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Oh, just wait until some of you younger dudes (not necessarily Professor Gascan) end up having a couple of kids and a working spouse. Wait until the $3,000/month+ daycare/nanny/childcare/preschool bills start rolling in.

You'll be paying for a Ferrari without a house OR a car to show for it.
Amen brother, or line up a couple divorces, after buying a couple houses for those marriages.
 

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My youngest is 4. This is her last year of preschool and the $1200/mo bill for it.

Next year that same $1200/mo goes into the college funds 😬😢
$1,200/mo? You got off easy my friend. I do enjoy fantasizing about the cars I could have bought with the daycare payments.
 

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Don't have kids, don't get married = profit. But for real.

Serious congrats on what I'm sure is an amazing machine. I plan to just continue spending a couple grand on a supercar rental experience every few years to satisfy that itch, but definitely interested in hearing about the every day ownership experience.
 

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So back to the car.

I get that you didn't purchase it new. But did it come with anything cool?

-Are the owners manuals in nice packaging?
-Is there a provided maintenance schedule, which is presumably laughable if it exists?
-Did you get any fine leather goods with purchase?
-What does the current Ferrari key look like, and how many keys did you get?
-Any other Ferrari swag that came with purchase?
-Has a small man, and larger fatter man, both with NJ/NY style italian accents visited you yet providing specific instructions on how to use and care for your Ferrari?
I'm curious, too.

When I got my Ghost, I was disappointed in the owner's manual packaging (just the book), no other goodies, and the key is (not surprisingly) very BMW-like. The weird thing is that the two keys are different -- one is bigger. They both work the same; it's not like one is a valet key.
 

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Amen brother, or line up a couple divorces, after buying a couple houses for those marriages.

A wise man once said there are two roads to financial ruin: one wife, many cars or many wives, one car.

Also we could adapt the 3 F's: if it flies, floats or f***s its expensive to get rid of, so best to borrow your buddy's. The fourth F would be if it Ferraris.

Nonetheless Toaster is an excellent example of strong income + middle america COL and the ridiculous car market. Between the sale of a TRX, GT3RS, Plaid and eventually the F8, he'll make 150k+ over the purchase price. Unprecedented.
 

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Between the sale of a TRX, GT3RS, Plaid and eventually the F8, he'll make 150k+ over the purchase price. Unprecedented.
I mean, we dont' know that for sure yet -- he hasn't sold the F8. But it looks likely.

Oddly, my brother-in-law with the 488 Pista was trying to offload his for a huge profit, but the Pista's are "only" selling for $450k-550k now (unless it's a spyder). I think he "only" paid something like $380k for it, but in order to get the allocation, he also had to buy a GTC4Lusso which he since sold for a large loss, and he had to trade in his Ferrari FF for a ****ty trade-in price. So even if he sells the Pista for $500k, at best he broke even.

The Ferrari market is an odd one.

EDIT - and, he no longer drives the Pista, because it has like 938 miles on it, and apparently the limited Ferrari model values drop precipitously once they exceed 1,000 miles.

He has a 720S he dailies, so I don't feel bad for him. But still. The car market is a very weird place right now.

DOUBLE EDIT - while I am on the topic of Ferrari humor, when he finally received his 488 Pista allocation (he was one of the last), he had to fly out to the Washington DC area to some Ferrari studio to "Design" it. Apparently, you basically walk into this hilarious bespoke boutique with seat leather samples, literally hundreds of painted and clear-coated paint samples, drivers seats you can can sit in, etc. But the best part is that Ferrari DOES NOT tell you how much any option actually costs. So they are basically like "Here, design your dream car. The bill will come later." So some of the stuff he chose (a custom center stripe with nonstandard colors) ended up being like an $8,800 upcharge, but once they sent him the bill, it was too late to change it. So you apparently just get like a surprise $78,000 option bill in the mail from Ferrari. And if you don't want to pay it? Your car will just go to the next person on the 100+ person waiting list for the car.
 

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I mean, we dont' know that for sure yet -- he hasn't sold the F8. But it looks likely.

Oddly, my brother-in-law with the 488 Pista was trying to offload his for a huge profit, but the Pista's are "only" selling for $450k-550k now (unless it's a spyder). I think he "only" paid something like $380k for it, but in order to get the allocation, he also had to buy a GTC4Lusso which he since sold for a large loss, and he had to trade in his Ferrari FF for a ****ty trade-in price. So even if he sells the Pista for $500k, at best he broke even.

The Ferrari market is an odd one.

EDIT - and, he no longer drives the Pista, because it has like 938 miles on it, and apparently the limited Ferrari model values drop precipitously once they exceed 1,000 miles.

He has a 720S he dailies, so I don't feel bad for him. But still. The car market is a very weird place right now.
I think I'm too dumb to understand the Ferrari market.
 

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I think I'm too dumb to understand the Ferrari market.
It's a racket.

Basically there are exactly two ways to get an "Allocation" for a "limited" Ferrari model:

1) Pay HUGE amounts of money (like $100k+, but Ferrari has discouraged dealers from selling allocations as of the last few years, because it looks bad for the brand, it irritates longstanding customers who didn't get an allocation, and it's basically just the dealer gouging the customer); or

2) Award them to long-standing customers who buy lots of other Ferrari cars at the dealer.

So my B-I-L, who is very much new money (but self-made), has no long-standing family connections in the old-money Chicago Ferrari dealer scene.

So he reached out a (then-brand-new) Washington D.C. dealer that had a few Pista allocations. He asked what it would take to become a "Preferred" customer. They had an aging, but brand new, GTC4Lusso on the lot in an odd color combination. So they basically said "Buy that car that's been sitting unsold in inventory for X months at full retail MSRP, and trade in your current Ferrari FF for ~$30k below its value, and we will give you an allocation." So he did it. So the dealer basically "sold" him the allocation, but masked it as a car transaction.

EDIT -- This took place circa 2018, before the current car market fiasco. There's no such thing as an aging, brand-new Ferrari sitting on any dealer lots for MSRP anymore.
 

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It's a racket.

Basically there are exactly two ways to get an "Allocation" for a "limited" Ferrari model:

1) Pay HUGE amounts of money (like $100k+, but Ferrari has discouraged dealers from selling allocations as of the last few years, because it looks bad for the brand, it irritates longstanding customers who didn't get an allocation, and it's basically just the dealer gouging the customer); or

2) Award them to long-standing customers who buy lots of other Ferrari cars at the dealer.

So my B-I-L, who is very much new money (but self-made), has no long-standing family connections in the old-money Chicago Ferrari dealer scene.

So he reached out a (then-brand-new) Washington D.C. dealer that had a few Pista allocations. He asked what it would take to become a "Preferred" customer. They had an aging, but brand new, GTC4Lusso on the lot in an odd color combination. So they basically said "Buy that car that's been sitting unsold in inventory for X months at full retail MSRP, and trade in your current Ferrari FF for ~$30k below its value, and we will give you an allocation." So he did it. So the dealer basically "sold" him the allocation, but masked it as a car transaction.

EDIT -- This took place circa 2018, before the current car market fiasco. There's no such thing as an aging, brand-new Ferrari sitting on any dealer lots for MSRP anymore.
I still don't understand why the value plummets at 1000 miles. On a "regular" car I can see 100k or 200k reducing value due to the amount of parts and maintenance that must be done, but at 1000 miles, even on a Ferrari, nothing should have to be replaced. Even if your BIL sold his Ferrari with 940 miles, the new owner gets less than 60 miles to enjoy it before the value plummets?

Rolex follows the same model right now. Kiss ass, buy a bunch of **** you dont want in the hopes you get the "chance" to buy something desirable
Hence why I went with a Tudor instead. Not only was it much cheaper, it was in the display and I didn't have to wait or play games for it. Although, I've noticed even Tudors are falling into the same trap of no supply and having to wait forever in the hopes of getting one.
 

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I still don't understand why the value plummets at 1000 miles. On a "regular" car I can see 100k or 200k reducing value due to the amount of parts and maintenance that must be done, but at 1000 miles, even on a Ferrari, nothing should have to be replaced. Even if your BIL sold his Ferrari with 940 miles, the new owner gets less than 60 miles to enjoy it before the value plummets?
It's strictly about perceived value. There's no logic to it other than historic data showing that there are tiers of value for certain cars that often involves mileage thresholds. I've been following the 997 turbo market this year, and at least on auction sites, there could be a $10k (or more) price difference in a 997.1 turbo with <10k miles and basically the same car with 30k miles. Same idea with various special paint colors that have absolutely nothing to do with the driving experience---but if you're 1 of 1 in a certain color, then you've suddenly got a special car, at least to some people.
 

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I still don't understand why the value plummets at 1000 miles. On a "regular" car I can see 100k or 200k reducing value due to the amount of parts and maintenance that must be done, but at 1000 miles, even on a Ferrari, nothing should have to be replaced. Even if your BIL sold his Ferrari with 940 miles, the new owner gets less than 60 miles to enjoy it before the value plummets?



Hence why I went with a Tudor instead. Not only was it much cheaper, it was in the display and I didn't have to wait or play games for it. Although, I've noticed even Tudors are falling into the same trap of no supply and having to wait forever in the hopes of getting one.
Good choice on the Tudor, I have 2 myself great value for the money.
 

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Good choice on the Tudor, I have 2 myself great value for the money.
I have the Pelagos LHD, which I think looks more interesting than most watches in that range, plus it's at my limit of what I'd wear daily. I would have loved the re-released Explorer 36mm but none of the ADs will even tell me when they'd get any so it wasn't worth waiting.
 

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Discussion Starter · #138 ·
Untitled by glmmd81, on Flickr

Washed the car for the first time today and hit it with Sonax spray and seal. This stuff is magic if you've never used it before. You're welcome.

Schnell is on the money as far as games go with trying to get in to order a new Ferrari. It is the exact same crap with GT3s as well. Maybe worse for Porsche since it isn't in the limelight like Ferrari.

Got a quick video. It isn't super great. I'll do better later, but at least you can hear some of the cool turbo sounds and see the LEDs on the wheel at work.

 

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While setting up trusts and LLCs is very important for many reasons, this post is inaccurate. Do not set up a trust or an LLC for the purposes stated above. The holding entity has no real affect on whether your asset is a business asset or a depreciable asset.

Its done so that money and assets are not comingled together. Breaking the veil and all that BS that removes the concept of limited liability and asset protection. You can toss it all into a sch C or S passthrough if you want a headache ( or your be hated by your CPA ). The trust is different in that unless its tossed into a blind trust it is still yours to do what you will. It just lets you have a few layers for determined people to have to peel off to find out who "random trust name" is.

I'd like to think that people considering that and have the assets at least bother to speak to a experienced lawyer and have it setup properly. Not follow random advice from idiots on the internet and all.
 
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