Quote:
Originally Posted by ///MPhatic
I think my issue is that it's my dream car and I'm unwilling to settle when I get it, so it has to be the right color/interior/etc. Some things can be changed, like the caliper and wheel color, I'm good with that, but it's going to have to be one of 2 blues Ferrari made the car in, and I'm not about to tackle changing tan interior to black.
I own both my Exige and M2, and I have to believe the combo is worth $130, so for the spec I want I'm still quite far from the dream. It's possible, I'm not giving up, but improbable.
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I didn't want to settle either which is why it took so long to find the right car. You'll commonly see people on Fchat that said it took them 1-2 years to find the right car. One of the best ways to find what you're after is posting a WTB listing on Fchat or the 458 owners group on FB with what you're looking for, people may own or know of off-market cars that match. You may also get a better price than paying retail if the owner isn't 100% in tune with the market. I had a couple people offer me cars at $200k that would have retailed for $220-230k.
If your cars are paid off and you have $130k in actual equity that is huge. You can always get a loan for the rest. I've been using a HELOC for several years and just taking advantage of promo interest rates, paying the interest and not paying off any principal since I put down a big chunk in the first place. My first FF I got 1.99% on a HELOC for 12 months, bought the car with all of it, paid $180/month in interest, sold the car for $50k profit during Covid after paying around $1800 in interest. Obviously rates are higher now but if you can get something like a 6-7% promo rate it's not bad. If I have $130k cash getting 5% in a savings account and I'm paying 6% interest, I'm only effectively paying 1% on that amount. Current "normal" HELOC rates are around 8.25-9.5% right now. I have no other car payments and a low mortgage payment so I just look at the interest as my rental fee and whatever happens to the value I deal with at the end. Might go up, might go down, but it's not like a 458 is going down $50k in one year. The Exotic Car Hacks guy on youtube has very good info and knows his stuff even if he's a bit arrogant, he's very good at picking top tier specs that hold value well.
You will never regret buying a Ferrari even if only owning it for a few months or a year as long as you can afford it. They are amazing cars to drive, a Porsche or BMW will never give you the same experience. Loved the E92 M3, have loved every 911 I've had, but they're not even in the same league when it comes to the feel and excitement of driving a Ferrari.