouldn't have bought it if I was counting on any future value.

    Everyone will have their own idea, but that was the only way I could justify to myself, and my wife and family, why I should indulge myself.

    So likewise I drive it as much as possible with no regard to mileage, not that that matters overmuch with a 40+ year old car and my wife is happy that I am enjoying myself.

    That may not answer any of the original question, just how I could justify it to myself.

  9. #19
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    Mines an unusual story of cost neutrality thus far .
    Toys paid for with cash .
    I pulled up to refuel the family R Rover in Switzerland in 1995 and saw a red Testarossa on the forecourt for 50K CHF .Then Fe.x £24K
    Wife liked the look .Bought it had it sent to the UK £1600 , then Terry keys , lights , speedo etc for DVLC + cam belts .
    Kept it for 9 years and sold it for about £40 K .
    When the 360 came out 1999 I went in to the local dealer and paid £5 K deposit for new modal .
    Three years later my name came up and I specced up a £117 K car .....week before balance I cocked off and the dealer returned the deposit JCT 600 .
    I then split that into 3 and put it in three buy to let’s deposits In 2002 .
    New Houses .Quite a nice feeling walking into a “ sales suite “ and saying “ I,ll have three “
    Fast fwd to the crash of 2008 I picked up a identical spec 6 y old 360 for £38 K .FFSH
    2017 I sold it with FFSH for £58 K to a trader .So effectively again free Ferrari motoring .In fact slightly up .
    Summer of 18 @ Auction ( getting brave now ! ) bought a 208 GT4 for £28 K
    Recently imported from Italy.Sort of identifying the Bertone Gandini wedge style as the next thing in Ferrari world .
    It’s an easy car to DIY and relatively cheap to maintain, no engine ( TR) out or funny suspension issues (360) .Its over 40 , no MOT worries .
    It handles better too more fun than the other two .
    Eligible for classic car rallies.A different type of motoring enjoyment over out and out performance in today’s camera infested pot holed roads .
    Only 840 made for the domestic market . 2800 3.0 L
    Will it go up in valve to exceed running costs like the other two ? Who cares I did not buy the other two as investments but the original 360 cash in 2002 ploughed into property’s has done very nicely.

  10. #20
    sssdu01 is offline No I'm Spartacus Committee Member
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    This thread has made me really think about all the money I have spent in my lifetime on cars/planes/bikes/watches etc ..........well if I hadnt spent money on all that stuff, I would be sat on a small fortune, and would be able to buy a really nice Car, a nice Plane, a Carbon Mountain Bike, a new Watch and a really nice Ducati

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