Ferrari 488 Pista

Felonious Crud

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Iain, you should share some of the interior pictures as well. It really is bloody lovely. Again, well done! Very stylish choice.
 

iainw

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Ive not taken much notice of new cars recently, that DB11, jeez! That is a head turner, the rear, especially in black... holy sci-fi bat man! It looks like you've driven a concept model away!

Love it!
Thankyou mate- the opinions of true car lovers means a lot. I wasn’t sure about the change- and AMs didn’t stir my soul- but the DB11 has grown on me- and this spec just felt right . I can’t believe the styling cues and muscular back end - in combination with the interior and ‘practicality’. I am disappointed I missed the track day to meet you guys but I had some important things I couldn’t get out of. I really hope able to catchup with some of you soon
 

Felonious Crud

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The finance market certainly seems to think that a Fezza isn't a bad place to put your money. Well, as far as cars are concerned, apparently one of the less stupid places. I was chatting to the guy I use for finance. He has just written finance on a 2018 488. Car was £205k. 30-month deal borrowing £170k with a balloon of £159,895. Monthly payment just shy of £1,200. He beat Ferrari’s balloon by £1,000 and saved his client £100 per month compared to his £125k Audi R8 that he borrowed £95k on. Annual mileage of 3000. Nuts!

Mind you, a balloon of £160k would scare me shitless. I daresay Mrs Crud would have some opinions on the subject as well.
 

D Walker

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The finance market certainly seems to think that a Fezza isn't a bad place to put your money. Well, as far as cars are concerned, apparently one of the less stupid places. I was chatting to the guy I use for finance. He has just written finance on a 2018 488. Car was £205k. 30-month deal borrowing £170k with a balloon of £159,895. Monthly payment just shy of £1,200. He beat Ferrari’s balloon by £1,000 and saved his client £100 per month compared to his £125k Audi R8 that he borrowed £95k on. Annual mileage of 3000. Nuts!

Mind you, a balloon of £160k would scare me shitless. I daresay Mrs Crud would have some opinions on the subject as well.

So I guess, at the end you just give the car back and say goodbye to the 45k, unless its worth more than the 160k, then you get some back, or you pay the 160k, Is that correct, Athol explained it to me all once but i'm not brilliant with money, guess thats why I have none.....
 

Felonious Crud

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So I guess, at the end you just give the car back and say goodbye to the 45k, unless its worth more than the 160k, then you get some back, or you pay the 160k, Is that correct, Athol explained it to me all once but i'm not brilliant with money, guess thats why I have none.....

The minimum cost (unless you bail early) is your deposit plus the monthlies. So in this case it's £35k down plus 30x£1200 = £70k. Most people at that point would trade it in for a new one or refinance it. Who the h3ll has £160k floating round spare to pay the balloon! Clearly neither of us.
 

outrun

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So I guess, at the end you just give the car back and say goodbye to the 45k, unless its worth more than the 160k, then you get some back, or you pay the 160k, Is that correct, Athol explained it to me all once but i'm not brilliant with money, guess thats why I have none.....

If you have the correct version of the man-maths calculator, amazing things can happen!
 

Felonious Crud

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EH? You mean the abacus is no more??

You just need to upgrade your beads, Dave. Et voila! - you can justify any kind of d@mn fool extravagance you wish to, with your newly upgraded, cut-price, Yorkshire version of Ye Olde Gentleman's Computational Abacus Machine (patent pending).
 

D Walker

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You just need to upgrade your beads, Dave. Et voila! - you can justify any kind of d@mn fool extravagance you wish to, with your newly upgraded, cut-price, Yorkshire version of Ye Olde Gentleman's Computational Abacus Machine (patent pending).
Its even harder to use with short arms and deep pockets....
 
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iainw

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Only a petrol head with the most advanced version of manmaths calculator could think £70,000 over 3 years was a Bargain for a car to use at weekends. But I was convinced at how you pitched it adam- it sounded so good I was considering it for a 3rd car!! :/
 

JonW

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Only a petrol head with the most advanced version of manmaths calculator could think £70,000 over 3 years was a Bargain for a car to use at weekends. But I was convinced at how you pitched it adam- it sounded so good I was considering it for a 3rd car!! :/

My view exactly... I know there are plenty of people who have enough money to be able to do this, but that seems a feck of a lot of money to me....
 

rockits

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You can buy a nice 2nd hand sports car outright for 70k!

Also wouldn't be any more to just hire one when you wanted to use it would it?
 

JonW

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The finance market certainly seems to think that a Fezza isn't a bad place to put your money. Well, as far as cars are concerned, apparently one of the less stupid places. I was chatting to the guy I use for finance. He has just written finance on a 2018 488. Car was £205k. 30-month deal borrowing £170k with a balloon of £159,895. Monthly payment just shy of £1,200. He beat Ferrari’s balloon by £1,000 and saved his client £100 per month compared to his £125k Audi R8 that he borrowed £95k on. Annual mileage of 3000. Nuts!

Mind you, a balloon of £160k would scare me shitless. I daresay Mrs Crud would have some opinions on the subject as well.

I’ve been thinking about this...

From the perspective of the lender, they’ve lent £170k, of which £160k is “secured” on the value of the car in 30 months time. Or put another way, they invested £160k in a Ferrari 488 that was worth £205k when they bought it, and lent £10k (unsecured) to the bloke who they are going to allow to drive their Ferrari for the next 30 months...

Either way, they seem to be at risk for £10k, but get 30*1200 back, so £36k... talk about making your money work for you!

What am I missing here?
 

Zep

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I think you are equating risk with cost. They still have to finance the £160k they are risking for that period.

Using my calculator the monthly cost adds up to £36k, he is putting down 35k so the final cost is £71k.

If you have the equity you could take out a mortgage against your property for £170k interest only. At 3.5% over 3 years this would cost £18k, you still put your £35k down and the final cost would be circa £63k assuming the final value is £160k. A handy £8k saving. And if you then get more than the agreed value at the end of the period - happy days.

This of course assumes you are happy to part with either £63k or £71k over 3 years. I certainly am not!
 

JonW

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I think you are equating risk with cost. They still have to finance the £160k they are risking for that period.

Using my calculator the monthly cost adds up to £36k, he is putting down 35k so the final cost is £71k.

If you have the equity you could take out a mortgage against your property for £170k interest only. At 3.5% over 3 years this would cost £18k, you still put your £35k down and the final cost would be circa £63k assuming the final value is £160k. A handy £8k saving. And if you then get more than the agreed value at the end of the period - happy days.

This of course assumes you are happy to part with either £63k or £71k over 3 years. I certainly am not!

Fair point re the cost of financing, but it still seems a very attractive proposition for the finance provider and a very costly deal for the Ferrari driver...

If it were me ( and I’m nowhere near that league) I would do the home equity loan, and hope that through good care and maintenance I could secure a higher value at the end of the lease than the balloon payment.
 
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Felonious Crud

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I'd struggle with the idea of reducing the equity in my house so that I could have a Ferrari on the drive. Now, I acknowledge that by electing to buy a sillycar instead of putting the money in the house I've effectively done exactly that, but you take my point. It's a far more explicit, conscious act. Yes, it may be more expensive (and obviously the differential on a £200k car is far higher than on a £100k car), but it feels less irresponsible than borrowing against my house.

PS - yes, the finance company does well out of this, but so does the Fezza driver. He gets to grin like a raving madman every time he drives it, and admire it when he isn't driving it. Mind you, I'm sure he'll soon tire of the fact that it sounds likes a hairdryer.