going to be contrarian here Without knowing OP's specifics (savings, income, other expenses), I am not sure that buying a Ferrari is the right move. While it would be exhilarating to have use a Italian red screamer on a twisty road, buying a toy without considerations for other aspects of life isn't responsible. In regard to OP, is he saving enough for retirement, kids, etc? making good income with expectations of future increases? As long as his finances tick off all the right boxes, go for it. Otherwise, his wife might be the wise one.
Hi Simon, welcome! One thing to note is these cars don’t depreciate as much as a new luxury car. With my two Ferrari, if I were sell today, I would be out about 10k only over 6 years. That includes maintenance. That’s cheaper then my brand new Toyota.
I think he should buy the Ferrari. How long can you keep the lie going? That's the question. Quick thrills and fun are the only things left to enjoy these days.
This is a good point. Something I admit that I’m shameful I didn’t ask the OP. It all comes down to ratios, if you are saving enough for retirement and kids college costs, get the Ferrari. If you’re struggling, wait until you’re in better shape. I assume maybe your somewhere in the middle?
I'll chime in here, since that's my car that Simon walks past, every day. The best way to enjoy a Ferrari is if the purchase/storage/maintenance makes NO difference to your future financial plan including responsibilities towards your children's education, your wife and a slush fund for any future issues such as reduced or underemployment, medical concerns and the plain old rainy day. To clarify Simon's position and a possible purchase, the above is very much the case. I don't see the point in trying to rationalise a purchase that defies rationality. We all know it doesn't make any sense. There's very, very few people I know that have owned a Ferrari, then looked back on the purchase years later, and regretted it. As to the wife, she'll come around, consider it a work in progress
I am not sure if this is the correct format to ask this question. Would seem to me, present company included, the readers and contributors to this forum are all Ferrari junkies and the answer is the same as you would get asking the question who wants ice cream at a kids camp on a hot summer day.
My wife told me, "Buy the car, leave the women alone." Seriously, a sports car is a want, not a need. People have different desires in life. Do you have enough discretionary income to not only purchase a car, but maintain it? Are you truly honest in your calculations? Will you be able to include her in car related activities so that she doesn't feel left out? Maybe you can compromise and incorporate something she'd like in the negotiation, such as a special vacation. It's never a good tactic to lie. Approach the matter calmly, and see if she'll come around.
find a red 328 and tell your friend to get the 308 insert the 328 and maybe she won't notice ....I have done that many times of course my wife doesn't care...
And never, ever, consider a car to be an investment. If a tsunami comes along and takes the car out to sea, you should be able to swallow hard, blink back tears, and go on. If you cannot do that, you're not approaching ownership in the right way.
How? If you can buy it without changing your lifestyle at all. Including being able to purchase it outright or paying the note, the maintenance, the possible loss of value when selling it. If you can do that and not sweat it, then you can buy it without your wife feeling guilty. Also, she should know a well bought 328 will be worth the same $$ in 5/10 years if not more (unless your country bans ICE vehicles or you crash it).
Exactly this. I'm assuming that your financials are sorted, you have enough money for life's necessities, kid's college and if this thing burns up tomorrow, the lost capital will not impact your ability to put food on the table, or a roof over your heads. I'm also assuming this is a long desired goal and not some current whim. If so, I would go the above route. Trying to attack this like a math problem isn't going to work IMO. My wife and I were both poor growing up and savers not spenders. But, after going to one friend's funeral, we decided it's time to stop dreaming, stop worrying about what might happen tomorrow. The house is paid off, retirement well funded, and other than the Ferrari, we live way below our means. I involved my wife in the entire process. I let her pick the F-car type and color combination. I even let her nickname it Dave! She's driven it a few times and she enjoyed it. Now, she's totally on board because she knows the Ferrari makes me happy. And, that makes her happy. T
Wise words, Tom! My wife and I were both involved in the buying process. I waited until I knew that we could afford maintenance on the car. People consider the purchase price but often they do not factor in insurance, storage and routine maintenance, as well as having a slush fund for the unexpected repair. Hope you are okay. Some pretty frightening COVID news coming from Texas!
What I'm hearing is 2 things: 1. "We can easily afford this" 2. "She's out of the country for 9 months" So, clearly this is a "beg forgiveness instead of permission" scenario. 9 months of time is long enough to get over the mad.
OP, your wife is frugal and she loves you. if you buy something that doesn’t cost you much over 3 years til you sell it and recoup, and gives you a huge amount of pleasure, she cannot have an objection. You’re doing something you love, at little financial cost, which may even give her pleasure, and should certainly make her happy that you’re happy. should be a no brainer with the right Ferrari. my 550 cost me zero net over four years my 430 spider, if I were to sell now, would either break even, all in, or cost me the price of a year’s gym membership over five years. the problem is that non car people, if they hear you’re buying a Ferrari, think, “super expensive car” and they “know” that cars depreciate. But buying a 328 or a 488 are two very different purchasing decisions. Some Ferraris are pretty much the most sensible cars you can bu, financially.
Food for thought...if you don't consider her feelings in making the decision, she may choose a new "model" of her own (and I'm not talking about cars!)
Pretend that your goal is a 430/458, build it up, make sure she knows the costs, then let her talk you down to a 308/328. Then it will seem like you gave in to her frugality.
Start gathering price data for 328's so you can show her it is an investment, show here 10 years ago a 1986 328 was worth $35k, today about double that if not more but do this played out in a way so it looks like a good investment and your not lying, it can be a very good investment. I see 1986 328's at over $100k in 3-5 years up from about $75k now. Just curious, how did your friend with the 308GTB in your basement do on his purchase? Has he owned it long enough to see it appreciate in value? If so use him for an investment example and explain how much you'd rather invest in a car that goes up in value vs an airplane (I'm also a pilot, had a PA-46 now in the market for a CJ3).
I had a buddy replace his yellow 348 spyder with a yellow 355 spyder thinking his wife would not find out, she had no clue for 3 years until she overheard him bragging about it at a party, he had to buy her a $200k horse for lying about it.
I don't think fellow Yanks quite fathom the comparisons between Oz & US when it comes to Ferrari Dollars & Status, be it real or perceived. Sent from my SM-G973U using Tapatalk
My 458 cost me a several hundred thousand dollar remodel of our house, it was worth every penny. It was Something she really wanted, so tell her this is something we can afford and I have always dreamed of owning a Ferrari. Then ask her “what have you always dreamed about owning”?
How about I go out and buy it and put it in the garage. Then when she comes downstairs to get in her car she sees it lol. She tells me to enjoy it and she gets in her car and leaves. I’ve done this with 3 Ferraris, 3 Porsches and 6 Corvettes. Actually when I went from a red/tan 360 Spider to a red/tan 430 Spider it took her 6 months before she realized I got a new one. We aren’t talking about a dimwit either as she’s a Dr. she just trusts me enough to know that I’ll never do anything that would be totally stupid or financially draining.
Man, I am right there with you. I'm trying to cultivate enthusiasm for the idea by slowly introducing pictures and videos of 20 year old Spiders and asking her to imagine herself driving it. She's liked the idea of owning a convertible for a while now, but doesn't really get the difference between a Miata and F355. This may be a long process. I totally understand those who argue that life is too short to put off your dreams. What I don't get are those who advise to get a Ferrari without spousal approval. You think a Ferrari is expensive? Nothing is more expensive than a divorce.
Thanks for chiming in @carl888 If I understand correctly, it sounds like Simon is in pretty good financial shape. If so, I concur with most here. Life is short, and as long as the purchase doesn't cause financial risk, go for it. @Simon99: I would be honest with your wife and say the car would be a source of happiness. If your wife disagrees, well, it's more of a larger issue, specifically - the opportunity costs. Does your wife prefer the funds, go into a more conservative investment that may yield more future gains? If so, is this for your retirement or your children's trust fund (or both?) Does 60-75K invested now give you that much more happiness to your kids when you retire? Or your kids in 50 years? I personally don't know. I don't know what will happen tomorrow let alone years. I do know every day I see my Ferrari in the garage, a big smile shows up on my face. Which is bequeathed to my wife and kids anyway when it's time for me to check out.