The guy wants to sell his current 997S to buy a 2001 Ferrari 360. Why ????
Anyway he asks Suze if he can afford it.
http://www.cnbc.com/id/15840232?video=1339025059&play=1

 

He should do it. The maintenance will be a nice Christmas surprise.

 

I was more surprised at the car he was trading than whether she was going to approve him . If he paid 60 and was getting 40K in trade it had to have been either an 06 or an 07 C2S --leaning towards an 06.

We also see a lot of 997S or M3 posts as well as 997S versus other cars but rarely a 997S going into an older Ferrari 360 .

As for opinion on approved or denied - I am usually 95 percent in agreemement with her which is quite often . Sometimes I would deny the purchase that she approves and visa versa but not too often.

It's hard to justify the 75K car to a rational investor . I think his final dealbreaker was when she asked him if his current car was once his dream car .

 

Might be a speculator that thinks he can hold onto the past while making quite a nifty profit as many Ferrari owners have in the past.

Could be chasing 2 dreams at once and this might just be twice the fun.

 

The memories of having driven and owned thse high end cars is something to cherish . I understand the emotion of that caller but I also see that tight reigns on purchase approval is based on peace of mind and savings .

A nine year old Ferrari has a lot of Wow factor but his current car has many qualities that the Ferrari lacks and one hinges on cost.

 

Seems to me he answered his question when he decided he needed to ask if he could afford the purchase.

 

I agree that it is a bit of a trade down when looking at the whole picture. I wouldn't do it.

 

She got to him @ "was the P-car your dream car also?"

 

this was funny, i think he has enough money to do it, and go ahead and jump out....f- it....just do it like nike, but the maintenance is going to be crazy... hope he didnt think porsche maintenance was alot... wait til he see's the bill for ferrari, 15,000 service...lol

 

I think justifying a $72K car (not including maintenance) on $10K a month salary is incompetence... regardless of investments (particularly in today's world)...

 

+1. Not to mention, the fella is 44 and only has 50K in retirement? His financial picture would look a lot better if he had his cash and ira flip flopped on value. He should be liquid for a half upon making this move, though. If I were him, I'd mod the porsche, and take his 2K a month in maint/rep he'd spend for the ferrari and stash away in IRA.

 

money aside, if he has to ask someone whether to buy this toy or not, it already showed that he doesn't mind not getting it at all.

 

http://ferrarichat.com/forum/showthr...#post139151470

 

We almost bought a used Ferrrari (pretty sharp but much cheaper than this one) in Indy last summer - just for the hell of it and not trading/selling anything. Fortunately or unfortunately the owner was such a ******** that we walked away.

For what it's worth, Suze has been quite successful which is fine - just don't attach too much credibility to many of her answers: http://articles.moneycentral.msn.com...utOfTouch.aspx

 

I don't think they even got that far into the numbers . She probably woiuld have because I have seen her delvbe deeper into the cost . She places a lot of emphasis on having a farly long term emergemcy fund . I also think that when the DOW broke 7K and the the financial instititutions were at their weakest her viewers did not even question conservative spending habits . It aws also at that time that high end used car prices tanked . She is still maintaining that philosohy.

In his case .. he had income , enough savings to pay the 20 K , and investments .. his house wasn't paid off and 10K a month (take home) is 120K a year . It almost sounded marginal except for two things -

1) He woild hit a financial pit if he lost his income .
2) He already has a "dream car" and if that pattern continues it can get very expensive and shes presenting the financial end of it. .