With the current economic concerns and the high price of gas, many consumers are changing the way they spend money. Rather than trading up for a bigger, fancier house, many people are staying put and making due with their current home. Similarly, consumers are snapping up practical, gas-efficient hybrids and compact cars and leaving their gas-guzzling SUVs parked in the garage.
Rather than heading out to buy a new Lamborghini, Ferrari, or other exotic sports car, rental is becoming an increasingly popular alternative for many auto enthusiasts. We wondered just how renting an exotic car stacked up against owning one when it came right down to it. Here’s what we found out:
Owning a Lamborghini Means Owning a Serious Monthly Payment
With an MSRP of $225,000, the Lamborghini Gallardo is both amazingly fast and amazingly expensive. If you were to buy a Lamborghini Gallardo for that price and finance it for five years under typical car loan terms, you would end up with a monthly payment of about $5800. That’s right, owning a Lamborghini gets you a payment of well over five grand a month.
Don’t forget that in many areas of the country, driving an exotic car is an activity reserved for only part of the year. You wouldn’t want to take your investment out on icy roads or subject its beautiful paint job to the rigors of road salt and sand. But if you buy a Lamborghini, you’ll be making monthly payments on it even in February.
Insuring Exotic Cars Isn’t Cheap
Insuring your Lamborghini Gallardo will probably run you about $300 per month. That’s because many regular automobile insurance companies refuse to ensure exotic vehicles. Rental of these vehicles requires only that you meet the coverage requirements on your existing auto policy.
Don’t Forget About Storage, Maintenance, and Security
Besides paying for and insuring your exotic car, you would also have to budget for secure storage, high-priced maintenance on a foreign vehicle, and automotive security. These costs are variable and depend a lot on where you live.
Buying vs. Renting an Exotic Car
Even if you don’t consider the variable expenses of storing, maintaining, and securing your exotic vehicle, owning a classic, luxury, or exotic car will cost you more than $6,000 per month. That’s way more than most of us pay for out mortgage, and that’s an investment that pays off.
Even in today’s real estate economy, you know your house is going to appreciate in value eventually. The money you pay for your mortgage is going toward something that will increase in value. If you buy an exotic vehicle, you know you won’t be making an investment that will pay off.
That’s why exotic car rental is such a good option for most automobile enthusiasts. You can drive the car of your dreams, but you don’t have to deal with the payment that goes along with it. For instance, a Lamborghini rental in Dallas costs as little as $975. That’s far less than owning a Lamborghini when the true costs are accounted for.