F430 FOR SIX MONTHS

[13]

Dear Members

I need your expert advice on a problem. I have been in the market for a Super car for some time and have decided to put my money into a new Ferrari F430 F1 cause of the warranty factor. I have decided to go through a balance payment scheme and can afford to pay around £1700-£2000 per month, I know what you are thinking this all look pretty straight forward, what’s the problem?

Well, I normally do around 25,000 miles per year up and down the U.K only want to keep one car and as you can imaging these kind of miles would depreciate a F430 very quickly. So I have decided to buy a F430 coupe in the winter and a Spider in the summer putting 12,500 miles on each car and selling each one every six months.

What I would like to know is, what would be the depreciation and end value every six months on these two cars if done 12,500 miles each amd still under warranty? Do you think it’s a good idea? And the kind of fiancé set up I should go for since I am looking for low deposit, hoping to make it back on the end value?

Thank you and look for to your reply’s.

13

[sjp63]

13 said:

Dear Members

I need your expert advice on a problem. I have been in the market for a Super car for some time and have decided to put my money into a new Ferrari F430 F1 cause of the warranty factor. I have decided to go through a balance payment scheme and can afford to pay around £1700-£2000 per month, I know what you are thinking this all look pretty straight forward, what’s the problem?

Well, I normally do around 25,000 miles per year up and down the U.K only want to keep one car and as you can imaging these kind of miles would depreciate a F430 very quickly. So I have decided to buy a F430 coupe in the winter and a Spider in the summer putting 12,500 miles on each car and selling each one every six months.

What I would like to know is, what would be the depreciation and end value every six months on these two cars if done 12,500 miles each amd still under warranty? Do you think it’s a good idea? And the kind of fiancé set up I should go for since I am looking for low deposit, hoping to make it back on the end value?

Thank you and look for to your reply’s.

13

dream on

[Mousem40]

Bid-offer spread twice a year and still piling on the miles! Ouch....nay OUCH!

[Miyagi]

sjp63 said:

13 said:

Dear Members

I need your expert advice on a problem. I have been in the market for a Super car for some time and have decided to put my money into a new Ferrari F430 F1 cause of the warranty factor. I have decided to go through a balance payment scheme and can afford to pay around £1700-£2000 per month, I know what you are thinking this all look pretty straight forward, what’s the problem?

Well, I normally do around 25,000 miles per year up and down the U.K only want to keep one car and as you can imaging these kind of miles would depreciate a F430 very quickly. So I have decided to buy a F430 coupe in the winter and a Spider in the summer putting 12,500 miles on each car and selling each one every six months.

What I would like to know is, what would be the depreciation and end value every six months on these two cars if done 12,500 miles each amd still under warranty? Do you think it’s a good idea? And the kind of fiancé set up I should go for since I am looking for low deposit, hoping to make it back on the end value?

Thank you and look for to your reply’s.

13

dream on

^^^^ Was that necessary?

I don't know the answer to your question but I'm sure someone will be along shortly to give you some good advice!!

Edit: to say, good on you for wanting to put some decent miles on the car of your choice.....it should be fun.

Edited by Miyagi on Monday 2nd July 23:20

[Murph7355]

Bad move IMO.

As mentioned, the bid/offer spread is hefty and there aren't really premiums in these cars any more. All made worse if you need to sell quickly (which you will be).

Also, 12.5k miles would be considered intergalactic mileage even for a 2yr old car by most of the sheep that seem to buy Ferraris, so that mileage in 6mths is going to result in a lot of sucking through teeth and you being whooped even more on price.

Might be better to get an earlier car and simply slap some miles on it. Buy the spec you want now (coupe/spider etc) and just accept that you'll take an additional knock with 25k miles on it.

If Dion's around, I'm sure he'll give the pro's view...

PS If you're financing it, as it seems you are, you'd be wise to check with the finance firm what their view on your mileage is likely to be...

[MitchT]

13 said:

And the kind of fiancé set up I should go for

Well I'd go for one with nice tits who can cook

[flow99]

MitchT said:

13 said:

And the kind of fiancé set up I should go for

Well I'd go for one with nice tits who can cook

And considerably cheaper than a pair of ferrari's.

[Seasider]

flow99 said:

MitchT said:

13 said:

And the kind of fiancé set up I should go for

Well I'd go for one with nice tits who can cook

And considerably cheaper than a pair of ferrari's.

I doubt it in the long term

[RogerB]

13 said:

Dear Members

I need your expert advice on a problem. I have been in the market for a Super car for some time and have decided to put my money into a new Ferrari F430 F1 cause of the warranty factor. I have decided to go through a balance payment scheme and can afford to pay around £1700-£2000 per month, I know what you are thinking this all look pretty straight forward, what’s the problem?

Well, I normally do around 25,000 miles per year up and down the U.K only want to keep one car and as you can imaging these kind of miles would depreciate a F430 very quickly. So I have decided to buy a F430 coupe in the winter and a Spider in the summer putting 12,500 miles on each car and selling each one every six months.

What I would like to know is, what would be the depreciation and end value every six months on these two cars if done 12,500 miles each amd still under warranty? Do you think it’s a good idea? And the kind of fiancé set up I should go for since I am looking for low deposit, hoping to make it back on the end value?

Thank you and look for to your reply’s.

13

I am afraid you will get completely raped if you clock up decent miles in a Ferrari. This ridiculous stigma persists, even though the days are long gone when Ferraris simply couldn't handle mileage. I'd be inclined to buy a 575 where higher mileages are far more common and a 25k car is still sellable.

[13]

Thanks for the posts, however don't know how we went from Ferrari to tits

However members if you think along the lines of P1 international who must buy their Ferrari cars new on finance i guess, clock high mileage average at least around 10,000, in some case more and then sell them to bring in new one's, well why could i not do the same?

I know that the cars are going to depreciate and for example let say i bought a 07 f430 f1 with 800 miles on the clock for £155k and sold it for 135-140k six months later with 12,500 on the clock would be fine for me. However do you think garages would opt for that buy back price? F430 from my point have come along way, they more reliable and can be used everyday, then a Gallardo (no a fence Gallardo owners).

13

Edited by 13 on Tuesday 3rd July 11:34

Edited by 13 on Tuesday 3rd July 11:35

[Vesuvius 996]

13 said:

Thanks for the posts, however don't how we went from Ferrari to tits

However members if you think along the lines of P1 international who must buy their Ferrari cars new on finance i guess, clock high mileage average at least around 10,000, in some case more and then sell them to bring in new one's, well why could i not do the same?

I know that the cars are going to depreciate and for example let say i bought a 07 f430 f1 with 800 miles on the clock for £155k and sold it for 135-140k six months later with 12,500 on the clock would be fine for me. However do you think garages would opt for that buy back price? F430 from my point have come along way, they more reliable and can be used everyday, then a Gallardo (no a fence Gallardo owners).

13

Edited by 13 on Tuesday 3rd July 11:34

You're dreaming - who is going to buy you car for 140k with that mileage? A dealer? Don't make me laugh - you'll be lucky to get 110k trade.

Just buy a 360 a few years old and run it.

[bertie]

13 said:

I know that the cars are going to depreciate and for example let say i bought a 07 f430 f1 with 800 miles on the clock for £155k and sold it for 135-140k six months later with 12,500 on the clock would be fine for me. However do you think garages would opt for that buy back price?

13

I very very much doubt you'd get £140k for a six month old 430 with 12k on it.

Dealers want £10k over a car so to do that they'd be looking to sell it for £150k.

Put yourself in a buyers shoes, new car for £155k or 12k 6 month old one for £150k? No way.

I'd guess, and it is a guess, you'd be luck to get £120k for it.

You either need and older car which already has some miles on it, or a daily smoker.

[Bund]

Im not saying the F430 isnt capable of doing what you intend to do in it but i can think of at least 5 cars id rather have for half the money for the purpose that you will use it for.

[PhillF]

13 said:

I know that the cars are going to depreciate and for example let say i bought a 07 f430 f1 with 800 miles on the clock for £155k and sold it for 135-140k six months later with 12,500 on the clock would be fine for me. However do you think garages would opt for that buy back price?

If you went out and did 1,000 miles over a month you'd do well to get £140k trade in, let alone 12,500 miles over 6 months.

[RogerB]

To put some concrete numbers forward, I am currently being bid 126k for a 6m old 430 F1 Coupe with 6k on the clock (this is 10k below my list, and about 14k below current list).

[lambogenie]

your plan makes no financial sense at all.

For an off, you are going to drive 2 new cars out of showrooms every year - that means you are going to lose the dealers margin in depreciation twice a year - thats about 10-15 percent a shot on each car - thats anything up to 30K in depreciation before you turn a wheel. Depreciation on std 3K ferrari miles a year will be about 1000 - 1500 a month so you are looking at another 6-9K for each so thats 12K-18K on top. So you could be in for 32K-48K before you even do your miles.

On top of that is interest. assuming a flat rate of 5.0 percent (the finance company is going to want a bigger rate the reflect the high mileage risk of you knackering the car up). and thats 7.5K interest a year.

So lets do the math.

You buy a f430 at 150K. you pay the dealers margin as a deposit 10 percent - 15K - that leaves a balance of 135K. you take a 12 month deal and interest is 5 percent flat - 6750 that leaves you a balance of 141,750 plus doc fees of say 200 quid so 141,950

The finance co due to your mileage will probably set a max residual at 12 months of 55-60 percent so lets be generous and say 60 percent - thats 85,060. leaving capital and interest repayments of 56900 - divided by 12 = £4741.66

You make 6 months payments (total 28,450) and you have a balance on the car of 113,300.

For arguments sake lets say a 3K 6 month old F430 retails at 140K and trades in at 125K. the dealer is going to need to price at least 20-25 percent below normal miles to tempt a bargain hunter so i would say at a pinch hes going to want to sell your car at 120K and buy it at 105K since hes bound to get very heavy negotiation off any buyer willing to take it on. Bear in mind your car has 12.5K on the clock so will need a service, new tyres, maybe a clutch, probably a lot of paint/prep and other bits and pieces.

Assuming you could get out of the ar at 110K you would still be 3,300 in negative equity (twice a year thats another 6600).

So lets tot up your costs per car:

15,000 deposit
28,450 repayments
3,400 neg equity

46,850 - total

Now you want to do that twice a year, so thats 93,700 a year or 3.75 a mile ex fuel, service and parts and insurance.

THe most cost effective way to do 25K a year in a F430 is this.

F430 coupe bought at 135K with 3K on the clock. 25K miles lease purchase, 2 years, 30 percent balloon (40,500) - flat rate interest at 4.75 = 11400 - total balance 131400. - repayable balance 90,900 - 24 payments of 3787.50.

Total payable over 2 years inc deposit is 105,900

so 4 cars in 2 years costs you 187,400 - 81,500 more than keeping 1 car for 2 years and doing 50K miles in it.

I could probably improve the figures with a better residual, rate etc if it was a serious proposal and i could get a dealer to underwrite the car at a set minimum value but hopefully you can see just from my quick calculations your plan is way off beam in terms of financial sense.

[LittleBro]

lambogenie said:

Great "value add" post, nice one.

[RogerB]

LittleBro said:

lambogenie said:

Great "value add" post, nice one.

Indeed, and in the meantime 13, you can put in a cheeky bid on mine if you wish. It's the 11/06 car on ferrari.co.uk at 135k.

[Bund]

RogerB said:

LittleBro said:

lambogenie said:

Great "value add" post, nice one.

Indeed, and in the meantime 13, you can put in a cheeky bid on mine if you wish. It's the 11/06 car on ferrari.co.uk at 135k.

Hi Roger,

Did Ferrari offer you 126 on SOR or to buy it off you?

[RogerB]

Bund said:

RogerB said:

LittleBro said:

lambogenie said:

Great "value add" post, nice one.

Indeed, and in the meantime 13, you can put in a cheeky bid on mine if you wish. It's the 11/06 car on ferrari.co.uk at 135k.

Hi Roger,

Did Ferrari offer you 126 on SOR or to buy it off you?

Hi there mate, no 126 is the current cash bid from an independent. The SOR sticker price at the franchised dealer is £135k, from which you have to deduct the cost of a service and SOR commission. So let's say £131k ish returned to me.