[VIDEO] Ferrari Owner Upside Down by $200K on his SF90 Wants to Trade for a Used C8 Corvette

By
Mitch Talley
-
6
7767

[VIDEO] Ferrari Owner Upside Down by $200K on his SF90 Wants to Trade for a Used C8 Corvette

Screenshot Credit: Supercar Blondie


It’s hard to feel sorry for the owner of a Ferrari.

But for our tender-hearted readers out there, this might be one of the few exceptions.

According to a recent post on Jalopnik, the owner of a Ferrari SF90 is in pretty dire straits after a job change unexpectedly resulted in a drastic cut in his income.

Now he’s seen in a TikTok video posted by a used-car salesman in Texas attempting to get his finances in better shape by trading his 986-horsepower Ferrari for a much cheaper 495-horsepower 2021 Corvette.

A little background:

He bought the Ferrari in 2021 for a whopping $770,000, put no money down, and has been paying $10,000 to $11,000 a month ever since. His payoff is still a ridiculous $690,000+, meaning he must be paying an unbelievable interest rate to owe that much after three years.

The problem is that, like the rest of the used-car market, some Ferraris have apparently depreciated rapidly since the post-COVID price boom of 2021. This one is now worth somewhere in the $400s, according to the Earth Motor Cars salesman, who admits there’s simply no way he can cover the more than $200,000 in negative equity in a trade for the $68,762 Stingray.

@movingmerch Paid $770K, now worth under $500K! 😢 What would you do? #negotiation #sales #dealership #ferrari ♬ P e R F e C T – Dan Beatmaker


The situation has grown so desperate that the Ferrari owner has even had to borrow more money just to pay the rent on his apartment.

The salesman says there are probably other Ferrari owners out there in a similar crisis, and suggests that the only solution for this guy may be a voluntary repossession. Perhaps some of our financial experts out there might know if bankruptcy would also be an option, though terrible for his credit.

We hope this desperate situation has taught the Ferrari owner a valuable life lesson, but we’re not so sure since he tells the salesman he wants the C8 – and not say maybe a low-priced used Kia Soul – because he has to “keep a certain kind of image.”

While we can appreciate wanting a nice car, sometimes you just have to admit you can’t afford it, as disappointing as it might be.


Source:
Jalopnik.com

Related:
Targets Acquired: New McLaren and Ferrari Hypercars Give the Corvette Zora Something to Shoot For
[VIDEO] It’s Master vs Apprentice in YouTube Matchup of Ferrari 458 Italia and C8 Corvette Z06
[VIDEO] Ferrari Killer? Corvette Z06 Takes on a Ferrari 812 Superfast at the Drag Strip

Subscribe Now:

 

RELATED ARTICLESMORE FROM AUTHOR

6 COMMENTS

  1. Used car salesman. Shady.
    $770,000 Ferrari SF90. Even more shady.
    Paying well over $10k/month, but only got it down to $690k. Seriously?
    Car depreciates. Life happens.
    Under water by over $200k. Should have made better financial decisions.

    Now all of a sudden wants a used C8?

    Get the #*%^ out of here.

  2. This guy is crazy. In the first place I can’t believe his stupidity back when he bought the Ferrari in 2021. His situation has done nothing but go from bad to way worse ever since.

  3. “While we can appreciate wanting a nice car, sometimes you just have to admit you can’t afford it, as disappointing as it might be.” Might be about some Corvette owners.

  4. The way Ferrari works, you probably can’t buy a SF90 without prior ownership of another Ferrari in the past. This whole thing is a made up scenario.

  6. Lives in a apartment and buys a $770K car with no money down…how did someone that stupid make $30-$40K a month? Sorry, but I have zero f’s to give…assuming the story is even real.

Comments are closed.