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Thread: When is the right time?

  1. #1
    Cavking is offline Burnt out Rover Metro Sponsor
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    Default When is the right time?

    I've always loved supercars, been on a few Supercar experience days, and will buy a Supercar one day.

    I've landed a job earning £135k per year, so should be able to afford my first Supercar once I have the deposit together... But when did you feel was the right time for you to buy your first Supercar.

    Was it your earnings? A business sale? A midlife crisis?

    How did you know the time was right for you to push the button and what was your first Supercar?

    Sent from my SM-G975F using Tapatalk

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    Nosevi is offline There's an outside too? Where? Super Moderator
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    Wanted a Ferrari from a young age but being in the military and having a family it took me a while to save up for one. I wanted a 348 when they were new so having tried a few of the models from around that period and price bracket that's what I got. I bought it when I could buy it outright for cash and really didn't care about depreciation or future prices. I've seen younger owners finance newer cars with packages including big balloon payments at the end etc. but if (or in some cases when) their financial situation changes and they're holding a depreciation asset in a falling market on which they owe a lot of money the end result rather sours the experience. My only advice is that it's a toy, no one needs one of these cars, I wouldn't over-stretch yourself. Personally I'd buy what you can afford to buy rather than what your new job currently allows you to finance...ÖÖÖ but we are all happy to accept different levels of risk so obviously totally ignore this advice if you like

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    Garvin is offline Salesman's average 3 Series BMW Club Member
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    The right time to buy is when a) you can afford the acquisition cost; and b) when, and this is important, you can also afford the running costs.
    I like red & cream!

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    Echo Pete's comments re over-stretch

    Even today after 30 years I still occasionally scare myself by remembering that potential bills could make a big hole in income let alone having to continuously worry about finance

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    A348W is online now I don't use deodorant Club Member
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    As Peter and Gavin say.

    1) when you are comfortable with whatever financial commitment you are making, be it £40k to buy something outright, or £40k deposit on something newer. Nobody can make this decision for you and everybody is different!
    2) when you are comfortable you can afford the running costs. Lots of experience about on what makes for a sensible annual budget, so do some digging on the forums.

    I was similar to Peter, always wanted one, even more when my uncle got into them. Was only three years ago I finally got one and absolutely love it, both the driving and the people you meet.

    Whatever you do, do lots of homework, attend lots of meets etc.

    Enjoy and donít hesitate to ask anything!

  6. #6
    Allandwf is offline Essex boy's Ford Capri Club Member
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    Default Right Time.

    I too always wanted a 348. I climbed the car rungs , so to speak, via a few classics, couple of TVRs, ( Cerbera and Tuscan,) and a Maserati Assetto Corsa. I had the Maserati for six years, loved it but decided to get the 348. I wanted old school, something I could tinker with, and something to keep. I bought cash, and worse case scenario, in the scope of things, if I lost the lot it wouldn't be a disaster.

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    sssdu01 is offline No I'm Spartacus Committee Member
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    As Pete said its just a toy car so dont stretch yourself £££££ Personally I only pay cash for toys

    Also you really need a healthy back up fund in case you get an unforeseen problem. When you decide which model you want ask on here what can go wrong and how much it costs. You might be surprised how one of these cars can just eat £15/20 K with ease !!

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    I guess it depends on your other outgoings and your general financial position. That salary alone with a reasonable mortgage and not much savings the potential for a large bill every now and then would make the ownership experience worrying and therefore not enjoyable. In that position I'd be looking at something German which is likely to be far cheaper to run and repair should the need arise and generally more usable throughout the year.

    My case, the first Ferrari was bought after a business sale and I thought I'd be able to keep it for at least 3 years without worrying too much. Now on my second 5 years later, repair costs are a little bit worrying but I'm secure enough that it wouldn't ruin me.

    Best of luck whatever you decide.

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    Bought mine outright after the house was mine not the building societies.
    Probably not what you want to hear but I cannot see the logic in having finance on a toy. A big bill, job loss, company goes bankrupt all could make for a bitter ownership experience. Rebuilds were said to be £1500 a pot when I bought my 355, but that was 17 years ago.
    Iím retired now so I can see my ownership coming to an end, but have set aside a certain amount to spend on the car and itís use. After that I will put it up for sale. I donít need any more worry in my life, itís too short.
    I hope you achieve your dream but think carefully and do your research.
    Best wishes Ian

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    As everyone else has said, The right time will only be decided by you but just remember you only live once.!

    When i left school i said to all my mates that i will own a ferrari by the time i was 25, Everyone laughed at me. At 24 i purchased a 3 year old ferrari 360 and at that point i had a mortgage and children, It was a big stretch back then and i had to borrow £20k of the money to fund it,

    I sold it after 2 years of ownership and went through all the cars you could imagine, Then 2 years ago at age 34 i bought my 2nd, A california and im just about to get out of this and into an FF.

    My advise, Go and do it whilst you still can, We never know whats round the corner,

    Mike

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