Owning a supercar, hypercar or exotic vehicle is something that many people aspire to achieve during their life. YouTuber Vinwiki explains just how rich you need to be to own a supercar, along with how to buy an ‘exotic’ one responsibly.
With many children growing up with posters of Ferraris or other supercars on their bedroom wall, owning a supercar can feel like a dream for most of us, with only a select ‘lucky’ few ever attaining such a goal.
According to Ed Bolian (better known as VINwiki), that’s simply not the case. It is in fact totally possible to own an ‘exotic’ car without needing to have a 7-figure bank balance. It’s all about buying “responsibly”.
How to buy a supercar responsibly
Financing the car is one method of attaining your dream car without a massive initial outlay. Once the deposit has been put down, the remaining cost (and any additional charges such as interest) are spread across a number of monthly payments.
This means that you are able to own your “dream car” sooner, but it may cost more in the long run.
Explaining how to budget for a supercar, Ed explains that “a car’s value should not exceed 80% of your yearly taxable income for a bank to approve any form of a loan or finance agreement, nor should your outgoing exceed 50% of your monthly income.”
While the initial purchase of the car can be costly, Ed is quick to point out that it’s not necessarily the initial cost, but the cost of upkeep that will be the ‘silent killer’ of your bank balance.
The hidden costs of supercar ownership
Upkeep costs vary from model-to-model. For example, the average upkeep and cost of a ‘major’ problem for a car such as an Audi R8 will be far less than that of a Ferrari 458. Insurance is another consideration to make, as is security, and where the car will be kept overnight.
The biggest factor to consider when purchasing your car according to Ed is your “Vunerability – what liabilities exist inside this car” as this is the easiest way to “wreck yourself financially.”
Things such as depreciation, repair costs, and general upkeep fall into this category and must be considered when purchasing an exotic car.
Ed also recommends setting aside around a month’s income for emergency repairs, more if you’re dealing with newer or more high-end exotic cars due to parts costs and increased likelihood of electronic issues.
In essence, supercar ownership can be easy if done sensibly: So long as you have factored in repair costs, considered depreciation, and have funds ready or approved, there is no greater risk in owning a supercar than owning any other car – the bills are just higher.