Growing up, many people spent their childhood playing with toy cars, dreaming of the day that they could take their favorite vehicles for a drive around town instead of the living room. For those who put in the time and work, this childhood fantasy can turn into an adulthood reality. Here are some of the considerations that you should make before buying your first supercar.
Financing
For most, the dream of owning their favorite vehicle will remain just that: a dream. The obvious reason for this is the price of the vehicle. But financing is available so that you won’t have to spend the cash up front. Here are the three most common exotic car loan types and how they work.
Hire Purchase
A hire purchase loan is similar to one that you would get from any car dealership. You make equal monthly payments for a predetermined length of time. After all of the payments have been made, the vehicle is yours.
Lease Purchase
A lease purchase can be thought of in the same way as you would a leased vehicle that you decide to buy. You have lower monthly payments throughout the term of the loan before having a large sum owed at the end of the loan.
Equity Release
The final financing option is unique in that you can “borrow” against the value of your other assets. The assets that you are using to secure the loan are usually other vehicles.
Vehicle History
Like any vehicle, it is important to look at the history of the car before signing your name on the dotted line. This is especially true if you are buying a pre-owned supercar. Doing your research into the year and model of the vehicle can give you a glimpse into the maintenance that you will be responsible for, an expense that is much greater than typical cars due to rarity. Don’t be afraid to ask the dealer any questions that you might have about the vehicle before making any deals.
Keep an eye out for overspray, a sign that the vehicle may have been in an accident. You should also look for signs of track usage such as pitting on the windshield, rotors that are discolored, and helmet scratches near the door and ceiling.
Location
You should always consider the location of the vehicle that you are trying to purchase. It’s possible that the supercar you have your heart set on isn’t available in your area. In that case, you will need to consider the cost of relocating the vehicle through a trusted car relocation service. This could potentially mean having it shipped in from overseas—another added expense.
Timing Your Purchase
The last major consideration before buying your first supercar is the timing of the purchase of the vehicle. Generally, dealers want to have a constantly rotating inventory with most vehicles being gone within 90 days of arriving at the dealership. Keep an eye on the inventory of the dealerships that you are considering purchasing from to see how long that the car you are after has been on the lot. The longer the stay, the more likely it is that you can negotiate a better price.
Van Rundell is a writer and author who specializes in transportation, travel, guidance, health & fitness. With over 10 years of experience in the industry as a driver and an entrepreneur, he has seen it all. His tone is professional but friendly with a dash of humor thrown in for good measure. In past, he has been advising, educating and writing about transport for the public and professionals alike.
A qualified fitness instructor with over 5 years’ experience as a personal trainer and group fitness instructor, Van brings his deep knowledge of health and exercise science to his articles on health & fitness.
