Would you do this deal? | FerrariChat

Would you do this deal?

Discussion in '458 Italia/488/F8' started by SoCal to az, Apr 29, 2020.

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  1. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Forget whether the price of the car is appropriate or not. Im looking at this financing deal. 263k car financed over 10 years. Would you do it if you didnt have the cash?

    Image Unavailable, Please Login
     
    AlfistaPortoghese likes this.
  2. ChipG

    ChipG Formula 3

    May 26, 2011
    1,722
    Santa Monica, CA
    it says the loan term is 180 months, that is 15 years, not 10 years and no way in hell would I do that.
     
    Tamahal and LVP488 like this.
  3. C50

    C50 Formula 3

    Aug 19, 2016
    1,729
    808
    52k down
    330k over the next 15y
    By 2035, it will be a classic and you can sell it for...
    One million dollars.

    I’m in.
     
    Dr. K likes this.
  4. Dicecal

    Dicecal Formula 3
    Silver Subscribed

    Nov 15, 2015
    1,797
    Phoenix, AZ
    Full Name:
    Rob
    #4 Dicecal, Apr 29, 2020
    Last edited: Apr 29, 2020
    That’s just crazy, well unless it was a 458. :)
     
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  5. pizzadude

    pizzadude Formula 3

    Feb 20, 2001
    1,265
    Indianapolis, IN
    A hard no from me. No way I would finance a car for that long at that interest rate.
    But that’s just me. Life is short. If you gotta have it and can swing it. Go for it.
    $1800 car payment for 15 years.....whoa!
     
  6. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Ahh- my bad. correct you are. 15 year term.
     
  7. At 6.5%?

    When the current interest rate is effectively ZERO?

    #WhyFightTheFed
     
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  8. Randyslovis

    Randyslovis Formula Junior

    Jul 7, 2011
    897
    Atlanta, GA
    Full Name:
    Randall J Slovis
    I think $382,540 over that time is a steal.
    (This is a real example of sarcasm)
     
  9. It's also a real example of negative equity. :D
     
  10. Thecadster

    Thecadster F1 Veteran
    Rossa Subscribed

    Apr 27, 2017
    6,702
    I’m not opposed to financing at all. I would rather see someone strap into the same note, but for 5 years at 1.9% interest. The payment would double, but the interest charge would be but a tiny fraction (initially $333/month versus $1,140/month). That extra $1800/month would give you an immediate $800/month return. Financing can be a useful tool, especially when you arbitrage other investments or business interests; but when financing is merely a crutch to lever into a car that you otherwise probably couldn’t afford, that’s a bridge too far.
     
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  11. jdlegg

    jdlegg Karting

    Dec 22, 2009
    231
    Bryan
    Full Name:
    James D
    NO!
     
    LVP488 likes this.
  12. carz80am

    carz80am Formula Junior

    Sep 23, 2015
    620
    Northern Virginia/DC
    That's some second chance financing stuff right there.
     
    Thecadster likes this.
  13. dustman

    dustman F1 Veteran
    Rossa Subscribed

    Jun 12, 2007
    8,930
    Maybe, but never for a 488!

    LOL
     
  14. scott61

    scott61 F1 Rookie

    Feb 11, 2004
    2,606
    North of Boston
    Have basically a mortgage for a car? No. I wont even finance my toys
     
    Thomas S. likes this.
  15. Ianjoub

    Ianjoub Formula Junior

    Dec 22, 2019
    899
    Homosassa, FL USA
    Full Name:
    Ian Joubert
  16. SECRET

    SECRET Formula Junior
    Owner Rossa Subscribed

    May 19, 2007
    934
    This deal will leave you in the hole in value v. principal for a serious amount of time.
     
  17. Simon^2

    Simon^2 F1 World Champ

    Oct 17, 2005
    12,313
    At Sea Level
    OMG No. That is beyond horrendous.
     
  18. DoubleD33

    DoubleD33 F1 Rookie
    Rossa Subscribed

    May 2, 2012
    2,732
    Pasadena, CA / Oahu, HI
    Full Name:
    Dan D
    This reminds me of the Rolls Royce lease deals that are stupid money down and 5K a month and 6k miles a year.

    I Don’t have one of those in the driveway either.
     
  19. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,755
    i wldnt borrow at 6.5% when the 10yr is at .65
     
  20. dustman

    dustman F1 Veteran
    Rossa Subscribed

    Jun 12, 2007
    8,930
    ^ financing toys and houses etc is fantastic at these low rates and let the money buy depressed assets...
     
  21. scott61

    scott61 F1 Rookie

    Feb 11, 2004
    2,606
    North of Boston
    Those depressed assets may depreciate faster than my car.
     
  22. Ianjoub

    Ianjoub Formula Junior

    Dec 22, 2019
    899
    Homosassa, FL USA
    Full Name:
    Ian Joubert
    One should not worry if assets appreciate or depreciate in perceived value. Assets provide cash flow.
     
  23. twist-a-grip

    twist-a-grip Karting

    Oct 25, 2013
    238
    Let's stir this up. Would anyone actually admit they would do this? Not on Fchat. Yet, some people post pics of their 488s (or whatever) in front of homes that aren't exactly at MY IDEA of the level of someone who should be affording a 488, so I think these types of loans happen all the time. To each their own, I guess!
     
    IloveGT likes this.
  24. AlfistaPortoghese

    AlfistaPortoghese Moderator
    Lifetime Rossa

    Mar 18, 2014
    3,778
    Europe, but not by much.
    Full Name:
    Nuno
    That’s a gorgeous 488 right there. I’m drooling!

    I’d say do it, except for one very personal trait of mine; credit. I don’t finance my toys, but that’s super personal.

    If you do go for it, please post more photos of it upon delivery. I’m in love!

    Kindest regards,

    Nuno.
     
    scott61 likes this.
  25. IloveGT

    IloveGT Formula 3
    BANNED

    Oct 17, 2015
    2,419
    love the sarcasm!
     
    C50 likes this.

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