Sunday, February 10, 2008

What does a Ferrari really cost?

I realize I have been remiss in fulfilling one of my early promises associated with this blog and my book. I set out to test the thesis that a Ferrari can be bought, driven, and sold without losing too much money, maybe even breaking even – operating costs aside. I am not so good a paperwork so I am going to round some of the smaller figures to the nearest $10.

I spent $180 at ATD on my pre-purchase inspection. (Thanks Dick and Laurie)

So far I have spent just over $800 in payments on the car. Well, I have not actually spent anything as I financed more than the amount of the car to cover the payments for the first several months. Why? Money is really cheap right now and I can make a better return by keeping my money and using Summits money to pay for the car.

I have spent about $60 on gas.

I spent $41 on valve cap covers.

I spent $135 to join the Ferrari Club.

I have spent about $140 on insurance. I think.

I think that is about it. I did buy an cover for my iphone that matches the leather in the car but you can’t really count that. So what is my total?

Out of pocket $556.

Not bad. $556 and I have a Ferrari.

I know that at the end of my year I will owe the bank $75,000 and will have made about 2000 worth of payments to service the debt, but the car is worth most of that, if not more so that seems like a wash to me.

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