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m3jon

A delicate question to Ferrari owners?

8 posts in this topic

Guys,

I have been in business now for almost 5 years and I am doing well. Now I have a nice house (still mortgaged) an M3 (3 years old) and holiday twice a year.

Now, I have pondered setting myself a goal of owning a 360 Modena by this time next year. Apart from not spending a shilling and saving every penny, how do I do it?

I see guys younger than me (42) driving Porsche, Ferrari and Gallardo's and I wonder how they can afford it.

Can I ask you, (if its not too personal) how do you finance your cars? are they leased, HP, on the mortgage and what costs do these encurr.

I would be grateful for some enlightenment and expect none but possible ridicule.

J sekret.gif

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I've researched this a bit. The huge plus point with Ferraris is that the residuals are so strong, so most finance companies are more than happy to do deals with large balloons. This means that providing you can afford the monthly payments, you don't need to shell out a huge amount of cash as deposit, or in monthly payments.

I enquired out of curiosity if a finance company would entertain a deal on a 91 F40 at £160,000 and received a positive response. They would want a 10% deposit, and the balance over 3 years with a residual of 65%, giving a monthly payment of about £2200!!!

If you go for something more sensible like a 360 at circa 60k 6k deposit and a balloon of say 50% giving a monthly payment of about a grand a month for 3 years.

It all depends if you want to enjoy things while you can, or save for your dotage!

Your best bet is to speak to the Finance man at a dealer, or contact a reputable finance company direct!

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Thanks for that. I didnt think I would get an answer to be honest as its a bit of a cheeky question.

I have a mate who has a small mortgage and has borrowed £80k for a Porsche Turbo...Not sure I would want to finance the house but each to his own.

I did read EVO mag and one of their writers ran a Gallardo for a year from new and he said it cost him around £18k..but he did admit on losing out on the resale value due to a lot of speculators doing the same.

Still £1000 per month and a Ferrari on the drive is quite a good deal I guess.

J

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This question was asked on another Ferrari forum and it would appear that most of us bought our cars outright after saving/working hard.

On a positive note for you (not for those of us who already own 360's frown.gif) prices are falling steadily just now. Part of this is due to the time of year but a lot of it is due to too many cars chasing too few buyers. It's a great car though and gives a much more involving drive than a Porsche. I sold a 997 to buy my 360 and haven't regretted it for a minute.

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[ QUOTE ]

This question was asked on another Ferrari forum and it would appear that most of us bought our cars outright after saving/working hard.

[/ QUOTE ]

I wasnt for one minute saying that owners dont/ didnt work hard but I have seen an increase in what appears to be 'younger' owners driving very new Ferrari's and it puzzles me how they do it. Are they IT whizzkids, property tycoons etc. or have they done as above and just got a fairly huge lease or HP agreement going.

I have a neighbour (next village) who has a F430 and he just sold his business at the age of 50 and treated himself to his new ride. It was this conversation that spurred me to ask the question. My friend said there was a very young guy at Lancasters buying a black 430 when he picked up his.

J.

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I guess there is a greater culture towards buying everything on loan now and paying for it later so why not extend that to Ferraris. I have mates with sports cars on their mortgage or paid for entirely with loans/finance deals! I wouldn't go that way myself at the moment but if taking a loan remains so cheap and interest rates on savings accounts remain so bad then why not take the loan while you have the chance?

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Lets not forget that last year was the best ever in the City.

Goldman Sachs paid £0.5m bonuses to x 1000 staff. There were 10 000 people who (apparently)got six digit bonuses. That's got to be the easiest way of buying the 'dream'

169144-ok.gif

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