Gather your friends, assemble your credit reports, chip in for a down payment and own a Ferrari!
For just $8 an hour, you and three friends could co-own a 2009 Ferrari F430. So much for the non-attainable supercar, right? Now any group of moderately achieving suburban neighbors can truly live the dream.
How is this possible? Is it too good to be true?
Well, in a perfect world it’s possible. But we all know, thanks to things like fruitcake and Tim Tebow, the world is far from perfect.
The scenario of a Ferrari for $8 an hour comes to us from the folks at Jointli, who put people with common interests together to buy expensive things they otherwise wouldn’t be able to own. Sounds like a recipe for drama and disaster to me.
The graphic above describes the F430 scenario nicely. But there’s no way it would work in the real world.
First of all, putting an F430 in the hands of people who are used to driving Odysseys is plain stupid, not to mention dangerous. Second, that $8 an hour figure assumes a purchase price of $185,000 and being able to sell the car in one year for $165,000. Okay in theory, but what supercar buyer is going to purchase a Ferrari that’s been co-owned by four morons and abused for a year? That’s right: No one.
Third, I guarantee one of the four co-owners will damage the car, if not total it, in that year of ownership. Or throw up in it after trying to push the car to its limits. Even worse, what if the car gets rear-ended, but not totaled, during the year? Now the owners have significantly more depreciation to factor into their financial situation.
There’s a reason $185,000 cars are purchased by people who make at least that much per year. They can afford the financial risk a supercar requires. Anyone else can’t and would be foolish to try, even with three friends along for the ride.
Co-owning a supercar: Brilliant or stupid?