Would You ?

I don't think 130k buys the correct 360... by correct i mean red on tan stick shift coupe aussie delivery with low ks full book and mint. Then you'd have something.

 

I was in a similar situation when I took voluntary redundancy (with a nice payout) a few years before I was able to access my superannuation. Plenty of money, stock market doing well... I bought a F355... Then the stockmarket took a dive (I lost $75,000 in Superannuation in 2 weeks). Unfortunately, about the same time, any hopes of making money on my F355 were also soon dashed.... Several expensive bits failed... and then I found bits of shrapnel in my gearbox on the first gearbox oil change (Still waiting to find out what that's going to cost me). My retirement won't be quite as comfortable as what I thought it would be, but as long as I can still drive my 355, there will still be smiles )))

From what I've read, the 360 is not going to go up in value in the near future unless you have a rare version. Too many of them (18,000?)

Ask your mate how much he would enjoy driving an exotic car on today's generally congested roads (with more and more speed humps, speed cameras and traffic lights being installed)... and will he remain fit enough to climb into these kinds of cars?

Cheers
Q

 

Does your mate think the stock market will out perform a vintage ferrari from an investment point of view? I guess it would but thats only if you have an imported left hand drive f1 spider..... like anything, nobody knows what the stock market will do. Another nice bonus with the Ferrari, or any other classic car for that matter is that there's no capital gains tax if you happen to make a few dollars while enjoying the ownership.

 

Still cheaper than buying a new 5-7 series BMW/ Audi / Merc and don't depreciate as much...

 

The crucial question is would the guy be buying it as an investment, or as an indulgence that he can afford to lose some money on?

If the former, he's going to be pushing **** uphill no matter what version of 360 he buys.
I say that even though I think the 360 has probably bottomed out; it's not going to do a "308" any time soon. At best it'll hold value and maybe creep up a tad, IMO.

If he wants to buy one to drive and enjoy and the financial aspect isn't important, he should just do it, and most importantly buy the one HE wants, not the one other people think he should want.

As Cyt points out, any version of 360 will lose less than a new BMW etc. over equivalent time.

 

You're dead a LONG time, better enjoy life now ................ I'm kicking myself I waited so long when I already had the means

 

Fixed

 

I'd do it... Even if he only keeps it a few years it wouldn't cost much. Much better than a new car as the others have noted.

 

Car's at Marc's workshop ... can't be in 2 places at the same time

 

Just as well. It means Horse took the bullet normally reserved for you

 

Seems to me most people who buy cars hoping to make money on them lose. People who just buy the cars they love, sometimes end up with valuable things in their garage.

 

people with 360 CS would probably beg to differ, but for all other road-going versions the music stopped about a year ago.

 

True, although with the current price of CS I'd be pretty nervous if I bought one now hoping to make money.

I meant, of course, he should buy whatever colour / body style / gearbox / trim etc. will give him the most pleasure and ignore the rest.

 

Agree with what Steve and Karen have said........Buy the car and enjoy it......Its not an investment , but it's better than the share price hitting the top of the market when you are in a box...... At least you get to drive and enjoy it....The good thing is the 360 is a little kinder on the pockets than some of the other F cars to maintain and they are great fun..

 

+1

Even if your mate purchases a 360, drives it for 5-10 years until he longer enjoys it or physically cannot etc, then re-selling it will not really see himself out of that much money over that short amount of ownership.

A standard model 360 is definitely no investment, but who cares eh! You only live once, so tell your mate to buy one, drive it and enjoy.

Sell it to the next guy and you haven't totally wasted all of your money. It will still always be a $100K car, give or take of course.

 

Absolutely! I never purchased my Ferrari in the hope that will be collectible one day or hoping it would be worth a lot of money.

I've always told my friends, even to this very day...................I am never going to sell this car.

Even if I decide to sell it for $50K one day after say 50 years of ownership, then this Ferrari hasn't really cost me very much money.

If you have the means to buy, service and repair a Ferrari, then step into a Ferrari, drive it and enjoy.

Then sell onto the next guy if it's not your thing anymore or you need the money for other investments/retirement.

 

If it has red carpets it will be double on resale........😜

 

+1

 

I can only imagine what people will think of them in another 30 years time.

 

there's a good reason for this, how many years since the last belt service?

 

Don't know what you're talking about.

 

If his super totalled $131,000 and was his sole source of income, I would suggest the purchase would not be prudent. However it seems from your post that he still would have sufficient super post purchase.

Of course, with a Ferrari and no money, you may find additional income as a rent boy.

About the most conservative share investment at the moment would be CBA. It's going to return approximately $6,500 P/A fully franked on the 360 purchase price not including any tax credits if held in a super fund. The 360 will consume around $5,000 a year if driven infrequently. So at a little over $10,000 P/A, that's what it will cost in real terms. Notwithstanding movements in the ASX and/or 360 prices. Ferraris are not particularly liquid if one needs to raise cash either.

Oh, BTW, there are no Ferrari investments, just liabilities in the current market.

Just tell him to buy it. Make sure it's a good example.

 

+360 😎

 

How old is he?

Buy a 456 unless he wants to be another old man looking too old as he holds up traffic in his sportscar
Pete