Just started saving for 1st Ferrari. How did you guys stay patient and motivated? | Page 4 | 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. Carnut

    Carnut F1 Rookie
    Rossa Subscribed

    Nov 3, 2003
    3,797
    Gladwyne PA
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    Morrie
    I have been here a pretty long time and for those who do not know who I am, I am autistic (think of high functioning rain man), I do not vacation, I rarely go further than 50 miles from home. My brain functions differently than normal and it was only when I learned to use that to my advantage did I climb out of the gutter. Over the years I have been able to buy many things, but you cannot buy emotion, love, happiness, or any of the things you normal folks feel every day. I have met a few forum members at car events but I generally feel more comfortable with animals than people. With that said I judge cars differently as well, I owned 3 360's 2 430's a gearshift version of each. For some just that prancing horse is enough, but since I cannot have an emotional attachment to people, I certainly cannot to a machine. I would rather drive a 4c or my AMG GTS or one of my Porsche's than any 360 or 430. I spend most of my time teaching myself new things, science, engineering, law, medicine, cooking, history etc. I never met Steve Jobs and I don't get humor or sarcasm, so if that was what the comment was it is wasted on me. I do know cars though from the ground up, but as machines that are either good or bad (just like my toaster over). I was asked once if I would trade everything I have to be like everyone else, the answer was yes then, and it still is. Success in life cannot be measured by things, this I know better than most.
     
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  2. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
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    Grant Holthaus
    #77 Nissanzx1, Dec 31, 2019
    Last edited by a moderator: Dec 31, 2019
    Appreciate the response,
    I’m not sure I’m struggling to afford it. We have enough cash emergency fund to buy a used F430 this afternoon but I’m trying to be responsible saving up for this toy in cash, from money that I can just “blow.”

    20% of our household income is saved for retirement, so while we are certainly not rich, we should be fine there. Just me and the wife here, so no children to educate or provide for. We worked hard to pay off debts so we could enjoy the income that we have. Our part of the country is a low cost of living. We are invested in the banking business through direct stock ownership in a local, regional bank. We love the banking business, they just won’t make much on us ;)

    Im trying to balance out potential future needs, while still being able to enjoy a car like this before I’m officially “old.” If that makes sense anyway...

    Happy New Year!

    Grant


    Sent from my iPhone using FerrariChat.com mobile app
     
  3. tbuff

    tbuff Formula Junior

    May 15, 2005
    681
    There's a balance, man. Some on here would have you believe that unless you have $10 million you shouldn't buy a $50k car (slight exaggeration). There is a happy medium to this, having seen many people die in and around the age of 30, all of that money won't be worth anything once you are gone. Build up a fund, get comfortable, pull the trigger and don't regret it.
     
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  4. George Vosburgh

    George Vosburgh F1 Rookie
    Silver Subscribed

    Grant,
    First I would say read through the various model threads on this site. You will quickly learn the things about a particular model you are willing to put up with and the things you absolutely don't want to deal with. In my personal opinion is the 348 and 430 are models to avoid. That's not to say I don't think they're beautiful, I love them both!
    I was advised that the 308 is a very good "starter" Fcar, so that's what I did. I learned every nut, bolt, component, and system on that car until they were old friends. You can get a 308 in any flavor you like from great condition to total restore. Carb or injected, GTB or GTS. They're incredibly fun to drive when they're sorted.
    I eventually traded my beautiful '77 308 GTB for a roaring '08 599, I've always wanted a V12.
    For 50K you can get a great 308.
    Best of Luck!
     
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  5. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    I have a way of looking at budgeting called "Free Money", it is revenue that is outside my normal income. It's comprised of things like all my net overtime (2019 was 338 hours, 2018 was 211 hours), side hustles, small bonuses, etc. That way, I'm not affecting the family in any way and there is less guilt about buying the next play toy exotic. Chasing "Free Money" is the carrot I use to keep the car fund going (will be 6 years in April).
     
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  6. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
    Kansas
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    Grant Holthaus
    I will absolutely consider a 308 when the time comes. Love them too. I have a motorcycle to sell in the spring that should net a few thousand dollars as well. Also have a pretty significant watch collection, so I might consider selling a few pieces there. There are so many that I just don’t wear. I think the money will probably come together before I know it.

    Grant
     
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  7. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
    15,870
    Charleston, SC
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    Curt
    If you're going to go that far down on performance why not just pull the trigger and get a mondial right now.. ;)
     
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  8. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
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    Grant Holthaus
    Almost bought a $13K red Mondial about 10 years back, but it would not have been a good decision at that time for me. I know that whatever I buy probably won’t be “fast” by modern car standards, I’m good with that. I will be happy with a quick cruiser that runs well. I drive like an old guy most of the time anyway ;)
     
  9. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
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    Do the 348. :) For me it was a 348 or a 360 and I happened to find a 360 that was in my price range. Saw some cheap mondials and every time have to hold myself back from picking one up to rebuild.

    My advice is be careful on how much advice you listen to the "don't buy it until you're 100% set in life" tripe. I've met alot of old guys who did it that way who now that they have the car can't drive it because their back aches. One old guy (yes in his 70's-80's) had his little red 246 Dino. It was beautiful, but it made me sad when he had a physical wince of pain in his face getting into the car. There's being a loser who can't afford his car... but equally sad in my eyes are people who can't enjoy what they have. I took mine for a ride yesterday and after 9 years (ahem bought with a loan) still makes me smile on nice days. Loan was a 5 year note paid in 3. I own my car just like someone who bought cash. My 360 was a euro "junker" that everyone was scared of. No records, high miles, beaten, etc. etc. It's been more reliable than some of the 5k miles examples posted on this site. My philosophy was I can buy it, enjoy the car that is there, and then "rebuild" it at my leisure putting funds at it over time. If you know how to use a screwdriver and a wrench (yes farm out the clutch and timing belts to others) you can control your monetary outlay over time and spread it out.
     
  10. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
    22
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    Grant Holthaus
    Appreciate your $.02. I think the 348 is pretty likely. I also love the sights and sound of the F355. We shall see what the future holds. Hopefully in a year or two I’ll be able to update this post with a pic of my very own Ferrari something ;)

    Cheers to you,

    Grant
     
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  11. RedTaxi

    RedTaxi F1 Rookie
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    Mar 1, 2012
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    Without reading this whole thread. (and I've read a fair bit of it) Do not save for it. Invest for it. I plotted a depreciation curve for Ferrari's when I was 10. I started saving then. I worked out then that when they are 10 years old they are pretty much depreciated. Still holds pretty much true today. But property worked for me and as soon as that investment vehicle made it possible without saving or financing the car, I jumped in. Basically cost me nothing and I'm solid blue collar. Still am.
     
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  12. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    How is this not the same process? Investment funding does not appear out of thin air. It’s all about life balance. If the guy needs the carrot at the end of a stick to motivate him to do the extra work to achieve a goal that’s awesome.

    My first exotic purchase involved 9 years of generating as much outside revenue as possible. I put in 1,500 hours of overtime, and paid cash. I enjoyed the process and purchase so much that I have been doing it again the past 6 years, will pay cash again.

    Saving is not a dirty word, it’s the only way a guy like me can play in the exotic car sandbox.
     
  13. RedTaxi

    RedTaxi F1 Rookie
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    #88 RedTaxi, Jan 3, 2020
    Last edited: Jan 3, 2020
    To me savings mean bank deposits. Will take a lifetime to "save" enough money. Toys come from returns on investments for me. Don't worry I saved real hard for my first investment, a house. A few rental houses later, bingo a Ferrari appeared. Saving for the Ferrari initially would have left me way behind the 8 ball. I would have got there but I wouldn't be where I am today. I know the concept of overtime, I did plenty early on and I still get my hands dirty all day every day.
     
  14. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    Must be a cultural misunderstanding....in the US geez nearly every account pays interest these days....and what is this lifetime it takes? I put in 300 hours OT, I clear $15k or so. That's 30% of what the OP is looking at as a goal....in 1 year just from one revenue stream.
     
  15. RedTaxi

    RedTaxi F1 Rookie
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    May be regional? In this part of the world bank account interest is pittance, virtually zero. "Investing" in property, or if you're brave, a stock portfolio will get you there a lot faster. Different means to the same end I guess.
     
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  16. jjtjr

    jjtjr Formula Junior

    Aug 29, 2016
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    john truskowski
    Yup, doesn't matter how you get there. As long as you get there. :)
     
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  17. Nissanzx1

    Nissanzx1 Rookie

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  18. NaO

    NaO Karting

    Apr 23, 2017
    223
    Not true. Look at 360s still dropping and they are 16 years old. Way too many factors come into play; units produced, colors, desire-ability, gear boxes, the economy etc etc. With Ferrari producing more units than ever you can expect newer models to depreciate quicker and further.


    Sent from my iPhone using FerrariChat.com mobile app
     
  19. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    Good job.....but I gotcha this month....$4,350....lots of OT right now

    Keep it up!
     
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  20. jjtjr

    jjtjr Formula Junior

    Aug 29, 2016
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    john truskowski
    I did it the exact same way...SAVE. However I didn't have the graph though, just a savings that was not to be touched for anything. I'm doing it again, this time its for a new firewood processor. (To save my back in the future) :)
     
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  21. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    LOL....that's not the kind of motivation I need to roll into the office at 4:30 AM every weekday morning to fix all challenges our India office created during the night.
     
  22. RedTaxi

    RedTaxi F1 Rookie
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    There are "cheap" ones out there and there are different markets I guess but in my neck of the woods 360's haven't moved in 10 years
     
  23. MalcQV

    MalcQV F1 Rookie

    Oct 11, 2004
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    #98 MalcQV, Feb 4, 2020
    Last edited: Feb 4, 2020
    This. Nissanzx1 It's your life anyway and your priorities. Everybody has their own and they think they apply to everyone else.

    I decided after my ex-missus told me a 60's Mustang was not an option I went for the second best thing, a Ferrari :D. I had that planned for a few years. It was not even really that expensive but I still borrowed some of the money. I hate spending a lot of cash in one go.
    I also borrowed a little for my F355. The 360 I paid for in full but the outgoing F355 was worth more anyway.
    If I had waited and saved I would not have had my Ferrari for at least another 5 years later. I've realised life for me can't wait.

    My advice is simple. A Ferrari (especially an older car) will probably throw the odd big bill so have something aside for that if you can. It sounds like you can afford one and quite easily so buy the one you want. Take advice, read up as you would any large purchase but what is most important is that you buy the one you want when you want. That is the best car ;)

    This is no dress rehearsal. A verse from Time by Pink Floyd to remind you.

    Tired of lying in the sunshine staying home to watch the rain.
    You are young and life is long and there is time to kill today.
    And then one day you find ten years have got behind you.
    No one told you when to run, you missed the starting gun.


    I wished I had not waited until I was 40 to buy one. I should have (and could have) bought one much sooner.
    Besides you can generally sell it for almost (sometimes more than) what you paid for it.
     
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  24. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    Bad news.....I have to start over, just committed to cleaning out the car fund. I’ll continue to follow your journey as I start the next fund.
     
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  25. Nissanzx1

    Nissanzx1 Rookie

    Apr 7, 2019
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    Grant Holthaus
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