Just started saving for 1st Ferrari. How did you guys stay patient and motivated? | FerrariChat

Just started saving for 1st Ferrari. How did you guys stay patient and motivated?

Discussion in 'Ferrari Discussion (not model specific)' started by Nissanzx1, Dec 1, 2019.

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  1. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    Hi all- I’m Grant from Kansas. 41, and have always been in love with Ferrari’s since I was a kid. Got to drive an F430 briefly a couple years back and also rented a Gallardo in Vegas. After I turned 40 last year, I kind of need to work on some life goals, etc.

    I’m kinda lower middle class compared to some guys here and I’m saving up for my Ferrari in cash. I don’t pay banks interest, so financing is off the table for me. I started 3 months ago and have about $6800, so that’s a good start I think. Looking at 308’s, 328’s, 348’s, and F355’s. Probably looking most at 348. It may take me a couple years to save the approximately $50,000 I think I’ll need to get my dream car.

    For those of you that were in a situation similar to mine, what kind of things did you do to stay motivated and inspired to stockpile money for your Ferrari? Any tips are welcomed...

    I did make a goal “thermometer” for our fridge and think that should help keep me from getting too distracted.

    Thanks,

    Grant
     
  2. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
  3. steved033

    steved033 F1 Veteran
    Owner Silver Subscribed

    Apr 12, 2017
    7,676
    Atlanta, GA
    Full Name:
    Steve D.
    A 348 is a wonderful machine. If you're not going to do your own maintenance, keep 5-10k extra around just in case.

    Keep yourself motivated by doing your homework. Know everything about them, know what goes wrong on them, know the failure points, and what you might consider fixing yourself. It's a 30 year old car. It WILL break. Mechanically, do your preventative maintenance, do your timing belts, do your upgrade bearings, use upgrade parts when you can, documentation and history is somewhat important.

    Meet people if you can. See if there are FCA club events in your area. Talk to people.

    Good luck!

    Steve
     
  4. LightGuy

    LightGuy Three Time F1 World Champ
    Silver Subscribed

    Oct 4, 2004
    39,601
    Texas
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    David
    And stay out of Vegas !
    ;)
     
  5. DrDoug

    DrDoug Formula Junior
    Silver Subscribed

    Dec 4, 2009
    384
    San Jose, CA
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    Doug T
    I read F-Chat daily for 2 years while I was saving for my first Ferrari. This forum is an amazing wealth of information. The knowledge you gain will help when it is time to begin searching. I also spent a lot of time online looking at cars for sale so that I could get a perspective on the value of each model when taking model year, miles, and options into consideration. Lastly, YouTube is a great way to see and learn about the model you are interested in. Stay patient and motivated and the attainment of your goal with be worth it.
     
  6. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
    25,865
    DFW, Texas
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    Tom C
    This post nailed it.

    Make sure to also keep a fund for maintenance, repairs and upkeep. And for gasoline! Lots of gasoline. Keep the faith and post pics when you find "the one."

    T
     
    Nissanzx1 likes this.
  7. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,348
    Weston, MA
    Full Name:
    Paul
    41!? You're still a kid!

    Your head seems to be in the right place. Stay focused, be patient, you'll get there.

    I can't wait to see the pics here when you get it. :)
     
    IloveGT likes this.
  8. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    I must spend 2 hours per day watching YouTube. I am a decent shade tree mechanic for basic things. Wife and I have 5 cars for 2 people, so mostly it’s out of necessity to keep costs down. I would not feel comfortable at all with a major engine out service. Oil service, brakes, window regulators are all not anything I’d be afraid of...

    We have a good independent Ferrari shop about 1 hour away from here, but this town is only about 120K people and maybe 1 or 2 Ferrari’s here. One is a 458 that I see pretty often. So not many guys to sort of mentor/inspire me in my area- but YouTube and the internet have been great. I will definitely spend many hours on this forum.

    I generally buy our cars from individual owners so when the time comes, that might be preferable but I wouldn’t rule out purchasing from a dealer. Sounds like a PPI is a good idea and possibly a good negotiation tool. Thanks for your replies!
     
  9. PhilNotHill

    PhilNotHill Two Time F1 World Champ
    Owner

    Jul 3, 2006
    27,855
    Aspen CO 81611
    Full Name:
    FelipeNotMassa
    #9 PhilNotHill, Dec 1, 2019
    Last edited: Dec 1, 2019
    When l was twelve a Ferrari passed by as l was walking on the sidewalk. Never heard anything like it. I was totally enchanted. Don’t know what model it was. It was 1957. Started reading car mags. Nothing but rave reviews about every Ferrai model. Vowed some day l would own one.

    Got my first Ferrari in May, 2000. On my third now and am just excited about the car as l was when l was twelve...maybe more so. It is a 2012 458 Spider. Fast. The best one yet. Looks great. Sounds great. Nothing like 9,000 rpms. Ciao bella!

    So it’s never too late. Hang in there.
     
    14RE458 likes this.
  10. F612

    F612 Formula Junior

    Feb 5, 2018
    603
    Leeds,AL
    Full Name:
    David D. Hood
    I became infatuated with Ferrari’s at about 10 years old.
    I bought my first one at age 75.
    You are a long way ahead of me!

    Ferraris have 12 cylinders!!

    but I love em all
     
  11. SCFerrari

    SCFerrari F1 Rookie
    Rossa Subscribed

    Jun 30, 2013
    3,726
    South Carolina
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    Rob
    Instead of 2 hours on YouTube a day and other research, why don’t you spend that extra time consider coming up with a plan to save/make extra money so you can get your dream car faster ?
     
    JAM1, IloveGT, mwr4440 and 7 others like this.
  12. Normal1959

    Normal1959 Karting
    Rossa Subscribed

    Nov 20, 2019
    50
    bayhill orlando
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    Normal59
    Make sure not to save that money. Invest it. Since it's going to be fun money, go very high risk.
    Eric
     
  13. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    Welcome, I sent you a PM with my story, hope you find it helpful.....

    On your choices, I would recommend a 328 over a 348 if you want a classic Ferrari, or go for a 430 if you want the best performance for the money.
     
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  14. steved033

    steved033 F1 Veteran
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    Apr 12, 2017
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    Steve D.
    I just re-read your original post: you're putting away $2300 a mo? if you do very high risk, you might as well go to vegas and bet it on black (DO NOT DO THIS). Invest in SPY, make 10%, get there sooner. just gradually feed it.

    Image Unavailable, Please Login

    sjd
     
  15. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    Good point! I do work 1 Full Time Job and I have a pretty good side hustle as well. Might be time to ramp up that side hustle even more. Thanks for the input.

    Grant
     
  16. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    Yes I’m hoping to put away at least $2000/ month. Luckily I don’t have very many bills.

    I’ve always been told if you need the money in less than 3 years, don’t invest but if 3+ years generally investing will come out better. I will look into SPY. These major indexes being so high right now, it seems kinda risky with such a short horizon?

    Thx for the reply!

    Grant
     
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  17. steved033

    steved033 F1 Veteran
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    Apr 12, 2017
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    Steve D.
    It is, but you can keep it as cash in an account where if you want to buy NOW, you can instead of a bank where you'd have to transfer, etc... I know fidelity does investment checking type accounts. I agree for short term outlook to not bet the farm (wait till the election). But I'm not nearly as investment savvy as some folks here.

    sjd
     
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  18. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    Agreed, election could really be jittery for indexes.

    I just looked and in my brokerage account (all single stocks) I’m up 7.71%. While that’s not awful, an index fund could have probably done better than the stocks I picked. I will give it some thought though for sure. Thx!

    Grant
     
  19. steved033

    steved033 F1 Veteran
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    Apr 12, 2017
    7,676
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    Steve D.
    There's a couple of 3-year CD rates in the 2%'s... any free money is good money.

    sjd
     
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  20. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,348
    Weston, MA
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    Paul
    OK, enquiring minds want to know, what's the "side hustle"? :)
     
  21. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
    Full Name:
    Grant Holthaus
    Fair question. I do some eBay selling. Some used clothing items and footwear. Nothing too big but I do okay enough that I have to file a schedule C for it on my taxes.

    Grant
     
    71Satisfaction likes this.
  22. arizonaitalian

    arizonaitalian F1 World Champ
    Owner Silver Subscribed

    Oct 29, 2010
    19,897
    Wyoming
    sounds like you are on the right track, and got some good advice here.

    Sincerely looking forward to a bump of this thread in a few years with your "I got my Ferrari" post. Good luck!
     
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  23. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,348
    Weston, MA
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    Paul
    Oh shoot, I was hoping for something salacious. :D
     
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  24. LARRYH

    LARRYH F1 Veteran
    Owner Rossa Subscribed

    Jun 3, 2011
    9,142
    virginia usa
    do not go very high risk .. maybe get a good mutual fund from say Vanguard with low fees should be able to get a nice return .. or just go with the 2% cds or even brokered cds that are available .. you are saving at a very respectable pace ......
    you will get there and you will love it... we have all been there at some point ..
     
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  25. ryalex

    ryalex Two Time F1 World Champ
    Consultant Owner

    Aug 6, 2003
    24,957
    Las Vegas, NV
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    Ryan Alexander
    Or Vanguard index funds.

    I stuck around here for over a decade before getting my first one, now nearly 4 years ago.
     
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