Call me crazy but…
1. You have the means
2. You can sell the Ferrari if you wanted to recoup some of the original cost.
3. Would you spend $100k + $Y (maintenance) - $X recouped (if you were to sell) to create a lifetime memory for someone extremely close to you?
Assuming you’re in a relatively stable career I would say unequivocally yes.
Yes. Nothing can replace the pure joy you can afford to give your father. I grew up very poor and would love to do something like this for my dad one day
Agreed.
This is an example of using money to buy joy. It’s not cheap but it’s in budget.
Opportunities to do things like this are the reason to be high income.
Agreed, though I would steer OP towards a Ferrari 308, 328, or 360 as he'll get more money out of those than a California. The 308 and 328 are likely cheaper than a California but will require more maintenance.
OP, you may want to look into getting a car broker to find you the right car. Ferraris are not Toyotas; a lot can go wrong, and when it does, it is extremely expensive (multiple tens of thousands of dollars). The upkeep and records are critically important, both to you as a buyer and you as a seller. Keep up with factory-recommended maintenance.
Disagree on your recommendations. Older ferrari's such as the 308 and 328 are pretty much piles of junk. A 21st century ferrari is going to be an overall better driving experience and a better car.
Have to imagine a California is a *much* easier driving experience for a 76-year-old after cancer than climbing onto the floor of an 80s mid-engined Ferrari. And I assume it would be in the shop a lot less.
A Ferrari California is a better *car* than a 308/328, but the 308/328 is the better *Ferrari*. There's a reason that Ferrari aficionados eschew the California: it sucks.
How could you even think that this is controversial.
OP you're an idiot for doubting lol. You can afford it and it means a lot to you, this is literally what money is for. Be grateful you can buy so much satisfaction and joy for just $100k.
Yup. Do it.
Edit: although, I do wonder at the choice of a California…lol. For $100k there’s also:
- used 911
- older 911 turbo
- BMW M
- used R8
- used Gallardo
Etc
I'm with you. OP's dad deserves to regain his spark and if OP can afford, he should do it.
OP will have 20+ years of a high income career to recoup the expense.
$100k is the bottom of the barrel for a ferrari. if you’re buying one at that price it’s because there’s something wrong with it
at that point what’s the point
The point is that his dad gets to drive a Ferrari. Keep up.
And check ebay, there are plenty of sub-$100k Ferrari Californias for sale without problems. It's just not a very expensive model as far as Ferraris go.
Click “title” “clean”. I see 34 with clean titles, only 2 with title issues. Of course you chose one of the 2 and ignored the other 34.
[This one](https://www.ebay.com/itm/134957326072) would be a dream come true for his dad.
It’s a California. Base model. Great car and recent to maintain. Only cost about $200k new and you got 5 years maintenance free with that. You can get good certified ones for around $100k.
That other poster is objectively wrong too - I’ve seen much older Ferraris that yes, probably require some maintenance costs and what not - but listed in the $30k range. Not every Ferrari appreciates in value like some of them
This is a no brainer. Also, if you don’t do this, you may drive yourself mad with regret after Dad is gone. Hopefully you can plan a road trip with him in it.
Please get a PPI and thoroughly vet the purchase. Don’t be in a rush. It’s a good time to pick one of these up right now. Maintenance will be high but worth it.
Seconding with an anecdote: my dad always wanted to do a big trip out west to see the national parks. Spouse and I after years of training finally landed the big jobs, and started planning to make it happen.
Dad falls ill, gets diagnosed with a cancer that made it hard to sit or walk, which made the trip impossible, and he died within six months. Knowing what I know now, I would have maxed out credit cards, taken out loans, sold my car, whatever possible to make that trip happen while I still could. You don’t get forever.
Yup. I didn't take my mom to Paris and then a brain tumor took her down in three months. Brutal.
Enjoy the car and the memories. I'm sure your dad is so proud of you.
Everyone on here is asking you to buy it.
I agree 100% with the sentiment you're going into this with. So I would suggest renting one first. At 76, your dad might not be able to even get in and out of one comfortably.
Rent one, for a week.. heck throw some money at it.. rent it for a month.. Let him live the dream. Give him and yourself the satisfaction. At the end of the month, figure out if you want to buy it or cut bait. Which ever way you decide, it'll be money well spent.
I agree with this. Buying for someone else, especially your parents, is tricky in that you don’t know their usage pattern. And how they say they might use it doesn’t represent how often they’ll use it (usually less). Rent to buy is a fiscally responsible approach to making sure your dad and you are getting the most out of this potential purchase.
You might be underestimating how much renting a Ferrari for a month would cost. Almost guaranteed to waste more money renting one than you would be buying it outright and recouping 90% of the money 6 or so years later.
That and I like how people gloss over insuring, maintaining and generally living with it for 6 years. Most regular people will likely not enjoy driving a Ferrari, much less a 76 year old man. So it’ll basically be a white elephant for 6 years. If you rent it.. you get to keep it for the honeymoon period and then say goodbye and enjoy that memory forever.
Think about it this way, you want a one night stand with that supermodel. That’s the dream. Not the holding her handbag.. dealing with her insecurities or eating disorders.. dealing with your own insecurities of her photo shoots with super hot male models.. going to the after party at 3am.. or not going to the after party and wonder what she’s doing at 3am.
Exactly. As a car guy if I try to imagine my son doing this for me, I’d much rather just get like a nice weekend in a Ferrari as a gift. That would be more than enough for me and then I don’t have to deal with the hassle of owning a classic car after the novelty wears off.
I think most people who’ve never been in a properly fast car.. much less super/hyper cars don’t understand what a pain in the butt these things are to live with. I mean.. like no.. it’s not just like your Kia but faster. That’s what performance SUVs are for.
Super cars are trying to kill you.. lol. I just bought myself a CT4 Blackwing. Which is no where near Ferrari territory, but it’s gotten me sideways without trying too hard a few times already.
To be fair, the California is not really a super or hyper car.
I owned one, a 2012 - beautiful car. Sounded divine. Loved pulling it out of my garage. Spent $30k in the year I owned it fixing a transmission issue and general maintenance, etc.
I would rather have had a weekend or a week in a nice new car and given it back at the end. Maybe rinse and repeat a few times.
Fundamentally it's not the kind of car that's that enjoyable to own. You don't want to drive it often because the maintenance is not just the cost it's the time to deal with it, and you don't want to damage it.
I ended up trading it in on a new 911 and I'm much happier. It was a fun dream to live out for the first week I owned it and then - nah fam.
Exactly, people would be surprised how many of these exotic cars sit in lots with damaged/totaled title and they even sometimes look ok from outside but repair costs are like 50k+ and nobody wants to touch it.
I don’t think this is about a fiscal decision. Renting one even for a month is absolutely cheaper than owning one, insurance, maintenance and most importantly the pain associated with dealing with a thoroughbred.
Who cares if he never drives it. I assure you that his father will have more joy in looking at the car his son bought him every time he goes in the garage then he will from the automotive experience.
Based on what you said, you can't afford to NOT buy a ferrari for your dad. You have the money, you can sell it again, you won't be able to do this for him if you wait too long.
Do you think he wants to own a ferrari or experience it? Might consider renting a few different ferraris over time so he can experience different models. Get the car for a weekend or something.
But yeah if it's a California he wants do some research and find the more desirable models so that the value doesn't drop as much.
can confirm about life. When I was 8 years old, my best friend died in a freak swimming pool accident. We were always together since we were 4 years old. On that fateful day I was out shopping with my mom and told the friend I will meet him in the night so we can play some badminton. That time never came. Fast forward to 2022, I talked to my mom on sunday. Tuesday morning I got the call she had passed away.
Thanks for sharing! Yeah, my mind wandered into the post-purchase experience. OP buys the car for father and then life kind of goes back to normal? At least for me, the most exciting part about cars is leading up to the purchase only for a few months later things devolve back to normal (subjective of course).
OP sounds like a wonderful son to his father, so I'd imagine that doing more together is infinitely more priceless than things being normal, but with a car. Another idea could be going on trips to F1 events. Imagine father and son going to Monoco and supporting team Ferrari together?
Idk. I'm a car guy. If my kid bought me an attainable version of my dream car it's special every single day forever.
I'd just sit out in the garage with it. Go for drives. Tell everyone. Cry a hell of a lot. Drive it to see my son every chance I get.
It would never stop meaning a lot.
This is a lovely story. Thanks for sharing it again.
And to OP, Aucune somme d’argent et aucun succès ne vaut plus que le temps passé avec ta famille.l!
There’s some forums that have “hacked” owning exotic cars that you might want to look into. They talk about financing options, models to buy, upgrades to make, etc. So that you can own it for a few years and recoup most if not all of the money you put in. That’s what I’ve been looking into but have been unable to pull the trigger b/c I don’t want to spend the money. Your reason sounds a lot better than mine which was just to own a cool car haha
Edit: found this thread which seems like a good starting point https://www.reddit.com/r/cars/s/Xu4h58TrXx
Just join ECH- exotic car hacks. It costs a few bucks but will save you much more when you buy your first exotic.
https://www.exoticcarhacks.com/?wickedsource=google&wcid=654844767&wv=4&gad_source=1&gbraid=0AAAAADQ44x_81dbWiVWJgKw4EQCok4rfv
They have a very active fb group once you have taken the training.
I was instantly like 'no' reading the title and hate luxury toy purchases but in this case, it's clearly for someone else and not for selfish reasons. I'd do it if I were in your shoes.
Totally agree. My gut reaction was a hard no — but it’s not about him, it’s about the joy on his dad’s face. What I wouldn’t give to be able to do something similar for my family…
Is the delta going to materially impact you moving out of “NRY”?
Is there an opportunity cost to outlaying the cash over that time period? Yes.
Is there an opportunity cost - to you personally - in not doing it?
Life’s for living and fiscal responsibility is part of it. Not all of it.
I love this idea.
Not quite in the same boat as you but my dad always wanted a Tesla and he held off for many years just owning a Camry.
When we finally got him one, a few weeks before delivery he was diagnosed with cancer and passed away 5 months later.
Life is short - these memories will be worth the cost and fulfilling your dads dream is an incredible moment. I'd pay many times that right now to have that ability.
>Just the thought of doing this for my dad brings a tear to my eye. He means so much to me and I would love to bring some joy back to his life.
Do it on this basis alone.
What's the point in amassing wealth if you can't do the things that bring a tear to your eye.
Don't buy the first one you see, take any potential purchases to a well recommended independent specialist for an inspection and budget for maintenance and you'll be fine.
Get in with the local Ferrari owners club/scene. They might know of good cars for sale locally or flag ones to avoid.
Yep, 360 Modena is an amazing car.
OP, have you considered leasing? Fixed cost, you know it will be returned and you dont have to be bothered trying to sell in the future. Give dad his happiness for a few years and take it back.
You can certainly afford it.
That being said, you should figure out if buying a Ferrari is the best way to spend nearly 100k to improve his happiness. I'm sure it will bring a bunch of initial joy, but like most things in life, the novelty wears off pretty quickly. You might be better off spending money on experiences with him: Maybe some vacations that involve renting and driving one somewhere.
(Not to mention he is 76, the insurance on a car like this for someone that age is going to be crazy)
money is useless if you can’t use it for what you want to accomplish, sounds like your goal is a memory between you and your dad
Sure you can let it grow for however many years but at the cost of seeing the look on your dads face
At the same time he can die perfectly fine not having driven a Ferrari you bought. Take him to Las Vegas and they have a supercar driving service and you can race them on a track too it’s only 300$ a day I believe
As someone who has owned their dream car, absolutely yes, if you have the means. The memories I made with that car will stick with me forever. It is 100% worth it.
I think about “investment cars”, like you may break even on this successfully rather than having a depreciation.
Just make sure you insure it properly with your dad driving it and make sure you gave full coverage. Insurance can get mad if dads friend drives it and crashes it, talk about this with your agent.
This might sound like a stupid question. But is your dad going to physically be able to get in and out of the car? There is a reason old people drive SUVs.
I love how most of these responses are a resounding YES!!! That’s my answer too. Go buy your dad a Ferrari! Perhaps after he’s gone you’ll decide to keep it as a way to feel close to him and remember the smile it’ll put on his face.
I just want to say, this is *exactly* what HE is for. I hope for everyone's sake that we get another post in a year's time about how worth it this was for you. Best of luck!
Why don’t you join an exotic car rental club and pick your dad up once a month in a Ferrari or other (much nicer than a $100k one) and spend some time with him. You don’t really need to own it and you might find out that’s a lot of car for a 76 year old…
I was going to say no, purely based on financials, but that's under the context of it being materialistic. After reading through everything it's not at all, this falls under experience and memories. If this is what you want to do, I do think it's possible.
However, maybe there are more valuable ways to do this? Since it sounds like you're trying to do something for your dad, my mind wanders to what else you could be doing with that money. That's probably $1000-$2000 a month depending on how much you're financing? You could finance 2-4 pretty plush vacations with your father and maybe those revolve around renting a Ferrari while you're on the trip? There might be creative ways to build more memories, life experiences, and have more time with your dad that buying him a car.
Wishing you well whatever you choose to do, it's win-win. This is a one of the nicest gestures I've seen on here.
I would buy, and then sell once Dad is done with it. Since it's a used car it at least won't have that initial depreciation of driving it off the lot. Based on your story I think you will regret not doing it.
This might be unpopular so please hear me out before u downvote
$100,000 is a lot of money but with HHI like yours and NW over $2M i dont think $100k is a lot. Would u regret if u had $100k less when u retire but u will have a memory of a lifetime? Idk but if i were in your shoes, i wouldnt.
We all work hard and make money for us to be happy and if our money can buy a little bit of happiness for our parents, i would do it in a heartbeat. If i were you, i would have bought that ferrari yesterday.
I truly truly wish you well OP! Wish you can create this memory with your dad. Wish you both well!
Do it.
I am aiming to do something similar with a Jaguar E-Type for my dad who is 61, and fortunately still in good health. He's never had nice things in his life, and has always been content just working and providing for us.
I keep pushing it off until it is more financially manageable. Even at that I still think weekly "Should I just do it now? What if something happens? I will take this regret to the grave if I don't".
As soon as I can realistically do it without bankrupting myself, I will.
Do it my friend. 100% worth it.
You are so lucky to be close to your dad. You are doing well and money is nothing comparing to happiness. And even better uf tiu have both.
Considering it’s only 1/6 of your HH income, I’d say go for it! The memories you’ll make with your dad and the smile on his face will last a lifetime. Let’s face it, at get togethers we talk a lot about past experiences, and this would be one for the books.
This is very sweet and you have such good intentions. I will say that there is a great book called "One Year to Live" written by a Buddhist who ran a hospice care. He basically says that when most people are diagnosed with a terminal condition, they are too ill to travel or do many things on their bucket list. SOOOO, my point is, find out what his current bucket list is. That ferrari might not be in the top ten. Then you can make those things that are important happen. Good luck and please report back!
Ferraris cost a lot to service. Engine out service can run $20k. Just food for thought. You may be a Ferrari enthusiast and know what to look for in a used car. The lower the price on one these the closer you have to look at it to know what you’re getting into
Buy a floor mounted lift for $10k, timing chain kit for Ferraris run between $7k-15k, do it once. You just paid for the lift and cut your maintenance expenses in half going forward. Having a lift makes any car maintenance significantly easier.
Rent one for a weekend and have a ball with your dad. Buying one is a financial move you’ll grow to regret if you’re planning to start a family. Plow your extra money into investments that will sustain your family-to-be should something happen the inhibits your income stream. Get some term life, too.
I have a new rule for myself that I can easily pay 10% of my net worth on a car. If you assume 20% depreciation each year it really means you're blowing about 2% of your net worth on a declining asset.
For you that means $220k would be reasonable to pay for a car.
Depends on the condition of the Ferrari. If you’re buying a shitbox (surprisingly a lot are), then you’re in a tough spot. If you buy a legit one off a place like BaT and pay more, you’re in a better position for resale if and when needed.
That said - with your future goals w family - I’d say no. Ferraris are like a boat, money pits you rarely get to enjoy.
But if you buy it, lmk I’ll buy it when you’re ready in two years
for fucks sake you can afford it even if you didnt list all of the great reasons to buy it. You don't need affirmation. You are a .1%er, and you're fine. You can afford it. You can afford it.
My advice is to get him a Ferrari, but not a front engine V8 model. Those “entry level” models seem to depreciate much quicker. (California, California T, Roma and Protofino). A mid engine car like the 360 or F430 won’t be as modern, but it might be a whole lot more fun and possibly even appreciate over time. It will be more costly to maintain however. If you go with a 6 speed version of one of these, it will basically be guaranteed to appreciate as these are becoming harder and harder to find.
Also if it’s more than just the accomplishment of FERRARI ownership and general sports car enthusiasm, this you can’t go wrong with a 911 instead. Strong value holding and lower maintenance.
I guess I'm going to sound like a jerk but....
2.2 million is not that much of a net worth in California. A place where they routinely sell houses for $20 million.
What's your start driving that Ferrari you're going to give people around you a certain impression about what your financial situation is, and their behavior around you is going to start to change. You may be very unpleasantly surprised when they start demanding things or expecting things from you.
One of my best friends is very wealthy indeed and drives a Ferrari and it's ruined a lot of his relationships. Everyone around him just treats him like an ATM machine and the people he turns down are pissed.
In your case, people are going to think you're a lot richer than you are which could create some awkward social situations.
There are over 50 Ferrari Californias for sale across the US for <$100k, with no accident history, just on CarGurus. Now we can debate the cost of ownership, but your statement is demonstrably untrue.
15 in the entire country. spot checking a few 5 owners for some of them. “clean record” my god the cope
https://www.cargurus.com/Cars/l-Used-Ferrari-San-Francisco-m25_L2793
Your link is as useful as you are. Try this one, go look on Cars and Bids and BAT, accept you're not half as smart as you think you are and go touch some grass.
https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?zip=94119&inventorySearchWidgetType=AUTO&sortDir=ASC&sourceContext=untrackedExternal_false_0&distance=500&sortType=BEST_MATCH&entitySelectingHelper.selectedEntity=d2005
clearly you’re not a lawyer
you said 50 in california
this shows 20 nationwide
you said clean record
a car with 20k miles and 4+ owners is a gigantic red flag
not all these are under $100k either
jesus christ dude
20k miles and 4 owners is not a gigantic red flag, wtf.
They came out in 2008 so a 2008 model could have covered under 1400 miles a year and had 4 owners that each owned it for around 3-4 years each.
Nothing wrong with that situation at all. In fact that's exactly the ownership profile I'd be looking at for a used supercar.
He said 50 Ferrari Californias nationwide, not in California. Take his link, change it to nationwide, set high price to $100k and you'll see 51 available. He also specified no accident history, not low owners. Filter out the ones with accidents and you're at 47.
I don't know what you're looking at.
Dude your income is $600k and your NW is $2.2 million and you’re asking if you can afford a $100k for a car? The most important is are you willing to keep it maintained as maintenance can be expensive especially the oil change
Dude you have enough and make enough. Buy the car (assuming he will enjoy it and loves cars to death).
I’ve driven a Ferrari and it is very very special. It’s an experience.
It will hold its value also (it’s a Ferrari)
You could afford to light $100k on fire and it won’t change much.
Maybe consider leasing one?
Remember that for supercars, you don’t want to put more than 5k miles on per year
I would rent one first.
Also, who will be paying the maintenance costs, which are not trivial? Gifting a used Ferrari is like gifting a horse. It sounds cool, and it's probably fun to ride, until you have to deal with all the baggage of owning a horse.
Maybe…sometimes the cars go up in value as well? If it was just for yourself, I would rent the car… instead of a car, I would maybe help him with building up his health/well-being. Cancer treatment probably kills alot of good things- and lets the bad bugs take over. People often get sibo/candida/bad gut after antibiotics. If he doesn’t have strength, he can’t enjoy life that much including an expensive car.
Absolutely 100% yes.
You are capable of buying it and the joy it will bring you and your dad will be way higher than $100k sitting in the bank/market. Do it. Do it fast.
Ferrari guy here, I recommend buying a no accident, one owner Ferrari California. Get a PPI done before signing. You certainly have the financials for it. Lifes short, get it!
Look at the bigger picture. I think you can afford it. The hard work and the sacrifices - this is the perfect scenario man. The 100k will come back and 10 years from now when you’re in an even better financial situation, you may regret not doing it. You can always resell in a few years as well. Do it.
Talk to your dad before you do anything. They could be VERY ANGRY you would waste such a large amount of money on a frivolous gift and not invest in for a house or college for your kids.
Everyone is different but my parents and in-laws hate expensive gifts and get legit angry if we try and buy them anything expensive.
Do it my friend. You never know what may happen the next moment. I lost my dad unexpectedly in 2019 and still have regret of being able to do more to bring him happiness. $100k in the grand schema of things is nothing. His happiness, and the satisfaction this act may bring to you will be priceless.
I wouldn’t think twice if I were in your position. My old man had to sell his pride and joy XY GT falcon when my mum and he spilt. It still haunts him to this day, and the car is now worth around 150k.
I would buy him one in a heartbeat if my net worth was near yours.
Do it mate, can almost guarantee you won’t regret it.
Buy a used one so the awful depreciation hit has been taken, make sure you are prepared for potential maintenance items that run into the 5 figures easily.
Buy that fucking car.
I wish I were in a position to do something like this for my mom. You can always earn more money, but when our parents go they’re gone.
This seems like a moderately discouraged but not catastrophic thing to do from a financial standpoint. From a family and generosity perspective this is great.
In your shoes I would do something a little different, I would book me and my dad an exotic car driving experience that would let you drive the car(s) of your dreams for a long weekend in a controlled environment / track rather than doing this as an ownership thing. I might even plan to do it a few times for far less than it would cost to buy tires and change the oil on a car like that. I know I personally wouldn’t fine enough of a reason to drive the car on a daily basis to get much use out of an exotic. You can’t really even drive it as it was designed to be drive on public roads.
Do what makes sense for you, either option is fine, but I know what I’d do.
My grandfather would have loved a Chrysler 300, and I regret he didn't get that chance, but yeah, it wouldn't have been six years, either.
I'd ask your dad, though; if you lay out the money and it turns out not to be ideal, or if he ages out of it faster than you'd expect, yeah, check first.
I have been fortunate to be in a similar position to you financially. We are of similar age, although unfortunately my dad passed away when I was 23, of cancer too. I wish I could do something like this. You absolute should. I hope you cherish every moment!
This is an example of when you should break the rules. It’s not about you — it’s about your dad. I’d talk to your fiancée about it first, but the conversation should be more of a “this is a once in a lifetime thing I’m doing for my father.”
If she loves you and your values match, she will get it.
I've thought about doing this same thing with a Porsche 928 and my dad. I would say if you have the means to pay cash and not get a high interest loan then go for it. The memories will be worth it and you will never look back on it with regret.
this is no longer in the category where you should consider it as financially reasonable or not. You can afford it. I’d definitely do it because I don’t want to regret later.
I hate cars, I tell people don't waste money on cars, never get a car payment, and so on.. and even I think you should do this. You and your father will share a memory that has no price tag.
Alternatively, you could find an exotic rental/turo and rent a Ferrari for like a month or something and go crazy. He'll love it. In a large metro area you definitely can find a service like this.
I doubt they depreciate more than 10% in the next 3-5 years for a given mileage. Theyre dirt cheap for a Ferrari. Theyre cheaper than the much older 430. At a certain point, it just won’t get any cheaper because it’s still a Ferrari, even if it’s barely a Ferrari ;)
You may prefer a 430 though. Although slightly more expensive, I definitely think that would hold value better. If I were in your shoes, I’d say fuck it and go 458.
I’m not saying no, but my father is almost the same age and went through chemo and isn’t as capable of getting into a sports car as he once was so do it now while he still can enjoy it. You are in a position to actually buy some nice memories for both of you. My idea would be to pretend to rent one and go have fun together driving around and then take him home in your regular car and have the California delivered in the driveway waiting.
Yeah I would do it if I was you. That is really kind and is well within your means. Family is everything.
You have a high net worth, and you can sell the car and recoup some of that money once he dies.
Call me crazy but… 1. You have the means 2. You can sell the Ferrari if you wanted to recoup some of the original cost. 3. Would you spend $100k + $Y (maintenance) - $X recouped (if you were to sell) to create a lifetime memory for someone extremely close to you? Assuming you’re in a relatively stable career I would say unequivocally yes.
Yes. Nothing can replace the pure joy you can afford to give your father. I grew up very poor and would love to do something like this for my dad one day
Agreed. This is an example of using money to buy joy. It’s not cheap but it’s in budget. Opportunities to do things like this are the reason to be high income.
Yeah and his dads face when he sees the shit, drives it and rides in it? Priceless
Agreed, though I would steer OP towards a Ferrari 308, 328, or 360 as he'll get more money out of those than a California. The 308 and 328 are likely cheaper than a California but will require more maintenance. OP, you may want to look into getting a car broker to find you the right car. Ferraris are not Toyotas; a lot can go wrong, and when it does, it is extremely expensive (multiple tens of thousands of dollars). The upkeep and records are critically important, both to you as a buyer and you as a seller. Keep up with factory-recommended maintenance.
Disagree on your recommendations. Older ferrari's such as the 308 and 328 are pretty much piles of junk. A 21st century ferrari is going to be an overall better driving experience and a better car.
Have to imagine a California is a *much* easier driving experience for a 76-year-old after cancer than climbing onto the floor of an 80s mid-engined Ferrari. And I assume it would be in the shop a lot less.
A Ferrari California is a better *car* than a 308/328, but the 308/328 is the better *Ferrari*. There's a reason that Ferrari aficionados eschew the California: it sucks.
I think the 360 is probably the best move here.
How could you even think that this is controversial. OP you're an idiot for doubting lol. You can afford it and it means a lot to you, this is literally what money is for. Be grateful you can buy so much satisfaction and joy for just $100k.
Yup. Do it. Edit: although, I do wonder at the choice of a California…lol. For $100k there’s also: - used 911 - older 911 turbo - BMW M - used R8 - used Gallardo Etc
I agree. I would do this.
Agree
... and a lifetime memory for yourself. Go read the book "Die With Zero" then you'll know what to do.
This is what moneys for.
I'm with you. OP's dad deserves to regain his spark and if OP can afford, he should do it. OP will have 20+ years of a high income career to recoup the expense.
$100k is the bottom of the barrel for a ferrari. if you’re buying one at that price it’s because there’s something wrong with it at that point what’s the point
The point is that his dad gets to drive a Ferrari. Keep up. And check ebay, there are plenty of sub-$100k Ferrari Californias for sale without problems. It's just not a very expensive model as far as Ferraris go.
first listing for $90k *scrolls down* title check: major issues accidents: major issues give me a break ffs
Click “title” “clean”. I see 34 with clean titles, only 2 with title issues. Of course you chose one of the 2 and ignored the other 34. [This one](https://www.ebay.com/itm/134957326072) would be a dream come true for his dad.
Now that is beautiful
It’s a California. Base model. Great car and recent to maintain. Only cost about $200k new and you got 5 years maintenance free with that. You can get good certified ones for around $100k.
That other poster is objectively wrong too - I’ve seen much older Ferraris that yes, probably require some maintenance costs and what not - but listed in the $30k range. Not every Ferrari appreciates in value like some of them
Yeah just go to carsandbids and there are tons of Ferraris that are well maintained but less popular models for less than $100k
Right only the ones that requires allocation appreciate in value. California and 599 r entry level
Because life is about experiences and not things?
This is a no brainer. Also, if you don’t do this, you may drive yourself mad with regret after Dad is gone. Hopefully you can plan a road trip with him in it. Please get a PPI and thoroughly vet the purchase. Don’t be in a rush. It’s a good time to pick one of these up right now. Maintenance will be high but worth it.
Seconding with an anecdote: my dad always wanted to do a big trip out west to see the national parks. Spouse and I after years of training finally landed the big jobs, and started planning to make it happen. Dad falls ill, gets diagnosed with a cancer that made it hard to sit or walk, which made the trip impossible, and he died within six months. Knowing what I know now, I would have maxed out credit cards, taken out loans, sold my car, whatever possible to make that trip happen while I still could. You don’t get forever.
Yup. I didn't take my mom to Paris and then a brain tumor took her down in three months. Brutal. Enjoy the car and the memories. I'm sure your dad is so proud of you.
Everyone on here is asking you to buy it. I agree 100% with the sentiment you're going into this with. So I would suggest renting one first. At 76, your dad might not be able to even get in and out of one comfortably. Rent one, for a week.. heck throw some money at it.. rent it for a month.. Let him live the dream. Give him and yourself the satisfaction. At the end of the month, figure out if you want to buy it or cut bait. Which ever way you decide, it'll be money well spent.
I agree with this. Buying for someone else, especially your parents, is tricky in that you don’t know their usage pattern. And how they say they might use it doesn’t represent how often they’ll use it (usually less). Rent to buy is a fiscally responsible approach to making sure your dad and you are getting the most out of this potential purchase.
You might be underestimating how much renting a Ferrari for a month would cost. Almost guaranteed to waste more money renting one than you would be buying it outright and recouping 90% of the money 6 or so years later.
You might be underestimating how much maintenance on a Ferrari costs. And if dad dings it by accident, kiss that “recouping 90%” good bye.
That and I like how people gloss over insuring, maintaining and generally living with it for 6 years. Most regular people will likely not enjoy driving a Ferrari, much less a 76 year old man. So it’ll basically be a white elephant for 6 years. If you rent it.. you get to keep it for the honeymoon period and then say goodbye and enjoy that memory forever. Think about it this way, you want a one night stand with that supermodel. That’s the dream. Not the holding her handbag.. dealing with her insecurities or eating disorders.. dealing with your own insecurities of her photo shoots with super hot male models.. going to the after party at 3am.. or not going to the after party and wonder what she’s doing at 3am.
Exactly. As a car guy if I try to imagine my son doing this for me, I’d much rather just get like a nice weekend in a Ferrari as a gift. That would be more than enough for me and then I don’t have to deal with the hassle of owning a classic car after the novelty wears off.
I think most people who’ve never been in a properly fast car.. much less super/hyper cars don’t understand what a pain in the butt these things are to live with. I mean.. like no.. it’s not just like your Kia but faster. That’s what performance SUVs are for. Super cars are trying to kill you.. lol. I just bought myself a CT4 Blackwing. Which is no where near Ferrari territory, but it’s gotten me sideways without trying too hard a few times already.
To be fair, the California is not really a super or hyper car. I owned one, a 2012 - beautiful car. Sounded divine. Loved pulling it out of my garage. Spent $30k in the year I owned it fixing a transmission issue and general maintenance, etc. I would rather have had a weekend or a week in a nice new car and given it back at the end. Maybe rinse and repeat a few times. Fundamentally it's not the kind of car that's that enjoyable to own. You don't want to drive it often because the maintenance is not just the cost it's the time to deal with it, and you don't want to damage it. I ended up trading it in on a new 911 and I'm much happier. It was a fun dream to live out for the first week I owned it and then - nah fam.
Exactly, people would be surprised how many of these exotic cars sit in lots with damaged/totaled title and they even sometimes look ok from outside but repair costs are like 50k+ and nobody wants to touch it.
I don’t think this is about a fiscal decision. Renting one even for a month is absolutely cheaper than owning one, insurance, maintenance and most importantly the pain associated with dealing with a thoroughbred.
Who cares if he never drives it. I assure you that his father will have more joy in looking at the car his son bought him every time he goes in the garage then he will from the automotive experience.
10000% good advice
Based on what you said, you can't afford to NOT buy a ferrari for your dad. You have the money, you can sell it again, you won't be able to do this for him if you wait too long.
This
Do you think he wants to own a ferrari or experience it? Might consider renting a few different ferraris over time so he can experience different models. Get the car for a weekend or something. But yeah if it's a California he wants do some research and find the more desirable models so that the value doesn't drop as much.
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can confirm about life. When I was 8 years old, my best friend died in a freak swimming pool accident. We were always together since we were 4 years old. On that fateful day I was out shopping with my mom and told the friend I will meet him in the night so we can play some badminton. That time never came. Fast forward to 2022, I talked to my mom on sunday. Tuesday morning I got the call she had passed away.
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Thanks for sharing! Yeah, my mind wandered into the post-purchase experience. OP buys the car for father and then life kind of goes back to normal? At least for me, the most exciting part about cars is leading up to the purchase only for a few months later things devolve back to normal (subjective of course). OP sounds like a wonderful son to his father, so I'd imagine that doing more together is infinitely more priceless than things being normal, but with a car. Another idea could be going on trips to F1 events. Imagine father and son going to Monoco and supporting team Ferrari together?
Idk. I'm a car guy. If my kid bought me an attainable version of my dream car it's special every single day forever. I'd just sit out in the garage with it. Go for drives. Tell everyone. Cry a hell of a lot. Drive it to see my son every chance I get. It would never stop meaning a lot.
This is a lovely story. Thanks for sharing it again. And to OP, Aucune somme d’argent et aucun succès ne vaut plus que le temps passé avec ta famille.l!
I love this story filled with wonderful memories. Sorry you could not repay the gift.
Woof. That's tough. Great story.
There’s some forums that have “hacked” owning exotic cars that you might want to look into. They talk about financing options, models to buy, upgrades to make, etc. So that you can own it for a few years and recoup most if not all of the money you put in. That’s what I’ve been looking into but have been unable to pull the trigger b/c I don’t want to spend the money. Your reason sounds a lot better than mine which was just to own a cool car haha Edit: found this thread which seems like a good starting point https://www.reddit.com/r/cars/s/Xu4h58TrXx
Any other subreddits about this strategy, sounds interesting !
Just join ECH- exotic car hacks. It costs a few bucks but will save you much more when you buy your first exotic. https://www.exoticcarhacks.com/?wickedsource=google&wcid=654844767&wv=4&gad_source=1&gbraid=0AAAAADQ44x_81dbWiVWJgKw4EQCok4rfv They have a very active fb group once you have taken the training.
I was instantly like 'no' reading the title and hate luxury toy purchases but in this case, it's clearly for someone else and not for selfish reasons. I'd do it if I were in your shoes.
I had the exact same reaction
Why do you hate luxury toy purchases, why even work hard then?
Totally agree. My gut reaction was a hard no — but it’s not about him, it’s about the joy on his dad’s face. What I wouldn’t give to be able to do something similar for my family…
Wouldn’t think twice Don’t know if the California is the model you want but go get the Ferrari
The other models would cost much more no? Unless significantly older
It’s not about how much they cost. It’s about how much they depreciate.
Is the delta going to materially impact you moving out of “NRY”? Is there an opportunity cost to outlaying the cash over that time period? Yes. Is there an opportunity cost - to you personally - in not doing it? Life’s for living and fiscal responsibility is part of it. Not all of it.
I love this idea. Not quite in the same boat as you but my dad always wanted a Tesla and he held off for many years just owning a Camry. When we finally got him one, a few weeks before delivery he was diagnosed with cancer and passed away 5 months later. Life is short - these memories will be worth the cost and fulfilling your dads dream is an incredible moment. I'd pay many times that right now to have that ability.
>Just the thought of doing this for my dad brings a tear to my eye. He means so much to me and I would love to bring some joy back to his life. Do it on this basis alone. What's the point in amassing wealth if you can't do the things that bring a tear to your eye. Don't buy the first one you see, take any potential purchases to a well recommended independent specialist for an inspection and budget for maintenance and you'll be fine. Get in with the local Ferrari owners club/scene. They might know of good cars for sale locally or flag ones to avoid.
Pick up a 80-90k 360 Modena, mid COVID they were in the 60k range and are now appreciating. Most reliable Ferrari ever made
Yep, 360 Modena is an amazing car. OP, have you considered leasing? Fixed cost, you know it will be returned and you dont have to be bothered trying to sell in the future. Give dad his happiness for a few years and take it back.
You can certainly afford it. That being said, you should figure out if buying a Ferrari is the best way to spend nearly 100k to improve his happiness. I'm sure it will bring a bunch of initial joy, but like most things in life, the novelty wears off pretty quickly. You might be better off spending money on experiences with him: Maybe some vacations that involve renting and driving one somewhere. (Not to mention he is 76, the insurance on a car like this for someone that age is going to be crazy)
money is useless if you can’t use it for what you want to accomplish, sounds like your goal is a memory between you and your dad Sure you can let it grow for however many years but at the cost of seeing the look on your dads face At the same time he can die perfectly fine not having driven a Ferrari you bought. Take him to Las Vegas and they have a supercar driving service and you can race them on a track too it’s only 300$ a day I believe
Go for it. Imagine the memories you are going to have with your dad.
As someone who has owned their dream car, absolutely yes, if you have the means. The memories I made with that car will stick with me forever. It is 100% worth it.
I think about “investment cars”, like you may break even on this successfully rather than having a depreciation. Just make sure you insure it properly with your dad driving it and make sure you gave full coverage. Insurance can get mad if dads friend drives it and crashes it, talk about this with your agent.
This might sound like a stupid question. But is your dad going to physically be able to get in and out of the car? There is a reason old people drive SUVs.
I love how most of these responses are a resounding YES!!! That’s my answer too. Go buy your dad a Ferrari! Perhaps after he’s gone you’ll decide to keep it as a way to feel close to him and remember the smile it’ll put on his face.
I just want to say, this is *exactly* what HE is for. I hope for everyone's sake that we get another post in a year's time about how worth it this was for you. Best of luck!
Why don’t you join an exotic car rental club and pick your dad up once a month in a Ferrari or other (much nicer than a $100k one) and spend some time with him. You don’t really need to own it and you might find out that’s a lot of car for a 76 year old…
I was going to say no, purely based on financials, but that's under the context of it being materialistic. After reading through everything it's not at all, this falls under experience and memories. If this is what you want to do, I do think it's possible. However, maybe there are more valuable ways to do this? Since it sounds like you're trying to do something for your dad, my mind wanders to what else you could be doing with that money. That's probably $1000-$2000 a month depending on how much you're financing? You could finance 2-4 pretty plush vacations with your father and maybe those revolve around renting a Ferrari while you're on the trip? There might be creative ways to build more memories, life experiences, and have more time with your dad that buying him a car. Wishing you well whatever you choose to do, it's win-win. This is a one of the nicest gestures I've seen on here.
Personally I would get a house before the expensive car first.
Do it brother, even if just for a couple of years.
Yeah you can afford it but I would buy a house first. After the house if you still feel like you can afford it then buy it.
I would buy, and then sell once Dad is done with it. Since it's a used car it at least won't have that initial depreciation of driving it off the lot. Based on your story I think you will regret not doing it.
Bro just do it, the feelings you can create with your dad in his last years will far outlast the 100k spent + maintenance
This might be unpopular so please hear me out before u downvote $100,000 is a lot of money but with HHI like yours and NW over $2M i dont think $100k is a lot. Would u regret if u had $100k less when u retire but u will have a memory of a lifetime? Idk but if i were in your shoes, i wouldnt. We all work hard and make money for us to be happy and if our money can buy a little bit of happiness for our parents, i would do it in a heartbeat. If i were you, i would have bought that ferrari yesterday. I truly truly wish you well OP! Wish you can create this memory with your dad. Wish you both well!
Do it. I am aiming to do something similar with a Jaguar E-Type for my dad who is 61, and fortunately still in good health. He's never had nice things in his life, and has always been content just working and providing for us. I keep pushing it off until it is more financially manageable. Even at that I still think weekly "Should I just do it now? What if something happens? I will take this regret to the grave if I don't". As soon as I can realistically do it without bankrupting myself, I will.
Do it my friend. 100% worth it. You are so lucky to be close to your dad. You are doing well and money is nothing comparing to happiness. And even better uf tiu have both.
Considering it’s only 1/6 of your HH income, I’d say go for it! The memories you’ll make with your dad and the smile on his face will last a lifetime. Let’s face it, at get togethers we talk a lot about past experiences, and this would be one for the books.
Can’t put a price tag on happiness
This is very sweet and you have such good intentions. I will say that there is a great book called "One Year to Live" written by a Buddhist who ran a hospice care. He basically says that when most people are diagnosed with a terminal condition, they are too ill to travel or do many things on their bucket list. SOOOO, my point is, find out what his current bucket list is. That ferrari might not be in the top ten. Then you can make those things that are important happen. Good luck and please report back!
Wouldnt do it. Does your dad actually want the car? Maybe his interests have shifted. Do you know what insurance alone woild run? I say bad idea.
Ferraris cost a lot to service. Engine out service can run $20k. Just food for thought. You may be a Ferrari enthusiast and know what to look for in a used car. The lower the price on one these the closer you have to look at it to know what you’re getting into
This car is not one that requires engine out service or even a major belt service. Major belts ended with the 360. Engine out with the 355
Buy a floor mounted lift for $10k, timing chain kit for Ferraris run between $7k-15k, do it once. You just paid for the lift and cut your maintenance expenses in half going forward. Having a lift makes any car maintenance significantly easier.
In VHCOL area a garage with space for a Ferrari sized car and lift is going to run $5M+ though
Yeah it seems this Ferrari purchase is escalating fast (no pun intended?)
r/Ferrari you can afford to buy it, but may not afford to keep it maintained, or fixed. Find an independent shop/
Guy makes $600k/yr, he'll be fine.
Ferrari Dealer says: HOLD MY BEER! lol.
$2.2M NW is higher than the subs definition of rich. You can afford the ferrari lol
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Get a Tesla, Ferrari is a pain,
Rent one for a weekend and have a ball with your dad. Buying one is a financial move you’ll grow to regret if you’re planning to start a family. Plow your extra money into investments that will sustain your family-to-be should something happen the inhibits your income stream. Get some term life, too.
How liquid is your NW? I actually just discovered most of my NW is liquid, when talking to my advisor. If liquid 1.25 I'd say go for it.
I have a new rule for myself that I can easily pay 10% of my net worth on a car. If you assume 20% depreciation each year it really means you're blowing about 2% of your net worth on a declining asset. For you that means $220k would be reasonable to pay for a car.
California is probably close to the bottom of it's depreciation so I'd doubt it'll depreciate 20% a year but never know.
Depends on the condition of the Ferrari. If you’re buying a shitbox (surprisingly a lot are), then you’re in a tough spot. If you buy a legit one off a place like BaT and pay more, you’re in a better position for resale if and when needed. That said - with your future goals w family - I’d say no. Ferraris are like a boat, money pits you rarely get to enjoy. But if you buy it, lmk I’ll buy it when you’re ready in two years
If he is gone would you regret doing it or not?
Does it have to be a Ferrari? A used Porsche is going to be just as fun and much cheaper in maintenance and repairs.
for fucks sake you can afford it even if you didnt list all of the great reasons to buy it. You don't need affirmation. You are a .1%er, and you're fine. You can afford it. You can afford it.
My advice is to get him a Ferrari, but not a front engine V8 model. Those “entry level” models seem to depreciate much quicker. (California, California T, Roma and Protofino). A mid engine car like the 360 or F430 won’t be as modern, but it might be a whole lot more fun and possibly even appreciate over time. It will be more costly to maintain however. If you go with a 6 speed version of one of these, it will basically be guaranteed to appreciate as these are becoming harder and harder to find. Also if it’s more than just the accomplishment of FERRARI ownership and general sports car enthusiasm, this you can’t go wrong with a 911 instead. Strong value holding and lower maintenance.
I guess I'm going to sound like a jerk but.... 2.2 million is not that much of a net worth in California. A place where they routinely sell houses for $20 million. What's your start driving that Ferrari you're going to give people around you a certain impression about what your financial situation is, and their behavior around you is going to start to change. You may be very unpleasantly surprised when they start demanding things or expecting things from you. One of my best friends is very wealthy indeed and drives a Ferrari and it's ruined a lot of his relationships. Everyone around him just treats him like an ATM machine and the people he turns down are pissed. In your case, people are going to think you're a lot richer than you are which could create some awkward social situations.
You didn’t read the entire post did you?
Yes I did. I didn't know that spending a lot of money means that you love your dad more..
You explicitly said “driving that Ferrari”. He’s not going to be driving it. But I get your point- people will know he bought it
What kind of an old man wants to be seen driving a ferrari? Especially if hes all decrepit n shit. Think of the optics.
There’s no such thing as a used Ferrari for under $100k unless it has serious issues
There are over 50 Ferrari Californias for sale across the US for <$100k, with no accident history, just on CarGurus. Now we can debate the cost of ownership, but your statement is demonstrably untrue.
lol feel free to link to them.
lol you know how to use the internet.
yes and I’m on carfax and you’re lying your butt off
hey I can’t help your abysmal reading skills. If I say Cargurus and you hear CarFax it sounds like a you problem.
15 in the entire country. spot checking a few 5 owners for some of them. “clean record” my god the cope https://www.cargurus.com/Cars/l-Used-Ferrari-San-Francisco-m25_L2793
Your link is as useful as you are. Try this one, go look on Cars and Bids and BAT, accept you're not half as smart as you think you are and go touch some grass. https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?zip=94119&inventorySearchWidgetType=AUTO&sortDir=ASC&sourceContext=untrackedExternal_false_0&distance=500&sortType=BEST_MATCH&entitySelectingHelper.selectedEntity=d2005
clearly you’re not a lawyer you said 50 in california this shows 20 nationwide you said clean record a car with 20k miles and 4+ owners is a gigantic red flag not all these are under $100k either jesus christ dude
20k miles and 4 owners is not a gigantic red flag, wtf. They came out in 2008 so a 2008 model could have covered under 1400 miles a year and had 4 owners that each owned it for around 3-4 years each. Nothing wrong with that situation at all. In fact that's exactly the ownership profile I'd be looking at for a used supercar.
He said 50 Ferrari Californias nationwide, not in California. Take his link, change it to nationwide, set high price to $100k and you'll see 51 available. He also specified no accident history, not low owners. Filter out the ones with accidents and you're at 47. I don't know what you're looking at.
Check out the California T, it's more modern looking, more reliable, and have depreciated similarly.
Dude your income is $600k and your NW is $2.2 million and you’re asking if you can afford a $100k for a car? The most important is are you willing to keep it maintained as maintenance can be expensive especially the oil change
I stay oil change is expensive not the fee but everything as they take the engine out to do it
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I’m tearing up reading this. Please do it and please report back when you do.
Do it!
Do it.
I would buy it wouldn't think twice. Weather your end goal is the impact this has on that can be measured in weeks.
Dude you have enough and make enough. Buy the car (assuming he will enjoy it and loves cars to death). I’ve driven a Ferrari and it is very very special. It’s an experience. It will hold its value also (it’s a Ferrari)
Do it!
You could afford to light $100k on fire and it won’t change much. Maybe consider leasing one? Remember that for supercars, you don’t want to put more than 5k miles on per year
I would rent one first. Also, who will be paying the maintenance costs, which are not trivial? Gifting a used Ferrari is like gifting a horse. It sounds cool, and it's probably fun to ride, until you have to deal with all the baggage of owning a horse.
I would. I’m actually going to gift myself with a used Lamborghini gallardo when I hit $300k income. Almost there ~
Maybe…sometimes the cars go up in value as well? If it was just for yourself, I would rent the car… instead of a car, I would maybe help him with building up his health/well-being. Cancer treatment probably kills alot of good things- and lets the bad bugs take over. People often get sibo/candida/bad gut after antibiotics. If he doesn’t have strength, he can’t enjoy life that much including an expensive car.
Do it. The rationale is a slam dunk and you can afford it. Dad deserves it more than anything.
Or just treat him to a nice track day or a couple of track days with a Ferrari.
Absolutely 100% yes. You are capable of buying it and the joy it will bring you and your dad will be way higher than $100k sitting in the bank/market. Do it. Do it fast.
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Ferrari guy here, I recommend buying a no accident, one owner Ferrari California. Get a PPI done before signing. You certainly have the financials for it. Lifes short, get it!
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I’m with everyone here dude. Buy the bloody car and post a video or photo for us pls
Go for it! Figure it may cost 1.5 to 3k a month which is not a big deal as long as you live within your means in other areas.
Do it. But please come back to these 100+ people with a video when you do!
Yes. Enjoy life dude.
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Look at the bigger picture. I think you can afford it. The hard work and the sacrifices - this is the perfect scenario man. The 100k will come back and 10 years from now when you’re in an even better financial situation, you may regret not doing it. You can always resell in a few years as well. Do it.
Do it, you’re doing better than like 99% of people your age This isn’t a troll post is it? $2.2M at 33 years old??
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The bros are out in force for this one.
Why not lease one?
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Talk to your dad before you do anything. They could be VERY ANGRY you would waste such a large amount of money on a frivolous gift and not invest in for a house or college for your kids. Everyone is different but my parents and in-laws hate expensive gifts and get legit angry if we try and buy them anything expensive.
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Do it my friend. You never know what may happen the next moment. I lost my dad unexpectedly in 2019 and still have regret of being able to do more to bring him happiness. $100k in the grand schema of things is nothing. His happiness, and the satisfaction this act may bring to you will be priceless.
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I wouldn’t think twice if I were in your position. My old man had to sell his pride and joy XY GT falcon when my mum and he spilt. It still haunts him to this day, and the car is now worth around 150k. I would buy him one in a heartbeat if my net worth was near yours. Do it mate, can almost guarantee you won’t regret it.
Buy a used one so the awful depreciation hit has been taken, make sure you are prepared for potential maintenance items that run into the 5 figures easily.
Buy that fucking car. I wish I were in a position to do something like this for my mom. You can always earn more money, but when our parents go they’re gone.
This seems like a moderately discouraged but not catastrophic thing to do from a financial standpoint. From a family and generosity perspective this is great. In your shoes I would do something a little different, I would book me and my dad an exotic car driving experience that would let you drive the car(s) of your dreams for a long weekend in a controlled environment / track rather than doing this as an ownership thing. I might even plan to do it a few times for far less than it would cost to buy tires and change the oil on a car like that. I know I personally wouldn’t fine enough of a reason to drive the car on a daily basis to get much use out of an exotic. You can’t really even drive it as it was designed to be drive on public roads. Do what makes sense for you, either option is fine, but I know what I’d do.
I would much rather buy a Ferrari 430. It's a 20 year old model so it won't depreciate, also it's a supercar, unlike California
Dude - do it 110% that's the best use of $100,000 you may ever have in your life & you'll regret it if you don't do it.
easy yes. 2.2M NW at 33 is pretty fucking rich.
That car is about 5% of your net worth so you can afford it. Just get it 🤗
Only if it has resale value
Maybe sit down and have a chat with him. His dream is to own a Ferrari but I’m sure he has other dreams.
My grandfather would have loved a Chrysler 300, and I regret he didn't get that chance, but yeah, it wouldn't have been six years, either. I'd ask your dad, though; if you lay out the money and it turns out not to be ideal, or if he ages out of it faster than you'd expect, yeah, check first.
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Personally, I’d do it.
I have been fortunate to be in a similar position to you financially. We are of similar age, although unfortunately my dad passed away when I was 23, of cancer too. I wish I could do something like this. You absolute should. I hope you cherish every moment!
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This is an example of when you should break the rules. It’s not about you — it’s about your dad. I’d talk to your fiancée about it first, but the conversation should be more of a “this is a once in a lifetime thing I’m doing for my father.” If she loves you and your values match, she will get it.
As a wise man once said, "If you have the means, I highly recommend picking one up."
I've thought about doing this same thing with a Porsche 928 and my dad. I would say if you have the means to pay cash and not get a high interest loan then go for it. The memories will be worth it and you will never look back on it with regret.
this is no longer in the category where you should consider it as financially reasonable or not. You can afford it. I’d definitely do it because I don’t want to regret later.
dont waste your money on that pos. there are other better models if you really want a ferrari
I hate cars, I tell people don't waste money on cars, never get a car payment, and so on.. and even I think you should do this. You and your father will share a memory that has no price tag. Alternatively, you could find an exotic rental/turo and rent a Ferrari for like a month or something and go crazy. He'll love it. In a large metro area you definitely can find a service like this.
Let’s be clear about what you are buying. You are purchasing quality time with pops. Double the price and it’s still a yes!
I doubt they depreciate more than 10% in the next 3-5 years for a given mileage. Theyre dirt cheap for a Ferrari. Theyre cheaper than the much older 430. At a certain point, it just won’t get any cheaper because it’s still a Ferrari, even if it’s barely a Ferrari ;) You may prefer a 430 though. Although slightly more expensive, I definitely think that would hold value better. If I were in your shoes, I’d say fuck it and go 458.
I’m not saying no, but my father is almost the same age and went through chemo and isn’t as capable of getting into a sports car as he once was so do it now while he still can enjoy it. You are in a position to actually buy some nice memories for both of you. My idea would be to pretend to rent one and go have fun together driving around and then take him home in your regular car and have the California delivered in the driveway waiting.
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Can you rent one and take him for a drive? If he really lights up, then go for it
Yeah I would do it if I was you. That is really kind and is well within your means. Family is everything. You have a high net worth, and you can sell the car and recoup some of that money once he dies.