Planning on buying a Ferrari

**nitrored** · 09-07-2006, 06:26 AM

Originally Posted by Duff62269

Of course I could, 10 years isn't that long. My starting salary will be like $60,000 because I'm getting a job in the information technologies field.

Kids now a days... a handful of people in IT fields are going to start at 60,000... chances are you arent. Also your cost of living expenses... they are a little skewed.

Lastly your going to kill yourself in a ferrari... anyone bored w/ 140 mph is going to die.

**Contract Killer** · 09-07-2006, 06:27 AM

let's see....if I had 35 grand, I'd put 5 grand in my savings to collect the 40 dollar montly interest, pay my rent for 24 months in advance, spend the rest on food, weed, supplements and retire for 2 years proceeding to do fvk all but smoke, lift eat and sleep. Or, you could buy a Ferrari, still be small, you won't get laid as much as you want (most girls would be too intimidated or too busy calling you a prick), still hungry, still strugglin' tp pay bills...yeah Ferrari's are pretty ghey now that I think about it. Oh and, 35 grand US is like 50 grand CDN, so I'm sure I could still afford to make payments on the Ram 1500.

**SpliffSmoker** · 09-07-2006, 06:28 AM

Ugly:

For a little more:

Sexy:

Extremely sexy:

**PaHulkster** · 09-07-2006, 06:29 AM

Ferrari will cost you huge on the repair, parts, and just basic work. My uncle has had a few Ferraris over the years, and he spends a ton just on basic stuff. $300 oil changes, $10k tune ups, etc. Be preparded to spend the money to maintain the car. A 328 is a really nice car, and most people buy them now as collector pieces. You sound like a bit of a dumbass trying to race a new Vet with your car, so why besmirch the name of Ferrari.

**SpliffSmoker** · 09-07-2006, 06:30 AM

How about you just invest that savings into your own business or other investment oppurtunties? Its a risk, but then you could buy 10 Ferraris and retire

**PaHulkster** · 09-07-2006, 06:30 AM

Originally Posted by nitrored

Kids now a days... a handful of people in IT fields are going to start at 60,000... chances are you arent. Also your cost of living expenses... they are a little skewed.

Lastly your going to kill yourself in a ferrari... anyone bored w/ 140 mph is going to die.

Ha, good luck finding a job in the IT field. What exactly do you want to do?

**Adam444** · 09-07-2006, 06:31 AM

When designing these cars, their #1 goal is performance.

Watch this: http://videos.streetfire.net/search/...997dc125ec.htm

Lambo vs Mitsubishi...

Then come back and talk ****. Evo would burn you alive.

**SpliffSmoker** · 09-07-2006, 06:36 AM

Originally Posted by Adam444

When designing these cars, their #1 goal is performance.

Watch this: http://videos.streetfire.net/search/...997dc125ec.htm

Lambo vs Mitsubishi...

Then come back and talk ****. Evo would burn you alive.

I dont care....I'd rather have the Lambo

**PickItUp** · 09-07-2006, 06:37 AM

Originally Posted by j_neatherlin

...if you buy a house and then resell it down the road, you will make say 10 grand. that's a $15,000 difference in your pocket.

Unless you sell the house yourself...you will have to pay the broker to sell it for you.

They usually charge about 6% so to really recover your equity...you need to live there for more than 10 years...

Real Estate is a good investment...but only if you get a good deal on the property to begin with. If you buy something at market value...then it will take many many years to build enough equity to pay the broker fees when you want to sell it...you may break even if you are lucky...

All that being said...buy the house. You do NOT want to be the guy driving a Ferrari who has to park next to a 1999 Dodge Neon in the lot at the apartments. Those people look funny.

**SpliffSmoker** · 09-07-2006, 06:39 AM

That reminds me...theres an apartment complex here and someone that lives there has a $120,000 Mercedes-Benz AMG parked in the lot

**Mythos219** · 09-07-2006, 06:42 AM

Originally Posted by PaHulkster

Ferrari will cost you huge on the repair, parts, and just basic work. My uncle has had a few Ferraris over the years, and he spends a ton just on basic stuff. $300 oil changes, $10k tune ups, etc. Be preparded to spend the money to maintain the car. A 328 is a really nice car, and most people buy them now as collector pieces. You sound like a bit of a dumbass trying to race a new Vet with your car, so why besmirch the name of Ferrari.

Listen to this guy please. My buddy has a 360 Modena and its $300 for oil changes, $4K for the first 3,500 mile service and $7K for the 7,000 mile service. The prices keep going up as the mileage goes up. The problem is Ferraris need to have the entire engine taken out to service, even for oil changes. This is what makes it so damn expensive b/c of the labor. Just make sure you know what you're getting into before you buy one.

**SpliffSmoker** · 09-07-2006, 06:47 AM

Anyone seen Deuce Bigalow: Europeon Gigallo? The movie sucked, but that 360 Modena in the beginning was awesome

**j_neatherlin** · 09-07-2006, 07:14 AM

Originally Posted by pickitup

Unless you sell the house yourself...you will have to pay the broker to sell it for you.

They usually charge about 6% so to really recover your equity...you need to live there for more than 10 years...

Real Estate is a good investment...but only if you get a good deal on the property to begin with. If you buy something at market value...then it will take many many years to build enough equity to pay the broker fees when you want to sell it...you may break even if you are lucky...

All that being said...buy the house. You do NOT want to be the guy driving a Ferrari who has to park next to a 1999 Dodge Neon in the lot at the apartments. Those people look funny.

it really depends on the growth/economy of the area in which you purchase. around here, property value has been appreciating very quickly.

and that's not even taking into account how much money you'd waste on rent. even if you only live in the house for 3 years

3x12 = 36 months x $500 rent for a ****ty apt = $18k, which you will NEVER get back.

and if you buy a house and have roommates that pay you rent...you're doing even that much better.

also, to the author of the thread...i think a 2002 BMW M3 would pull more ass than that old Magnum PI Ferrari would....

**PickItUp** · 09-07-2006, 07:22 AM

Originally Posted by j_neatherlin

3x12 = 36 months x $500 rent for a ****ty apt = $18k, which you will NEVER get back.

and if you buy a house and have roommates that pay you rent...you're doing even that much better.

Yeah, but your first $18,000 into a house will not go towards principle. In fact, if I remember correctly, the interest curve is VERY steep in the first few years of a mortgage...by that, I mean...for the first few years...you may pay up to 75% interest per payment. In the 5-20 years of the moretgage...it may be more evenly distributed like 50% interest and 50% principle. Only in the last 10 years of the mortgage...do your payments go almost exclusively towards principle.

Once again...ALL THAT BEING SAID...I still recommend you buy the house.

Just be sure to realize that you will need to live there for 5 years or so just to be able to afford to move out. That is the catch with owning a home.

Your first few years of payments will barely affect the principle owed. In addition, you have to pay about 6% fees to get the house sold.

To really break even with a house...you need to live there for 5 years...and I hope nothing goes wrong in that 5 years...cause guess what...when you own a home...you gotta pay for all repairs.

Like I said before...buy the house anyway...regardless of what I just posted...in the long run, you will be better off...in the short term though...apartment living is the best...

If you plan on moving or relocating...do NOT buy a house...keep renting...but if you never move away as planned...you will kick yourself for not buying a house.

**rmda** · 09-07-2006, 07:23 AM

If ur dead set on a car like that get a lotus instead. they go for around 50 grand and you will never see another one on the streets. They are exotic and sexy as hell.

**upslogger19** · 09-07-2006, 07:37 AM

Originally Posted by pickitup

Unless you sell the house yourself...you will have to pay the broker to sell it for you.

They usually charge about 6% so to really recover your equity...you need to live there for more than 10 years...

Real Estate is a good investment...but only if you get a good deal on the property to begin with. If you buy something at market value...then it will take many many years to build enough equity to pay the broker fees when you want to sell it...you may break even if you are lucky...

You have no idea what you are talking about. Lets see.....real estate has averaged over 10% growth over the last how many years? I bought my house 1.5 years ago for $220k and it is now worth over $260. The cost of selling a house should be less than $10k unless you are a dumbass and you get ripped off. So if I sold now I would clear $30k in 18 months tax free.

**dayzend** · 09-07-2006, 07:39 AM

and what about the insurance ? id love to know what that will cost you good luck get a real car u really want to pay that kind of maintenance????? youll be bankrupt in 6 mo's

**T-Will** · 09-07-2006, 07:43 AM

Originally Posted by Duff62269

Haha, someday I want to get a 360 modena or f430. lets see I'll do the math right here. By the way I'd rather have a nice car than a big house because all I really do in my house is sit on my ass all day except when I go to the gym. So I really only need like 2-3 rooms.

At a $50,000 salary:

$25,000 goes to taxes and food costs/utility and housing costs and general living(in an apartment)

put 25000 in savings for 10 years = 250,000 not including interest so its probably more

spend 100,000 on a used modena or f430 and I still have 150k in savings.

Don't forget to calculate the insurance you'll be paying on that.

**MikeM7** · 09-07-2006, 07:44 AM

Originally Posted by Duff62269

Well some people dont have families

. I don't have a girlfriend so its not looking like I'll get married someday, so I can spend all the money on myself

.

I can make it affordable and live in an apartment for like 200-300 a month. Then I can go buy my ferrari after a few years lol.

Where the hell do you live that you can get an apartment for 200-300 a month? The cheapest you can get around here is around 900 for a one bedroom and that's if you qualify for the "afordable dwelling units". To get those you have to make a rediculously low amount of money like 19k a year. If you make more than that you have to pay like 1200 for a one bedroom.

**wanaBsedated** · 09-07-2006, 07:44 AM

Originally Posted by Duff62269

Haha, someday I want to get a 360 modena or f430. lets see I'll do the math right here. By the way I'd rather have a nice car than a big house because all I really do in my house is sit on my ass all day except when I go to the gym. So I really only need like 2-3 rooms.

At a $50,000 salary:

$25,000 goes to taxes and food costs/utility and housing costs and general living(in an apartment)

put 25000 in savings for 10 years = 250,000 not including interest so its probably more

spend 100,000 on a used modena or f430 and I still have 150k in savings.

You are not gonna be able tos ave half of your yearly salary unless you wanna live extremely poor. Think practical..you are thinking retarded.

**upslogger19** · 09-07-2006, 07:45 AM

Originally Posted by pickitup

Yeah, but your first $18,000 into a house will not go towards principle. In fact, if I remember correctly, the interest curve is VERY steep in the first few years of a mortgage...by that, I mean...for the first few years...you may pay up to 75% interest per payment. In the 5-20 years of the moretgage...it may be more evenly distributed like 50% interest and 50% principle. Only in the last 10 years of the mortgage...do your payments go almost exclusively towards principle.

Once again...ALL THAT BEING SAID...I still recommend you buy the house.

Just be sure to realize that you will need to live there for 5 years or so just to be able to afford to move out. That is the catch with owning a home.

Your first few years of payments will barely affect the principle owed. In addition, you have to pay about 6% fees to get the house sold.

To really break even with a house...you need to live there for 5 years...and I hope nothing goes wrong in that 5 years...cause guess what...when you own a home...you gotta pay for all repairs.

Like I said before...buy the house anyway...regardless of what I just posted...in the long run, you will be better off...in the short term though...apartment living is the best...

If you plan on moving or relocating...do NOT buy a house...keep renting...but if you never move away as planned...you will kick yourself for not buying a house.

You see, you are forgetting a MAJOR part of investing in real estate. The house WILL appreciate in those 5 years. It is much less risky than investing in the sotck market if you know what you are doing. Yes, you are correct in the esense that for the first 5 years most of your payments go towords the interest. However, in those 5 years, your property should increase in value. Here is an example. Lets say your $200k house value increases by a VERY conservative 6% per year. At the end of 5 years, your house is now worth $268k. I would hardly call that breaking even. Now lets go with a more aggressive example of 12% gain per year, which is what we have seen recently. Your house would be worth over $350k after 5 years. Very nice investment, as long as you take care of it.

**jarker** · 09-07-2006, 07:49 AM

Originally Posted by animal-mother

**** I just did the math. A 200,000 loan for 5 years @ 9.95% is 4244.99 a month.

Some day I'll get there though.

I can't even imagine that!

**TheAustrianOak** · 09-07-2006, 07:50 AM

Originally Posted by nitrored

Kids now a days... a handful of people in IT fields are going to start at 60,000... chances are you arent. Also your cost of living expenses... they are a little skewed.

Lastly your going to kill yourself in a ferrari... anyone bored w/ 140 mph is going to die.

this guy knows what he is talking about

the IT industry is NOT what it's cracked up to be, I should know as i have just gotten into it.

even with a post secondary education (i did a 3 year course personally), you will start at like 30,000 year

now there is a lot of room for growth, but to grow into new positions you need to work at the company for a while and obtain more certifications (proving that you are up to date with current tech)

after a while you can get a good job as a senior IT manager or analyst, but it will take about 10 years experience to pull in about 75,000 / year

**PickItUp** · 09-07-2006, 07:55 AM

[QUOTE=upslogger19][QUOTE=pickitup]Unless you sell the house yourself...you will have to pay the broker to sell it for you.

They usually charge about 6% so to really recover your equity...you need to live there for more than 10 years...

Real Estate is a good investment...but only if you get a good deal on the property to begin with. If you buy something at market value...then it will take many many years to build enough equity to pay the broker fees when you want to sell it...you may break even if you are lucky...

Lets see.....real estate has averaged over 10% growth over the last how many years? I bought my house 1.5 years ago for $220k and it is now worth over $260. The cost of selling a house should be less than $10k unless you are a dumbass and you get ripped off. So if I sold now I would clear $30k in 18 months tax free.

You cannot hope for 10% growth across America. Also, being "worth" $260,000 does not mean someone will pay $260,000 for it. When you are done negotiating...you will sell it for $247,000...and than take a 6% hit... which is $14,820...not $10,000.

$247,000 - $14,820 = $232,180...

Which is $12,180 in equity...not bad...but also not $30,000!

As mentioned twice already by myself in this thread...REAL ESTATE IS A GOOD INVESTMENT!!!

But you have to do it right or else you will get screwed. 10% appreciation does not happen everywhere. The houses in my area that sell for $150,000 and are 10 years old did not originally start at...$75,000...you cannot apply a 10% appreciation model to every house...they started at $100,000 ten years ago...and had up to 5% appreciation...

Congratulations on your great investment...(I send my envy towards you)...but this will not be the case for everyone.

There is an area in Charlotte known as NODA...it is the artsy fartsy district near downtown. Right now, they are renovating the whole area...and in 10-15 years...that will be THE place to live downtown. Right now, there is a lot of riff-raff that is being torn down, and the nieghborhoods nearby are not the types of places I would choose to live...but that is the BEST place to invest in real estate in Charlotte. I can see that area getting 10% or better appreciation...but I would not move my family in there right now...not a good place to live yet...

**governator45** · 09-07-2006, 07:57 AM

If you want to use this car as your daily driver you will be very unhappy. If you drive a lot an older ferrari like that is not for you. The repairs alone will kill you.
And you WILL need repairs. And you think you are gonna street race with it? If you want something fast you can street race with that has decent handleing just get an 03 mustang cobra. For about 2500 dollars you can boost the hp on the car to about 500.

**Michael More** · 09-07-2006, 08:01 AM

Originally Posted by Mythos219

Listen to this guy please. My buddy has a 360 Modena and its $300 for oil changes, $4K for the first 3,500 mile service and $7K for the 7,000 mile service. The prices keep going up as the mileage goes up. The problem is Ferraris need to have the entire engine taken out to service, even for oil changes. This is what makes it so damn expensive b/c of the labor. Just make sure you know what you're getting into before you buy one.

he is right Ferraris are for rich people becuas eit takes someone rich to maintain it not just afford one. They are also not cars made to drive everyday 10k on a ferrari si a lot of miles btw so if you plan on walking everywhere and driving hardly ever and have a ton of cash to spend on repairs premium gas and just maintanence i say go for it BTW i love ferraris

**upslogger19** · 09-07-2006, 08:01 AM

[QUOTE=pickitup][QUOTE=upslogger19]

Originally Posted by pickitup

Unless you sell the house yourself...you will have to pay the broker to sell it for you.

They usually charge about 6% so to really recover your equity...you need to live there for more than 10 years...

Real Estate is a good investment...but only if you get a good deal on the property to begin with. If you buy something at market value...then it will take many many years to build enough equity to pay the broker fees when you want to sell it...you may break even if you are lucky...

You cannot hope for 10% growth across America. Also, being "worth" $260,000 does not mean someone will pay $260,000 for it. When you are done negotiating...you will sell it for $247,000...and than take a 6% hit... which is $14,820...not $10,000.

$247,000 - $14,820 = $232,180...

Which is $12,180 in equity...not bad...but also not $30,000!

As mentioned twice already by myself in this thread...REAL ESTATE IS A GOOD INVESTMENT!!!

But you have to do it right or else you will get screwed. 10% appreciation does not happen everywhere. The houses in my area that sell for $150,000 and are 10 years old did not originally start at...$75,000...you cannot apply a 10% appreciation model to every house...they started at $100,000 ten years ago...and had up to 5% appreciation...

Congratulations on your great investment...(I send my envy towards you)...but this will not be the case for everyone.

There is an area in Charlotte known as NODA...it is the artsy fartsy district near downtown. Right now, they are renovating the whole area...and in 10-15 years...that will be THE place to live downtown. Right now, there is a lot of riff-raff that is being torn down, and the nieghborhoods nearby are not the types of places I would choose to live...but that is the BEST place to invest in real estate in Charlotte. I can see that area getting 10% or better appreciation...but I would not move my family in there right now...not a good place to live yet...

Ok, well I am basing everything on the real estate market where I live (Seattle area). We had 18% real estate gain in the past year, even when the rest of the country is slowing down. You can pretty much get what you ask for in my area. When I say its worth $260k, thats what someone will pay for it. List it at maybe $265k and sell for $260 is more realisitic. Also, 6% is pretty high and you are getting screwed if you pay that. The broker I use charges 3% plus a few fees up front, which would come in at under $10k total.

**Guy Fawkes** · 09-07-2006, 08:02 AM

[QUOTE=pickitup][QUOTE=upslogger19]

Originally Posted by pickitup

Unless you sell the house yourself...you will have to pay the broker to sell it for you.

They usually charge about 6% so to really recover your equity...you need to live there for more than 10 years...

Real Estate is a good investment...but only if you get a good deal on the property to begin with. If you buy something at market value...then it will take many many years to build enough equity to pay the broker fees when you want to sell it...you may break even if you are lucky...

You cannot hope for 10% growth across America. Also, being "worth" $260,000 does not mean someone will pay $260,000 for it. When you are done negotiating...you will sell it for $247,000...and than take a 6% hit... which is $14,820...not $10,000.

$247,000 - $14,820 = $232,180...

Which is $12,180 in equity...not bad...but also not $30,000!

As mentioned twice already by myself in this thread...REAL ESTATE IS A GOOD INVESTMENT!!!

But you have to do it right or else you will get screwed. 10% appreciation does not happen everywhere. The houses in my area that sell for $150,000 and are 10 years old did not originally start at...$75,000...you cannot apply a 10% appreciation model to every house...they started at $100,000 ten years ago...and had up to 5% appreciation...

Congratulations on your great investment...(I send my envy towards you)...but this will not be the case for everyone.

There is an area in Charlotte known as NODA...it is the artsy fartsy district near downtown. Right now, they are renovating the whole area...and in 10-15 years...that will be THE place to live downtown. Right now, there is a lot of riff-raff that is being torn down, and the nieghborhoods nearby are not the types of places I would choose to live...but that is the BEST place to invest in real estate in Charlotte. I can see that area getting 10% or better appreciation...but I would not move my family in there right now...not a good place to live yet...

You should also budget at least 1% per annum for maintenance and insurance.

**Tim** · 09-07-2006, 09:22 AM

For the most part, and expensive car will only get you laid because driving an expensive car is essentially making a statement that you are loaded. Driving a Ferrari when you are not in fact loaded is basically pretending to be something you are not. If you are planning on getting the Ferrari primarily to get ch8icks, then it is "false advertising." Though women that like guys for their money are generally shallow sluts anyways.

**ZFan89** · 09-07-2006, 09:28 AM

2-300 bucks for an apartment? lol...you've obviously never lived on your own before..

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