Should I splurge now, or invest it?

[UALOneKPlus]

Ok gang, I've worked my tail off to save some money.

Right now I've saved enough to buy a Ferrari F355 or Modena, or I can dump that cash into some property that I've been eyeing.

I've always been very frugal, never bought a new car or truck, drove used vehicles until they fell apart. But we live in a nice home, no debt, so I've got to do something with the extra money. (see, being a moderator of the Hot Deals Forum saved me a ton of money too )

So right now I can splurge, buy the F355 or a nice used Modena, enjoy it and take the hit on the depreciation, or be money wise and buy some real estate that I know will appreciate in a few years.

I love Ferrari's, and this would be my one shot to own an exotic for a while....

What to do???



OR

[Bhairav]

Do you even need to ask? Ferrari all the way,baby!

BTW, if I'm ever in your neck of the woods, you'll take me out for a spin in the Red One, won't you?
Please?
Pretty please?

[Banshee]

INvest: use the PROFITS fromt he real estate deal once it appreciates to BUY the car and STILL have the original money you set aside to GET the house ;P

[UALOneKPlus]

:o

Do you even need to ask? Ferrari all the way,baby!

BTW, if I'm ever in your neck of the woods, you'll take me out for a spin in the Red One, won't you?
Please?
Pretty please?

Of course!!! Only if you bring a pretty girl though!!!

[MonteLDS]

my friend was talking to me about this exact same subject. except their was a third choice, which was keep the money invested in his bussiness.

It was pretty simple that a home was the best bet, between the car or the house. At least here in California I have seen a lot of people who in 2 years have made 60k+

but that is just because it is a sellers market here right now

[BuddhaTB]

You only live life once and you have to go with the Ferrari. I know investing it would be the more intelligent choice, but seriously what are you going to be saving it for? Your kids to spend it for you? You already stated that you have a nice home that's paid off, so a Ferrari would look nice in the garage next to your daily drivers. It's like why do we even work in the first place? So we can live a good life and to splurge on ourselves every once in awhile. The only reason why I'm even in the engineering field is to make good money so I could buy myself a Ferrari one day too. Have to live life happy and I know a Ferrari would make us car guys very happy.


And if you're still undecided, go to the dealership and test drive the Ferrari. Drive it many times under an under-pass and the sound of the V-8 alone will convince you to buy it. I believe you're from Socal too, so I'll be expecting a ride someday.


Make sure you get the F1 tranny when you decide on the 355 or the 360 Modena. If you go with the 355, get the GTS edition with the targa top. I personally like the Modena more because of the glass engine cover and its all aluminum space frame.

[Bhairav]

:o

Do you even need to ask? Ferrari all the way,baby!

BTW, if I'm ever in your neck of the woods, you'll take me out for a spin in the Red One, won't you?
Please?
Pretty please?

Of course!!! Only if you bring a pretty girl though!!!

Is there a new 3 seater Ferrari on the market I don't know about?

[Bhairav]

You only live life once and you have to go with the Ferrari. I know investing it would be the more intelligent choice, but seriously what are you going to be saving it for? Your kids to spend it for you? You already stated that you have a nice home that's paid off, so a Ferrari would look nice in the garage next to your daily drivers. It's like why do we even work in the first place? So we can live a good life and to splurge on ourselves every once in awhile. The only reason why I'm even in the engineering field is to make good money so I could buy myself a Ferrari one day too. Have to live life happy and I know a Ferrari would make us car guys very happy.


And if you're still undecided, go to the dealership and test drive the Ferrari. Drive it many times under an under-pass and the sound of the V-8 alone will convince you to buy it. I believe you're from Socal too, so I'll be expecting a ride someday.


Make sure you get the F1 tranny when you decide on the 355 or the 360 Modena. If you go with the 355, get the GTS edition with the targa top. I personally like the Modena more because of the glass engine cover and its all aluminum space frame.

Well said! Also, that 360 Spider is just plain sexay..

[JamieW]

Having owned several Ferrari's starting from 1996, I can tell you that initially you will be in awe of it. However, give it 4 or 5 months and you will wish you had bought the house.

[Ian]

Jamie, you still drive your H2? If not, can I have it? Nevermind.. it wouldn't fit in my garage.

[JamieW]

Even though the mileage is horrible, it is a great vehicle for Northern Virginia. I get a good view of all of the traffic and it is surprisingly easier to park than my Suburban was.

[hoxlund]

if it were me id go for a nice classic, but thats just me

i have more respect for people like that

http://cgi.ebay.com/ebaymotors/ws/eBayI ... 08780&rd=1

[Kennyshin]

if it were me id go for a nice classic, but thats just me

i have more respect for people like that

http://cgi.ebay.com/ebaymotors/ws/eBayI ... 08780&rd=1

I didn't know eBay has also cars. I wish I could import some vans.

[Spazmogen]

Why not take 1/2 of your current $ and buy the wife/significant other something nice-or just ask her what you should buy. Take the other 1/2 and use it as collateral, borrow some more (leverage) and invest it.

If it works, your wife is happy, and your investment will grow to the point when you sell it, that it covers the cost of the loan. In other words: use the banks money to make you money. And write off the interest of the loan in the process.

Here in Canada, if you borrow money to make investments, the interest on the loan is tax deductible, and if you work it right, your investment will pay dividends (taxed far less than fixed income investments in Canada, anyway). It's like paying 1/4 of tax on your investments.

The old addage of: "it takes money to make money" is true.

Remember: if the wife 'aint happy, no one will be happy.

For a long time.

Make time to stop and think: how do I want to live in retirement? Form a plan, then start to invest now.

The best time to have invested was yesterday, the 2nd best time is today...

If you really have a need for speed: get your pilot's licence. Then you can really go 200mph and not worry about a ticket.

[Ian]

Spaz, do you have a pilot's license?

[UALOneKPlus]

Nice Spaz.

I already bought my wife several really nice things... especially the ROCK that is called a ring. Not to mention a new vehicle last year (used, of course, but still new). I'm also maxed out my retirement investments. So right now I'm looking at this nice property as additional asset to my current portfolio, which is not required because my portfolio of investments is very healthy right now, or go and be wild and reckless and spend the money to buy the Ferrari.

We have everything we possibly could need, so this is a true want, not a need. So I'm still toying with the idea of driving a Ferrari around my neighborhood...

JamieW - tell me about the Ferrari's you've owned - what models? I had no idea that you were a millionaire also!!

BuddhaTB - you're right - I've been a car enthusiast all my life. Do they allow test drives at the Ferrari dealers?? I'm a pretty young looking guy, so I wonder what it will take to get a test drive. If I get the Ferrari I'll give you a ride to Fry's to buy a DVD Writer

[Spazmogen]

Spaz, do you have a pilot's license?

Not yet. But I'm working on it.

I'm doing a DVD based ground school right now. I can't make a regular class due to shift work.

So far, it's a bit of a learning curve, but not as hard as I thought it was going to be.


If only I could afford the $280,000 US required for one of those twins pictured above. The better of the 2 was just under $600,000 US.

[CowboySlim]

Nice Spaz.

JamieW - tell me about the Ferrari's you've owned - what models? I had no idea that you were a millionaire also!!

Jamie, too? Is that four of us (including Alejandra)?

Slim
Who wonders why, then, he is still clipping and mailing in $5 rebate forms. But then, maybe that is how he got there in addition to starting on the path that Spaz recommends many years ago.

[BuddhaTB]

BuddhaTB - you're right - I've been a car enthusiast all my life. Do they allow test drives at the Ferrari dealers?? I'm a pretty young looking guy, so I wonder what it will take to get a test drive. If I get the Ferrari I'll give you a ride to Fry's to buy a DVD Writer

Actually you can't test drive it, but the person I know who owns one rented one for a day to see how it drove around town before placing a deposit on a new Ferrari 348. If you're as much of a car freak as I am, seeing the following pics will make you WANT one NOW. BTW, what neighborhood do you live in Socal?


Taken at the 2004 LA Auto Show

[JamieW]

'84 308 GTS and a '91 testarossa. Don't currently have either ferrari. Prefer the 330 ci and the H2 over either one.

[UALOneKPlus]

Jamie, too? Is that four of us (including Alejandra)?

Slim
Who wonders why, then, he is still clipping and mailing in $5 rebate forms. But then, maybe that is how he got there in addition to starting on the path that Spaz recommends many years ago.

LOL Slim - like they say, even millionaires like to save money!!

I'm very frugal personally, but I am very generous with my friends and family. I've sent friends and family on free trips abroad, with complimentary hotel stays and transportation. That is money well spent.

BuddhaTB - I have a residence near the Riverside area, but we also have a home out of state that I invested with family, and I'm finding myself spending more and more time there. So I'm thinking of moving away from California in a while. The gain on our property has been amazing in Cali, and I'm looking to custom build a new home out of state, with a 4 car garage so I can have space for the Ferrari...

[Alejandra]

Actually you can't test drive it, but the person I know who owns one rented one for a day to see how it drove around town before placing a deposit on a new Ferrari 348. If you're as much of a car freak as I am, seeing the following pics will make you WANT one NOW. BTW, what neighborhood do you live in Socal?

What, did you never saw "Scent of a Woman" with Al Pacino and Chris O´Donnell? Your'e kidding right?

[BuddhaTB]

BuddhaTB - I have a residence near the Riverside area, but we also have a home out of state that I invested with family, and I'm finding myself spending more and more time there. So I'm thinking of moving away from California in a while. The gain on our property has been amazing in Cali, and I'm looking to custom build a new home out of state, with a 4 car garage so I can have space for the Ferrari...

It'll be sad to see someone leave this beautiful state, but the cost of living here is A LOT and I can understand the move. By the time I get out with my engineering degree, the only thing I can probably afford is an apartment. Housing cost in Southern California is just skyrocketing through the roof. Where ever you end up, you'll continue to enjoy a nice life with your family and cars.

Looking forward to seeing lots of pics of your new baby

[CowboySlim]

............Housing cost in Southern California is just skyrocketing through the roof. ..............

That's how I got to be a millionare, too.

Slim

[wicked1]

the decision is clear to me the ferrari. This coming from a guy who at 19 bought 2 corvettes a 93 and a 96. Paid over half of my income a year on just them and insurance. I ended up bankrupt 4 yrs later but the joy of owning an excellent sport car are well worth it. So if I had the spare money I'd buy the car and get a loan for engine upgrades