Sunday, March 30, 2008

Where do I put all this stuff?

Since we are planning on staying in this house for a few more years I need to devise a solution for parking our cars. The easiest would be to do nothing. Our weather is going to get better and it will not be too much of an inconvenience for Barb and I to load the kids up outside. I don’t like our driveway to be packed with cars so I could park my truck on the street in front of the house. We live off a short shared driveway which is off a quiet street. I don’t really like this solution because if it is raining I will be soaked by the time I get to the truck and I have an aversion to having more cars than I can fit in my garage.

I did a bit of research on lifts this morning. Bargain lifts can be purchased for about $1600 with nicer models going for just under $3000. I am not lifting much weigh but I would be disappointed if I came home and the lift had failed. Disappointed is a euphemism for how I would really feel so if I go the lift route I will probably opt for a better quality model. With the Porsche and Ferrari housed in one garage space Barb would be able to park the minivan in the garage. If I want to park the truck in the driveway I would have to move it to drive either sports car.

Mentally, I like rolling around the idea of selling the truck and the Porsche and buying a Carerra 4 or a Ferrari 465 for my daily driver. The Porsche would be more practical but is less emotionally appealing. Neither would allow me to haul all three kids, the wheel chair, our bikes , and assorted stuff but it is a nice day dream.

I could sell the Porsche or the Ferrari in the middle of the summer and avoid this problem but I doubt that solution would last. I briefly looked at commercial properties I could buy and store the cars there. Much cheaper to buy a lift plus, I can reuse the lift in any house we build and having the lift will enable me to do more work or cause more problems with the cars on my own.
Right about now you are saying, hey you are only going to keep the car for another eight or so months, tough it out. I am hedging against keeping the Ferrari a bit longer or replacing it with a track car or another sports car. In either case I will need more room.

Let’s go off on a track car or other sports car tangent. I think our current economic cycle will have a negative effect on the more pedestrian track cars and less/non-collectable exotics. I think 355 values will be negatively affected but since the cars are reasonably inexpensive to begin with I don’t think I am at risk of too much of a downside. I do think the next few years will present some opportunities to get a hold of a nice 355 Challenge at a reasonable price. I think 360s and Gallardos will continue their pretty steep price decline and there will also be good opportunities to pick of a nice 360 or 360 Challenge.

So, should I keep the 355 through this economic cycle and get a 355 Challenge, 360, or Porsche based track car? To make this happen all I have to do is figure out how to pay off the 355, get more storage space, and pay for the new car. Only three things, not too much to take on. Really, only two things because we need to get a new house anyway.

Maybe I should reset my sights. One year ago I had no plan of buying a Ferrari, sure I wanted one but I did not envision one in my future. Now I have one. It has become part of the family. Like a pet. If I decide to keep it will have to change the way I am currently accounting for it and will need to divert more money in its direction. Plus I will have to put away more for the potential maintenance. It may turn out that the best financial decision is to keep the car I have until the market recovers and sell it then. During the downturn I could keep my eyes open and pick up either a track car a road car which I plan on keeping. One year with a Ferrari could turn into two years with two Ferraris. Not a bad outcome.

No comments: