Ford CEO Jim Farley is a true car fanatic, which is scarce among the management staff of car companies. This is o more than just numbers with this guy because he understands where the enthusiasts come from. He understands it The financial decisions we make as car enthusiasts are not always advisable, because he made the same decisions in his life. It’s like mortgaging your house to buy a barn find Shelby Cobra for $100,000. This, of course, took place at a time when he was still before he became CEO, before bringing home a $26.5 million compensation package.
Farley was recently a guest on the Smoking Tire podcast, making time in his schedule to guest on Matt Farah’s popular show. The Blue Oval CEO started in the auto industry as a marketer, so he likely understands the value of his brand being on the show. Honestly, watching the interview made me like him more and made him a more approachable person, so the effort was a success. Maybe I’m too cynical.
There’s more to this interview than just a snippet about purchasing his first Cobra, so I recommend watching the whole thing. But this was the part that stuck with me the most. He’s as stupid when it comes to cars as I am, he’s just like me, Fr. Risking your financial future by purchasing a vintage sports car is perhaps the worst thing you can do with your money. This has proven true for Farley, as a $100,000 investment decades ago is now worth a seven-figure sum, but the car market is very challenging to predict. Very few people in his position would have ever guessed that the Cobra would be a multi-million dollar car.
It’s probably not the smartest thing in the world to buy a HELOC to buy an early NSX or something, but you only live once. We are car enthusiasts, of course we make stupid financial decisions. It worked for Farley, maybe it will work for you.
