RE: PH Fleet: Ferrari 599 GTB
Discussion
R11ysf said:
405dogvan said:
I don't really want to focus on this - but he's not buying anything and that £350 a month figure is just giving too many people a hard-on here.
£40K (FORTY THOUSAND POUNDS - 2 top-end Fiat 500s - 3+ years of minimum wage - a nice Sierra Cosworth 3dr
) + £350 a month is just to offset depreciation - there's a balloon (or as someone said ZEPPELIN) payment in there somewhere - lurking - waiting for the unwary...
On a good day, values will stay firm and that £40K won't have been entirely thrown into into polish for the shiny showroom windows and someone's new yacht - on a bad day, ah let's not go there eh?
Why does this always turn into a f£40K (FORTY THOUSAND POUNDS - 2 top-end Fiat 500s - 3+ years of minimum wage - a nice Sierra Cosworth 3dr
) + £350 a month is just to offset depreciation - there's a balloon (or as someone said ZEPPELIN) payment in there somewhere - lurking - waiting for the unwary...On a good day, values will stay firm and that £40K won't have been entirely thrown into into polish for the shiny showroom windows and someone's new yacht - on a bad day, ah let's not go there eh?
king finance discussion. This is a CAR journalist buying a dream CAR. That's it. He's not, not never will be on, minimum wage so such comparisons are useless.Ferrari's are supercars designed for playboys and the super rich. If you can get in a 5 year old one for S class money then what's the problem?? If he'd had the whole purchase amount to put down then is that ok? Or should we then question him about where he got the money?
Nice car, good purchase and decent price considering the depreciation and the likely continued depreciation curve. Not bought at the bottom but chances of 2 years motoring with £5k a year depreciation doesn't seem too bad to mee for a near on 200mph supercar. Quite tempted myself! [smal]runs off to check classifieds[/small]
Just mentioned this story to my wife. Here's how Wife Maths works:
"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
R11ysf said:
Why does this always turn into a fking finance discussion. This is a CAR journalist buying a dream CAR. That's it.
Exactly. MoneySavingExpert is that way and Mumsnet is over there. Close the door behind you.king finance discussion. This is a CAR journalist buying a dream CAR. That's it. suffolk009 said:
Just mentioned this story to my wife. Here's how Wife Maths works:
"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
Enjoy the next 10 years! :-)"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
TEN YEARS!!!!!!!! what a depressing thought!
suffolk009 said:
Just mentioned this story to my wife. Here's how Wife Maths works:
"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
Presumably your wife was happy to get a mortgage so you didn't have to live in a tent until you could afford to buy a house outright though?"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
otolith said:
Exactly. MoneySavingExpert is that way and Mumsnet is over there. Close the door behind you.
So I wasn't the only person thinking that!I like Mr Harris' articles very much and most enjoy his fleet updates; it's what this is meant to be about!
McClure said:
suffolk009 said:
Just mentioned this story to my wife. Here's how Wife Maths works:
"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
Presumably your wife was happy to get a mortgage so you didn't have to live in a tent until you could afford to buy a house outright though?"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
Personally, I prefer the 612.
The 612 is not the same kind of car of course, more GT and less raw, but it is maturing beautifully IMO and looks better now that it did when new when compared to others.
And there are a few manuals around. I know Chris Harris has had a 612 before, but I have a real soft spot for them and I'm not normally a fan of the dancing donkeys.
The 612 is not the same kind of car of course, more GT and less raw, but it is maturing beautifully IMO and looks better now that it did when new when compared to others.
And there are a few manuals around. I know Chris Harris has had a 612 before, but I have a real soft spot for them and I'm not normally a fan of the dancing donkeys.
Mr E said:
DanDC5 said:
If worst case scenario happened and he only got the £40k back come resale, £350 a month to own a 599 for a while isn't bad really 
That's not the worst case though.The worst case is that it depreciates sufficiently to eat the 40K up as well.
Mr E said:
DanDC5 said:
If worst case scenario happened and he only got the £40k back come resale, £350 a month to own a 599 for a while isn't bad really
That's not the worst case though.The worst case is that it depreciates sufficiently to eat the 40K up as well.
don logan said:
McClure said:
suffolk009 said:
Just mentioned this story to my wife. Here's how Wife Maths works:
"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
Presumably your wife was happy to get a mortgage so you didn't have to live in a tent until you could afford to buy a house outright though?"That's ridiculous.
"In ten years time it'll be worth £40k - if you're lucky.
"Why not get one that is ten years old. (I suppose she could have in mind an early 550, which is about £40k)
"If you started saving £350 a month now, how much would you have in ten years?
A quick punch of my calculator indicates £42,000 plus interest. Then, at least, it would be all mine - free and clear. Damn logical women.
405dogvan said:
I don't really want to focus on this - but he's not buying anything and that £350 a month figure is just giving too many people a hard-on here.
£40K (FORTY THOUSAND POUNDS - 2 top-end Fiat 500s - 3+ years of minimum wage - a nice Sierra Cosworth 3dr ) + £350 a month is just to offset depreciation - there's a balloon (or as someone said ZEPPELIN) payment in there somewhere - lurking - waiting for the unwary...
On a good day, values will stay firm and that £40K won't have been entirely thrown into into polish for the shiny showroom windows and someone's new yacht - on a bad day, ah let's not go there eh?
Absolutely, CH is being a bit naughty here and not telling the whole truth - £350pm on £50-odd grand would take 15+ years to pay off.£40K (FORTY THOUSAND POUNDS - 2 top-end Fiat 500s - 3+ years of minimum wage - a nice Sierra Cosworth 3dr
) + £350 a month is just to offset depreciation - there's a balloon (or as someone said ZEPPELIN) payment in there somewhere - lurking - waiting for the unwary...On a good day, values will stay firm and that £40K won't have been entirely thrown into into polish for the shiny showroom windows and someone's new yacht - on a bad day, ah let's not go there eh?
"the man on the street" needs to be very careful about this sort of deal. Don't forget, CH is in part getting paid to do this sort of thing (it gives him something to write about) but for the rest of us there is a different equation.
Fantastic car Chris, sincere congratulations!! Proves even more you are an absolute carnut in the good and bad way ;-). What strikes me also is that you are so open about the financial part of the deal. In The Netherlands where i'm from, car journalist very rarely speak about which car they own, let alone how they finance them. I like this openness, but as mentioned before the discussion now seems to be more on that subject than on the Ferrari.
The reason for that might be is (for me nontheless)that you start thinking "with that construction, I could also "own" my dreamcar..." Which is ofcourse, being a pistonhead an idea to spend some hours dreaming/calculating/advert scanning etc on.
Not every car is a BMW Z8 or RS4.0 (negative depreciation), but still, thanks for letting me dream a bit.
Enjoy your Ferrari, makes you feel like Bruce Allmighty, doesn't it?
The reason for that might be is (for me nontheless)that you start thinking "with that construction, I could also "own" my dreamcar..." Which is ofcourse, being a pistonhead an idea to spend some hours dreaming/calculating/advert scanning etc on.
Not every car is a BMW Z8 or RS4.0 (negative depreciation), but still, thanks for letting me dream a bit.
Enjoy your Ferrari, makes you feel like Bruce Allmighty, doesn't it?
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
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
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