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Thread: When is the right time?

  1. #21
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    A348W is online now I don't use deodorant Club Member
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    Quote Originally Posted by sssdu01 View Post
    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
    That's the cheap stuff, your forgot.....women

  2. #22
    sssdu01 is offline No I'm Spartacus Committee Member
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    Quote Originally Posted by A348W View Post
    That's the cheap stuff, your forgot.....women
    Dont like to think about that Been divorced once and the cost would have settled the national debt of any thrived world country

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    Hi OP - this is a great question but also a very individual answer as many in this thread have already said.
    I can share with you my own personal experience...
    I always wanted to own a Ferrari ever since I was a child sitting on my dadís laps watching F1 on TV.
    Although I had nice cars before inc Porscheís and maseratis, I was always afraid of the stigma of owning a Ferrari and the cost of ownership that came with owning an Italian super cars; I grew up in the late 80s / 90s and they didnít have the reputation to be particularly reliable then.
    Buying a Maserati Granturismo 5 years ago got me closer to that dream and it also got me acclimated to the fact that those cars arenít as expensive to own once you passed w the cash outlay - and depreciation on used model is much much better than BMW, Audi, etc...
    I made the jump 3 years ago, and even with a level of income x4 yours, I was still very nervous and worried I couldnít afford it. A lot of it has probably something to do w the fact I am a very frugal and a financially responsible person (some might call cheap :-) and from a family that never owned cars like that.
    I decided to buy a F430, which was a reliable model, with relatively ďlowĒ maintenance costs for the marque. I bought the best example I could get for my budget and hoped for the best.
    Fast forward 3 years, the maintenance costs have averaged around £1,000 a year ex insurance and road tax. I have really loved every bit of my ownership so far, despite having only put 5k miles on the car over that time.
    This has helped me get over my concerns, so much so that I made the decision to buy myself a 550 maranello for my 40th birthday to keep the F430 company :-)

    I do understand what people say about how much less fun it is to drive a Ferrari on UK roads (pot hole, traffic, etc...) but thatís not something you will worry about until youíve owned those cars for decades. And I still think itís better to drive in traffic in a Ferrari than in a 911. It will also force you to take road trips to Europe, thatís magical!!

    My advice is do your sums - donít let the initial cash outlay be the main decision factor. I would look the purchasing price as an entry ticket you can always resell for not much less 3-4years later if you decided to.
    I would actually look at a total package: insurance, road tax, service/maintenance costs (use average from UK forum, I found them accurate, and talk to specialists).

    It is a buyerís market - and bargains can be had if you are not looking for an ultra low mileage concourse model. (550/575 can be had for prices starting w a 6, 360 can be had for prices starting w a 5, even high 4s...)

    One thing is sure - you cannot enjoy the ownership if you are constantly worried about ££ every time you take the car out. If that is the case, wait another year or buy a cheaper model - it will really improve your ownership experience.

    Good luck and keep us posted.

  4. #24
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    **** me after reading this lot my car is up for sale

    I don't earn anything like £135k, a fraction of it. It is a bit of struggle at times I admit and in about 11/12 years when I retire and become full on poor I'm ditching for a 60's Mustang.

    Everybody has different experiences. I'm into my third and last Ferrari but do not regret any of it. I'm constantly challenging myself whether to ditch it and then I drive it

    I suppose it depends on what Ferrari you want but you could buy 2 x 360's on that . I don't know what other folk spend but I do regularly get it serviced and have the things that need doing done. Sometimes I'll do things over a two year period (I'm doing that now, my last service was a big one for me) but once that is done I should be fine for a good few years. Basically I'm having the front and rear suspension bushes and track ends etc all replaced.

    Just to remind you without being too obvious. My annual salary working for a company as a computer systems admin is a fraction of yours and a small one at that.

    This is no dress rehearsal and if you buy right you can get out of it reasonably easy without too much pain. I've always said if I had a £10k bill I would pay it and sell the car and my time with a Ferrari would be finished. For me on my relatively meagre salary it's all part of the excitement and fun.

    I financed part of my first Ferrari and part of my second.
    Buy your supercar, I know after fifteen years and three of these cars you can easily afford it, heck buy two, I would on your salary.

    I guess brand new is a different thing. All mine have been old bangers, 360 is 18. In fact just last year bought only my second in a lifetime new car (daily). F355 was the newest at only 13 when I bought it.
    Last edited by MalcH; 23-10-2019 at 08:31 AM.

  5. #25
    Cavking is offline Burnt out Rover Metro Sponsor
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    Exclamation Thank you for your responses

    Hi All,

    OP here.

    Can I just start by saying thank you to all that responded?

    I genuinely didn't expect such a succinct and honest bunch of responses to my question.

    I was expecting answers along the lines of;
    • Wrong forum mate, post elsewhere
    • You a dreamer, you need millions, go back to dreamland
    • Oh another youtube wannabe with debt up to his eyeballs.


    So, thank you all.

    I know that I want a supercar, and I will get one in the next 5 years.

    I am confident I have the funds for running costs etc, although I will finance some of the cost as I hope to target a model such as a 458 - I can see that these are holding their price quite well at the moment.

    Luckily for me, unlike my associates, when my earnings went up, I didn't get a much bigger house, send my son to private school, acquire an addiction to drugs/alcohol/gambling/buying girls magnums of champagne/strip clubs - one associate is known to spend £1000 per night when going out!

    Although I do have a 19 plate Merc GLC Coupe on a lease, as my daily driver.

    First things first, I need a garage! and a driveway!

    After household bills, I have around £7k left each month, so will be putting money aside for servicing and when things break.

    Perhaps a 360 would be a better starting point, then trade up to a 458?

    Any thoughts?

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    Quote Originally Posted by Cavking View Post
    Any thoughts?
    Absolutely! If I had £7K a month to spare I'd be out shopping now in the local dealers as the prices begin to soften going into winter

  7. #27
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    A348W is online now I don't use deodorant Club Member
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    Quote Originally Posted by Youngun38 View Post
    Absolutely! If I had £7K a month to spare I'd be out shopping now in the local dealers as the prices begin to soften going into winter
    Absolutely, and I wouldn't be buying just one either!! If you haven't got a garage and want to stay where you are, just put it in one of those storage places! I'm guessing prices vary a lot depending on how flashy the place is, but they shouldn't be too expensive (They aren't out our way, but then barns are fairly common )

    My personal view is 458s will hold their value as the last normally aspirated V8. 488s will go lower potentially than 458s, and especially as the F8s come through, which are fairly similar!!! (Dare I say?)

    Best bargains around at the moment I think are 360s! With that amount of spare cash, just get out there, find the one you like and buy it, drive it and enjoy! By Spring it will be paid for!

    Market seems really soft at the moment with everybody panicking about the imminent end of the world on the 31st! (If that's the case I'm not sure why the shops are already selling mince pies!!!)

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    OP - I know itís a car forum but from a personal finance perspective, I am amazed you are able to get £7k net a month from a £135k, once youíve taken taxes, food, utilities, housing and other costs of living!!!
    Well done sir, you deserve a medal... and a Ferrari :-)

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    Interesting point ! After tax etc the standard take home would be less than £ 7K per month before any other costs !

  10. #30
    Cavking is offline Burnt out Rover Metro Sponsor
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    Quote Originally Posted by rivarama View Post
    OP - I know itís a car forum but from a personal finance perspective, I am amazed you are able to get £7k net a month from a £135k, once youíve taken taxes, food, utilities, housing and other costs of living!!!
    Well done sir, you deserve a medal... and a Ferrari :-)
    Fortunately, I have a partner that used to live on pasta because she had no money at the end of the month, so wants for nothing! Rent is low, we are careful with utilities, haven't got loads of kids running around... Only a 2 year old boy. His grandparents buy a lot for him, so that saves me money. Besides my rent, my biggest expenses is the Merc. My partner drives an 08 plate Freelander....

    We are doing ok...

    Oh, I'm 34 by the way... I noticed that I haven't mentioned my age in previous posts.

    Sent from my SM-G975F using Tapatalk

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