For most people, the car of their dreams will always be out of reach. But a lucky few out of the dreamers actually end up owning a Lamborghini, Ferrari, or in some cases a Bugatti.
What you don’t see, however, is the price paid for these cars outside the six or seven-figure price. Insurance, maintenance, and repairs don’t come cheap as most new cars for sale in Orlando, such as economy cars like the Kia Optima or budget performance cars like the Chevrolet Camaro.
So while you may think that, with the right deal, you’ll be able to afford a supercar one day, the unseen expenses may kill your dream. Here’s how:
Required Immediately: Car Insurance
There’s no getting around car insurance. It’s the price of car ownership, and something that tends to increase in cost with the value of your vehicle.
A prime example of this would be the Bugatti Veyron. With a base price of $1.7 million, you’d be lucky to get insurance for less than $2,500 per month. In fact, some owners will pay over $50,000 a year to insure their Veyrons.
Of course, that’s a car with less than 500 production models, so it must be an isolated case, right? Let’s take a look at the cost to insure performance cars that are not completely out of reach.
A Nissan GT-R Nismo is a great example. It’s $150,000, but packs a lot of value for that price tag. To lease one, you’d pay about $2,725 per month with no money down.
Your insurance, however, would add an additional $300 a month to that total. And that’s IF you’re a single, 40-year -old male with a short commute, clean driving record, and good credit. Try being a 23-year-old with moderate credit and a spotty driving record? You’d probably be paying double that.
Down the Road: Parts and Maintenance
Now that you’ve got your supercar, and it’s insured, life is good, right? Sure. Until something goes wrong, that is.
The cost of parts and maintenance on a supercar reflects its premium price tag, so gone are the days of $20 oil changes or $500 sets of tires. Even the most affordable supercar comes with heavy parts and maintenance costs.
For example, the 2015 Chevrolet Corvette Z06 offers a lot of performance for its base price of $78,995. But that’s where the value ends for the new Z06. It was recently revealed that the cost of the Z06’s Michelin Pilot Super Sport Cup tires, carbon ceramic rotors, and Brembo brake pads cost nearly $18,000 after taxes.
To put that into perspective: for just $12,000 more you can get a used late-2000s Corvette with less than 40,000 miles. Sure it’s not new, and certainly not as powerful, but it’s still a Corvette.
Owning a supercar has to be an amazing feeling, but until you reach megamillion status, it might be best to not try too hard to make owning one a reality. Even with a six-figure salary, these cars can be a drain on your finances when you calculate total cost of ownership.
There are plenty of amazing performance cars out there that are affordable to purchase and maintain. You could even buy a luxury daily driver and a weekend performance car for much less than the