For many car lovers, purchasing an exotic vehicle equals living the dream. Who doesn't want bragging rights to say they're the proud owner of the latest model from Ferrari or Lamborghini? The sleek body, impressive features, and undeniable prestige of an exotic car may lure you into driving one home, but make sure you have considered all the costs. Owning and maintaining one of these vehicles involves more of an investment than the sticker price alone will tell you. Here are five financial aspects you need to prepare for.
According to CarsDirect, insuring a luxury vehicle will cost you as much as $3,000 extra per year. Depending on what type of vehicle you own, this could be for a number of factors. Often it is simply because it costs so much money to replace the high performance parts your car is equipped with.
Yes, finding and replacing parts is an expensive hassle, but so is finding mechanics to work on your car. According to Forbes Magazine, manufacturers Mercedes, BMW, Audi, and Jaguar make some of the most expensive cars to repair, due to the fact that it is much more difficult to find mechanics who can take care of the complicated electronic features and unique engines.
You probably don't want to leave your important investment sitting in the driveway, especially if you're not home. If you don't have a garage where you can safely store a luxury car, you should consider renting a storage unit to safely keep your car. A specialist from Yellowhead Self Storage recommends finding a unit with extra security measures to ensure your exotic car is kept safe while it is away from you. A storage unit will protect your vehicle from theft, vandalism, and the elements.
It's normal for a car to lose value in the first few years, but often exotic cars don't level out the way a more practical vehicle would. Changes in technology, expensive costs for rare parts, and fuel mileage contribute to the fact that some of these cars are difficult to sell.
Think paying $500 or more for an oil change is outrageous? Be prepared - it can easily happen to the owner of a Ferrari. Even shops that perform routine maintenance on exotic cars need trained and certified workers in order to mess with that engine.
Keep in mind that there are ways to get around certain costs, such as joining your car's owners club and learning to do maintenance on the vehicle yourself. But overall, you have to decide whether owning an exotic car is worth the exotic lifestyle that comes with it. Your prestige could take a bite out of your bank account.