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 fking 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.£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?
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]
For the record, I included a range of comparisons from the sublime to the ridiculous - I wasn't chastising him
ali4390 said:
I like how refreshingly honest Chris is with how much he paid etc, and also how he buys what he wants.
Man maths is a beautiful thing.
and of course we see the core of man-maths in full-effect here - the "don't tell them every bit of the equation" aspect in particular.Man maths is a beautiful thing.
"Yes dear, it does much better MPG" omitting "than a Jaguar racecar from the 60s"
"Only £199 a month" omitting "to rent a stty white-goods car to make myself feel better"
"It will break for more than that" omitting the "Of course it fking won't - I'll get £150 like everyone else does"
and so on
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 ;-)
Spot on!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 ;-)
Stitch said:
"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.
This is just nonsense. CH gets paid to do his job, like you and I do for theirs. That money is then used to pay the finance payments on the car.The fact that writes about it is irrelevant - it just makes his job a bit easier. I'm sure he wouldn't struggle for content without owning a 599.
If you can't afford it (either outright or on finance) then don't buy it - simple as that. Unless you're an absolute fiscal cretin, there's nothing to be "very careful" of.
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.
But you wouldn't have a V12 Ferrari. This is where women 'logic' fails."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.
Output Flange said:
Stitch said:
"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.
This is just nonsense. CH gets paid to do his job, like you and I do for theirs. That money is then used to pay the finance payments on the car.The fact that writes about it is irrelevant - it just makes his job a bit easier. I'm sure he wouldn't struggle for content without owning a 599.
If you can't afford it (either outright or on finance) then don't buy it - simple as that. Unless you're an absolute fiscal cretin, there's nothing to be "very careful" of.
Seriously...
405dogvan said:
Finance discussion was inevitable
Very true. Maybe in a couple of weeks we could have a write up on the car and early thoughts in a new thread? By then the finance talk should hopefully be concealed in this thread I'd love to see some pictures of the interior, currently watching 599 vids on youtube. (Carrera GT is faster )
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.
Ha ha! Awesome! May be worth reminding her that £42k in 10 years time will buy you a lot less than today given inflation is higher that interest rates in UK. Hence, you have a strong logic to buy the £42k 550 now..."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:
If he's not getting a tax-break on his cars because they're part of his business - he needs a new accountant (Jimmy Carr's perhaps )
Seriously...
What/how one person pays for a car is irrelevant to whether anyone else can afford it though, so the "average man needs to be very careful" comment is ridiculous.Seriously...
405dogvan said:
don logan said:
Spot on!
I agree with the "credit is fine - get over it - nice car, well bought" aspect of that - but he won't "get his £40K back" or anything like it.If you seriously think that car won't depreciate more than £350 a month - your man maths is fooling yourself!
If he paid £95k and plans to keep it for 5yrs (BET he won`t) is the 599 going to be worth MUCH less than £74k? do you think they will be £65? £55k?
I bet it will be gone within a year to 18 months!
And anyway, how do we know whether he even cares about that, having looked at GT3 4.0 prices I`m sure that he did very well out of it and maybe the maths involved in buying the 599 weren`t as critical as they might be for some of us.
don logan said:
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 ;-)
Spot on!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 ;-)
Owning a car outright is equally as daft as renting one or leasing one, it still depreciates to nothing unless it's a very special and rare car. The idea that we should all drive around in £500 bangers would lead to Trabants and vodka very quickly.
405dogvan said:
Output Flange said:
Stitch said:
"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.
This is just nonsense. CH gets paid to do his job, like you and I do for theirs. That money is then used to pay the finance payments on the car.The fact that writes about it is irrelevant - it just makes his job a bit easier. I'm sure he wouldn't struggle for content without owning a 599.
If you can't afford it (either outright or on finance) then don't buy it - simple as that. Unless you're an absolute fiscal cretin, there's nothing to be "very careful" of.
Seriously...
Stitch said:
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.
And he wrote about the dealership very nicely, didn't he? I'm not 'in' on the joke - can someone point me to/briefly explain Mr Harris' issue with the wop donkey? I'm intrigued
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