2021 F8 what would you do after 1 year | Page 6 | FerrariChat

2021 F8 what would you do after 1 year

Discussion in '458 Italia/488/F8' started by fxbianca, Jan 15, 2021.

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  1. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    LOL... Not again!
     
    mkraft3003 likes this.
  2. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Which master? The one in the east wing or west wing? I had someone willing to rent the one in the west wing to help me make payments. But I can tell him that someone with big bucks is willing to pay cash for room cause he is not an idiot that finances.
     
    technom3 likes this.
  3. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    Can I have a mortgage to cover for the cost of the restroom. I am looking for a 2,500-2,800 Sq ft bathroom. Which would that one be?
     
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  4. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
    14,209
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    Neither. Both my bathrooms or twice that size. Come on who do you think I am? Someone who finances houses?
     
  5. Ianjoub

    Ianjoub Formula Junior

    Dec 22, 2019
    899
    Homosassa, FL USA
    Full Name:
    Ian Joubert
    My doublewide is paid for :D

    It looked rough with a Ferrari parked outside in the sandy driveway because there was no garage.
     
    SoCal to az likes this.
  6. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    Ok, IK can't afford the entire bathroom, can you rent half a bathroom then. This is so difficult. Wait, can I ask my brother... The one who bought the house from Not a Hall of Fame in baseball.... you know the story
     
  7. Gh21631

    Gh21631 F1 Veteran
    Silver Subscribed

    Feb 24, 2011
    8,325
    East

    Funny enough, when I was roughly 20 years old my buddy had a 308 and we would take it the beach where we stayed in a trailer. Picking up girls in the Ferrari and bringing them back to the trailer was amusing.
     
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  8. Gh21631

    Gh21631 F1 Veteran
    Silver Subscribed

    Feb 24, 2011
    8,325
    East
    Margin loans on assets are the best - less than 1%. No reason to use bank financing even at 2%.
     
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  9. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
    14,209
    Arizona
    Agree. I have an LOC with my bank on standby at all times.
     
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  10. mike32

    mike32 F1 Veteran

    May 13, 2016
    5,828
    Isle of man- uk
    When i got my present used ferrari the dealer was surprised i paid cash with my debit card, 1st cash deal he had all year as most on lease or finance.
     
    Jo Sta7 likes this.
  11. docsuj

    docsuj Rookie

    Jul 20, 2012
    1
    I just bought my F8 (paid cash), and am thinking about going back to a 458 because of the experience driving(I owned a 458 and an 488 after that). I think that my F8 (paid about $350k for it) will probably be worth less than that in one year (now the demand is high). Unfortunately, the last few Ferrari models have not held value very well. I also own a Lamboghini Urus (for over 1 year) which would still be an easy sell at sticker or marginally higher.
    Sorry, not giving a direct answer, but I think it really depends on what would make you happiest!
     
    GT2goneF likes this.
  12. mavila

    mavila Rookie

    Jun 13, 2019
    17
    Bay Area
    Full Name:
    mavila
    As a former investment banker, I would consider myself someone who has a pretty good understanding of finance and the cost of capital. As others have stated, given the current markets and the relatively low cost of financing, I would seriously consider financing a Ferrari. My situation is similar to Chizz. I could pay cash, and have paid cash for most of the cars I have owned. However, if you can finance at under 3%, tying up $300K-500K in a car when the markets are on a tear is not a clear cut decision. Even factoring in the March pandemic selloff, many benchmarks have returned 20-50% or more. Clearly there is risk in the markets, and few people can explain how the markets continue to defy gravity. However, as someone else pointed out, there are REITs with yields that are double the rates at which some people can finance. It all depends on your personal financial situation and risk tolerance, but not everyone who finances is stupid or poor.
     
    IloveGT, Chizz, pdxjim488 and 4 others like this.
  13. wthensler

    wthensler F1 Rookie
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    Apr 27, 2015
    3,152
    Gator Country, FL
    Full Name:
    William
    #138 wthensler, Jan 21, 2021
    Last edited: Jan 21, 2021
    I’m financing a new construction home because I’ve run out of debt, and consolidating multiple homes. Going through some old paperwork, I found my mortgage APR on my first condo. It was 11.35%.

    I never liked financing cars and only did it when heavily incentivized to do so, but understand the cheap money aspect if you can do better investing. But I never understood why someone would purchase a Ferrari without contingency reserve. Hell, I’ve spent a ton on crapola (Tune, jammers, exhaust, and now suspension) just playing around.

    I *may* do one more business project, but more for the fun of it. Yeah, it’s a risk I don’t need to take, but I want to fully enjoy it this time around, with the pressure mostly being off.
     
  14. MMC620

    MMC620 Rookie

    Jan 5, 2020
    11
    Full Name:
    MMC
    You clearly don't understand money with your disrespectful comment, don't be such a DB troller. Most people who have it, use other peoples money to their advantage and use theirs to make more of it......if you can afford a payment for something you like and enjoy,(Regardless if it depreciates) do it, life is short.
     
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  15. MalibuGuy

    MalibuGuy F1 Veteran

    Sep 18, 2007
    5,280
    Sorry I am a little late to this thread and haven’t read all the posts due to it getting off topic.
    My question is: Has the F8 been built yet? Or is it red 10 meaning locked and no changes allowed.
    If the build is still able to be changed, perhaps ask the dealer to allow someone else to move up into that slot. If you really think you will be in a better position in 12 months and do want the F8, see if you dealer will move you to the end of the list. That way you you don’t lose the deposit and get the car
     
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  16. Jo Sta7

    Jo Sta7 F1 Rookie
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    Oct 13, 2015
    4,896
    Scottsdale/Pittsburgh
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    Jon
    Debt on your house? You broke mf....
     
  17. IloveGT

    IloveGT Formula 3
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    Oct 17, 2015
    2,419
    lol. you are missing out. enjoy!
     
  18. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    Forget the house i wanna drool over the garage !
     
  19. fxbianca

    fxbianca Karting

    Apr 7, 2004
    91
    Stuart FL
    Full Name:
    Frank Conidi
    Thanks for the replies. Again the post was really not about my finances I can afford the car. In fact my wife reminded me of an account that I forgot about from one of our side businesses so I was able to put a good amount down. With that I picked it up on Saturday. For those who are curious my payments are the same as they were for the 458 and about the same as I was paying when I leased a BMW I8 from 17 to 20 (what a POS that car was) i.e. under 2K a month.
    The F8 is a Beautiful car. To be honest minus the power and decreased sound and updated cockpit not that much difference between the F8 and 458. I only drove it for an hour so we will see. In fact when I picked it up they had my 458 next to the F8 and my wife stated she could really not tell the difference. Wish I took pics. However will get the 458 back in a week( had a crack in the rear air dam that I needed fixed before selling it) and will take pics and post with each next to each other.

    So to get back to my original question i.e. is it worth the money to upgrade the jury is still out. I do however like having a warranty and 7 years of service and not having to worry if something serious goes wrong. Also the payments are no different. I suspect that as I drive it I will continue to fall in love with the car. However I suspect that many of the Ferrari purists out there would say that I should have just kept the 458 and never ordered the F8. The 458 is one of the best Ferrari’s ever and you cannot beat that sound.
     
    GT2goneF likes this.
  20. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
    14,209
    Arizona
    If it was me and I had to choose and finances weren’t a consent, I’d the the F8 any day of the week and twice on sundays.
     
  21. Rrr1

    Rrr1 Formula Junior

    Dec 24, 2018
    347
    Full Name:
    Rrr1
    I’m not sure who I care less about the Ferrari purists or the Porsche purists. Drive the car, have fun, buy the next great one. We all end up in the same place - except for chadly, he should end up on the ban list.
     
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  22. harrish1985

    harrish1985 Formula Junior

    Jun 17, 2016
    448
    Miami, FL
    This comment is grossly flawed. People (rich or poor) finance so that their assets can work better for them. If I paid cash, as per your logic, on my properties and toys I would've lost on 30 - 60% gains year over year for the past 5 years plus. With markets spitting out strong gains and company's paying high yields you'd be a fool to not finance with rates at 0%. Many business owners also use their business to expense certain items. I know many business owners in varying fields who host big events and their exotic cars are utilized for marketing purposes. You really should reassess your posts prior to making them public because your logic on this particular topic is questionable at best.
     
  23. Divexxtreme

    Divexxtreme Formula Junior

    Aug 14, 2020
    598
    Full Name:
    Scott
    I agree wholeheartedly. I'm not a surgeon, but I served 28 years in the military with multiple combat deployments under my belt in both Iraq and Afghanistan. I have a nice retirement pension from the military that I could live very comfortably on without having to work. But I do work. I'm a consultant and I make a good base salary with variable quarterly performance-based bonuses. My child is 24, done with school (master's degree) and has a great job. I own both my homes, and I rent one out. I'm far from wealthy, but I can easily afford to finance my cars. Along with my SQ8, I also own a TT Huracan, and my F8 will be here any day. I'm happily financing all of them. Of course, I could put a bunch of cash down on them, but that simply makes no sense to me. Just like you, it would make a dent in my bank account that I don't need to have. I have other options to purchase my luxury items, and I fully utilize those options. Even if I had $10M sitting in my bank account, I'd never pay cash for a known depreciating asset. However, I'm not going to denigrate some who does. I also work very hard, I treat my employees extremely well, I pay my taxes, and I try to treat all people with respect until they give me a reason not. I am grateful everyday that I made it out of those combat zones with my life and my all of my parts. A lot of people did not. A lot of them were my friends. And many who made it out took their own lives later on due to invisible wounds (it was up to 22 veterans committing suicide per day at one point). So, I'm not only extremely appreciative to just be here, but also to be in a financial position to enjoy these cars. And enjoy them I will. With zero apologies.
     
    Ivan Drago, jcoles, Chizz and 11 others like this.
  24. RoadRonin

    RoadRonin Formula Junior
    Silver Subscribed

    May 18, 2020
    369
    San Francisco
    Well said. Tremendous respect, appreciation, and gratitude for your service and sacrifice.
     
    jcoles, Chizz, docsuj and 2 others like this.
  25. GT2goneF

    GT2goneF F1 Rookie

    May 28, 2020
    2,861
    Southern California
    Thank you for your service! SF!
     
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