Average Income of Ferrari Owners in USA? | FerrariChat

Average Income of Ferrari Owners in USA?

Discussion in 'Ferrari Discussion (not model specific)' started by leroy105, Jan 15, 2021.

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  1. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    I've owned a number of Benzes, BMWs, and Porsches. Me and the missus would like to get a new convertible and she would like to get a 911. I've floated the idea of getting a certified Ferrari (I'm in Chicago, and there a decent mix of used Californias in the $100k - $150k range) + extensions on the warranty.

    I'm a little tired of Porsches, and am noodling maybe an entry level Ferrari.

    [Illinois just changed car sales tax where you can only get $10k worth of your trade in on your car back (so if you sell your Ferrari for $100k to the dealer and buy a $200k Ferrari, you owe tax on $190k! Terrible deal if you are into luxury cars, so the otherwise to the equation really may be leasing a Portofino...]

    We save around 75% of what we make, and I'm thinking realistically we probably don't have enough income to comfortably own and maintain the Ferrari. After taxes we take home ~$340k a year. Net expenses about $6k/month (including other car payments, mortgage, groceries, any other debt).

    For you guys in the $200k car club, how much are you netting a year to comfortably not mind paying for a Ferrari + maintenance. Our opinion was maybe you'd want take home more like $600k a year.

    I saw some horrifying thread of a guy who picked up a 2010 California in Georgia, and immediately had a $40K terminal issue... That makes Porshce repairs look like chump change by comparison.

    HA -- don't laugh, but I took my wife to the Chevy dealer to look at the new Corvette too. SHE LOVED IT. I'm too tall to fit into unfortunantely, but man oh man, too bad it's got a Chevy label cause the lines are sweet.
     
  2. Jb-Slow

    Jb-Slow Karting

    May 11, 2020
    203
    You should be just fine in one of those Californias, especially one with a warranty.
     
  3. BT

    BT F1 World Champ
    Lifetime Rossa

    Mar 21, 2005
    15,291
    FL / GA
    Full Name:
    Bill Tracy
    You are definitely in the good range on your income for buying what you are considering. No worries, live life!
     
  4. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
    fwiw i look at it less as % of income and more as what is total value of my cars as % of my net worth. lots of ways to slice and dice.
    also, there is a difference between owning a ferrari that you just want to keep running vs owning a ferrari that you want to make mint and keep running.
    interior stickies alone can be $4k, a full exhaust is $12k etc...

    i wld say, life is short and you can always sell later, just try to buy something thats already suffered most of its depreciation.
     
  5. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    @ttforcefed --I say no more than 7.5% of net worth as cars? What do you think? I've never gotten "rich" on my cars -- yep I get it some of them turn into classics and appreciate, but none of mine have so far! ;)

    https://chicago-lakeforest.ferraridealers.com/en_us/search-used-ferrari/2015/ferrari/california/2015_ferrari_california-ferrari_lake_forest-ZFF77XJA8F0203402

    (This California seems to tick all the boxes. I'm pretty much scared to touch the olders ones at $100k with that known transmission failure floating around).

    I'd actually drive the California to work in the summers, so I'm thinking 5,000 miles a year or so.
     
  6. Dave Bertrand

    Dave Bertrand Formula Junior
    Rossa Subscribed

    Dec 24, 2005
    770
    Castle Rock, CO
    You save 21k per month and you're concerned about the cost of maintaining a Ferrari? A 40k one time repair would barely make a dent. IMO any current production F-car is well within your means. Go order a new F8 and enjoy the comfort of a new warranty. I wouldn't even hesitate.
     
  7. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
    again its relative. if you are worth $500k you cld certainly have more than a 40k car.
    if you are worth $15M, you cld easily have 7M in cars, 3M in houses, 5M in cash etc...
    im guessing the number is more than 10% on the low side if people are worth 1M and have 100k cars.
     
  8. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    HOT DOG -- that F8 is awesome. I'd be sweating the payments though.
     
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  9. amenasce

    amenasce Three Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    33,014
    Full Name:
    Joe Mansion
    I think you are more than fine to buy a California. Even if it magically disappeared from your garage tomorrow without insurance, it would be "just" a 5 months loss for you. Hardly a life crushing event. As others have said, live life if you want a California, get it.

    Life certainly aint gonna get easier for this type of purchases.
     
  10. jag-oo-r

    jag-oo-r Formula Junior
    Silver Subscribed

    May 27, 2015
    423
    When I was a younger man, dreaming in the Ferrari dealership one day, the Sales Manager hit me this little nugget, which has sort of stuck with me:

    "yknow how people say you can afford a house that's worth Three-Times your annual salary?"
    (me nodding)
    "well, Most people can afford a Ferrari worth one-third their annual salary".

    As many have said, there are many ways to "slice-n-dice", but if you gross $600k, then the $200k Ferrari seems to ring true.

    At the $340 NET number you presented us with, I suspect you're closer to $$450, gross, yeah? Which, using the same rule-of-thumb lands you squarely in $150k Ferrari territory. That will buy you a REALLY nice CPO'd Cali T. In today's world of cheap financing, if you decided to go that way (your comment above suggests you would) you're looking at a payment well under what many of my friends spend on their pickup-trucks every month. :eye-roll:

    Ultimately, the gentleman I bought my F430 from (Forum Member "Whatheheck") gave me some of the BEST advice (paraphrasing): "You'll only go through this life once; what are you waiting for?"
    I have a friend who died unexpectedly last year at 47 yrs old. Among his things we went through was a "bucket list" of things he wanted to do in life. It was gut-wrenching to see that very few things were checked-off the list.

    Don't wait; Do it.
     
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  11. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    ----
    I have seen some insane pickup truck MSRPs. I'm always shocked how you can get a truck up to 80K....

    Yeah I'm working that angle with my missus. She and I are more concerned on the maintenance front for the California. You get a 3 year old 911, the maitenance on a CPO for 3 or 4 years isn't going to be much of anything. No idea on the F-Car.
     
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  12. GrigioGuy

    GrigioGuy Splenda Daddy
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    Nov 26, 2001
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    Your title says "average income of Ferrari owners", but the thread seems to be "can I afford it"?

    Your numbers look good to me -- but I'll never spend the money on a Cali, so take that with a grain of salt.

    Ferrari prices range from 30K to millions, so I'm not sure there's an applicable average income.
     
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  13. leroy105

    leroy105 Rookie

    Jan 15, 2021
    21
    #13 leroy105, Jan 15, 2021
    Last edited: Jan 15, 2021
    @GrigioGuy -- I've love to hear what others are earning as F-Car guys and how they've felt owning one too! Hell, I could go buy a $400,000 car in cash right now -- I'd be ****ting my pants though. ;)
     
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  14. HH11

    HH11 F1 Rookie
    Rossa Subscribed

    Sep 4, 2010
    3,317
    With the numbers you posted I wouldn't really overthink it.

    You won't lose your shirt come resale unless something really bad happens to the car, and if its bad enough insurance will take care of you.

    If you're into something for 125k and get back 80-90 in a few years (maybe more) why on earth is this an issue for you?

    Plenty of guys running around in Fcars making much less than you.
     
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  15. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
    7,348
    Weston, MA
    Full Name:
    Paul
    Well I won't divulge my income, but I can tell you I started with nothing and I still have most of it left! :D
     
  16. jjtjr

    jjtjr Formula Junior

    Aug 29, 2016
    668
    Vermont
    Full Name:
    john truskowski
    I thought only people who are insanely rich can own a Ferrari? ;)
     
  17. SCEye

    SCEye F1 Rookie

    Aug 28, 2009
    2,950
    Norcal - Peninsula
    Nothing wrong with Chevy. C8 offers incredible performance for the value.
    we love all brands here.
     
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  18. jag-oo-r

    jag-oo-r Formula Junior
    Silver Subscribed

    May 27, 2015
    423
    no we don't.



    hahahaha. j/k. Of COURSE we do! ;-)
     
  19. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    LOL, you make me look like a pauper and I have TWO $200k cars. AND I paid cash for both of them.....
     
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  20. SCEye

    SCEye F1 Rookie

    Aug 28, 2009
    2,950
    Norcal - Peninsula
    well... if a certain tractor manufacturer were to say unkind things about Enzo, we might like them slightly less.
     
  21. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    18,772
    Was awesome hearing the story being told directly from valentino. Will be a lunch i never forget.
     
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  22. Extreme1

    Extreme1 Formula 3

    Jun 27, 2017
    1,212
    Santa Clarita, CA
    I too have had a couple friends pass away from cancer before they hit 45 years old. That day I made the decision to spend the money I have made before I croak.
    I’m retired and don’t make anywhere close to what you do. I bought a 2009 F430 and learned to do the maintenance myself. I absolutely love the car. Every morning I make my coffee and go in the garage and look at it. My wife and I take it out for a drive on the weekends.

    These no do-overs in this life.


    Sent from my iPhone using FerrariChat.com mobile app
     
  23. RonH

    RonH Formula 3

    May 29, 2016
    1,061
    Newport Coast, California
    Full Name:
    Ron H
    I have never had a car loan and my view is if I have to consider whether I can afford a car, then I cant. Right now I can afford any car I want but there are not many cars that I want.
     
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  24. GrigioGuy

    GrigioGuy Splenda Daddy
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    Nov 26, 2001
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    Trailer Swift
    #24 GrigioGuy, Jan 15, 2021
    Last edited: Jan 15, 2021
    I've had my 328 for almost 20 years. I paid 40K for it, at a time when I made 60K a year. 700 a month for 6 years and it was finally mine. Lots of ramen during that time. Where there's a will, there's a way.
     
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  25. vroom

    vroom Karting

    Sep 9, 2007
    132
    Pasadena
    Since Ferrari’s are a luxury item I would pay cash for it. Set a budget and go for it.
     
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