Hello Everyone!

Great first post and welcome to F-Chat.

A number of your questions have been asked and answered in general. This is a great place to do your research. Search the threads you never know what you'll find or where they'll lead you. There are many considerations that aren't apparent to someone new to the marque.Giving yourself enough lead time will be a huge advantage.

Don't be put off by some of the brusqueness we bark a lot but rarely bite.

 

Welcome and good luck with your search. IMO, you might just want to reconsider the order of priorities - maybe make your girlfriend your WIFE before you buy a Ferrari together with her. Also, since you're concerned about theft/vandalism, then maybe elevate your chosen residence to a priority above owning a Ferrari.

We've all shared the same dream, you've just got to make sure the other priorities are realized and lined up properly before biting off the big Ferrari piece, because it's not a rational / reasonable decision that makes financial sense. Also, be prepared for an unexpected large maintenance bill because, though they may not be frequent, they can happen!

Again, good luck.

Edit: I bought my Ferrari at 31 years of age - had a nice home and two kids + prof. working wife all before that time. Just make sure you know the road ahead and plan for everything before you buy a big toy car. My $0.02. Also, according to your description of your surroundings, I personally wouldn't bring a Ferrari into that mix. And though you can say you're happy in a small apt. where you are right now, that'll change. Especially after you get married / have kids.

 

Welcome.

1. Never share with a girlfriend, wife yes, but not anyone else.

2. Don't sacrifice your retirement for a car. Money saved now can't replace money saved later.

 

One of the biggest problems I had when considering buying a Ferrari was where it was going to be parked.

I have off-road parking behind My house but it's not gated or fenced off and so open to the public, and the area I live in has gone from being a nice, quiet area full of families, to a student ghetto.

Sorry if anyone thinks that I'm just stereotyping here but the fact is, we now have students coming home drunk most days in the early hours of them morning, girls running up and down the road screaming in the early am hours as their boyfriends chase them about messing around, and lads who think it's clever to either have their picture taken whilst standing on someone's car so they can put it on facebook and "look like a hero!", or run their keys down the side of any nice car in the neighbourhood!

Despite all that, it's still not what I'd call a rough neighbourhood (yet!), but would I park a Ferrari out there overnight? - Hell no!

It would end up getting keyed, being stood on, having it's badges torn off (plus the additional damage caused as the moronic thieves would not be able to figure out that the bloody things are bolted on!), the tyres would be let down/slashed, the door mirrors would be ripped off (I've already had that done to My ageing shed of a 3 series BMW parked out the back of the house!), someone would attempt to steal it sooner or later, etc., etc.

In the end, I was determined to have a Ferrari in My life and the only way to be able to do so and park it safely was to rent a garage in a secure storage facility around half a mile from My house. This gives Me 27/7 access to My car all year round, that has a coded gate access along with high security padlocks on the garage door. This also gives Me piece of mind, but at a cost of @ £200 ($325), per month! - So that's £2400 ( or $3900), a year just to park the car securely! (That's still a damn sight cheaper than having to repair the car every week though!).

I could park the car just as securely at other facilities for a lot less money, but non are within walking distance of My house and they all have severe restrictions as to when you can collect your car, return your car etc., etc. (Basically I wouldn't have 24/7 access to the car and would have to ring them up to see if they could make My own car available to Me or not!).

I'm not a rich guy, just a regular Joe, and I'm fully aware that it's a ridiculous amount of money to spend just to park a car, but My Ferrari is the love of My life and so it's worth it to Me (for now at least!), but it is a massive sacrifice to make!

The point is, if I didn't have the secure parking then I would not own a Ferrari because it would break My heart to come out one day to find it's been stolen/vandalised/wrecked etc., etc.

My advice to the OP would be:

Forget the Ferrari for now (especially if street parking in a dodgy area is all you have available!), and concentrate on sorting yourself a happy and secure life with your Girlfriend!

Your Girlfriend may be okay with the thought of you having a Ferrari at the moment, but sooner or later she's going to resent the sacrifices she's having to make for the car! She's not going to be happy living in a small apartment forever and a day (women rarely are!), sooner or later she'll be wanting a nice house to live in, so she can have all your friends round for parties, dinners and BBQ's, and if all the money you both have goes on running a Ferrari then it's going to cause friction eventually!

Let Me put it to you this way:

Finding a Ferrari to have in your life is a piece of pi$$! - All it takes is having enough money!

Finding someone who wants to share the rest of their life with you is a lot harder! - But if you do find that special someone, making them happy should be your number one priority!

And trust Me on this one: No woman likes to play second fiddle to a car! (Been there!.............Done that!................ Bought the T-shirt.............Had it ripped up when she left in a strop! [Luckily enough she didn't take it out on the car!] ).

In My case, For the right woman the Ferrari would go!, but as it stands, Jennifer Aniston seems to have different ideas and so the Ferrari's safe!

 

You can have a **** load of fun with a used Corvette or Miata.

 

You're welcome - you've got a lot of living to do and you are probably a fairly talented young man so this shouldn't be a difficult dream to achieve. Warning: it's a gateway drug. Once you get your first hit, you're gonna want more... more... more!!!

Also, buying one for $70k and having the money to keep it on the road in top order are two different things. I always make sure people know that. A lot of people can afford the up front acquisition cost. But, if something expensive goes wrong, can they pay to get the car back in top shape? Not saying that it will go wrong, but you've gotta be prepared for that as well as the higher-than-normal-car annual maintenance charges. Parts can be pretty expensive on a 360, especially OEM ones.

And remember, like it has been said before, your choice of surroundings (your living space) will have a pretty dramatic impact on your life: the kind of car(s) you can keep, the kind of parties you and your wife/GF can throw, your general level of happiness, etc. She (and you) may be content in your present surroundings, but that will change. Especially after you get married. I would almost sign my name to that as a certainty.

Organize the priorities and see where everything fits first - it's always an evolving puzzle and you have to devote regular attention to making sure the pieces are in the correct order.

Edit: I would also suggest you be a home owner rather than a renter before you buy your first Ferrari, or at least be in the position that you can own a home but have some other compelling reasons not to own one (not just to avoid the debt of a mortgage). But, that's just my thought.

 

Welcome op. I'm in a similar situation to you. 24 years old and fresh out of college and like you my goal is a ferrari 360 (with cs body kit, capristo, test pipes and a bunch of other goodies). My advice would be to save and invest aggressively. I save 80% of my income and skimp on everything. Not meeting my weekly budget is not an option. I save basically everything and invest it in shares. I leverage them too. Somewhat risky but I manage it well and I'm young so it's okay.

Keep saving though until you can buy your ferrari comfortably and also can perhaps afford your own house. I'm going to wait 2 more years and by that point it will be very comfortable according to my calculations. But if you're American I would just loan for the car - interest rates here are like 12% and it's downright stupid but I've heard you get something ridiculous like 2%. That money is better utilized investing rather than tied up in a depreciating asset

But as others have said above, you will need somewhere to park it! You're lucky you have your girlfriend on board. My girlfriend doesn't cAre for cars and spends most of her money on her hair, fashion and eating out. She spent $600 on her hair the other week. Never knew such a thing was even possible!!? (Love her to death though).

Best of luck to you op. And glad to see someone in a similar situation to me

 

Parking ... First concern, all the bad is mentioned above. A parked Ferrari is a magnet for people, some with not so good intentions. Back in the olden days I parked my 87 328 in a 10 by 20 Public Storage unit in the winter for about $150 a month. It was behind a locked gate, and in a locked garage. Also people see a Ferrari outside your house, some think there must be expensive stuff inside your residence ... Just saying. Also some Ferrari's leak in the rain, who would guess do your research and have 10K cash still in your hand AFTER your purchase, it made me feel better at the time, and yes I spent some on service and parts.

 

haven't read through all the replies so my apologies if what I say has been mentioned. My biggest issue bringing a Ferrari into your neighborhood isn't the risk of damage to the car, it's risk of damage to you or your girlfriend. A car like that in a neighborhood like you describe will make people wonder what you've got in your apartment. They'll wonder what you have in your wallet walking into the house from the car. In short, it puts way too much of a target on you in a place where you're far too susceptible.

 

Hello Bruce. Sounds like some aspects of your life have changed while others might not have over the past two years. I think the answer to your "new" question lies in the posts made to your original question. The folks on this board know of what they speak so I'm guessing the responses will be the same as they were two years ago.
As you, I also wanted a Ferrari since I was a kid in my 20's. Decided it was more important (for me) to be financially secure and settled. After making sure the wife and I have a house, my son is out of college, all debts paid off (and a garage to park the car) I went out and got that Ferrari and it felt even more gratifying after all the hard work to get to that point in my life.
I hope you're not just looking for someone here to tell you to "pull the trigger" and "you only live once" if you're not in a position to do so.
Keep us updated as to your decision.
Regards.

 

How long will you able to live with your parents?

 

Better check what your insurance situation would be - could be a deal breaker unfortunately...

 

Bruce, I was also desperate to own a Ferrari in my mid-20s. My dad died when I was in my teens and I got an inheritance which was almost exactly equal to the cost of a brand new V8 midengine Ferrari of the time. I couldn't quite make myself spend it all on a new 328 GTS and I knew insurance and servicing would kill me. But I bought a string of other cars instead.
A bit later in my 20s I was working as a journalist, not earning too much, and found it wouldn't be that hard to take a loan to get a Ferrari. Insurance was huge, maintenance huge, but many was the night, usually after a couple of drinks, when I thought, just do it, you won't regret it.
I didn't do it; bought some of great but much more affordable cars instead (someone mentioned a Miata/MX5; great car). I eventually bought my first Ferrari in my 40s, with cash, when I was earning enough not to worry about the costs. (And the insurance is much cheaper for us old men, too.) More followed.
Thinking about it now, getting a loan to get a Ferrari in my 20s, when I was in a financially similar situation to you now, would have been a disaster. I wouldn't have been able to afford a great car. A bad ferrari is not just a minefield, it's less fun than a Miata/MX5. I would have been worried sick about the next bill. Ferraris can spring ten grand on you just when things look dreamy. And also, while I was very nervous when I bought my first Ferrari (and all the others!) it was a real sense of achievement to think: this is my money. I deserve this.
Without wanting to sound like your dad, I'd say buy a cool fun car but not a Ferrari, now. In Europe I'd say a Boxster or 944 or 968 or an 80s/90s GTi. Be satisfied you can deal with the bills. Ferraris will always be around, and more are being made every year.
What you don't want to do is hate your Ferrari, which could quite easily happen, if you buy the wrong car for the wrong reasons at the wrong time with the wrong money.
Darius

 

This!

 

You know they aren't true automatics right? Just read everything there is availible for the cars you want so you have realistic expectations.

 

Agreed. I love my 430, but the few times I have had it in 'Auto' mode it was just a pig to drive. I thought it might work well in traffic, but not so. Shifting at the wrong time, not shifting when it should, not knowing which direction to shift... Some of that is a result of driver inputs, sure. But the 430 is definitely not an Automatic.

 

Bruce,

Your parents may be different than me, but if my son can afford a Ferrari, he can dam* sure afford his own place to live. And I would make sure he knew the free flop ended the day he buys that toy.

When you are standing on your own feet and covering all of YOUR life expenses, then you can start thinking about a dream Ferrari.

 

I anticipate a recession within five years. Save now and you'll possibly get a good deal on a Ferrari by that time. This is assuming that you still have a job, of course. Good luck!

 

Always put a home first. Buy a place as soon as you can. Live at home and rent it out if you can and build equity fast. Be motivated in your career and try to excel at whatever you do, money will come. Cars are the result of proper life planning not the other way around. DO NOT PUT THE CART BEFORE THE HORSE OR IT WILL ALL END UP IN THE DITCH.

 

I had fell in love with Ferraris when I was 9 and it was always a dream. Hard work, lots of education, some risks and I had my first at 28. However, I also had my first house and a garage first.... and I was able to fully support myself.

Priorities! You can do whatever you want, but living with mom and dad and driving a 430? Seriously? You said you like the attention. That usually has to do with attention from the girls. Nothing wrong with that, but chicks just don't dig guys living with their parents for anything other than the 'friend zone'.

If you really going to live your dream, you need to make a serious, logical plan.