Many people often dream about owning a luxury or exotic car. Whether it’s you childhood fantasy of having that Ferrari that was on your poster as a kid. To owning that luxury car that makes you feel like the one percent. However, owning a luxury or exotic car come with some added expenses such as Exotic & Luxury Car Maintenance and ownership costs.
Besides being more expensive to lease or purchase out right, luxury and exotic cars cost a lot more to maintain and repair then your typical Mazda or Honda. But don’t let that steer you away. Some luxury and exotic cars last longer than your standard vehicles. The cars typically experience slower depreciation values and in some cases increase in value.
Before you’re ready to purchase your dream car, it’s important to look at all the key factors playing in listed below.
Exotic & Luxury Car Insurance cost
Since a luxury and exotic car is more expensive to own than a normal car, it will also cost more to insure. Since insurance is based on the MSRP of the car, that all makes sense. However, insurance costs are often overlooked by people and can be a primary reason for not being able to afford you dream car. Dream Toy Garage suggests calling various insurance agencies prior to discuss rates since they tend to be higher than expected. Luckily for you, there are specialty agencies that deal with luxury and exotic cars specifically.
Exotic & Luxury Car Fuel cost
Now to dive into the real killer, fuel costs. Many luxury and exotic cars use significantly more fuel than you standard car. For example, your Toyota Prius has a 58 MPG city rating. Dream Toy Garage’s Audi R8 has a 14 MPG city rating. So in the end you’ll be filling up a lot more, which means more money in the long end. Not to mention you have to use premium gas on most high end vehicles like our Audi R8 which also increases full costs more.
Oh no, your dream car needs some repairs! Let’s see how much of a hole that’s going to burn in your wallet. Many exotic and luxury car buyers believe that higher end vehicle equal reliability. However, that isn’t alway true. Usually, high end vehicle are filled with complicated electronics, which are usually expensive to fix. What’s even worse it that most parts and dealers charge a hefty premium than your traditional dealer. Let’s assume you need an oil change. That’ll run you about $80 typically. If you were to change Dream Toy Garage’s Audi R8’s oil at the dealer, it’ll run you anywhere from $201 to $215. In the end, Exotic and Luxury Car maintenance is usually what gets overlooked.
Let’s not forget about tires. It’s not just the typical maintenance you need to keep up with. Many exotic and luxury cars are equipped with specialized parts and tires. The tires are often times larger and more expensive than that of your normal car. The tires for a Prius can cost anywhere from $124.99 to $132.49. Our Audi R8’s tires range from $180 to $330 per tire. And once you factor in installation costs, new factory tires cost between $755 to a mind boggling $1,450.
And onto the silent killer…Depreciation. Depreciation is a major factor to consider when it comes to buying an exotic or luxury car. When looking at depreciation, you want to take into account “just how much is value is my vehicle going to loose?” Typically, normal cars tend to loose the majority of their value in the first few years and level off. That’s not the case for exotic and luxury cars. Typically, exotic and luxury cars can and do lose value after three years and more. In some rare cases, the cars value can increase. However, this is usually for rare, high value specialty cars.
So should you pull the trigger?
So after taking everything into consideration like exotic and luxury car maintenance and ownership costs. Should you pull the trigger? Most often all the little details go overlooked. In total you should look at the total cost of owning and painting the vehicle. Just because you have the cash to buy the car, doesn’t mean you can afford it. Dream Toy Garage recommends that you should be able to spend 10% of your gross income on the car and be able to live comfortably in order to buy it. If at the end of the day, it doesn’t seem smart to buy your dream car, don’t worry!
Rent your dream car
If it’s not the right time to buy your dream car or if you want to get your feet wet living the dream. Rent one of Dream Toy Garage’s exotic or luxury vehicles! Dream Toy Garage is Nashvilles premier exotic and luxury car rental agency. We have various cars ranging from a 1966 Ford Mustang Fastback all the way up to a Bentley Continental GTC Convertible! This means that no matter what your budget is, you’ll be able to live your dream! So what’s stopping you? Visit our booking site now to start living your dream!