RE: PH Fleet: Ferrari 599 GTB
Discussion
I'm almost tempted to buy a 458, just for the joy of phoning Maranello every morning and asking if its OK if I take my kid to school.
Oh, OK, I found the Ferrari story
http://jalopnik.com/5856492/this-is-the-only-way-c...
Oh, OK, I found the Ferrari story
http://jalopnik.com/5856492/this-is-the-only-way-c...
Guvernator said:
...Let's look at the facts. He WILL get his £40k back when he sells the car so very little risk of loosing his initial investment...
errm are you sure he WILL get his £40k back? Surely only if he can sell it for £40k more than the Finance Company's Residual Value at the end of the finance term. If its a 3 year term, and the RV is £50k, he he would need to get c.£90k for it to get his 'investment' back!
Timbo_Mint said:
405dogvan said:
Stop saying 'buy' - it's 'rent' 
Good point. Well Made Guvernator said:
I really am not sure what some peoples problem with finance is on PH tbh. We are lucky enough to live in a country where credit is relatively easy to come by and very cheap at the moment, yes sometimes this means that people live above their means and get into uneccesary debt but that's really there problem.
The rest of the sensible adults who actually have a basic grasp of maths and what they can afford can use it as a great way to be able to buy the things they want now without having to wait 10 years (you could be hit by a bus tomorrow) or investing their life savings.
Chris has invested £40k of his own money, whether he got this from a very astute Porsche sale or pimping his body is nobodys concern but his, the fact is he has taken a gamble and put his money were his mouth is.
Is it a wise investment? Let's look at the facts. He WILL get his £40k back when he sells the car so very little risk of loosing his initial investment. In the meantime the £350 a month will pay for the depreciation (assuming values don't tank massively) so in effect it is only costing £350 a month to drive a Ferrari supercar capable of 200mph! If that isn't an absolute steal, I don't know what is. He may be "renting" it as some people put it but so what? Every car is "rented" in essence unless you plan on keeping it forever, how many people do that? Most cars are a short to medium term ownership prospect at best so you pay for the ownership of it in one way or the other, be it in monthly payments or depreciation? I'd rather be driving a 599 than almost any other car you'd care to mention including 2 Fiat 500's (I really LOL'd at this comparison), an Audi TDI sh*tbox or anything else you can get for £350 a month.
Well done Chris on having the balls to live the dream, even if it is on tick
I don't know exactly what type of finance Chris has got but not sure about the analysis above that he will get his £40k back and will only pay £350 a month. The £350 is pretty much just the interest on the £50k he needed to fund the purchase. If he sells in a year and prices have dropped to £75k (entirely possible as he will be selling it privately without a power warranty or perhaps trading it in against another purchase) then he still has to pay back the £50k he borrowed. Therefore of the £40k he started with he only has £25k left i.e. a loss of £15k. Over 12 months that would mean £1600 a month to rent the 599 and not £350. Of course, if prices stay firm or go up that could be a lot less. But if prices drop off a cliff (because the Eurozone finally explodes and the s*** really hits the fan) then it could be more. The rest of the sensible adults who actually have a basic grasp of maths and what they can afford can use it as a great way to be able to buy the things they want now without having to wait 10 years (you could be hit by a bus tomorrow) or investing their life savings.
Chris has invested £40k of his own money, whether he got this from a very astute Porsche sale or pimping his body is nobodys concern but his, the fact is he has taken a gamble and put his money were his mouth is.
Is it a wise investment? Let's look at the facts. He WILL get his £40k back when he sells the car so very little risk of loosing his initial investment. In the meantime the £350 a month will pay for the depreciation (assuming values don't tank massively) so in effect it is only costing £350 a month to drive a Ferrari supercar capable of 200mph! If that isn't an absolute steal, I don't know what is. He may be "renting" it as some people put it but so what? Every car is "rented" in essence unless you plan on keeping it forever, how many people do that? Most cars are a short to medium term ownership prospect at best so you pay for the ownership of it in one way or the other, be it in monthly payments or depreciation? I'd rather be driving a 599 than almost any other car you'd care to mention including 2 Fiat 500's (I really LOL'd at this comparison), an Audi TDI sh*tbox or anything else you can get for £350 a month.
Well done Chris on having the balls to live the dream, even if it is on tick
Edited by Guvernator on Wednesday 8th August 12:04
Chris obviously thinks it is worth the risk (compared to the enjoyment) and his in the only opinion that counts (except perhaps his wife's if it all goes pear-shaped!).
A 599 for less than £100k is a lot of car for the money. I'd be tempted.
Super purchase, I remember very fondly when a 599 tore past me in a wall of noise a good few years ago. I think the 599 is possibly the best-looking 21st century Ferrari. I hope you will share more about the experience over time with us less-fortunate PHers.
I dad a nose around the Swindon dealerships last year, I was like a kid in a toy store - Italian exotica and German muscle abound, just beautiful metal everywhere you looked - even spotted a BMW 1M there.
I dad a nose around the Swindon dealerships last year, I was like a kid in a toy store - Italian exotica and German muscle abound, just beautiful metal everywhere you looked - even spotted a BMW 1M there.
The CH Ferrari rant.
http://jalopnik.com/5760248/how-ferrari-spins
I think it's quite a good read to be honest.
http://jalopnik.com/5760248/how-ferrari-spins
I think it's quite a good read to be honest.
I can't imagine the hoops Chris had to jump through at Harris HQ get this one approved! It took a concerted campaign for me to receive tentative consent on a sub-£10k M5 purchase a few months back so plunging that much cash into a box of extremely complicated and potentially expensive box of tricks is simply heroic. Regardless of the outcome you have my awe and admiration. Living the dream, one day at a time, let's not think about tomorrow!
Bloody marvellous! Interesting move from a road racer to what seems to be an incredibly fast GT.
Glad the finance chat has been put to bed, it's none of our business anyway. Running reports would be interesting though, I always enjoyed your 575 reports in EVO as that's one of my bedroom wall cars. Some more details on the green 911 you had built would be interesting too, the video was tantalising!
Glad the finance chat has been put to bed, it's none of our business anyway. Running reports would be interesting though, I always enjoyed your 575 reports in EVO as that's one of my bedroom wall cars. Some more details on the green 911 you had built would be interesting too, the video was tantalising!
This is an honest question and a curious one at that...
How much does Chris earn to be able to afford financing a car @ around £1250/month? I am tempted to apply for slightly higher car financing (I currently pay £400/month) but I am not sure I would even qualify.
Do you need £40k+pa to qualify?
How much does Chris earn to be able to afford financing a car @ around £1250/month? I am tempted to apply for slightly higher car financing (I currently pay £400/month) but I am not sure I would even qualify.
Do you need £40k+pa to qualify?
who cares if its on chuckie or not ... its a cracking buy and I cant wait to hear more soon!!
however, that said, is it so different to throwing a 4k deposit on a 10k car or a 8k deposit on a 20k car, other than he will more than likely get a shed load more of that cash back when he 'cashes-out' than the 'normal' buyer!
however, that said, is it so different to throwing a 4k deposit on a 10k car or a 8k deposit on a 20k car, other than he will more than likely get a shed load more of that cash back when he 'cashes-out' than the 'normal' buyer!
Output Flange said:
Sounds like a very sensible purchase. Possibly bordering on compulsory.
By far my favourite Ferrari colour too.
I'm hoping the F12 pushes 599 prices down, which pushes 575 prices down, which pushes 550 prices down and into my garage. Fingers crossed on that one.
+1... a 575 would be a nice car for the garage... in red just like my duc...By far my favourite Ferrari colour too.
I'm hoping the F12 pushes 599 prices down, which pushes 575 prices down, which pushes 550 prices down and into my garage. Fingers crossed on that one.
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