Ferraris hold their value extremely well, sometimes not going down more than a few percent in 2-3 years (if you buy at sticker). Porsches, as we all know, do not, as they depreciate quickly. Leasing is financing the amount of depreciation, so I would think that Ferraris should be cheap to lease because the depreciation is so small - say you pay $180k for a new 360, the residual would probably be $150k in 3 years, so you finance 30k, so that's a cheap lease, as in $600/month. That's not the case, however - Ferrari leases are very expensive, so it must be they have a low residual, and if that is the case, if you have a residual of 100k on it when you are done, and it's worth 150k, you can buy it and sell it and the leasing company loses out in part.

I guess this would apply to any car that has very high residual values, but apparently it doesn't work logically, because cars that hold value such as the Ferraris and even something the more popular Lexus models are still comparable to their pricing (you can't lease a Lexus LS for the same price as a Mazda 6, for example, although the depreciation in dollars is probably the same, just as you can't lease a Ferrari for the same price as a Boxster even though the depreciation amount in dollars is the same).

Interesting...

 

I have several friends that have financed Ferraris and I remember in almost every case them putting down 25K and having a payment of over 2K a month.

 

institutions have to cover their asses. there is NO WAY they are going to let someone drive their $180k car for $600/month.

Also most leases are for somewhere between 7500-15000 miles per year. Try to sell a three year old Ferrari with 45000 miles on it. if you could find a place to give you a 3 year, 2000 mile per year lease you may be able to get it fairly cheaply...but expect some obscene charge for going over your 6k miles.

 

financing has nothing to do with depreciation

 

I apologize, I was merely stating typical Ferrari lease payments.

 

Todd has a great point...A lease payment by definition is depreciation + interest.

Let's be VERY conservative and say that a Ferrari will lose $50K in value over a 3 year lease. Assuming a payment of $2K per month (the cheapest Ferrari lease I've ever seen), that backs into a lease factor of .0106, or 25.4% interest!!

Seriously...how does this make ANY sense!!

 

My point exactly trojanman!

 

Exactly, trojanman (I'm an SC grad, too, by the way...) it doesn't make sense! Contrary to what SteveH said, leasing is ALL about depreciation, as the amount 'financed' is the difference between selling price and residual at the end of the lease, so if a 360 goes from 180k to 140k in 3 years, the amount financed is about 40k, or maybe 800/month...

 

leasing is, financing isn't...

Guys you are completely forgetting the risk that the lender is taking on in this transaction. A 2001 360 with 40,000 miles would be almost impossible to sell at this point. Your logic is off. Porsches and Ferrari's depreciate on a different schedule but within 3 years they usually end up at around the same place.

 

nobody drives a 360 that much - it would be 5000 miles a year or less, I'm sure. Not sure if leasing companies have that kind of low mileage, but...

 

now we're already moving into hypotheticals. But even in your hypothetical world, what do you think a 2001 360 with 15k miles is worth right now? How many lenders do you think are interested in leasing a 180k car in the first place?

 

Steve - I don't think it would be "almost impossible" to resell a 40K mile 360. In fact, I think it would be very easy! There are plenty of "poseurs" out there who have just enough money to get them in trouble, but not enough to roll with the big dogs. I think a high mile F-car would be perfect for this market segment!

With respect to mileage - obviously the leases would have monetary penalties for going over the agreed upon mileage.

 

DC motors in Anaheim Hills has a MY2000 360 Modena w/ 21K miles. They're asking $134K.

Edit: assuming a high .003 lease factor & $50K in depreciation over 4 years, this vehicle should have leased for $1225/mo. Something tells me it didn't quite work out that way!

 

I have a 2004 FX45 with 2000 miles on it. I'm asking $86k

As far as a high milage F-car being good for the poseurs, sure there is a market for them. But if you think you're going to get out of it without a huge depreciation hit you are in for a nice surprise.

 

OK I'm not a car dealer so I have no way to give you "sold" prices of high mile F-cars. A quick review of any automotive sales website will confirm that the price DC motors is asking is relatively close to real "market value".