The luxury car market is projected to reach $733 billion by 2026.
Are you considering purchasing a luxury vehicle? What factors should you consider and research before buying? What are the additional costs associated with buying a vehicle of this caliber?
Luxury cars have their own lane when it comes to costs, and it is important to learn why they can cost more to buy and maintain.
Keep reading to learn about the cost of owning an exotic car.
At some point during car ownership, most people have to bring their vehicle in for some type of maintenance. With an exotic car, you may need to bring it to a specific location instead of your local mechanic.
These vehicles can require special tools or specific parts that a traditional dealer or auto repair shop may not have. The cost of this maintenance is typically more as well. An exotic car does not use the same oil as a vehicle from 2005, it needs high-performance oil that is specific to the vehicle specifications for the desired performance.
Depending on how much you drive the luxury vehicle, tire maintenance is another added cost. These tires are made differently than the average vehicle, with different materials for a better grip on the roads and designed to be a blend of performance and comfort for your vehicle.
This material will break down faster and you will have to change it after less than 10,000 miles versus 40,000 or more on an average vehicle.
The cost of keeping your gas tank full is another daily maintenance cost to be aware of. Most brands require premium fuel in order to operate at the high-performance level they are designed for.
Filling up on premium fuel will add up over time versus the cost of unleaded or the hybrid fuel options.
Upfront Cost of an Exotic Car
Like any vehicle, there are many upfront costs that you will need to consider before driving it off the lot.
Due to the higher cost of the vehicle, the sales tax on the purchase will be significantly higher. Along with this is the cost of insurance to cover any damages, which will be a costly premium. Any deductible claims could be higher given that the material used to manufacture the vehicle is typically more costly and may not be as easy to obtain.
Assuming that you finance the purchase, the interest on the high ticket purchase will be high as well. The cost to own a luxury vehicle is high, even though the value of the vehicle depreciates quite fast.
The costs to purchase a luxury vehicle range depending on the brand. Buying a Lamborghini versus another exotic car brand can be two different experiences.
Get Started Today
If you are interested in purchasing an exotic car, you now know the costs that are associated with the purchase. There is more to the story than the listed price, so doing your research is important.