It's the dream of most car enthusiasts; to own a super-car. If you're anything like me, you notice every high-end car that you come across on the highway, and probably had a Lamborghini poster in your bedroom when you were a kid. But if you're successful (or lucky) enough to buy one, you should know what you might be getting yourself into before you sign on the dotted line. There's a lot more money that will need to come out of your wallet even after you've paid the astronomical price to buy your dream car.
Once you've picked out the perfect car, in the perfect color and think there's nothing standing between you, the open road, and the beautiful people who will embrace you and welcome you into their fabulous world, think again. In most states, you will need to pay taxes on your new purchase, which, when you're in supercar territory, means you're looking at a purchase price of several hundred thousand dollars. Additionally, you will likely have to pay something called a "gas-guzzler tax" on your new weekend toy. This is a tax the EPA determines based on how bad the fuel-economy of your car is, and supercars fall squarely into this category. Here is the "gas-guzzler" list for 2013. The tax can range anywhere from $1000 to north of $5000, so make sure you have some cash set aside to cover it.
So you've now paid for the car, and covered all of the fees and taxes associated with it. Now you need to get it insured, which will come with its own unique set of challenges. Many insurers won't even offer policies for very high-end vehicles, so you will have to track one down who will, but that will be the least of your problems once you see your estimate. Since high end vehicles are incredibly expensive to repair, the insurance is adjusted higher accordingly. Premiums will run anywhere from $5000 per year to the most extreme cases, like the Bugatti Veyron Super Sport or the rare Lamborghini Veneno, around $40,000 per year. An Aston Martin Vantage, for example, will cost you around $7500 per year, and that is on the "affordable" side of the supercar market.
Now that you're insured, paid up on your taxes, and satisfied the dealership bill, you're in the clear, right? Wrong! In addition to being notoriously expensive to insure, high end cars also come with exorbitant maintenance costs. There are three big reasons for this. The first is that the vehicles are engineered so specifically that they require a technician that's trained in that particular vehicle to work on it, which most likely means dealing with the dealership. The second reason is that parts are very expensive for the vehicles since they are much more rare, and not mass produced. They can also be more complicated due to the advanced engineering, and more expensive materials. Lastly, while the vehicles may offer stunning performance, they are certainly not known for their reliability. I spoke with a doctor who once owned a Ferrari F430 Scuderia, who told me that a rear-view mirror for the car cost over $1500 to replace, and that regular services like oil changes and the like regularly ran into the thousands of dollars. He ended up getting rid of the car, partly due to the cost.
So is it expensive to own a supercar? Yes, yes, and yes! The most surprising thing is that your spending doesn't stop the moment you spend over $100,000 on a car, it just gets started. But if you have the ability, and willingness to pay for what is the dream of many children (especially boys), then go for it. If the price-tag on the car's windshield isn't enough to stop you from picking one up, then it's doubtful the cost of ownership will either.
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