Thursday 4th November 2004

Drive a Ferrari for five grand

Car syndicate brings supercars to the masses

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If you've ever fancied owning a Ferrari or other supercar, then one company may have the affordable answer. Web site iownaferrari.com has borrowed an idea already popular in civil aviation -- a syndicate.

The idea is that everyone pays a given amount per month and receives in return a certain amount of driving time.

For example, £5,000 upfront and £329 a month could net you one week every 13 weeks in a Ferrari F355 Spider. Naturally, there are restrictions -- you need to be 30 or older, and the insurance excess might make your eyes bleed. Other cars available include an F360 Modena, a Lamborghini Diablo and a Porsche 911 GT3.

But if you must have a Prancing Horse, Lambo or a Porker, and the budget won't stretch, then this could be the answer.

For more, go here: www.iownaferrari.com/

[burnt]

They have a picture of an Enzo on the frontend of their website...now that might be worth £300 per month!!!

[guydw]

seems a lot of money ... for a bit more you could get a loan to cover a 348 ....

[Stig]

So almost 9k in the first year!

Better to take out a loan, drive it every day for a year and sell it.

[bennno]

so a 1/13th share (1 week in 13)...

13x£5k deposit = £65,000 (car paid for in full)

13x£329 month x 12 months = £51,324 per year running cost.

You would have to be a prize idiot to sign up for this, its a blatant rip off.

Bennno

[midgster]

Wouldn't the total cost (for the 355) be £3948 as you appear to get the £5000 share price back when you leave?

Still more than I can afford but it does appear to be a lot cheaper than hiring one.


>> Edited by midgster on Thursday 4th November 11:05

[Gon205]

That's top money....and I probably wouldn't risk that sort of cash with a start up.

www.classiccarclub.co.uk seems a much more sensible option and the Staff are very friendly - London has 7 prancing horses and unlimited mileage.

My cash is with them this year!!

[thanuk]

No trackdays and no use outside the UK

[midgster]

Gon205, that looks good, but the cars are a little more sorted for my Dad age group than mine. Shame they don't have a few more modern cars.

What is the insurance excess as it doesn't say in the T's and C's, just says you must contact them.

[MGV8]

Ok let me get this right...
12 x 5000 = 60K Car is payed for and a bit more...
12 x 3948 x 12 = 47K to look after the car..

If you would like to leave you have to sell your part of the car on to the next owner!

If there are 12 people out there that what to do this post up on PH and save your self lots?

[midgster]

After someone above mentioned getting a loan as it wouldn;t cost much more, I thought I'd look into just that.

I buy a 360 for £60000 with a loan over 5 years....loan calculator show payments are £1200 per month, so that £14400 per year in payments.
Reckon 2/3 of that £14400 would be interest payments...so would guess if i were to sell the car after 12 months and clear the loan I would still owe £50000?
So the loan would cost me about £4000 in the year.

I just rang Adrian Flux for a quote, limited mileage of 2000 miles per year (as iownaferrari allow 1600 miles = 400 per week). 32 year old male 3 yrs NCB, garaged was £1600 (seemed reasonable but have never phoned for a quote on a Ferrari b4 so have no idea). £500 excess
At least 1 service during the year (price at Verdi) 6000K mile service = £700

Having never owned a Ferrari this next bit is a guess too....new rear tyres once a year? £500
Any other work needed = £500 (guessing, but probably more)

Depreciation = £5000? (complete guess, more if bought from a dealer and traded in?)

Road Tax = £180

So total cost in a year
Cost of loan = £4000
Depreciation = £5000
Insurance = £1600
Service = £700
Tyres = £500
Extra Maintenance = £500+
Tax = £180
Total = £12480

So a total cost of less than £4000 doesn't seem too bad.

Still can't afford it myself though


>> Edited by midgster on Thursday 4th November 15:00

[rev-erend]

I've done the maths and it look like a very good deal assuming you get your deposite back when you leave...

Shame the Ferrari's and Lambo won't fit down my drive..
now where did I leave my club hammer - there's a wall I need to know down

[burnt]

After getting in touch with them, it does seem pretty good..unless I am missing something vital...which is possible.

360 Modena:
£6500 deposit; this is a 1 off to cover insurance liability, etc and is fully refundable when you leave or you can transfer it to another of their cars next year.

Then £399 per month for as long as you want to drive the thing. Well 1 week in every 13!

[Adam B]

midgster said:

limited mileage of 2000 miles per year. new rear tyres once a year? £500

i take it midgster is a doughnut fiend?

also do you have to hire the car for 4 x 1 week or 28days

if it has to be week long periods this implies I must take most of my annual holidays driving round UK in a Ferrari - can't see the missus going for it though

[midgster]

I think if you let me loose in a 360 I would wear the tyres down quicker than you think

[BobM]

midgster said:

I buy a 360 for £60000

Where've you seen one for that price?

midgster said:

At least 1 service during the year (price at Verdi) 6000K mile service = £700

Yeah, assuming it needs nothing other than the routine service.

midgster said:

Any other work needed = £500 (guessing, but probably more)

Reports vary, but I think generally reckoned you're doing well if you get more than 10k miles out of a clutch in an F1 ... that's over £1k. also need new belts every 3 years, again £1k or so ...

midgster said:

Depreciation = £5000? (complete guess, more if bought from a dealer and traded in?)

Most decent 3-4 year old 360s are around £80k in the dealers, and generally reckoned they're expecting £10k profit. So when you sell you effectively lose its real depreciation plus the £10k.

Not arguing that iownaferrari.com are a cheap option, but I think you're underestimating the cost of sole ownership

The only other comparable outfit I've seen is Damon Hill's P1 International which has a much wider selection but costs more, and doesn't include delivery/collection of the cars, a major consideration if you aren't South East based.

[bennno]

midgster said:

After someone above mentioned getting a loan as it wouldn;t cost much more, I thought I'd look into just that. I buy a 360 for £60000 with a loan over 5 years....loan calculator show payments are £1200 per month, so that £14400 per year in payments. Reckon 2/3 of that £14400 would be interest payments...so would guess if i were to sell the car after 12 months and clear the loan I would still owe £50000? So the loan would cost me about £4000 in the year. I just rang Adrian Flux for a quote, limited mileage of 2000 miles per year (as iownaferrari allow 1600 miles = 400 per week). 32 year old male 3 yrs NCB, garaged was £1600 (seemed reasonable but have never phoned for a quote on a Ferrari b4 so have no idea). £500 excess At least 1 service during the year (price at Verdi) 6000K mile service = £700 Having never owned a Ferrari this next bit is a guess too....new rear tyres once a year? £500 Any other work needed = £500 (guessing, but probably more) Depreciation = £5000? (complete guess, more if bought from a dealer and traded in?) Road Tax = £180 So total cost in a year Cost of loan = £4000 Depreciation = £5000 Insurance = £1600 Service = £700 Tyres = £500 Extra Maintenance = £500+ Tax = £180 Total = £12480 So a total cost of less than £4000 doesn't seem too bad. Still can't afford it myself though >> Edited by midgster on Thursday 4th November 15:00

the point you have made is that its possible to do it for £12.4K per year in which case, £60k combined upfront and 52k a year smacks of profiteering.

given a choice of 365 days use for £12.5K or almost £4k for a 1/12 of this it doesnt compare.

also what happens if somebody spanks it or the engine goes pop when somebody is hooning on their last day in the knowledge that it won't be with them for another 3 months..... hmmm

Bennno

>> Edited by bennno on Thursday 4th November 21:38

[midgster]

Bennno, I agree with what your saying if you can afford the £12.5, you obviously can, but I and a lot of other people can't, but can perhaps afford to spare £4000.

Not sure Damon Hill would appreciate the profiteering comment either as his scheme seems even more expensive

I'm sure that they're running cost are higher than £12k too. Looks like each car will do a lot more than 2000 miles per year,so maintenance will mount up (by more than I thought from my earlier post as I was pointed out by someone else).

Bet insurance for 12 people driving 1 car would make my eyes water too.

Damon's scheme cost £12500 for 70 days of use. If you bought 3 shares in the 360 for £12000, you would get the car for 84 days (28 * 3)

Not bashing you, just don't think it is that much of a rip off. If I had the money I would consider it.

[d3ano]

Timeshare for cars?
no point looking into this as i am 6 years below their "required" age.

[LuS1fer]

Or import a Corvette Z06 for around £26k and take out a loan for that amount, get a 405bhp track car that will still do 30mpg and will cost you practically nothing to service and you get to keep it forever. Market price over here is £35k so you should lose little in depreciation.

But maybe I'm one of the few isn't that bothered about driving or owning a Ferrari. Coutach....maybe.

[bennno]

midgster said:

Bennno, I agree with what your saying if you can afford the £12.5, you obviously can, but I and a lot of other people can't, but can perhaps afford to spare £4000. Not sure Damon Hill would appreciate the profiteering comment either as his scheme seems even more expensive I'm sure that they're running cost are higher than £12k too. Looks like each car will do a lot more than 2000 miles per year,so maintenance will mount up (by more than I thought from my earlier post as I was pointed out by someone else). Bet insurance for 12 people driving 1 car would make my eyes water too. Damon's scheme cost £12500 for 70 days of use. If you bought 3 shares in the 360 for £12000, you would get the car for 84 days (28 * 3) Not bashing you, just don't think it is that much of a rip off. If I had the money I would consider it.

You can buy a 997 for a 6k deposit and £600 a month, on top of this it only needs a service at 20k and wont need tyres for a year or two if driven normally.

For sure thats £300ish a month more, but you then get a car to use all year round including commuting. Given you would need to maintain your current car with the fezza, then its in reality no more expensive.

If you need to keep the costs comparible simply share the 997 between 2 of you for £300 motoring.

Alternatively get 12 of you together, all chip in £5k to buy the car. Then simply split the insurance, tyres and servicing twelve ways which could not possibly end up costing each individual any more than £50 a month.

Bennno

>> Edited by bennno on Friday 5th November 09:11