RE: PH Fleet: Ferrari 599 GTB
Discussion
Pugsey said:
Depreciation? Finance??
A few years ago I picked up my first Ferrari (an F430). There it was, sitting gleaming in the middle of Maranello's showroom but I had to endure sitting doing the last bits of paperwork and pretending to be enjoying an Expresso all the while eyeing 'my' car and taking in the sights and smells of the showroom. Finally I was allowed near the thing, but still there was the agony of enduring the 20 min hand over/explanation of controls (it's a car FFS just let me at it!), handbooks etc. And all the while I'm trying not to giggle hysterically (my young nephew who's along for the ride is!). At last the car's started, the sound bouncing round the showrooms and rolled outside and we can escape. I'm very conscious of the gazes of 'window shoppers' in the showroom. They prob think I'm rich - I'm not, but 100% interest only finance and a huge balloon mean it's me living this dream not them!
I hate that. You can see your car, you want your car but the bloke that sold you it has to go through the explaination of how things work. MINE. MINE. MINE. MINE. That was all that was going through my head. I didn't listen to one word he was saying.A few years ago I picked up my first Ferrari (an F430). There it was, sitting gleaming in the middle of Maranello's showroom but I had to endure sitting doing the last bits of paperwork and pretending to be enjoying an Expresso all the while eyeing 'my' car and taking in the sights and smells of the showroom. Finally I was allowed near the thing, but still there was the agony of enduring the 20 min hand over/explanation of controls (it's a car FFS just let me at it!), handbooks etc. And all the while I'm trying not to giggle hysterically (my young nephew who's along for the ride is!). At last the car's started, the sound bouncing round the showrooms and rolled outside and we can escape. I'm very conscious of the gazes of 'window shoppers' in the showroom. They prob think I'm rich - I'm not, but 100% interest only finance and a huge balloon mean it's me living this dream not them!
Why can't they just say "ok Mr Chocolate, sign here, here and here. There we go. Here are your keys. Bye."
Truckosaurus said:
TheAntics said:
What options does he have when selling the car if finance is owing?
The same options that he would have if owned outright.(Although a private buyer might wish to make their cheque out in the name of the finance house rather than 'C Harris Esq')
Can anyone point a petrol head in the direction of some advice in this regard so I might access the car of my current dreams? I'd love to read about the options out of my finance.
Many thanks
Stuart said:
Pugsey said:
Sorry for ramble guys. I'm no Harris when it comes to the written word but you get the point! I'm off for a drive - and yes my heart still beats faster and my finger tips still tingle at the thought of it.
No apology required. I really enjoyed reading it - good on you.TheAntics said:
That's amazing, I kind of figured that once you'd started a finance that you kind of had to finish it. The reason I ask is that whilst I love my S4 (controversial I know!) I want a Z3M coupe more than I want my left nut. If there are routes out of the finance on the S4 then I'd change it tomorrow.
Can anyone point a petrol head in the direction of some advice in this regard so I might access the car of my current dreams? I'd love to read about the options out of my finance.
Many thanks
Just walk into a BMW dealer and see what they come up with is the easiest option.Can anyone point a petrol head in the direction of some advice in this regard so I might access the car of my current dreams? I'd love to read about the options out of my finance.
Many thanks
Roo said:
Just walk into a BMW dealer and see what they come up with is the easiest option.
Not for a Z3M it's not - you'll end up at Hexagon, and taking a bath.You should be able to settle your finance early. That means if you sell your car privately, the purchaser can make a cheque out to the finance company to clear the outstanding balance (if you sell for less than the outstanding balance then you will have to make up the difference).
Once that's done the car is theirs.
It'll put some people off the deal completely, but others will be OK with it. Just make it clear that there's finance to be paid.
Pugsey said:
Sorry for ramble guys. I'm no Harris when it comes to the written word but you get the point! I'm off for a drive - and yes my heart still beats faster and my finger tips still tingle at the thought of it.
I understand that, totally. It's pure 'new experience' feeling and it doesn't matter if you're picking up an F430, a Boxster, Elise, Focus or Fiesta; if you're into cars, the excitement in anticipation of something new is something that can't be avoided or suppressed. I was just as excited about collecting the Ka as I was about collecting the 340R and just as excited when I picked up my FZ8 as I was when I collected my Fireblade.Anything can be exciting, it's all a matter of scale
Rawwr said:
Pugsey said:
Sorry for ramble guys. I'm no Harris when it comes to the written word but you get the point! I'm off for a drive - and yes my heart still beats faster and my finger tips still tingle at the thought of it.
I understand that, totally. It's pure 'new experience' feeling and it doesn't matter if you're picking up an F430, a Boxster, Elise, Focus or Fiesta; if you're into cars, the excitement in anticipation of something new is something that can't be avoided or suppressed. I was just as excited about collecting the Ka as I was about collecting the 340R and just as excited when I picked up my FZ8 as I was when I collected my Fireblade.Anything can be exciting, it's all a matter of scale
AyBee said:
Blown2CV said:
However with the Ferrari that's not what Chris is doing. Instead it's just taking out a vast amount of finance on a car. That's clearly his choice though, but if you need to get the cost down to £350 a month, can you really afford a Ferrari?! Got to admire the guy for going for it, and a fantastic car, but not something I'd do - and I think probably a lot of the other posters chastised for not being 'proper' petrolheads by daring to not gush praise are saying the same sort of thing.
FFS
The reason people are chastising him is because, like you, they don't understand how the finance works. It's not about needing to get the cost down to £350/month. The £350/month is how much it costs to borrow the difference between £40k (the deposit) and the purchase price of the car, it's got nothing to do with how much CH can afford to pay or otherwise. The balloon would be the amount borrowed* which will not be being paid since he won't keep the car and the depreciation hit will come out of the £40k (which probably comprises the profit made on the previous Porsche). All in all, I imagine for 10 months(?) in a Porsche GT3 4.0RS and a year(?) in a 599, Chris will come out even or better off than his position before the 4.0RS.Now, where's that video Chris?
* I'm assuming the £350/month isn't paying back the loan since it doesn't appear big enough to but that's not to say it isn't. Repayment only is conservative
Just as I don't know whether or not the £350pcm is because of affordability or not, neither can you say for sure it was irrelevant. Anyone financing anything is clearly aiming for a specific monthly payment. It is virtually never irrelevant. Anyway I'm bored now, I was just getting pissed off with people crowing that we should only talk about the car, when it wasn't in fact the PH massive that brought it up the topic of funding.
Chris Harris said:
Mermaid said:
This ^
Strange isn't it? I actually don't care that much, but do find it a little extraordinary that supposedly like-minded people would assume that I would buy a 599 and then construct a completely fictitious finance agreement with possibly the world's most famous (and irritating) car company. Just walk into a Ferrari showroom, and they will offer you any punter the same deal.The interesting debate around this finance situation should be comparing a 5 yr old 599 with a new sports car. Rental only works if you think you can keep depreciation in check: to me 599s just look good value next to everything else out there. Will it dip more than a new 991 in 12 months? I doubt it, but am prepared for the consequences of being wrong.
In the back of my mind there's always one scenario: when I'm old and driving a Moulinex 3200 Volt Whispermatic, I'll be able to remember owning (in part) some amazing cars that were only available to me through the supposed evils of finance - the ultimate 'enabler'.
I'm off out for a drive in it.
I think you must win the award for the best man maths ever!
Enjoy it!
PS: Is the video done yet?
PPS: I'd be happy with a nice little 550. Hmm, wonder what the Ferrari Finance deal is on one of them?
Edited by Megaflow on Thursday 9th August 12:48
A lot of boring finance chat on here.
What I want to know is, how does this car compare to something like a Panamera Turbo (which CH once said was the best continent crusher) when looking to do a big Euro trip?
I went to Spa last year for the Classic race meeting and one of our group was in a black 599. It looked and sounded fantastic on the road, was very special inside and left us (in a 328GTB) for dead when heading onto the circuit.
Well done on somehow finding a way into something even faster than the GT3 4.0 btw.
What I want to know is, how does this car compare to something like a Panamera Turbo (which CH once said was the best continent crusher) when looking to do a big Euro trip?
I went to Spa last year for the Classic race meeting and one of our group was in a black 599. It looked and sounded fantastic on the road, was very special inside and left us (in a 328GTB) for dead when heading onto the circuit.
Well done on somehow finding a way into something even faster than the GT3 4.0 btw.
It's a great position to be in. Personally I can see the attraction of the sexy Italian looks. But I'm not so sure I'd have swapped the 4.0 GT3 for it. If I could, I would have kept the RS forever. Shame, but I guess you can console yourself when you hear that V12 engine howl! Epic and thrilling sounds!
toppstuff said:
North West Tom said:
Isn't that what McLaren did with the MP4?
I think the McLaren boys hinted at a bit of control-freakery in the early days but have since chilled out a bit. Plenty of journo's seem to have pretty much open access to cars and Mclaren are letting the cards fall where they may, I believe.I don't think they are nearly as precious as the Italians.
Mind you, I worked with several Italian companies in a past life. The attitude of Ferrari does not surprise me at all.
Chris Harris said:
Mermaid said:
This ^
Strange isn't it? I actually don't care that much, but do find it a little extraordinary that supposedly like-minded people would assume that I would buy a 599 and then construct a completely fictitious finance agreement with possibly the world's most famous (and irritating) car company. Just walk into a Ferrari showroom, and they will offer you any punter the same deal.The interesting debate around this finance situation should be comparing a 5 yr old 599 with a new sports car. Rental only works if you think you can keep depreciation in check: to me 599s just look good value next to everything else out there. Will it dip more than a new 991 in 12 months? I doubt it, but am prepared for the consequences of being wrong.
In the back of my mind there's always one scenario: when I'm old and driving a Moulinex 3200 Volt Whispermatic, I'll be able to remember owning (in part) some amazing cars that were only available to me through the supposed evils of finance - the ultimate 'enabler'.
I'm off out for a drive in it.
Blown2CV said:
AyBee said:
Blown2CV said:
However with the Ferrari that's not what Chris is doing. Instead it's just taking out a vast amount of finance on a car. That's clearly his choice though, but if you need to get the cost down to £350 a month, can you really afford a Ferrari?! Got to admire the guy for going for it, and a fantastic car, but not something I'd do - and I think probably a lot of the other posters chastised for not being 'proper' petrolheads by daring to not gush praise are saying the same sort of thing.
FFS The reason people are chastising him is because, like you, they don't understand how the finance works. It's not about needing to get the cost down to £350/month. The £350/month is how much it costs to borrow the difference between £40k (the deposit) and the purchase price of the car, it's got nothing to do with how much CH can afford to pay or otherwise. The balloon would be the amount borrowed* which will not be being paid since he won't keep the car and the depreciation hit will come out of the £40k (which probably comprises the profit made on the previous Porsche). All in all, I imagine for 10 months(?) in a Porsche GT3 4.0RS and a year(?) in a 599, Chris will come out even or better off than his position before the 4.0RS.Now, where's that video Chris?
* I'm assuming the £350/month isn't paying back the loan since it doesn't appear big enough to but that's not to say it isn't. Repayment only is conservative
Just as I don't know whether or not the £350pcm is because of affordability or not, neither can you say for sure it was irrelevant. Anyone financing anything is clearly aiming for a specific monthly payment. It is virtually never irrelevant. Anyway I'm bored now, I was just getting pissed off with people crowing that we should only talk about the car, when it wasn't in fact the PH massive that brought it up the topic of funding.
Although, like me, I suspect Chris will be happy to pay for all those hours of pleasure anyway. And, of course, his cars 'earn' unlike most of ours in that they give him subject matter to write about - for which I assume he gets paid! After all his 'viewing figs' on this piece alone are pretty good!
But hey, you've got you view and it's valid to you and I don't see you should be panned for it.
Edited by Pugsey on Thursday 9th August 12:59
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