Are you planning to drop by an exotic car dealership soon to bring home that posh ride you’ve been eyeing? You’ll likely feel accomplished after buying the luxury vehicle of your dreams. But before you go into your wallet and make that purchase, ponder these three factors.
If you’re into prestige wheels, going to an exotic car dealership without a budget can lead you to go beyond your plans. According to CapitalOne, a common rule of thumb for car ownership is ensuring you put a 20% downpayment on a 4-year loan and allocate no more than 12% of your annual income on transportation. Of course, this rule may not apply if you have a high income, are financially stable, or you’re buying an exotic car out of passion.
If you plan to hold on to an exotic car for its sentimental value, or long-term ownership, its resale value won’t matter to you. If you want to resell your exotic car to upgrade to another model or diversify assets, consider researching the resale value. You can get this from the car residue rating if you’re leasing the car. Alternatively, you can check reputable online platforms such as Auto Trader or consult car valuation websites such as Kelley Blue Book.
If you’re buying an exotic car for prestige, exclusive car experience, or passion, you should consider your preferences. Don’t let functionality and cost considerations keep you from buying the lux car of your dreams. Still, you must consider what you’ll use the car for. Luxury cars are not designed with practicality as the first reason. Still, if you plan on going to work on your posh ride, at least you should consider that before you buy it and then end up using cabs to work.
Buying an exotic car should be as exhilarating as riding one. Taking the time to consider factors such as budget, resale value, and purpose of the lux vehicle will help you settle on a car you’ll love long-term. If you need any help going through these factors, we’re happy to help. We’re an exotic car dealership with the knowledge of what matters in an exotic car. Contact us today to get your questions answered.