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any "regular working guys" own a 360

 
  #241  
Old 10-07-2011, 08:15 PM
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Originally Posted by JetJockey View Post
A "USED" 997TT I mean.
Side note ---> I walked in from this chiropractor's 185k pool and he showed me a credit card bill his ridiculously hot "trophy wife" had racked up that he pays off each month and it was $8900.00!!!! This is the guy who I would see owning a Ferrari, not me...
$8900 a month is a hell of a lot more expensive than Ferrari ownership, even new ownership. Perhaps 6-7x as expensive as 360 or 430 ownership even.
 
  #242  
Old 10-08-2011, 06:48 AM
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  #243  
Old 10-08-2011, 07:02 AM
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Originally Posted by superbike81 View Post
I don't have an amazing job or anything, military medical officer (nurse), but I am currently in negotiations for a 06 430 Spider. I considered a 360, but the 430 just gives me a much better feeling in my gut when I drive it vs the 360 (just that X-factor people talk about). Many people seem to buy Mercedes/BMW brand new as their daily drivers, I don't. I'm driving an 11 year old Toyota Camry that gets the job done VERY well. The 430 will be a strict weekend/special event car and I'll likely put about 3000 miles on it the first year, and 1500-2000 each subsequent year. I'd rather drive a basic Camry daily in order to drive my dream car on the weekends than to drive a "nice" expensive new luxury car daily and not be able to afford my dream car. This is my dream car, and I'll be keeping it forever (as long as my family and I stay financially sound). We already own our home (which by the way we didn't spend $750k on like many people do) and have no car payments currently and no bad debt.

What I'm getting at here, is if a certain car is something that you have dreamed about for a long time, do whatever you have to do (within reason) to afford it. I don't see anything wrong with financing something you really want, even if it is a depreciating asset. Most people will say "pay cash or you can't afford it!" well, for many different reasons that I won't get into, I disagree with that. One reason being that I'm not one of those people who "saves now to live a better life later" I would rather live a good life now and later.

Yes, you will pay more to a finance company if you finance a 360 for $100k with $30k down. At 96 months and 7% you've got a ~$900 payment and are paying an extra $16k to finance. Another way to look at it is you are paying about an extra $150 a month in order to have it now instead of later. I think that's acceptable as long as you aren't putting yourself or your family in dire financial jeopardy.
they will give you a 96 month loan???

what is the max loan you can get and what possible percantage would it be? I find this interesting and dont see a problem with it as long as you dont end up in negative equity
 
  #244  
Old 10-09-2011, 03:42 PM
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Originally Posted by 6spdg37s View Post
they will give you a 96 month loan???

what is the max loan you can get and what possible percantage would it be? I find this interesting and dont see a problem with it as long as you dont end up in negative equity
My bank, Navy Federal CU will do 96 month loans on certain high value used cars on a case by case basis. Not sure if many other banks offer something similar or not. Interest rate is also determined case by case, but I was offered the new car rate for them which is 6.5%.

I did leave out a good point that you mentioned, starting upsidedown on the loan isn't a good idea. Pay as much down as you have to in order to have a good cushion.

But even if you went with the standard maximum used car loan of 72 months @ 5% you are still paying under $1200 a month on the same amount.
 
  #245  
Old 10-09-2011, 05:11 PM
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Originally Posted by superbike81 View Post
My bank, Navy Federal CU will do 96 month loans on certain high value used cars on a case by case basis. Not sure if many other banks offer something similar or not. Interest rate is also determined case by case, but I was offered the new car rate for them which is 6.5%.

I did leave out a good point that you mentioned, starting upsidedown on the loan isn't a good idea. Pay as much down as you have to in order to have a good cushion.

But even if you went with the standard maximum used car loan of 72 months @ 5% you are still paying under $1200 a month on the same amount.
I did some of the math out when I was umm bored... and it came out negligible in some scenarios ...

but regardless I would put down a large payment cause ending up upside down is bad... I know kids taht ended up upside down in like infiniti g35s cause they took huge loans out and watched them depreciate fast
 
  #246  
Old 10-09-2011, 07:29 PM
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Good thing about a 360 is it is nearing ground level for depreciation.
 
  #247  
Old 10-09-2011, 07:43 PM
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Originally Posted by superbike81 View Post
Good thing about a 360 is it is nearing ground level for depreciation.
yes this is very true... my main concern would be what was done to it before I owned it and how much parts/maintenance could be
 
  #248  
Old 10-09-2011, 08:54 PM
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A very real concern, take your time with the purchase. Don't jump on the first seemingly "good deal" you see. Do some research, make sure the deal isn't "good" because of the underlying condition of the car.

As a "regular working guy" considering a purchase of a ~$100k used exotic car, you need to manage your money very well. Before you make the purchase, be willing to commit to any repairs or maintenance it needs now and may need in the future. Set aside a decent amount of spare change for unexpected (and routine) maintenance requirements. Or be prepared to have an expensive garage decoration for a while until you can save up whatever amount is needed for a specific repair.
 
  #249  
Old 10-11-2011, 09:43 AM
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I wish I could save money like you. It appears that you have a very sound financial plan to attain your goals. It's obvious that you have no intention on being cash poor and car rich. I wouldn't be a bit surprised if you are doing better than a lot of Ferrari owners. I salute you and I hope you make your dream a reality.
 

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  #250  
Old 10-11-2011, 10:01 AM
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Originally Posted by 6spdg37s View Post
they will give you a 96 month loan???

what is the max loan you can get and what possible percantage would it be? I find this interesting and dont see a problem with it as long as you dont end up in negative equity
Some banks will do 120 months...

At around 10%. I came across this when I was shopping for one.

I personally wouldn't use it, just saying that offers existed.
 
  #251  
Old 10-12-2011, 12:37 AM
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WOW WOW WOW,

i truly forgot about posting this until today i was browsing and saw it had a new post. i am amazed that there have been so many responses and views. first to the person that said the "normal working stiffs" was offensive...i had no intention to offended anyone . had i been better at expressing myself i would have chosen words differently. if any one reads the magazine heavy hitters i feel this post could easily be featured in it. to give you guys an update on me 2 years later i have not purchased my 360/430. last year i decided to leave my job (which i may have not had the freedom to do if i had purchased it) i left my job to devote more time to my existing business and to start 2 more ventures. the f car is on hold until a later date . i am actively looking for a e92 m3 to satisfy my need for speed and sound.

also yes i own my own 15year old 4600 sqft house its paid for...it was given to me by my parents. when i said regular working stiffs i meant folks that dont have high profile "glamorous" jobs ...i work 16 hours days some time 7 days a week most weeks and come home with dirty jeans and work boots most times. and at the time of the posting i made less then 100k a year but i have less then 1000 a month in all expenses i dont buy fancy clothes. most times you will see me in jeans a tshirt and flip flops i shop at burlington and tj max i resist the urge to buy a nice watch my daily drivers are a honda accord and a 8 year chevy truck and a 6 year old sport bike.

i guess what it comes down to is i felt i did not deserve to own an exotic b/c of the fact i did not graduate college or have a prestigous job. after reading this forum and a few others and heavy hitters magazine and talking to customers of one of my business ventures (automotive related) i realized that you would be surprised who the millionaire next door is and as long as your obligations are filled you should live your life.

again thanks for all the responses
 
  #252  
Old 10-12-2011, 06:49 AM
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Originally Posted by f car fan View Post
WOW WOW WOW,

i truly forgot about posting this until today i was browsing and saw it had a new post. i am amazed that there have been so many responses and views. first to the person that said the "normal working stiffs" was offensive...i had no intention to offended anyone . had i been better at expressing myself i would have chosen words differently. if any one reads the magazine heavy hitters i feel this post could easily be featured in it. to give you guys an update on me 2 years later i have not purchased my 360/430. last year i decided to leave my job (which i may have not had the freedom to do if i had purchased it) i left my job to devote more time to my existing business and to start 2 more ventures. the f car is on hold until a later date . i am actively looking for a e92 m3 to satisfy my need for speed and sound.

also yes i own my own 15year old 4600 sqft house its paid for...it was given to me by my parents. when i said regular working stiffs i meant folks that dont have high profile "glamorous" jobs ...i work 16 hours days some time 7 days a week most weeks and come home with dirty jeans and work boots most times. and at the time of the posting i made less then 100k a year but i have less then 1000 a month in all expenses i dont buy fancy clothes. most times you will see me in jeans a tshirt and flip flops i shop at burlington and tj max i resist the urge to buy a nice watch my daily drivers are a honda accord and a 8 year chevy truck and a 6 year old sport bike.

i guess what it comes down to is i felt i did not deserve to own an exotic b/c of the fact i did not graduate college or have a prestigous job. after reading this forum and a few others and heavy hitters magazine and talking to customers of one of my business ventures (automotive related) i realized that you would be surprised who the millionaire next door is and as long as your obligations are filled you should live your life.

again thanks for all the responses
I dont think its offensive ! If you control your spending/saving anyone can afford anything

I know alot of people who didnt go to college and who work regular jobs

construction, electricians, hvac, etc; mostly union jobs and the fact of the matter is ...

if your making 40k when your 18-19-20, and you save most of it. then you salary goes up and you end up making 60k as a foreman

and you save most of it ... you can have a nice little bank account in a few years ..

I was in college working at circuit city and I had a huge savings account, why because my income/debt ratio was good.

I spent almost nothing , while saving almost everything

right now I am making good money , I work in an office at a top firm, wouldnt call my job glamourus in anyway in fact I wish I did something hands on as a career instead of this...

but I am attempting to save a majority of what I make, My z06 is almost paid off

so my 3 expenses are rent, car(insurance included), and college loans

I am still trying to build my wealth by minimizing my expenses... Will i buy another car at some point most likely yes... but having enough in my savings to live off if my job does come to an end is something I learned that is very valuable

end rant:
 
  #253  
Old 03-30-2014, 06:48 AM
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Well i had some spare time and i read this, everything was going great until the inconclusive end!

f car fan did you eventually pull the trigger? Are you now convinced you don't have to be a flashy millionaire to drive something you like? Have you decided to not purchase an exotic? Whats in your garage now!!!

This thread needs an update
 
 
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