Imagine yourself driving down the highway in your dream luxury sports car. All eyes are on you as you zig-zag through traffic, streamlined power at your fingertips. It's an appealing dream, and for many, it is actually attainable. However, it's worth the time to pause that dream and consider if the cost is worth the price.
There are three main areas that consumers often forget to think about while considering this investment: depreciation, vehicle maintenance, and the hidden cost of sports car ownership. All three of these factors increase the price of ownership of the vehicle. Let's dive into those three areas to see if we can get to the root of the issue.
Smart car buyers all know that, even on the day you are buying a sports car, you should be thinking about selling a sports car. The depreciation of your vehicle starts the second you drive it off the lot, and it will never again be worth the price that you just paid for. In fact, for some models, you can see a drastic depreciation rate. Let's take a look at the BMW 760Li. In 2010 this car had a value of $137,000. Seven years later, its value had gone down to $29,925. You can combat depreciation with just a little bit of research. There are a few luxury models that hold their value well and even some that are better bought used.
Sports cars are designed to outperform the competition. Due to this fact, more often than not, replacement parts are considerably more expensive because the part can only be used on one kind of vehicle. If you are a recreational driver, this isn't something to worry about right off the bat, but drivers who frequent tracks are well aware of the top-dollar vehicle maintenance required. On top of regular maintenance, sports car owners like to make sure that their investment stays clean. This means regular trips to the car wash or auto detailer to ensure everything stays in pristine condition.
Here's a common situation. A nineteen-year-old with his first job realizes he makes enough money to make payments on the sports car he's been eyeing since he was twelve. He takes out a loan, even though it costs most of his paycheck, and is elated he was able to afford it. One week later, he realizes he made a critical mistake. He didn't realize that he had to put premium fuel into it when he had been budgeting for the cheap stuff. He also didn't take into account the insurance hike that would be the final nail in the coffin of affordability. Fuel and insurance are two costs that most people don't take into consideration when they're gazing at that shiny sports car. It's also a pretty well-known fact that sports cars are more expensive to insure due to the price of parts, the higher risk and, in some cases, the lack of safety features.
When it comes to buying a sports car, at the end of the day, it is a personal decision. The cost of ownership is high but, for some people, that price is well worth being able to cruise around in the car of their dreams. Taking into account depreciation, vehicle maintenance, and the extra hidden costs, who can say if the cost of owning a sports car is worth it in the end? After all, beauty is in the eye of the beholder.