Ferrari Mailing List: Re: Ferrari Digest, Vol 118, Issue 19

[Fellippe Galletta (fellippe.galletta]

What TYPE of business....

On Tue, May 17, 2016 at 4:15 PM, Fellippe Galletta <fellippe.galletta [at] gmail.com> wrote:

What business expense can you write off an exotic in? 

I'm having a hard enough time seeing a write off for a Ford Raptor.

On Tue, May 17, 2016 at 1:48 PM, Erik Nielsen <judge4re [at] gmail.com> wrote:

Ah, grasshopper still has much to learn.

No one buys these things, the vast majority are either bought or leased under a business expense, getting the owner a subsidized lifestyle and a tax credit to boot.

The go-go days of paying over list for a car have more or less dried up, unless it is something limited edition and those go to the churn crowd that lets the dealer keep his allocation.

One must never confuse the maximizing cash flow crowd with real wealth...

On Tue, May 17, 2016 at 11:48 AM, Fellippe Galletta <fellippe.galletta [at] gmail.com> wrote:

Can't get upset or talk smack about a losing money on a trade in.......only if the guy is too heavily invested is he a fool. 

Someone making $1 million a year churning through new exotics every 18 months and taking baths on them should be considered smarter than someone making $75k struggling to make ends meet on a 328 he bought a few years ago. Maybe the 328 appreciated to where he made some equity, and it still shouldn't matter. 

That's assuming he's not milking the entire $1 million on cars, homes, super luxury, etc. 

I won't judge either of these individuals, but at what point is someone making enough money that it shouldn't matter? Who is actually financing a new exotic for 60 months (or at all)?

From what I've gathered, if you have an in with a dealer you could be in a new Ferrari every 18 months or so....buying at sticker, selling above sticker. Almost like a "cheap" lease that just requires you to invest once. 

And if you sell it eventually, even at say a $30k loss....then you could say you had new Ferraris for several years for "free". 

Money makes money. My buddy had an ultra wealthy 9 figure net worth client that walked into Ferrari of Washington, saw a 360 and said "what will it take for me to have it?". He was told to buy a 456 and he could immediately get on the list. He right away phones his assistant to initiate the wiring of funds for the 456., no negotiation on price or anything. 

Drove it for a few months, sold it at no loss. Got his 360 at sticker custom ordered....visited Maranello, etc. Sold it eventually for a price that would have been pretty good for the average guy, and of course a non issue for him. 

When I look at exotics in general I ask myself "Will I care if this thing's value drops in half or 3/4?".....at the point that I say no, is around the point I could afford it. 

FG

On Tue, May 17, 2016 at 7:04 AM, <clyderomerof4 [at] gmail.com> wrote:

Guys please take a look around you and see who has the jobs that make that kind of money to buy those cars?

Because that's the market 

It's not the so called millennium crowd 

They are struggling from the recent rescission 

Trying to buy homes 

Raise families 

Just look at the sales of the so called famed Nissan GTR !

In fact look who is going to the car shows!

The bubble isn't about to happen 

It's already here!

That crowd wants value for there hard earned money not some history of a race it won before the Vietnam war!

There are no more poster cars for little boys to grow up and dream about

Remember the  Testarossa   (Sic) poster ?

The Lamborghini poster ?

Even the car magazines have toned it down and kids don't buy them only adults do

We all bought them but ask your nephew or grandson if he does?

In fact the video games don't have cars in them anymore 

They are all first person shooter games 

How do I know I play them with my grandson 

Unless you were fortunate to have a rich relative like Charles or have a father like Eric 

Who has a buy here pay here car lot 

You will not be exposed to these vehicles and you will only see them in the movies!

Ferrari, Lamborghini, McClaren, Maserati  and the like will struggle in the near term 

That's my take on it 

One last word 

Went to the local McClaren dealership the other day 

My old squadron mate bought a 2012 one so I got him a hat

There was one of those 2015 super trick Lamborghini that went for $500 plus there in trade with 3 k miles on it

They gave him $300k on trade for it!

Ah yes the saying is true

A fool and his money is soon parted 

In victory you deserve Champagne

In defeat you need it!

     

Scars are Tattoos with better stories !

If you follow all the rules

You miss all the fun! 

If you have no enemies, you have no character !

Clyde Romero    

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On May 16, 2016, at 10:58 PM, Dennis Burleson <d_burles [at] bellsouth.net> wrote:

Charles:

I read with interest the article published by Michael Sheehan concerning the current values of Ferrari cars and the "exaggerated" prices of today's market and the expected value of those same cars as viewed by the upcoming millennial investors. His introspection, it seems, is that we (the old guys) are going to die off and the upcoming generation could give a big dump less about the cars we value so much.

Having said that, ANY of the old Ferrari cars are desirable to me; unfortunately, I can't afford them. As Clyde says, you need a CNC to keep a supply of parts available. But, they are basically mechanical machines. They can be fixed. Who knows what will be necessary to keep the newer stuff running. Perhaps an electronics lab?

Back to the purchase pricing of our current market. Again, as Clyde says, "buy it and drive the paint off it!" In 2016, is a Ferrari BB worth the money? Most all the cars currently listed are, in my opinion, overpriced. But, that's what keeps the Ferrari market alive. I think the market will crash again, much like what happened in the post Enzo era. The car values will fall back, but if one can weather the depreciation, the prices should rebound again (in 10 years?). That's assuming that there is no market crash, no terrorist attacks, no dinosaur depleting asteroids, no Revelation depicted prophetic end of days.

Unfortunately, I think that most of the pristine, low mileage, fully documented Ferraris that come and go at the high end sales will probably end up in a private collection where they are, unfortunately, never driven to their capabilities or limits. They become museum pieces. Speaking for Clyde, I think that one looking for art would prefer a van Gogh; If you want a Ferrari, please be prepared to drive it.

My humble opinion. Regards to all

DB

On Monday, May 16, 2016 6:16 AM, "ferrari-request [at] ferrarilist.com" <ferrari-request [at] ferrarilist.com> wrote:

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Today's Topics:

  1. One for FG, Several for cLyDe (Charles Perry)


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Message: 1
Date: Mon, 16 May 2016 03:20:52 +0000
From: Charles Perry <charles [at] carolina-sound.com>
To: "'ferrari [at] ferrarilist.com'" <ferrari [at] ferrarilist.com>
Subject: [Ferrari] One for FG, Several for cLyDe
Message-ID:
    <228C6E1BCD60FC4BAB9722FD5F3C96F11CA34F49@CSC-SBS7-SRVR.CarolinaSound.local>
   
Content-Type: text/plain; charset="us-ascii"

FG, know how you love the Jotas:

http://www.rmsothebys.com/mc16/monaco/lots/1995-lamborghini-diablo-se30-jota/1079713

Some pretty crazy Ferrari transactions too:

http://www.rmsothebys.com/mc16/monaco/results/

cLyDe - Please see the 550 Barchetta selling price, the 575 SuperAmerica and maybe the Dino 206GT. I await your diatribes with huge anticipation!  :)

Really wish I'd bought the 512BBis I was looking at when I instead bought the 355. They were mid 80's at the time.

I also would REALLY have liked to have this, although I don't think I would've gone $13k+ for it:

http://www.rmsothebys.com/mc16/monaco/lots/formula-1-champions-signed-helmet/1078682




[Sig - CSC]

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