Discussion
Help me decide if I have to!
I may have to unload one of my cars. I need some cash to help fund the build of a new house. If I have to and my bid on this plot of land is accepted, which do I get rid of? As soon as its built I will be able to get back the car I dump, so its not adios forever. Bum Bum Bum. Im happy cos the house will be mega but sad cos the sacrifice I may have to make.
I may have to unload one of my cars. I need some cash to help fund the build of a new house. If I have to and my bid on this plot of land is accepted, which do I get rid of? As soon as its built I will be able to get back the car I dump, so its not adios forever. Bum Bum Bum. Im happy cos the house will be mega but sad cos the sacrifice I may have to make.
There is no answer, but I'll have a go.
Get rid of the Ferrari as I'm guessing you can get back pretty much what you paid for it.
Having said that the Porker may depreciate more than the Fezza over the next 12 months.
Ooops, I think this choice is about which one you get the biggest buzz from when driving.
DAZ
I trust this new house is going to have a nice large double garage.
Get rid of the Ferrari as I'm guessing you can get back pretty much what you paid for it.
Having said that the Porker may depreciate more than the Fezza over the next 12 months.
Ooops, I think this choice is about which one you get the biggest buzz from when driving.
DAZ
I trust this new house is going to have a nice large double garage.
Help me decide if I have to!
I may have to unload one of my cars. I need some cash to help fund the build of a new house. If I have to and my bid on this plot of land is accepted, which do I get rid of? As soon as its built I will be able to get back the car I dump, so its not adios forever. Bum Bum Bum. Im happy cos the house will be mega but sad cos the sacrifice I may have to make.
To keep it simple......Porsche.
How long will the house take to build? I am assuming the 360 will bring in more capital so maybe.........only if you sign a promisory note to buy it back as soon as finances allow.
GUY
I couldn't agree with you more. I've been looking for a three/four bed detached with an openplan garage for six vehicles and can't seem to find anything.
However the issue of costs spring to mind. Outbuildings around here tend to get turned into a separate dwellings
, barns with potential to be garages going for 350k before the airlines and beer cooler are installed.
Must look into prefab barns for agricultural machinery. Do Lambos and Porsche still make tractors? might help get around the planning issues.
Anyway, back on topic. Guy which of Rich's stable would you temporarally get rid of and why.
DAZ
EDITED to say:
1 Crickey my spellings crap at the moment.
2 Hi Mara, didn't see you in the private pub last night. Oh and stick with the current Mrs MARA, as the previous Mrs MARA didn't work out then so why should it now!
>> Edited by dazren on Wednesday 15th January 18:45
I couldn't agree with you more. I've been looking for a three/four bed detached with an openplan garage for six vehicles and can't seem to find anything.
However the issue of costs spring to mind. Outbuildings around here tend to get turned into a separate dwellings
, barns with potential to be garages going for 350k before the airlines and beer cooler are installed. Must look into prefab barns for agricultural machinery. Do Lambos and Porsche still make tractors? might help get around the planning issues.
Anyway, back on topic. Guy which of Rich's stable would you temporarally get rid of and why.
DAZ
EDITED to say:
1 Crickey my spellings crap at the moment.
2 Hi Mara, didn't see you in the private pub last night. Oh and stick with the current Mrs MARA, as the previous Mrs MARA didn't work out then so why should it now!
>> Edited by dazren on Wednesday 15th January 18:45
Is this is a business venture? Because if it is then business is business.... if the cars have got to go then do it (I've been there as have many others)..
And in that case offload the car that will release the most capital... DON'T get emotional...
If, as a result of the way you may have purchased the cars, capital isn't the key issue - get rid of the car that is less fun to drive.... (in this case DO get emotional).
edited to say: classicaly useless advice. Best of luck mate! (keep the Ferrari)
>> Edited by manu on Wednesday 15th January 18:49
And in that case offload the car that will release the most capital... DON'T get emotional...
If, as a result of the way you may have purchased the cars, capital isn't the key issue - get rid of the car that is less fun to drive.... (in this case DO get emotional).
edited to say: classicaly useless advice. Best of luck mate! (keep the Ferrari)
>> Edited by manu on Wednesday 15th January 18:49
Manu,
the particular plot of land I want to buy is personal, the triple garage and the scope to do all the things I should have done is too good to miss. I would love to raid the property biz coffers for it but I will get myself into deep do do. The thing is is not really the capital that I need its the monthly payments to enable me to ensure that the finance on the new build is okdokey so i dont veer off spec at all. I could get rid of the porca and order an x50 turbo at the same time. It will be delivered ready for its new garag lol.
the particular plot of land I want to buy is personal, the triple garage and the scope to do all the things I should have done is too good to miss. I would love to raid the property biz coffers for it but I will get myself into deep do do. The thing is is not really the capital that I need its the monthly payments to enable me to ensure that the finance on the new build is okdokey so i dont veer off spec at all. I could get rid of the porca and order an x50 turbo at the same time. It will be delivered ready for its new garag lol.
You have my sympathy Rich; this is a depressing decision and it's only the real petrolheads who will understand how difficult it is. One person commented to me, with heavy sarcasm "wow, it must be a real pisser not having a choice of which one to take out today". Git.
If this is a financial decision, then it's down to cashflow; only if the cost outrun for the two cars is the same do you have a choice. IIRC you finance your cars, so it comes down to repayments, exit penalties (if any), residual value and maintenance costs of the two cars. If the outrun is roughly the same, keep the car you most want to drive.
In my case, the Modena was at an earlier and steeper point in the depreciation curve, suffered many more niggles than the 456 and was the easiest to sell quickly. Keeping the 456 meant putting a warranty on it to cap future exposure. The 911 has a warranty and I financed it since interest rates are low and I can put the capital to better use. That's the head bit; the heart bit is that I still miss the Modena, principally its sound..
If this is a financial decision, then it's down to cashflow; only if the cost outrun for the two cars is the same do you have a choice. IIRC you finance your cars, so it comes down to repayments, exit penalties (if any), residual value and maintenance costs of the two cars. If the outrun is roughly the same, keep the car you most want to drive.
In my case, the Modena was at an earlier and steeper point in the depreciation curve, suffered many more niggles than the 456 and was the easiest to sell quickly. Keeping the 456 meant putting a warranty on it to cap future exposure. The 911 has a warranty and I financed it since interest rates are low and I can put the capital to better use. That's the head bit; the heart bit is that I still miss the Modena, principally its sound..
Hi Rich,
As you already know this is going to be one tuff call.
Probably not the best place to ask such a question, as we're all biased towards one or other of the cars. I'd say sell the Porker, and keep the Ferrari - but that's because I prefer Ferrari's. I'm sure others would say the opposite (Aint't that right chaps?).
I have no idea regarding the budget you have in mind for building such a fine house. However, one thing I can be sure on is that figure won't be anywhere near enough - it never is!!!
I'm not speaking from personal experience here, but I know a few people who have been in a similar situation.
Budgeted so much for extension etc, only to find it's cost them TWICE as much as they originally planned.
God only knows what the difference would be to plan/build an entire house!!!
Maybe I've been watching to many of them "Builders from Hell" programs!!!
Personally I'd sell the one which gave you the most money to fall back on, because chances are you'll need it.
Best of luck, and I hope it all works out.
Regards,
Jay.
P.S.
As you already know this is going to be one tuff call.
Probably not the best place to ask such a question, as we're all biased towards one or other of the cars. I'd say sell the Porker, and keep the Ferrari - but that's because I prefer Ferrari's. I'm sure others would say the opposite (Aint't that right chaps?).
I have no idea regarding the budget you have in mind for building such a fine house. However, one thing I can be sure on is that figure won't be anywhere near enough - it never is!!!
I'm not speaking from personal experience here, but I know a few people who have been in a similar situation.
Budgeted so much for extension etc, only to find it's cost them TWICE as much as they originally planned.
God only knows what the difference would be to plan/build an entire house!!!
Maybe I've been watching to many of them "Builders from Hell" programs!!!
Personally I'd sell the one which gave you the most money to fall back on, because chances are you'll need it.
Best of luck, and I hope it all works out.
Regards,
Jay.
P.S.
Jay,
its not so much the equity in the cars, The F car jas a lot more, but the monthly spend I have to reduce to take on the finance of the build. I have a QS, builder and Architect friend going over the plans at the weekend and costing them, but already have a good build manager for the project, he works with me already on the business sid of things.
its not so much the equity in the cars, The F car jas a lot more, but the monthly spend I have to reduce to take on the finance of the build. I have a QS, builder and Architect friend going over the plans at the weekend and costing them, but already have a good build manager for the project, he works with me already on the business sid of things.
Rich,
I could be totally wrong but from what you've said the choice of which car goes isn't a financial one but more of an emotional one. I'll clarify what I mean. You need to reduce your monthly payments to accomodate for the new house, but you've obviously worked out the figures and come to an overall monthly payment if the Ferrari goes or if the Porsche goes, both of which you can handle or otherwise you would have your answer straight away.
I know you love both cars so its going to be a tricky one.
So it comes down to which car do you feel you can temporarily do without. Financially again- IMHO I think the Porsche will depreciate more than the Ferrari. 360 Spider prices are still healthy as demand for the car continues and in 3-4 months we will be entering summer when demand will be at its peak. If you sell the Ferrari now in 3-4 months when you come to get one back you will be paying very near to what you sold it for IMO and dare I say it possibly slightly more- it has happened trust me. Not so with the Porsche.
Emotionally- The Ferrari is more of a "personal" car IMO. People become understandably very attached to them and yours with a Tubi kicks a*se.
If it were me I would sell the Porsche looking purely from a longer time financial aspect. Emotionally - your spider looks and sounds amazing and thats fact- no denying it.
I could be totally wrong but from what you've said the choice of which car goes isn't a financial one but more of an emotional one. I'll clarify what I mean. You need to reduce your monthly payments to accomodate for the new house, but you've obviously worked out the figures and come to an overall monthly payment if the Ferrari goes or if the Porsche goes, both of which you can handle or otherwise you would have your answer straight away.
I know you love both cars so its going to be a tricky one.
So it comes down to which car do you feel you can temporarily do without. Financially again- IMHO I think the Porsche will depreciate more than the Ferrari. 360 Spider prices are still healthy as demand for the car continues and in 3-4 months we will be entering summer when demand will be at its peak. If you sell the Ferrari now in 3-4 months when you come to get one back you will be paying very near to what you sold it for IMO and dare I say it possibly slightly more- it has happened trust me. Not so with the Porsche.
Emotionally- The Ferrari is more of a "personal" car IMO. People become understandably very attached to them and yours with a Tubi kicks a*se.
If it were me I would sell the Porsche looking purely from a longer time financial aspect. Emotionally - your spider looks and sounds amazing and thats fact- no denying it.
Tough choice Rich, Even though I am a Porsche nut I would guess it makes more sense to sell the 996TT.
As pointed out the summer is coming you will get the benefit of the 360 & seasonally the value may even be firmer if you choose to sell.
I would put an order in for a new X50,,,,,but how about an X50 on the much anticipated 996 TT cabrio ??..
Then once you have fitted it with a Tubi you could have the best of both worlds...
As pointed out the summer is coming you will get the benefit of the 360 & seasonally the value may even be firmer if you choose to sell.
I would put an order in for a new X50,,,,,but how about an X50 on the much anticipated 996 TT cabrio ??..
Then once you have fitted it with a Tubi you could have the best of both worlds...
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