Many people who are looking for a supercar may ask the question: Why would someone lease a supercar rather than just buying one instead? For those interested in supercars, this is a very valid question. Often, it does come without the knowledge of ever owning a supercar and the associated costs that come with this endeavour. Before we go any further, we need a definition.
A ‘supercar’ is a luxury, high performance sports car, often these are very expensive.
What do we mean when we are talking about supercars? We’re talking about an Aston Martin, Ferrari, Lamborghini, and McLaren. OK, you get the picture. In this article, we will give you an insight into the ownership costs and some of the drawbacks. We will explore a number of different reasons why it is more cost effective to lease a vehicle rather than owning it.
Depreciation is one of the most important factors to understand. We are not saying every model depreciates like a 5 series BMW, although the majority of these will see a large drop in value. A McLaren F1 might perhaps be one of the few sensible modern investments when it comes to supercars. A brand new Lamborghini LP560 Spyder will cost you around £190,000 when bought directly from a dealer. In the first year, you can expect the value to drop by around £40,000 to £50,000. The car will require servicing, so that should be around £2,000. Don’t forget to pay for your insurance premium, this could be in the region of around £5,000. For this example, we are not covering financed cars, if you decide to finance a supercar, expect much higher payments due to fewer companies offering finance and the high interest that will be applicable. Taking the figures from the above example, ownership of a Lamborghini LP560 for one year will cost you circa £55,000, which roughly equates to around £4,583 per month.
A supercar with high mileage will have its own resale value implications. This is one of many reasons why the majority of people who own a supercar do not use their vehicle extensively. This may make you reconsider how many days each year will you actually make use of that powerful engine and beautiful exterior. There are a few other challenges you may face while owning a supercar, what if someone causes damage or even vandalises your vehicle? Any scratches or dents could cost you thousands of pounds. This is why you will find your insurance excess to be much higher compared to more common vehicles. In the event that you do decide to make a claim, the insurer will likely refuse to offer you a renewal quote.
If after a few years you decide to sell your supercar, it can be difficult with advertising costs, and giving a percentage of any sale to a dealer if you selected a ‘sale or return’ scheme. You have probably realised by now how expensive a supercar can be in the first few years of ownership. However, there is an alternative. Looking at the Lamborghini LP560 discussed above, you could lease the vehicle for around £2,000 per weekend. This means you would still save over 50% if you were to hire it one weekend every month for 12 months. This may be an attractive option for those who wish to have the supercar experience when it’s convenient for them without the additional costs involved.
Leasing a car has its own advantages. One of the great benefits is that you can get a new car every few years. This is a good option for those who wish to have the latest model of any vehicle. It can work out to be more affordable and easier to manage the whole process. Repair bills will be smaller as they will be covered within a factory warranty and your monthly payments will be lower. You do not need to be concerned with the vehicle’s deprecation or how much you will receive if you decide to sell.
Owning a supercar also has its own advantages. First of all, although it is stating the obvious, you actually are the owner of an exotic supercar, which means you have access to it anytime you wish. A dealer will not be able to impose their own restrictions such as how many miles you are allowed to drive each year etc. Owning is better suited for those who plan to keep their vehicle for many years to come. If you’re not planning to sell the vehicle to a motor trader in the future, depreciation values won’t concern you that much.
Anyone who is looking for a supercar will likely know which car, model and exact specification they want already. One thing not to forget on your journey towards super car ownership is insurance. Insuring a car such as those mentioned about is an expensive addition to all the other costs, it pays to shop around and get multiple quotes from a site like utilitysavingexpert.com.