By Steven Symes 
A video posted to the internet of a car dealer talking to a customer about trading in his Ferrari SF90 is shocking people who wrongly believe the wealthy all have money spilling out of their pockets. As the guy explains his financial situation with the exotic Italian sports car, it quickly becomes apparent he made a horrendous decision and now is in a world of hurt.
Watch how a Ferrari F8 driver instantly ruins a car meet.
In a TikTok video which is going viral, the dealer explains to the poor Ferrari owner his options. The guy wants to trade in the SF90, which he bought just three years ago for top dollar, putting essentially nothing down.
Let’s just stop here for a moment. In case you don’t know much about amortized loans and the depreciation of most new automobiles, putting nothing down is a really bad idea. Even on a used car, you’re asking to be upside down before too long as interest compounds what you owe on the front end while your putting miles on the car lowers its value.
That’s exactly the situation this guy is facing. To make matters worse, he’s taken a huge pay cut since he originally purchased the Ferrari. Three years ago, he was pulling in around $40,000 a month but now is clearing $10,000 to $15,000.
Considering he bought the SF90 for $770,000 and is financing essentially that entire amount, his payments are too big for him to handle. We’re assuming when this guy was making tens of thousands a month, he was saving little to nothing, enjoying other luxuries beyond the exotic ride.
Now he’s hurting bad and needs to unload the car. The problem is it’s worth under $500,000. Yeah, depreciation can be a real beast. We know a lot of people won’t feel sorry for this guy and we’re not asking you to, but there are a few lessons to be learned here.
First of all, always put a healthy amount down on a car. Even if you’re buying some cheap Kia or Hyundai, going zero or little down is just a dumb financial move.
Image via Oscar Trujillo/Facebook Marketplace
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@movingmerch Paid $770K, now worth under $500K! 😢 What would you do? #negotiation #sales #dealership #ferrari ♬ P e R F e C T – Dan Beatmaker
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