458/488 Potential Purchase Advice
Discussion
F12DDE said:
Thank you to everyone that has posted their views above, I have read every single one of them!
Just incase anyone was wondering, I got in touch with Charles and Dean and they provided me a representative example for both a 458 and 488. Im going to post them here so that if anyone on here is also looking, that can get an example of what they cost.
Just for reference, these cars are both advertised at circa £150k. I asked them to also put in the minimum deposit possible, so anymore money you had for a greater deposit would bring monthlies down(the minimum deposit for a 488 was higher than a 458, so both examples done with the 488 minimum deposit value). Also, bare in mind that the cost of borrowing at the moment is very high in comparison to the past couple of years, so if you already have one of these cars it could be a good indicator of how much it would cost now if you didn't buy it previously at the cheaper rates!
Ferrari 458 Spider 2012 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £144,490.00
-Deposit: £23,500.00
-Balance to finance: £120,990.00
-Interest charges: £50,511.00
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £171,661.60
-48no. Payments @ £1,470.45 per month
-Balloon at end of agreement: £100,770.00
-Annual Milage: 5000
-Total Amount Payable: £195,001.60
-APR: 11.90% (apparently due to age of car a 1% apr increase is applied)
Ferrari 488 Coupe 2017 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £154,975.00
-Deposit: £23,500.00
-Balance to finance: £131,475.00
-Interest charges: £50,404.44
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £182,039.44
-48no. Payments @ £1,525.78 per month
-Balloon at end of agreement: £108,492.00
-Annual Milage: 5000
-Total Amount Payable: £205,379.44
-APR: 10.90%
£50,000 interest charges double Just incase anyone was wondering, I got in touch with Charles and Dean and they provided me a representative example for both a 458 and 488. Im going to post them here so that if anyone on here is also looking, that can get an example of what they cost.
Just for reference, these cars are both advertised at circa £150k. I asked them to also put in the minimum deposit possible, so anymore money you had for a greater deposit would bring monthlies down(the minimum deposit for a 488 was higher than a 458, so both examples done with the 488 minimum deposit value). Also, bare in mind that the cost of borrowing at the moment is very high in comparison to the past couple of years, so if you already have one of these cars it could be a good indicator of how much it would cost now if you didn't buy it previously at the cheaper rates!
Ferrari 458 Spider 2012 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £144,490.00
-Deposit: £23,500.00
-Balance to finance: £120,990.00
-Interest charges: £50,511.00
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £171,661.60
-48no. Payments @ £1,470.45 per month
-Balloon at end of agreement: £100,770.00
-Annual Milage: 5000
-Total Amount Payable: £195,001.60
-APR: 11.90% (apparently due to age of car a 1% apr increase is applied)
Ferrari 488 Coupe 2017 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £154,975.00
-Deposit: £23,500.00
-Balance to finance: £131,475.00
-Interest charges: £50,404.44
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £182,039.44
-48no. Payments @ £1,525.78 per month
-Balloon at end of agreement: £108,492.00
-Annual Milage: 5000
-Total Amount Payable: £205,379.44
-APR: 10.90%
That is truly insane, surely no one would ever go for that.F12DDE said:
Thank you to everyone that has posted their views above, I have read every single one of them!
Just incase anyone was wondering, I got in touch with Charles and Dean and they provided me a representative example for both a 458 and 488. Im going to post them here so that if anyone on here is also looking, that can get an example of what they cost.
Just for reference, these cars are both advertised at circa £150k. I asked them to also put in the minimum deposit possible, so anymore money you had for a greater deposit would bring monthlies down(the minimum deposit for a 488 was higher than a 458, so both examples done with the 488 minimum deposit value). Also, bare in mind that the cost of borrowing at the moment is very high in comparison to the past couple of years, so if you already have one of these cars it could be a good indicator of how much it would cost now if you didn't buy it previously at the cheaper rates!
Ferrari 458 Spider 2012 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £144,490.00
-Deposit: £23,500.00
-Balance to finance: £120,990.00
-Interest charges: £50,511.00
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £171,661.60
-48no. Payments @ £1,470.45 per month
-Balloon at end of agreement: £100,770.00
-Annual Milage: 5000
-Total Amount Payable: £195,001.60
-APR: 11.90% (apparently due to age of car a 1% apr increase is applied)
Ferrari 488 Coupe 2017 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £154,975.00
-Deposit: £23,500.00
-Balance to finance: £131,475.00
-Interest charges: £50,404.44
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £182,039.44
-48no. Payments @ £1,525.78 per month
-Balloon at end of agreement: £108,492.00
-Annual Milage: 5000
-Total Amount Payable: £205,379.44
-APR: 10.90%
Those APRs are scandalous …don’t do it Just incase anyone was wondering, I got in touch with Charles and Dean and they provided me a representative example for both a 458 and 488. Im going to post them here so that if anyone on here is also looking, that can get an example of what they cost.
Just for reference, these cars are both advertised at circa £150k. I asked them to also put in the minimum deposit possible, so anymore money you had for a greater deposit would bring monthlies down(the minimum deposit for a 488 was higher than a 458, so both examples done with the 488 minimum deposit value). Also, bare in mind that the cost of borrowing at the moment is very high in comparison to the past couple of years, so if you already have one of these cars it could be a good indicator of how much it would cost now if you didn't buy it previously at the cheaper rates!
Ferrari 458 Spider 2012 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £144,490.00
-Deposit: £23,500.00
-Balance to finance: £120,990.00
-Interest charges: £50,511.00
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £171,661.60
-48no. Payments @ £1,470.45 per month
-Balloon at end of agreement: £100,770.00
-Annual Milage: 5000
-Total Amount Payable: £195,001.60
-APR: 11.90% (apparently due to age of car a 1% apr increase is applied)
Ferrari 488 Coupe 2017 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £154,975.00
-Deposit: £23,500.00
-Balance to finance: £131,475.00
-Interest charges: £50,404.44
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £182,039.44
-48no. Payments @ £1,525.78 per month
-Balloon at end of agreement: £108,492.00
-Annual Milage: 5000
-Total Amount Payable: £205,379.44
-APR: 10.90%
F12DDE said:
Thank you to everyone that has posted their views above, I have read every single one of them!
Just incase anyone was wondering, I got in touch with Charles and Dean and they provided me a representative example for both a 458 and 488. Im going to post them here so that if anyone on here is also looking, that can get an example of what they cost.
Just for reference, these cars are both advertised at circa £150k. I asked them to also put in the minimum deposit possible, so anymore money you had for a greater deposit would bring monthlies down(the minimum deposit for a 488 was higher than a 458, so both examples done with the 488 minimum deposit value). Also, bare in mind that the cost of borrowing at the moment is very high in comparison to the past couple of years, so if you already have one of these cars it could be a good indicator of how much it would cost now if you didn't buy it previously at the cheaper rates!
Ferrari 458 Spider 2012 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £144,490.00
-Deposit: £23,500.00
-Balance to finance: £120,990.00
-Interest charges: £50,511.00
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £171,661.60
-48no. Payments @ £1,470.45 per month
-Balloon at end of agreement: £100,770.00
-Annual Milage: 5000
-Total Amount Payable: £195,001.60
-APR: 11.90% (apparently due to age of car a 1% apr increase is applied)
Ferrari 488 Coupe 2017 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £154,975.00
-Deposit: £23,500.00
-Balance to finance: £131,475.00
-Interest charges: £50,404.44
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £182,039.44
-48no. Payments @ £1,525.78 per month
-Balloon at end of agreement: £108,492.00
-Annual Milage: 5000
-Total Amount Payable: £205,379.44
-APR: 10.90%
50 grand in interest. Oh my days. Just incase anyone was wondering, I got in touch with Charles and Dean and they provided me a representative example for both a 458 and 488. Im going to post them here so that if anyone on here is also looking, that can get an example of what they cost.
Just for reference, these cars are both advertised at circa £150k. I asked them to also put in the minimum deposit possible, so anymore money you had for a greater deposit would bring monthlies down(the minimum deposit for a 488 was higher than a 458, so both examples done with the 488 minimum deposit value). Also, bare in mind that the cost of borrowing at the moment is very high in comparison to the past couple of years, so if you already have one of these cars it could be a good indicator of how much it would cost now if you didn't buy it previously at the cheaper rates!
Ferrari 458 Spider 2012 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £144,490.00
-Deposit: £23,500.00
-Balance to finance: £120,990.00
-Interest charges: £50,511.00
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £171,661.60
-48no. Payments @ £1,470.45 per month
-Balloon at end of agreement: £100,770.00
-Annual Milage: 5000
-Total Amount Payable: £195,001.60
-APR: 11.90% (apparently due to age of car a 1% apr increase is applied)
Ferrari 488 Coupe 2017 20k Miles
-HP + Balloon finance package (regulated)
-Advertised price: £154,975.00
-Deposit: £23,500.00
-Balance to finance: £131,475.00
-Interest charges: £50,404.44
-Acceptance fee: £150.00
-Option to Purchase: £10.00
-Balance payable: £182,039.44
-48no. Payments @ £1,525.78 per month
-Balloon at end of agreement: £108,492.00
-Annual Milage: 5000
-Total Amount Payable: £205,379.44
-APR: 10.90%
If you have the kind of cash to take that cost of borrowing in your stride, you may as well just buy it outright.
Edited by rawenghey on Monday 16th January 14:28
At these rates you are better off going for a straight HP deal to reduce the balance, you’ll pay an extra grand a month but it’ll save 27k in interest and you’ll own the car at the end of 4 years rather than having a 100k balloon. It’s because the balance isn’t coming down that the interest is so high - at least HP means you are buying equity in the car every month rather than just paying interest and will at least get it paid for at the end.
Here is JBR capitals quote,
Here is JBR capitals quote,
rawenghey said:
50 grand in interest. Oh my days.
If you have the kind of cash to take that cost of borrowing in your stride, you may as well just buy it outright.
I know, for the finance costs you could probably get a V10 R8 for 4 years and then give it to your gran.If you have the kind of cash to take that cost of borrowing in your stride, you may as well just buy it outright.
But a lot of people don't have £150k lying around, so this is the way they do it. Then again for £1500 you can hire one for 2 long weekends a month in the summer and just have to put petrol in it.
There are others who maintain that they can earn more on the £125k than the finance costs, presumably with some tax manipulation as for a private buyer those returns are subject to tax, whilst the £50k in interest is post tax. So buying these out of their own pocket that is a cost of £90k out of earnings over 4 years so you need to make 18% pa to make it worthwhile these days. Buying through a company is very different.
The HP example posted by rawenghey actually has monthlies double the LP deal (£2600 vs £1300) with the same larger deposit, so over the 4 years you pay roughly £62k extra, but no balloon of £73k, so I make it an £11k saving.
I liked the ten quid "option to purchase fee" tucked in there
I know we are all different but I just couldn’t stomach paying £50 k interest. I wouldn’t enjoy the car knowing that I was paying all that interest and I’d rather go without. My normal Ferrari dealer has a saying- “I sell things people don’t need “ and he’s spot on. If you can afford it it’s up to you but to pay that much interest for something you don’t actually need…….
ex-devonpaul said:
I know, for the finance costs you could probably get a V10 R8 for 4 years and then give it to your gran.
But a lot of people don't have £150k lying around, so this is the way they do it. Then again for £1500 you can hire one for 2 long weekends a month in the summer and just have to put petrol in it.
There are others who maintain that they can earn more on the £125k than the finance costs, presumably with some tax manipulation as for a private buyer those returns are subject to tax, whilst the £50k in interest is post tax. So buying these out of their own pocket that is a cost of £90k out of earnings over 4 years so you need to make 18% pa to make it worthwhile these days. Buying through a company is very different.
The HP example posted by rawenghey actually has monthlies double the LP deal (£2600 vs £1300) with the same larger deposit, so over the 4 years you pay roughly £62k extra, but no balloon of £73k, so I make it an £11k saving.
I liked the ten quid "option to purchase fee" tucked in there
If you're that good at beating the market AND you have the means to suck up £50k interest AND have enough disposable to drop a few grand a month on a motor, then surely you're better off just investing your own money first for a couple of years and then buying said car outright?But a lot of people don't have £150k lying around, so this is the way they do it. Then again for £1500 you can hire one for 2 long weekends a month in the summer and just have to put petrol in it.
There are others who maintain that they can earn more on the £125k than the finance costs, presumably with some tax manipulation as for a private buyer those returns are subject to tax, whilst the £50k in interest is post tax. So buying these out of their own pocket that is a cost of £90k out of earnings over 4 years so you need to make 18% pa to make it worthwhile these days. Buying through a company is very different.
The HP example posted by rawenghey actually has monthlies double the LP deal (£2600 vs £1300) with the same larger deposit, so over the 4 years you pay roughly £62k extra, but no balloon of £73k, so I make it an £11k saving.
I liked the ten quid "option to purchase fee" tucked in there
Shrug. It doesn't matter. People can do what they want with their money. I just can't understand it.
These quotes have made my GT4 look even more of a bargain taking things into perspective (think my main dealer finance with VW finance is 5.9 % on a brand new car, cant quite remember exact rate though to be honest. You could also buy a very nice second car cash as a run around in interest savings!)
Different league of car I understand, but the change doesn't look like its worth it at the moment. I personally like to finance as wouldn't like to have x amount of cash tied up in a car, especially with big sums like all these cars are.
Italian girls aren't cheap like my Germans!
Different league of car I understand, but the change doesn't look like its worth it at the moment. I personally like to finance as wouldn't like to have x amount of cash tied up in a car, especially with big sums like all these cars are.
Italian girls aren't cheap like my Germans!
Glad I found this thread, I will shortly be in the position to buy my first Ferrari, and have narrowed it down to either a 458 or 488 Spider.
If I do a bit (quite a bit) of man maths, I could buy a 458 as an investment and actually use the 488.
My reasoning for the 458 not being a spider is for the scuttle shake.
My question is this, as an investment would a 'non Rosso' car still command decent prices in say 5 years time?
I like my cars to be different (other than my love of black Mercs) so would a grey/green/blue 458 still command decent prices even if it were highly spec'd (carbon race seats etc)? I know white cars are clearly cheaper than the others.
As for the 488, can someone sell a Giallo Triplo Stratos spider with sub 10k and a 2018 or newer model please.
If I do a bit (quite a bit) of man maths, I could buy a 458 as an investment and actually use the 488.
My reasoning for the 458 not being a spider is for the scuttle shake.
My question is this, as an investment would a 'non Rosso' car still command decent prices in say 5 years time?
I like my cars to be different (other than my love of black Mercs) so would a grey/green/blue 458 still command decent prices even if it were highly spec'd (carbon race seats etc)? I know white cars are clearly cheaper than the others.
As for the 488, can someone sell a Giallo Triplo Stratos spider with sub 10k and a 2018 or newer model please.
Geoffcapes said:
Glad I found this thread, I will shortly be in the position to buy my first Ferrari, and have narrowed it down to either a 458 or 488 Spider.
If I do a bit (quite a bit) of man maths, I could buy a 458 as an investment and actually use the 488.
My reasoning for the 458 not being a spider is for the scuttle shake.
My question is this, as an investment would a 'non Rosso' car still command decent prices in say 5 years time?
I like my cars to be different (other than my love of black Mercs) so would a grey/green/blue 458 still command decent prices even if it were highly spec'd (carbon race seats etc)? I know white cars are clearly cheaper than the others.
As for the 488, can someone sell a Giallo Triplo Stratos spider with sub 10k and a 2018 or newer model please.
Can't help much there other than saying a 488 spider also suffers from scuttle shake. And a 458 as an investment? Are you sure?If I do a bit (quite a bit) of man maths, I could buy a 458 as an investment and actually use the 488.
My reasoning for the 458 not being a spider is for the scuttle shake.
My question is this, as an investment would a 'non Rosso' car still command decent prices in say 5 years time?
I like my cars to be different (other than my love of black Mercs) so would a grey/green/blue 458 still command decent prices even if it were highly spec'd (carbon race seats etc)? I know white cars are clearly cheaper than the others.
As for the 488, can someone sell a Giallo Triplo Stratos spider with sub 10k and a 2018 or newer model please.
Geoffcapes said:
The last N/A V8 Ferrari. Prices will only go one way.
They made about 15,000 of them. Not rare at all. There aren't huge variations amongst them. Ie no manuals, special versions like a fiorana handling package (bar the speciale which is a different model).They will rise but be offset by inflation, servicing, repair costs etc.
You'd have to buy a delivery mileage or extremely lauded example to do well in the long term.
And then on the flip side, using the car will certainly offset the potential investment.
123RY said:
They made about 15,000 of them. Not rare at all. There aren't huge variations amongst them. Ie no manuals, special versions like a fiorana handling package (bar the speciale which is a different model).
They will rise but be offset by inflation, servicing, repair costs etc.
You'd have to buy a delivery mileage or extremely lauded example to do well in the long term.
And then on the flip side, using the car will certainly offset the potential investment.
Indeed, I still feel they'll be a worthy investment. Using the word 'investment' I can also justify it to the wife They will rise but be offset by inflation, servicing, repair costs etc.
You'd have to buy a delivery mileage or extremely lauded example to do well in the long term.
And then on the flip side, using the car will certainly offset the potential investment.
Geoffcapes said:
Indeed, I still feel they'll be a worthy investment. Using the word 'investment' I can also justify it to the wife
For my money a 458 was only a worthy investment if you bought one as they touched 100K - now you've got a very inflated market, with crippling finance costs (if going that way) and the only way to truly preserve the car's value is to not drive it.I went down the route of the 430 Scuderia because I felt it also represented a "last of" (the analogue cars), and being a special series it also means come sale time you've less competition. I still don't class it as an investment though, more an exercise in "how little can I lose while still enjoying it"
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