The Poorest Ferrari Owner?

My guess would be a hand me down courtesy of Dad.
Ain't happening here. Not yet.

 

By turning his own wrench.

 

Lets define poor. There are a lot of people who dont earn a large annual income who have an F car and other nice things because they saved over time and made sacrifices elsewhere causing them to have an above average net worth . Conversely there are many high income earners who have a big house and an f car or 5 and have never saved a dime.

By poor do you mean small annual income or small net worth?

 

Wow. The elitism and arrogance in the original question is breathtaking. We have to keep those 'middle class' folks out of our precious Italian cars . . .

 

I don't think he meant to sound arrogant. This certainly isn't a question most people would post, because it seems taboo to talk about our annual income and net worth on the internet, but I think it's an interesting question at least.

Most people that I've met have terrible money management skills, regardless of their salary. The true enthusiast who manages his/her money well can own a nice Ferrari and maintain it regardless of their annual salary (to an extent of course). The average person doesn't know that a Ferrari 360 can be had for $75k (not that much more than a new M3) and just assume since it's an exotic looking new Ferrari that is must have cost as much as a nice house and to maintain it every year must be $20k or more.

If you manage your money well, and have your priorities in order (IE, family first, then Ferrari) I see no reason why someone making as little as $35-$40k a year couldn't afford a nice condition 308/348/355 or even if they are willing to save up for a few years and finance, a lower end 360.

 

chip on your shoulder?

 

For me, the only reason I can afford a Ferrari on my modest salary is because I have been making good money decisions since I was 18. I'm 31 now with 2 investment homes nearly completely paid off by their tenants, a healthy investment portfolio, and a "guaranteed" military retirement check (when I do convert to civilian in 10-12 years) for the rest of my life. But my biggest thing is that I don't drive a $70k BMW or Mercedes as my daily driver, I drive a Honda Fit, a car that I will continue to drive until it is more expensive to fix than to buy a new car. If I bought a new Mercedes every 3 or 4 years like many people do, I wouldn't be able to afford a 360/430 like I can now.

I think daily driving a Ferrari could get expensive for the average Joe, but as an occasional weekend toy, I think they are very affordable IF you are a true enthusiast.

 

After reading some of the thoughts to those of sufficent means, I have only on thing to say.....BS!!!! I am presently and have been a mechanic for the past 35 years of my life. Like one gentlemen stated, I haved saved and invested wisely. Half of you spoiled little rich boys can't do what I can do. And yes, I also put myself thru college and hold 3 Bachelor's degrees as well as 4 Associates. Mommy and Daddy didn't pay for them either!!! I find those of us who have had to work for our toys take better care of them because we can fix them. I am a Master Craftsmen which includes Paint & Body, Machining, Interior and A/C systems. In short, I can do it all!!! How about you? I don't begrudge other peoples wealth. I applaud it, because I also am working in that direction. But I will leave you with this thought. I can do your job, can you do mine?

To the rest of us that actually work and care for these wondeful cars, I applaud each of you for willing to step out of the box and learn another skill set. I hope that each one of you makes your Ferrari the way you want it to be and shows your work off with pride. Far better than having a silver spoon in your mouth and relying on a trust fund to pay for a toy you did not earn.

P.S.... I am also considering buying another Ferrari shortly. Not bad for mechanic!!!

 

I was when I was 23 and had a 246 Dino GT. I was making about 18 grand a year and put all of my life savings and extra cash into buying a basket case and restoring it with some friends over 2 years. In the end, it cost me about 18 grand (yes, that was a while ago).

Think about this: You can get a GREAT 360 coupe for about the same price as a new Cadillac or about what you'd pay for a new BMW 3 convertible. I was at the Mini dealer last year and they had a new Mini Works for over $40 grand on the showroom floor. The price of new cars is not cheap.

You can get a really good 308 for the same price as a well optioned new Camry today. How many new Camry's are sold every day?

You don't need to be rich to join in the fun. You just need to set your priorities.

But, your family and your financial situation should come first, then the toys.

 

bingo

 

I can and have done your job. Unlike you, I see a certain value in using the education I obtained. Let me ask you this: have you ever made a pattern to cast a part you needed?I suspect not. Ever argued a case before the Supreme court? I have done both, won two racing championships, built a successful law practice that will survive me.

Let me leave you with this thought: no matter what our skills, making sure we leave with a better place than we started should be our goal.

Art

 

I reference to your question, Yes I have! I also have several US Patents. While not a lawyer, I use my education every day. I engineer parts and design componets for race cars and served time as an Indy Car & IMSA mechanic. One of my friends was the late AL Holbert. He left me with a statement that long stood in my mind. He stated that all the wrong people have all the right cars. I take pride in what I do, and I will not be snubbed by someone who knows little about where I come or how I got there. Racing taught many things but the most important....." It ain't where you start....it is where you finish!!!

 

+ 1
Hey, that's what my Dad said. ( God bless his soul )
Very hard to follow his footsteps.

 

What exactly is the purpose of this thread?

 

I hardly think of myself as "poor", but I find that I am probably "poorer" than most of the other Ferrari owners that I socialize with here. I'm a middle-class aerospace engineer who waited some 30 years to finally buy a car that I had always dreamed of owning, but the reason I bought a $35k 328 is because it was the "most" Ferrari that I felt that I could afford. I'm certainly not sorry that I did; everyone I see loves the car, and even though I have to sell out $$ every winter to keep it on the road, that much I can afford. And when I hear others who talk about the problems they have had with newer (and more expensive) Ferraris than mine, I know that I made the right decision, and I have no intentions of parting with the car.

If anything, it's the trip to Maranello that I haven't been able to swing yet that is about the only thing I miss about my relatively "lowly" status. But I'm convinced that that will come with time.

 

We aren't the ones throwing loaded topics out. I came here just like others with one thing in mind. To someday own a Ferrari.

The signature that is posted that states "every littles boys dream is to own a Ferrari is dead on.

The same to the Aerospace engineer about what he could afford. Being a mechanic helps in owning these cars. Ask Dave Helms...he owns three.

I just feel lucky that all my life I finally got to own a car of my dreams. I don't think I am any better or worse than anyone else in the world. I just feel lucky that the Gods and Enzo smiled upon a little boy and granted his dream. And I won't let some snot nosed rich kid poo poo it because he thinks this is some exclusive club. And I back it up as nesscary.

 

I used to want a Ferrari untill I read this....Now I just want to be awesome like you

 

I think ownership depends more on your circumstances than the total amount of money you have available. My wife and I bring home four or five times the typical American household income, but I have two kids in college and I am trying to pay off all debt, with the possible exception of the remainder of my mortgage. I have about three years to go on the general debt (two Mazda3s and some business inventory). I have paid off about 60% of the purchase price of my house because I put 20% down and took out a 15 year mortgage about seven years ago (Refinanced in early 2005 at a lower interest rate. I bought the house back in 2002 before prices started to go up). The cost of living in Clemson SC is very reasonable and I have plenty of garage space, in theory. My garage currently has five MGs in it and I need to make space for my future F-car. I know I have a problem with old British cars. I am not a hoarder in any other facet of my life.

The reason I added all this detail is to show that although it looks like I should have my Ferrari now; it’s just not the right time. My wife wants me to buy a 360, but I would like to get a 1977 308 GTB that I can tinker on.

Service can be an issue too. I can afford the occasional ridiculous service costs, but I find some of the prices appalling. I think of how many old MGs and Triumphs I could buy for the cost of a 308 or 360 major service! I have the tools and experience to do my own “engine out” maintenance. If I do not have the special tools needed, for a 360 F1 clutch installation for example, I would be tempted to pull the engine and transmission, set them in the back of my F250 and drive them to Ferrari of Atlanta.

I have been reading the FChat forum for several months and I really enjoy it.

 

i'm so broke i can't pay attenton. i ruined people's lives with liquor and rock and roll for years to get the money for my car. i now live in a box by the beach.

 

Thank you - believe it or not, that is my own quote that I just came up with two days ago...maybe I should patent or copyright that

 

+1, and for whatever reason does the OP's question merit a response?