How much salary is required to own a 360? (& not go hungry)
Discussion
Afternoon gents. I remember back in 1997 graduating from business school and applying for jobs. I foolishly remember thinking wow if I can get a £25k a year job then I can own a Ferrari. Ok back in the day £25k pa for a student probably sounded a lot. In reality though on a good year I now earn 3 times that but still feel a 360 is too extravegant. What with running costs and insurance etc plus finance costs. Is it only prudent to buy one outright and make sure you have £50k in the bank? Perhaps they really are the toys for millionaires?
Ps - At present I have a TVR Tamora which on my finance deal (didnt wana pay cash outright) costs a measly £194 per month :-)
Ps - At present I have a TVR Tamora which on my finance deal (didnt wana pay cash outright) costs a measly £194 per month :-)
Many Ferrari owners, even F430's are not millionaires. Well its costs i would say a max of £4k a year including insurance so if you can spare it then i guess £25k-30k might cover it, if you say you sometimes earn £75k then it shouldn't be any problem at all!!! You could run a Murci on that!!!
>> Edited by V12AML on Wednesday 15th March 14:49
>> Edited by V12AML on Wednesday 15th March 14:49
Some interesting points here. Yes I am a saver, due to the fact that I own a couple of business that could easily go under due to the competitive nature of the sector. Although everythings ok at present it will not last for ever. Furthermore I do not have a pension.
My opinion is these things are best bought outright. Would be interested to know how 355/360 owners have financed their vehicles.
My opinion is these things are best bought outright. Would be interested to know how 355/360 owners have financed their vehicles.
Its a case of priorities as well. I tend to spend a decent % of my earnings on car type things as its a hobby to me (and the Mrs) - but some of my friends (who drink £100 on a Friday night 
) really coldn't justify spending half what I do as they are happy with their 'normal' car. I understand that.
To have one as a 'normal' everyday car you'd have to be pretty well off IMO. To have one as an extension of a love and a hobby you can justify a big spend a lot easier - if that makes sense?
) really coldn't justify spending half what I do as they are happy with their 'normal' car. I understand that. To have one as a 'normal' everyday car you'd have to be pretty well off IMO. To have one as an extension of a love and a hobby you can justify a big spend a lot easier - if that makes sense?
I think you are being unrealistic:
I’m shortly getting rid of my 360 spider for a new Lambo and I think the depreciation alone over the last year is ~ £20,000. Add a few oil pressure problems (£1,000) and sorting out curbed wheels (£500).
I hate to depress you but I fear that if you buy a Ferrari (say a 360 as an example) you need to earn enough that £25,000 isn’t going to be a big deal to you.
Otherwise you will just be too nervous to drive the thing in case anything happens to it.
Clearly these number are going to be radically lower if you want a 348 or 328
One of the main Ferrari dealers once told me that their favourite customers were the ones who needed a finance deal, not because of the profit on the financing but because they generally came back to sell the car 6 months later having hardly used it
>> Edited by traxx on Wednesday 15th March 15:24
I’m shortly getting rid of my 360 spider for a new Lambo and I think the depreciation alone over the last year is ~ £20,000. Add a few oil pressure problems (£1,000) and sorting out curbed wheels (£500).
I hate to depress you but I fear that if you buy a Ferrari (say a 360 as an example) you need to earn enough that £25,000 isn’t going to be a big deal to you.
Otherwise you will just be too nervous to drive the thing in case anything happens to it.
Clearly these number are going to be radically lower if you want a 348 or 328
One of the main Ferrari dealers once told me that their favourite customers were the ones who needed a finance deal, not because of the profit on the financing but because they generally came back to sell the car 6 months later having hardly used it
>> Edited by traxx on Wednesday 15th March 15:24
V12AML said:
Many Ferrari owners, even F430's are not millionaires. Well its costs i would say a max of £4k a year including insurance so if you can spare it then i guess £25k-30k might cover it, if you say you sometimes earn £75k then it shouldn't be any problem at all!!! You could run a Murci on that!!!
>> Edited by V12AML on Wednesday 15th March 14:49
Before or after tax... so about 45K cash, then pension contributions, say 8KPA, 230K mortgage £16k, holiday £2K, servicing tyres etc £2K, fuel say £3500, and lets say the car costs £600pm in repayments £7200, insurance £1Ketc
And that doesn't even include depreciation, saving for more deposit on the next one etc etc etc
So yes you need a fair bit of cash or not to put any money aside for later in life.
Dave
traxx said:
I think you are being unrealistic:
I’m shortly getting rid of my 360 spider for a new Lambo and I think the depreciation alone over the last year is ~ £20,000. Add a few oil pressure problems (£1,000) and sorting out curbed wheels (£500).
I hate to depress you but I fear that if you buy a Ferrari (say a 360 as an example) you need to earn enough that £25,000 isn’t going to be a big deal to you.
Otherwise you will just be too nervous to drive the thing in case anything happens to it.
Clearly these number are going to be radically lower if you want a 348 or 328
One of the main Ferrari dealers once told me that their favourite customers were the ones who needed a finance deal, not because of the profit on the financing but because they generally came back to sell the car 6 months later having hardly used it
>> Edited by traxx on Wednesday 15th March 15:24
As a previous Lambo owner I can tell you that depreciation you may have suffered on your 360 will be like a tea party compared to the lambo- hold on to your hat! if its a gallardo god help you!
Suppose you could always go the maintained lease route. Was offered a DB9 yesterday for just short of £1500 per month based on 3+23, 10000 miles per annum. Surely a 360 will be similar money, if not a bit cheaper.
It total, cost for term would be £39000 in 2 years, but you wouldn't have to worry about servicing costs, misc problems or depreciation.
It total, cost for term would be £39000 in 2 years, but you wouldn't have to worry about servicing costs, misc problems or depreciation.
lambojim said:
I reckon you need 250k to enjoy the whole experience - if you can do it on less, good man!
Quotes like this worry me. I'm not on half that but am seriously looking for a 355/360. I have researched depreciation curves, servicing costs, fuel costs, insurance costs, prices of major repair items (for the bump parking incident which is sure to happen to it in london) and recon I could comfortably do it.
Obviously I'm looking at used, not new (when I agree you need to be cash rich not to worry about the depreciation).
What am I missing? Engine goes bang it might be a financial struggle rebuilding it, but its possible - if it goes bang 3 times in a year granted I'm up the creek (but how is that different to a TVR - aside from a 355/360 is less likely to go pop
?). octane said:
>> Edited by traxx on Wednesday 15th March 15:24
As a previous Lambo owner I can tell you that depreciation you may have suffered on your 360 will be like a tea party compared to the lambo- hold on to your hat! if its a gallardo god help you!
It's a G Spyder and I'm ready for a fairly major loss
My own views are:
If you're looking for a rational, logical reason for buying one then don't.
These cars are an emotional buying decision - and can (but don't have too) cost real money (be it in running costs, depreciation etc.) The fact of the matter is that most cars are financed - most ownership is for a limited period - but hey - the thing is - you will have owned one!
The worst thing in the world (IMHO) is when an owner can't afford too run one - and doesn't service/look after the car. The net result is a poor owning experience - and also the next owner gets to "fix" everything - which generally results in another poor owning experience.
These cars need love and attention - and work better if used regularly (driving up the running costs.... A well looked after car will ensure that all owners (current and future) will habe a great experience.
If the costs are an issue, why not look to a 355, or a Maserati 3200 - where the percentage of overall costs should be lower then stretching to a 360? You could also look at LHD - which will reduce the initial outlay fractionally????
To get into a good example of any exotica is always a delight and lasting experience - to do this and worry about the costs can only discract from the experience - and believe me - we are all lucky to be in a position to own/have owned/think about owning one.
Cheers
Anjum
If you're looking for a rational, logical reason for buying one then don't.
These cars are an emotional buying decision - and can (but don't have too) cost real money (be it in running costs, depreciation etc.) The fact of the matter is that most cars are financed - most ownership is for a limited period - but hey - the thing is - you will have owned one!
The worst thing in the world (IMHO) is when an owner can't afford too run one - and doesn't service/look after the car. The net result is a poor owning experience - and also the next owner gets to "fix" everything - which generally results in another poor owning experience.
These cars need love and attention - and work better if used regularly (driving up the running costs.... A well looked after car will ensure that all owners (current and future) will habe a great experience.
If the costs are an issue, why not look to a 355, or a Maserati 3200 - where the percentage of overall costs should be lower then stretching to a 360? You could also look at LHD - which will reduce the initial outlay fractionally????
To get into a good example of any exotica is always a delight and lasting experience - to do this and worry about the costs can only discract from the experience - and believe me - we are all lucky to be in a position to own/have owned/think about owning one.
Cheers
Anjum
Further to my last reply - I can see a lot of sound advice in every post above. I think the nail was hit on the head tho with one particular thread. It said that I could afford one but can i justify it to myself. I think the answer is at this moment in time......NO. It doesnt matter if I earned 10k or 100k. Everytime Id look at my bank statement and see direct debits for £1000 finance and £300 insurance per month. It would make me a tad sick. Still, the 360 is an amazing car, at least to look at :-)
I would never buy new anyway, the car im planning to get is an old DB7 Vantage for about £40k (around 2008), and a few years after that (2011ish) hopefully a DB9 for around £50-60k which will most likely be an 06-07 plate. I feel im paying for a Supercar at non supercar prices. Alot of people buy new cars like AMs or Ferraris, and they cost more than they get in a year!!!
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