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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.

This car is so awesome. I WANT ONE.
 

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Its done so that money and assets are not comingled together.
This is sort of true.

Breaking the veil and all that BS that removes the concept of limited liability and asset protection.
This is a thought fragment that is kind of true.

You can toss it all into a sch C or S passthrough if you want a headache ( or your be hated by your CPA ).
Your LLC can be taxed as an S-Corp, a C-Corp, a partnership (if multiple owners); or a disregarded entity (if a single owner). This is not distinct from an LLC. The LLC is a state-level legal entity. The type of tax entity is a federal tax classification. Regardless, no decent CPA would find any of this to be a headache.

And further regardless, none of this has anything to do with whether your Ferrari constitutes an asset that is "ordinary and necessary" in the course of your business -- which is the baseline requirement of Section 162 of the Internal Revenue Code as to whether an asset is a business asset/depreciable.

Do you run an exotic car rental company? Owing a Ferrari is ordinary and necessary, and you can depreciate it. You can depreciate whether you are running a sole proprietorship, or whether you run it through an LLC, a partnership, a corporation, a trust, a combination thereof, etc. The key is that the car has to be ordinary and necessary in the business you own and run.

Are you some windbag on an internet forum who has a W-2 job working for an insurance company? Owning a Ferrari is not ordinary and necessary, no matter how many LLCs, Trusts, REITs, Garages, Parking spots, or other places you find to hide your Ferrari. Not to mention, if you're a W-2 employee, you can't really deduct unreimbursed expenses anyway, subject to certain limitations.

Maybe if you want to commit tax fraud you can. But setting up an LLC isn't going to "un-fraud" what is otherwise tax fraud.

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'm not even mad about this one. I'm just amazed. This is like word soup.

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.
I like to think that too.
 

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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.
Is that in the same vein as his and hers matching watches?

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.

God that thing sounds sexy, and I love how much speed it gathers part throttle with short shifts. That's a freaking monster.
He's a billionaire via Bitcoin.
I'll join him when my SHIB's hit.
 

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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?
I guess we could also ask, why used 911 values plummeted when Porsche changed to water cooling. ;)


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.
But while Tudors lose their values like any other luxury watches, Rolexes even gain in value because of the super-limited supply. Tudor is the non-GT Porsche of watches, Rolex is the Ferrari. Purely from an investment point of view the Rolex is a better deal and makes all the sense in the world. Just getting to buy one, new or used, doesn't. (Buying new you have to play games and wait, buying used you have to pay over MSRP a LOT.)
 

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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?
Who knows if it's even true. I have no idea. My B-I-L made his fortune trading complex computer-generated commodities derivatives -- so I'm guessing he's probably pretty accurate at noticing market trends. But who knows. It might also be a self-reinforcing feedback loop, where enough Scud/Pista owners have been saying it for so long, that now everyone believes it, and so it affects market prices.
 

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Who knows if it's even true. I have no idea. My B-I-L made his fortune trading complex computer-generated commodities derivatives -- so I'm guessing he's probably pretty accurate at noticing market trends. But who knows. It might also be a self-reinforcing feedback loop, where enough Scud/Pista owners have been saying it for so long, that now everyone believes it, and so it affects market prices.
Was this during the late 80's-90's? Friend I went to law school with, he had retired at 36 and decided to go to law school at ~45, did commodities trading. He did very well. His stories are wolf of wall street-esque.
 

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It's definitely pay to play. The lexan glass started to delaminate on my friend's F8. Ferrari won't ship my friend new glass, so he has to ship the car to them. A sizable amount of the value of these cars is in the service history, so everything is going to Ferrari when it comes up.
One of the things I found to be disappointing on Ferraris is the fragility of a lot of the interior trim. I've seen a fair number of cars with shrinking leather on the dashboard, that pulls and warps. It's like you can't have the car outdoors, ever. Even on a 10k mile car. Also, they have sticky plastics which they may have addressed on the F8.

But really, who cares about that? If you can afford a new Ferrari, then that stuff shouldn't really matter; it just means you have to spend more on maintenance/upkeep. The driving experience far outweighs those things.

It is interesting that authorized Ferrari service is pretty important, considering that is not a major problem with a lot of other brands.
 

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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.
Congrats on the Ferrari! That is my ultimate goal car, and very special indeed.

Given your progression in cars, it's not surprising you got a Ferrari. So are you getting rid of the GT3RS? I find that the two brands are markedly different and if you can keep both, you'll regret getting rid of a special Porsche like that one.

I'll definitely look into that Sonax, sounds like an interesting product.
 

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I guess we could also ask, why used 911 values plummeted when Porsche changed to water cooling. ;)
But that's a design change, and something that took Porsche away from its roots. Does a Ferrari require an engine out service at 1000 miles or something other major? 1000 miles is a fun weekend trip (or maybe 2-3 weekend trips). I guess I can't wrap my head around paying $300k MSRP for a Ferrari and not being able to use it more than that, especially considering they're drivers cars.

But while Tudors lose their values like any other luxury watches, Rolexes even gain in value because of the super-limited supply. Tudor is the non-GT Porsche of watches, Rolex is the Ferrari. Purely from an investment point of view the Rolex is a better deal and makes all the sense in the world. Just getting to buy one, new or used, doesn't. (Buying new you have to play games and wait, buying used you have to pay over MSRP a LOT.)
This is true, but like in @SchnellFowVay 's BIL's case, how many crappy Datejusts and other worthless Rolexes do you have to buy before you're allowed to buy the desirable ones, and how much will that eat into any sort of profit?

Also, I was seeing some of the Tudor BB58s selling for MSRP or more used, which blew my mind. That's how you know the market is insane.
 

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But while Tudors lose their values like any other luxury watches, Rolexes even gain in value because of the super-limited supply. Tudor is the non-GT Porsche of watches, Rolex is the Ferrari. Purely from an investment point of view the Rolex is a better deal and makes all the sense in the world. Just getting to buy one, new or used, doesn't. (Buying new you have to play games and wait, buying used you have to pay over MSRP a LOT.)
Except this is a modern phenomenon it wasnt always the case. My buddy bought his GMT in 2016 for below MSRP. And used Sub's were well below market value.

Only difference is rolex is a hype brand and becoming a veblen good as of late due to social media, youtube and bitcoin millionaires. Naturally people want what they cant have.

Also, I was seeing some of the Tudor BB58s selling for MSRP or more used, which blew my mind. That's how you know the market is insane.
people can ask what they want. anyone paying above retail for a tudor is .... well not very smart
 

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But that's a design change, and something that took Porsche away from its roots. Does a Ferrari require an engine out service at 1000 miles or something other major? 1000 miles is a fun weekend trip (or maybe 2-3 weekend trips). I guess I can't wrap my head around paying $300k MSRP for a Ferrari and not being able to use it more than that, especially considering they're drivers cars.
You can't wrap your head around it because you're not letting yourself change perspective. First off, how many owners actually put miles on their modern Ferrari? Other than maybe California/FF-Lusso owners, it doesn't seem like many. So these cars even in the best of circumstances aren't seeing a lot of sunshine. Now we're in a bubble of sorts where people can buy a Ferrari and flip it for a profit. I mean if you could buy a ferrari, own it for 3-6 mos, put 500 miles on it and sell it for say $75k more than you paid for it, what's the down side to you? So these cars are being used in some cases as investment vehicles.

Bring a Trailer is full of exotic and high end cars with low miles that bring premium money. All of a sudden there's a run on last generation (think 2017) Vipers with 500 miles selling for >$200k. These cars generally stickered for like $140k. A lot of people are buying cars like this not for the love of driving but for the potential profit.
 

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You can't wrap your head around it because you're not letting yourself change perspective. First off, how many owners actually put miles on their modern Ferrari? Other than maybe California/FF-Lusso owners, it doesn't seem like many. So these cars even in the best of circumstances aren't seeing a lot of sunshine. Now we're in a bubble of sorts where people can buy a Ferrari and flip it for a profit. I mean if you could buy a ferrari, own it for 3-6 mos, put 500 miles on it and sell it for say $75k more than you paid for it, what's the down side to you? So these cars are being used in some cases as investment vehicles.

Bring a Trailer is full of exotic and high end cars with low miles that bring premium money. All of a sudden there's a run on last generation (think 2017) Vipers with 500 miles selling for >$200k. These cars generally stickered for like $140k. A lot of people are buying cars like this not for the love of driving but for the potential profit.
Again, I'm just too dumb to understand this market. 😛
 

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Again, I'm just too dumb to understand this market. 😛
You're assuming that there's actually anything to "understand." That would require that the market make some sort of sense. There's a bit of rhyme/reason to it, but I wouldn't bet my bottom dollar on any modern car appreciating long-term.

I reached out to my local Porsche dealer last month to potentially order a Boxster Spyder and/or Boxster GTS 4.0. Granted, I've never bought a car from them, so I am not someone special.

But I couldn't even get anyone to meet with me. I showed up at the dealer, and when I asked for a limited "special" Porsche model, I was told that I would be contacted by a "Brand Ambassador" via e-mail.

An auto-generated e-mail came like 2 days later with a corny pre-recorded video from the brand ambassador at the local dealer who said he was super excited to "facilitate building my dream Porsche." Then it said he'd be reaching out "soon."

Then another two days later I got an e-mail from the guy (2 sentences total) telling me that no Boxster Spyder allocations were available. That was it.

So then I asked about the GTS 4.0.

Another two days later I got a one sentence e-mail from the guy saying "Same as the Boxster Spyder."

Zero follow up. No phone call. Nothing. Zero F's given. Totally amazing.
 

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Again, I'm just too dumb to understand this market. 😛
I'm not sure that's true, but personally, I'm glad I don't have the means to consider playing this game. Life is way more enjoyable watching others spend crazy money on cars (and Rolexes). Though I'd be lying if I said I didn't wonder what my car would get on a place like BAT or PCar. :unsure:
 

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You're assuming that there's actually anything to "understand." That would require that the market make some sort of sense. There's a bit of rhyme/reason to it, but I wouldn't bet my bottom dollar on any modern car appreciating long-term.

I reached out to my local Porsche dealer last month to potentially order a Boxster Spyder and/or Boxster GTS 4.0. Granted, I've never bought a car from them, so I am not someone special.

But I couldn't even get anyone to meet with me. I showed up at the dealer, and when I asked for a limited "special" Porsche model, I was told that I would be contacted by a "Brand Ambassador" via e-mail.

An auto-generated e-mail came like 2 days later with a corny pre-recorded video from the brand ambassador at the local dealer who said he was super excited to "facilitate building my dream Porsche." Then it said he'd be reaching out "soon."

Then another two days later I got an e-mail from the guy (2 sentences total) telling me that no Boxster Spyder allocations were available. That was it.

So then I asked about the GTS 4.0.

Another two days later I got a one sentence e-mail from the guy saying "Same as the Boxster Spyder."

Zero follow up. No phone call. Nothing. Zero F's given. Totally amazing.
I mean, I think it might also have to do with where you live. How many Porsche dealers are local to you? In the Philly area, I can think of 4 Porsche dealers. And if you want to go out of the Philly area, there are a bunch of others that aren't far away. With that in mind, last December I was offered a GT4 that was sitting on the lot (it was all black so even if I could swing the cost, I didn't want it). It was also not a problem to get a Cayman GTS at the time either. I sat down with a rep and started building my car---all I needed to do was say "yes" and hand over some money.
 

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I mean, I think it might also have to do with where you live. How many Porsche dealers are local to you? In the Philly area, I can think of 4 Porsche dealers. And if you want to go out of the Philly area, there are a bunch of others that aren't far away. With that in mind, last December I was offered a GT4 that was sitting on the lot (it was all black so even if I could swing the cost, I didn't want it). It was also not a problem to get a Cayman GTS at the time either. I sat down with a rep and started building my car---all I needed to do was say "yes" and hand over some money.
It's also just the state of the car market in 2021. Even dealers who sell relatively undesirable cars have no inventory. So dealers who sell highly desirable cars are doubly dry. They have little incentive (in the short term) to woo prospective customers. Most sales folks won't be around long enough to care about the long term.
 
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