Scott Storch owns one
he's a famous producer

 

Um, pretty sure Storch blew all his money and lost lots of his toys.

 

[B]


I had a 993, then a 996 Turbo, and now have a Cayenne Turbo that my fiance drives. They are/were all great cars, with very little maintenance issues to deal with.

The 3 Ferrari's I've had, have been every bit as reliable as my Porsche's were though. I drove the 993 & 996 Turbo everyday, then drove the 575 everyday when I had it, and now I drive my 599 everyday as long as it isn't raining as well. I drive the 430 all that I can, but it usually stays at my place in Florida, so it doesn't get driven as much as the other 2 did/do, but it has been a great car, just requiring gas & washes.

The old stigma Ferrari once had, that they are maintenance nightmares, has been a thing of the past since the 360 came out. They've only improved from there, and the chain driven models are as dependable as a foreign family sedan.

The cars that you need to have a constant $20k sitting around for, are the pre-360 models. They are the ones you hear about, that have to have the engine removed/etc to be able to change belts or perform simple service work to. Obviously you can buy 348's & 355's much cheaper than a 360 or newer, but you will pay the money you saved back eventually in service, if you plan to keep the car for any length of time, or be able to enjoy it on the road at all.

Porsches are fantastic cars, but don't be afraid to daily drive a modern Ferrari either!

 

I'm surprised that the OP got so many intelligent answers and that this thread is a good read so far.

I'm also impressed by the numbers some of you gave. I'm 27 and make a decent salary but i've not yet reached the 100k mark. Still, I own 2 cars, a 500k house (second one) and I put over 500$/month on a special saving account. I'm married and no kids. And with all that, I still have enough to eat good food, buy nice clothes, travel and each month my regular account is higher than the previous month. I guess, as some have said, it's not really how much you make, but how wise you spend.

From what I read, most of you own a business or work on a commission. That's the thing I would like to do but don't have the guts to do. I think I'm more of a lumberjack, slowly but surely.

Now to the OP: as you may have understand, there are 2 "ways" to own expensive cars. You can make a lot of cash, or you can make little and spend it all on the car. Either way, my advice is to wait until you can pay cash (or at leat 70% of it cash), and have enough left to live on your savings for a good 6 months in case you lose your job.

I want to buy myself a porsche for my 30th birthday. I had a good opportunity last year to buy one but didn't. Instead I sold my house (that was built in 2008) for 45% more of what I paid and built another one. I'm not in a hurry to own a porsche and that decision, I think, was wiser.

So just be wise, and you'll reach your goals.

 

Seems there are generally three ways

1. Have the right last name (then you can own a Veyron)

2. Work hard, make lots of money before you are 30 and married and prioritize the car above other purchases

3. Work hard, make loads of money, pay for a family, then start thinking about the car again after you get the kids on their own hopefully in your 50s

So by my logic, no one between 30-50 buys a Ferrari.

 

Simon Cowell drives a Veyron, as well as Tom Cruise (or at least he did) so there's another two Bugatti owners for ya.

 

So they're very reliable, but melt when it rains. Good to know!

 

Its hard to understand how your life priorites change until you experience them I guess.

While I kind of fall between #2 and #3, I think you get the point that it is about priorities. But it doesn't matter at what age, you ARE prioritizing the Ferrari over other purchases or investments unless you have an infinite amount of cash. I bought my ferrari 2 years ago about a year after my first kid was born when I was 31. But I soon realized that the search for the car and anticipation were more fun than actual ownership for me. At that point, it moved down my priority list, and I sold it. I do think that the current economic climate may be effecting people's responses and priorities as I know it is mine. I'm currently trying to sell a house I'm going to be taking a pretty substantial financial loss on and relocating my family back to SoCal, so I don't want my cash tied up in a 4th car. And I do think in the next couple years, there is some real money to be made in investments that I want to have the cash for. That being said, I'm starting the planning and search for a 60's ferrari that I think will be a more rewarding car to own and drive.

I also think that the older you get, the less you care about what other people think about the car you drive. I am more of an enthusiast of the driving experience than I am of the diaper wiping, valet parking, caring about the magazine review bunch. Cars are tools to me. I am in race cars a couple days a month and appreciate cars for how they engage the driver. For me, if you drive a modern sub $200k ferrari back to back against other modern sports cars (ie - GT3, GTR, M3, CLK Black, hell even an evo) they just aren't THAT much better. (in my opinion)

sorry if I went a little off topic. Its great to live in a capitalist society where we get to make choices with what we do with out money. If one car fit everyone at a certain age and income bracket, we wouldn't have so many choices...

Best,
Matt

 

lol, I'm definitely not a "melt in the rain" type owner, sorry if it read that way.

I just don't like to have to completely wash it every time, rather than give it a touch up when it can stay clean. I have a trick Rubicon that has to get driven sometime as well, because I drive the 599 any day I can.

 

Find something "niche" and define the problems, do it better then the others, the rest will follow

 

Edited for spelling

 

I think one sign that you definately can't "afford" the car is if it is the most valuable item you own. (A severe case of situation #2 or the 3 listed above).

Today as we were out doing errands (in the Lincoln, its snowing here in NC, believe it or not), I happened to notice a very new Porsche GT2 parked under the owner's awnings at a local apartment building (and it was not a really upscale place either). Nice car, and I mean no offense to the owner, but buying a car with a price tag north of $150K when you live in a commodity apartment in a so-so development is a sign, to me, that a persons overall values are just a bit distorted.

 

Yeah it read that way.

I understand about washing it. I have a black 911 and black G-wagen and it seems to rain every time I finish really carefully washing them!

What does the "trick Rubicon" entail? I looked at replacing the G-wagen with a trick Rubicon Unlimited with 35" tires, full suspension, and turbocharger, but at the end of the day it would cost so much that the G-wagen isn't much more, looks cooler, has more power, and a sweet interior. Now if only it hadn't been in the shop 6 times the first year I've owned it.... Thank god it has a factory warranty!

 

Orthopaedic Surgery >> Neurosurg.But this has nothing to do with car ownership, you don't go into medicine for the money like that.

To the OP: It is about priorities; and financial planning/money management. Rule of 1/2's isn't bad; but as many mentioned, depends on how much your expenditure in other areas is. Kids in college? Wife/family expenditure? Vacations? Above all -- mortgage payments? Did you buy a pricey house in a premiere area? Thats probably worth more than a Ferrari. All these things add up quickly.

Better advice would be to do some financial planning using excel or some program or with a financial planner and get some raw numbers -- see if the math says you can afford it.

 

I buy them in 1/18 and 1/12 scale ; }, pay with cash.