Making a car work for you
Making a car work for you
Author
Discussion

Simon813

Original Poster:

415 posts

235 months

Monday 13th August 2007
quotequote all
I currently have an Elise but would dearly love to own a Ferrari 355 / 348 before I have to think about weddings and kids in a couple of years time.

Financially I could just about afford to buy a 348 outright or about 60% of a 355.

Does anybody have any ideas of how I could make the car work for me, probably to cover its running costs, whilst I pay for any outstanding loan from my disposable income.

I have already thought about-

Transporting grooms to weddings. Only problem with this is the lack of a 3rd seat for the best man? Would this put people off?

Hiring the car for photo shoots? Aspiring models wanting nice car to stand next to for photo shoots?

Using vehicle as advertising platform. Liveries to advertise new bars / nightclubs / shops etc. This would be on a pay per week type basis?

Any other ideas or people doing the same thing to finance their dream cars?

Thanks

Simon

Edited to add that I am in the North east (if that makes a difference to any of the above propositions?)


Edited by Simon813 on Monday 13th August 12:56


Edited by Simon813 on Monday 13th August 12:57

KingRichard

10,146 posts

262 months

Monday 13th August 2007
quotequote all
Simon813 said:
I currently have an Elise but would dearly love to own a Ferrari 355 / 348 before I have to think about weddings and kids in a couple of years time.

Financially I could just about afford to buy a 348 outright or about 60% of a 355.

Does anybody have any ideas of how I could make the car work for me, probably to cover its running costs, whilst I pay for any outstanding loan from my disposable income.

I have already thought about-

Transporting grooms to weddings. Only problem with this is the lack of a 3rd seat for the best man? Would this put people off?

Hiring the car for photo shoots? Aspiring models wanting nice car to stand next to for photo shoots?

Using vehicle as advertising platform. Liveries to advertise new bars / nightclubs / shops etc. This would be on a pay per week type basis?

Any other ideas or people doing the same thing to finance their dream cars?

Thanks

Simon

Edited to add that I am in the North east (if that makes a difference to any of the above propositions?)


Edited by Simon813 on Monday 13th August 12:56


Edited by Simon813 on Monday 13th August 12:57
If you need to generate extra income to afford to run a Ferrari, I think you're deluded to think it can pay for itself. Would it not be better to look at ways of using that c.£25k to create a residual income that might eventually let you achieve your goal comfortably?

I don't mean to be a stick-in-the mud (I'm only 25 and will rush straight down to buy a fezza on the very day I can truly justify one to myself) but I think you need to re-adjust your priorities.

You say the loan will eat all of your disposable income, yet you'd rely on the car itself to provide you with a completely unsubstantiated income to support itself?

Want my advice? Stick with the elise, get a house. Live in it, rent it out whatever and then look at your situation in a couple of years. You may well be able to cash that 355 your dreaming about. I wouldn't do it in a million years in the scenario you described.

Nice Elsie BTW wavey




Simon813

Original Poster:

415 posts

235 months

Monday 13th August 2007
quotequote all
KingRichard said:
If you need to generate extra income to afford to run a Ferrari, I think you're deluded to think it can pay for itself. Would it not be better to look at ways of using that c.£25k to create a residual income that might eventually let you achieve your goal comfortably?

I don't mean to be a stick-in-the mud (I'm only 25 and will rush straight down to buy a fezza on the very day I can truly justify one to myself) but I think you need to re-adjust your priorities.

You say the loan will eat all of your disposable income, yet you'd rely on the car itself to provide you with a completely unsubstantiated income to support itself?

Want my advice? Stick with the elise, get a house. Live in it, rent it out whatever and then look at your situation in a couple of years. You may well be able to cash that 355 your dreaming about. I wouldn't do it in a million years in the scenario you described.

Nice Elsie BTW wavey
King Richard,

Thanks for your point of view. I probably haven't explained myself fully.

I already have a house (rented) but very cheap from a friend. I have absolutely no intention of buying property until the market crashes!

I did not say the loan would eat all of my disposable income, infact it would be less than half of it.

I feel that I could just about afford to run a 348/355 but I am looking for ideas of how to generate a bit of money from it to make the ownership experience a bit more financially comfortable.

Si

Stevenj214

4,941 posts

258 months

Monday 13th August 2007
quotequote all
Simon813 said:
Any other ideas
Takeaway deliveries thumbup

slapmatt

1,132 posts

252 months

Monday 13th August 2007
quotequote all
I would be amazed if the revenue you could generate from the car would even cover the extra insurance you'd need compared to a regular "social and commuting" policy.

KingRichard

10,146 posts

262 months

Monday 13th August 2007
quotequote all
slapmatt said:
I would be amazed if the revenue you could generate from the car would even cover the extra insurance you'd need compared to a regular "social and commuting" policy.
Hmmm, I looked into wedding hire, and most classic policies will cover you for wedding use free of charge, or for a very small premium.

Surely it's far simpler to put your missus on the game though... scratchchin

Mattt

16,664 posts

248 months

Monday 13th August 2007
quotequote all
You could look into experiences, like Simonspider (IIRC).

Eric Mc

125,768 posts

295 months

Monday 13th August 2007
quotequote all
If you are using a car for "hire or reward", you are, in effect, running a business which will have both tax and insurance consequences.

Tiggsy

10,261 posts

282 months

Monday 13th August 2007
quotequote all
you cant afford it...end of story.

if you get one and then drop all your income into it and hire the thing out on weekends.......well you wont need to worry about wife and kids because any woman would think you were nuts when you take them to a cheap cafe in your 355 sticker up to advertise "bobs garden furniture" and buy her a bacon butty becasue your skint!

the reason Ferrari owners are happy is because they are loaded enough to buy a Ferrari.......not because they have a Ferrari.

Vesuvius 996

35,829 posts

301 months

Monday 13th August 2007
quotequote all
Tiggsy said:
you cant afford it...end of story.

if you get one and then drop all your income into it and hire the thing out on weekends.......well you wont need to worry about wife and kids because any woman would think you were nuts when you take them to a cheap cafe in your 355 sticker up to advertise "bobs garden furniture" and buy her a bacon butty becasue your skint!

the reason Ferrari owners are happy is because they are loaded enough to buy a Ferrari.......not because they have a Ferrari.
Wise words.

I want a 355 as well. I can't afford it either. That is to say I could afford to BUY one, but run it and cover any problems? Nah.




intrigued

934 posts

247 months

Monday 13th August 2007
quotequote all
I have already done this with a Ferrari 348 and trust me it does not work at all.

You simply can't compete with the number of people out there. They can easily undercut you because most of them don't have the correct insurance. (I did self drive hire as well).

klm

693 posts

269 months

Monday 13th August 2007
quotequote all
Simon813 said:
KingRichard said:
If you need to generate extra income to afford to run a Ferrari, I think you're deluded to think it can pay for itself. Would it not be better to look at ways of using that c.£25k to create a residual income that might eventually let you achieve your goal comfortably?

I don't mean to be a stick-in-the mud (I'm only 25 and will rush straight down to buy a fezza on the very day I can truly justify one to myself) but I think you need to re-adjust your priorities.

You say the loan will eat all of your disposable income, yet you'd rely on the car itself to provide you with a completely unsubstantiated income to support itself?

Want my advice? Stick with the elise, get a house. Live in it, rent it out whatever and then look at your situation in a couple of years. You may well be able to cash that 355 your dreaming about. I wouldn't do it in a million years in the scenario you described.

Nice Elsie BTW wavey
King Richard,

Thanks for your point of view. I probably haven't explained myself fully.

I already have a house (rented) but very cheap from a friend. I have absolutely no intention of buying property until the market crashes!

I did not say the loan would eat all of my disposable income, infact it would be less than half of it.

I feel that I could just about afford to run a 348/355 but I am looking for ideas of how to generate a bit of money from it to make the ownership experience a bit more financially comfortable.

Si
You will be waiting a long time for a property crash my friend, it just isn't going to happen!!!!!!!!

srebbe64

13,021 posts

267 months

Monday 13th August 2007
quotequote all
Does your rented property have a garage - you don't want to be leaving a Fezza on the drive/road?

Also - it's got to be an F355! 348's are pale in comparison.

My advice: You've got some disposable income, so why not sell the Lotus, buy a cheapo jap runaround, save like fury until you've got enough to buy one (or a very decent down-payment). To me, that would be far more rewarding!

Simon813

Original Poster:

415 posts

235 months

Tuesday 14th August 2007
quotequote all
Tiggsy said:
you cant afford it...end of story.

if you get one and then drop all your income into it and hire the thing out on weekends.......well you wont need to worry about wife and kids because any woman would think you were nuts when you take them to a cheap cafe in your 355 sticker up to advertise "bobs garden furniture" and buy her a bacon butty becasue your skint!

the reason Ferrari owners are happy is because they are loaded enough to buy a Ferrari.......not because they have a Ferrari.
I have been in a relationship for quite a few years and intend to marry her in a few years time. I am not looking to buy the car to impress women! I am simply looking for peoples opinions on business ventures involving F-Cars, I do not want to discuss my financial situation.

Si

Edited by Simon813 on Tuesday 14th August 00:43

Simon813

Original Poster:

415 posts

235 months

Tuesday 14th August 2007
quotequote all
klm said:
[
You will be waiting a long time for a property crash my friend, it just isn't going to happen!!!!!!!!
Just watch it come tumbling down my friend!! It will happen, it will happen soon and it will happen big time!

http://www.housepricecrash.co.uk/

Si

Edited by Simon813 on Tuesday 14th August 00:49

Simon813

Original Poster:

415 posts

235 months

Tuesday 14th August 2007
quotequote all
srebbe64 said:
Does your rented property have a garage - you don't want to be leaving a Fezza on the drive/road?

Also - it's got to be an F355! 348's are pale in comparison.

My advice: You've got some disposable income, so why not sell the Lotus, buy a cheapo jap runaround, save like fury until you've got enough to buy one (or a very decent down-payment). To me, that would be far more rewarding!
Yes I have a large garage.

Thanks for your advice, it sounds like the most sensible I have heard so far.

Si

shadowninja

80,124 posts

312 months

Tuesday 14th August 2007
quotequote all
Simon813 said:
Just watch it come tumbling down my friend!! It will happen, it will happen soon and it will happen big time!

http://www.housepricecrash.co.uk/

Si
they've been saying that for the last 5 years. even with my money bad luck (ie I buy a car and that model drops in price by a larger amount than normal), the house prices didn't plummet when I moved. biggrin

Edited by shadowninja on Tuesday 14th August 01:43

Imran-vx

11,838 posts

265 months

Tuesday 14th August 2007
quotequote all
I think this is catch 22 with a Ferrari.

I have my Merc on a Personal Contract Plan. I put £8k down and then pay £42 a month to cover just the interest element of the balance at 4.2% apr. I can hand it back at the end of the 2 years.

I use it for work now and do about 1000 miles a month at 40p a mile. By my reckoning the car will bring in about £4800 ( £9.6k over 2 years), minus fuel for 12000 miles PA is £1080 ( £2160 over 2 years) leaves £7440 and 2 years of company car tax ( £2700): total £10,140 minus my £8k depreciation/loss, and the interst lost on that £8k ( £850) + the £42 a month (£1008) = £282 from which I have to tax it , insure and maintain it. It costs me about £600 a year or £11 a month, plus my private fuel should I need any.

I think that of you do this lind of calc on a Ferari it won't stack up because the depreciation on the mileage will make it unviable.

Redwing

912 posts

256 months

Tuesday 14th August 2007
quotequote all
Firstly you should buy a 328 as it is just as good a drivers car as the 355 and better than the 348. Secondly, anyone who thinks that what is happening in the States with property prices, is not going to happen here, is sadly deluding themselves. The global stock markets are undergoing a correction at the moment due to a worsening credit crisis with a major liquidity crunch just around the corner. There will be some major casualties before this correction is finished and the days of massive and easy borrowings for commercial and domestic property will be over. Over the next few months IMHO it would be prudent to have your cash in a large financial institution preferably UK based, sit tight and do not be tempted to buy anything for the time being no matter how chap it looks. Just thought I'd cheer you all up!

Simon813

Original Poster:

415 posts

235 months

Tuesday 14th August 2007
quotequote all
Redwing,

Good man. You are, of course, absolutely correct!!

The savings I have are my house deposit money. I have some of it tied up in the Elise and the rest in a major high street bank. I know that in probably 2 years time I will need this money to buy a house, so for now I am trying to have some fun with it. Don't get me wrong the Elise is great and i am very lucky to have it, but I do keep considering using all of the savings on something a little more special.

The sensible thing to do is to keep my money in the bank and ride out the coming storm. Only problem is, I'm sick of being sensible!!

Si