Anyone lease their 458?

Why would Ferrari lease a car?

 

To make more money?

 

I leased all 3 of mine. Their deal is fair from a interest and residual standpoint. The Ferrari Financial deal is the same nation wide and is quite competitive.

 

I found the offer from Ferrari Financial to be the best deal I could find by quite a bit. The money factor was lowest of the bunch and the residual fair and reasonable. As long as you don't keep the car to the very end of the lease, it's an unbeatable way to keep your money free for other things, minimize your tax exposure and be able to walk away with possibly no more money out of pocket.

The guys in new Jersey at FFS are top rate guys. Frank Ponzo can be reached at [email protected] He is a great guy and very easy to work with. Highly recommended!

 

Curious what the money factor was that was offered because what was mentioned to me previously was equivalent to a 9% interest rate on a 5 year open ended lease with a 141k residual....similar to what another person here mentioned last week or so. Could you please share the numbers and you mentioned, "as long as you don't keep it until the end of the lease"....did you flip the car for another Ferrari or was there a penalty for early lease termination. Thanks in advance for any information.

 

Arnie, Since you just got your 458, your lease numbers would seem to be the most recent. Would you be willing to share them with those of us that are thinking about whether to lease or purchase our 458's? It would be much appreciated. I don't know anything about leases.

 

I have never leased a car - let alone taken a loan on a depreciating asset.

Knock yourselves out : )

 

Good for you Doug. There is a cash utilization and sales tax consideration, but if writing a check for $300 large floats your boat, knock yourself out. I'm sure your financial aptitude is superior to many of on this board, but being judgmental is not necessarily a positive quality.

 

+1

 

Sure. My money factor was .0027 or about 6%. The residual was 50%. I enjoy the flexibilty leasing has offered me over the years. It provides tremendous sales tax saving if you sell early, without utilizing precious cash. My cash over the past 35 years has served my real estate and business investments with a far greater return than 6%. I've always been fortunate to make a buy/lease decision based on what I felt work best for my needs.

Leasing is not for everyone, especially if cash flow is a consideration. To many guys it looks like an attractive option, and in many cases allows individuals who should not be making this kind of financial commitment get themselves into big trouble.

All that being said, it works for me and has for many years.

 

Good for you.......I tend to wonder about the self-righteous folks who preach that you must buy the car for cash or you don't deserve it, or so it seems.

It’s your money, spend it the way that makes sense to you........Steve

 

Thanks Arnie. Was it a 5 year open ended lease?

 

I grow weary of the all too familiar beating of that drum as well.

 

Yes. It was a 60 month open ended lease without any early termination fees.

 

Thanks. Much appreciated.

 

I'm sure Doug didn't mean to come off as rude but I tend to agree with him as many should apply this principal to their spending habits, with a few outlying exceptions.

Attractive leasing and financing options tend lure many in that shouldn't even be looking in this direction to begin with.

Plenty of stories of tenants/co-workers I know and so on, but I'll spare you the burden.

Arnie, I'm sure you can agree that you're particular situation and financial aptitude are not all too commonly found among the general masses.

Liquidity is not of necessity in my line of work so paying off my cars in full and avoiding interest on a depreciating asset would make common sense.

 

Ironically, I would bet doug has bought a home with a mortgage....when do we start to consider those depreciating assets?

 

Much better said

 

Wow! Thanks for the sage advice.


Rodney

 

I do have a mortgage on my home but that is where I live.

How anyone can justify a car sitting / depreciating when it is not their dd is beyond me.

It's not a matter of affording the payment or not affording the payment.

Before you lease a Ferrari I would strongly suggest buying a used one for cash.

Last note - I have never lost money on a home and see no comparison.

A car lease if necessary should be for your primary car - but it's your money.

 

50% residual after six years? Is Ferrari aware of the values of used 430s, 599s, 612s, etc?

that seems like a hopelessly optimistic residual. good for lessees, though.

 

Really?

You are going to advocate a two year lease has a better tax advantage vs cash because you delay a sales tax event?

My post was knock yourself out - and if you can prove a guaranteed instrument that outperforms the lease you can then bash my post ... let me know Mr aptitude

 

I would love to be proven wrong ... the eternal optimist

My guess is per mile it's a losing proposition vs paying cash.

Again - can't wait to see the justification.

 

It's far beyond the scope of this forum to discuss all of the merits of leasing vs. buying but for those playing with smart money, it's a hell of an option. Why tie up cash in a depreciating asset when you can invest it in an appreciating asset? The small amount you pay in interest on a lease can't even come close to what you loose by NOT investing it in a better vehicle (investment vehicle, that is). $300k earning 8% is better than $300k "invested" in a depreciating car which can loose 20-40% in the first 4 years. BAD CHOICE.