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When you buy an exotic car, your life changes in many ways. Suddenly, people are looking at you differently on the street, and you become the envy of everyone who sees you driving by.
But with great power comes great responsibility, and exotic car ownership is no exception. Here are some expert tips on how to deal with all the new challenges that come with owning an exotic car, specifically a Ferrari, Lamborghini, or Porsche.
From admirers to maintenance to exotic car insurance, we’ve got you covered.
What to Expect When You Buy an Exotic Car
You can expect a whole lifestyle change once you’re behind the wheel of an exotic car, especially if you are addicted to traveling. Be prepared for people to ask you many questions about your car such as where you got it and how much it cost. They may also want to take pictures with it or even go for a ride.
But before you can reap ownership benefits, you have to take the purchasing plunge.
How the Buying Process Works
When you’re buying an exotic car, the process is a little different than your typical vehicle purchase. For starters, exotic cars are often only available through dealerships specializing in them.
There are a few different types of exotic cars on the market, and each has its own set of pros and cons. Here’s a quick rundown of some of the most popular exotic car choices:
- Ferrari: One of the most iconic exotic car brands, Ferraris are known for their high performance and luxurious features. They’re also one of the most expensive exotic car choices.
- Lamborghini: Another high-end exotic car brand, Lamborghinis are known for their sleek designs and powerful engines. They typically cost less than Ferraris.
- Porsche: Porsches are a good middle-of-the-road option for exotic cars. They’re not as expensive as Ferraris or Lamborghinis, but they still offer plenty of power and luxury features.
You’ll also need to have a budget in mind before you start shopping. Obviously, this will be more costly than the most expensive hairstyles out there.
What to Look for When Buying an Exotic Car
You’ll want to keep a few things in mind when shopping for an exotic car.
Make sure that when you are looking at vehicles, you find one with a good warranty, solid maintenance and repair coverage, and a good reputation. Remember: When you’re buying an exotic car, you’re not just buying a car: You’re also buying into the dealership’s reputation.
How Much You Can Expect to Spend on an Exotic Car
Exotic cars can be a significant investment, so it’s important to have a budget in mind before you start shopping. Here’s a quick breakdown of how much you can expect to spend on an exotic car based on data from Diffen:
- Ferrari: $100,000 to $500,000
- Lamborghini: $100,000 to $400,000
- Porsche: $50,000 to $250,000
It’s important to note that each of these brands has models and features that scale widely. A vehicle with all the bells and whistles could double or triple in value.
Budgeting for Maintenance and Repair Costs
Here’s a quick estimate of what you can expect to spend on maintenance and repairs for your exotic car:
- Ferrari: $500 to $1,000 per year
- Lamborghini: $600 to $1,200 per year
- Porsche: $400 to $800 per year
That’s just based on regular maintenance. If your exotic vehicle needs repairs, you can expect a large price tag for the service and parts.
The Details on Exotic Car Insurance
Insurance is one of the biggest additional costs you’ll need to budget for when you own an exotic car. Here’s a quick breakdown based on BelowInvoice’s analysis:
- Ferrari: $3,000 to $8,000 per year
- Lamborghini: $6,000 to $7,500 per year
- Porsche: $2,000 to $4,000 per year
The most difficult part of insurance is a higher premium likely means better coverage, so be sure to compare policies for the best coverage and pricing ratio.
Is Buying an Exotic Car Worth It?
Owning an exotic car is a big investment, but it can also be a lot of fun. If you’re prepared for the additional costs and the increased attention, an exotic car can be a great addition to your life.
If you’re not prepared for the additional costs and attention, an exotic car may not be worth it in the long run. It’s important to research and ensure you’re ready for everything that comes with owning an exotic car before you make the purchase.