Expensive cars

by Admin
Updated: June 15, 2018

How to enjoy high-status expensive cars without many of the downsides of ownership

The appeal of the modern (or classic) masterpiece of engineering, function and form that is a high-status car is reasonable. Owning an expensive car, insuring it yourself and driving it on public roads is not sensible. Apart from the obvious issue of depreciation, the potential for disaster it very high. It’s better to be clear about what you want and consider alternative means of obtaining it.

There are generally two desires to be satisfied when it comes to expensive cars: 1) Status, 2) Experience.

1) Status: Cars are great for showing off because they are high-value assets you can be seen with when you go out. This appeals to a lot of people but it’s important to drive only to places where such a statement will be useful and avoid carelessly cultivating disdain or jealously!

You may also notice that an expensive car invites the attention of people who appreciate the same thing so, especially in the case of a high-performance sports car, you may want to think carefully about who you’re attracting.

2) Experience: A time long ago I really did enjoy driving. There was less traffic, fewer restrictions and fewer people on & around the roads. Sadly, nowadays - and contrary to what car commercials portray - you’re more likely to overheat than escape the traffic jam to reach your destination via a thrilling demonstration of automotive skill.

The reality is, the public roads were never a place for unfettered driving pleasure and now the odds of a bad incident (from a scratch to a fatal accident) are much higher.

Test drive

It costs you nothing and you can satisfy most cravings for a new car with some research and a test drive. You’ll quickly find that many cars that seem good are in fact quite disappointing and owning any particular one won’t meet your needs exactly.

Save your money

A car, unless it’s a rare investment (in which case you probably shouldn’t be driving it), does not hold its value against inflation and a new car will typically lose a significant proportion of its value as soon as you drive it off the lot. Apart from the ongoing costs of insurance, maintenance and fuel, you’ll be personally liable for expenses not covered by your insurance. Repeated &/or large claims can make it difficult to obtain insurance in future.

It’s possible to avoid all these disadvantages...

Drive a supercar

A supercar experience, usually held at a racetrack, can be tremendous fun and it allows you to drive in a way not possible (or legal) on public roads.

Rent

You can protect yourself from most of the downsides of ownership by renting (consider using the vendor-provided insurance instead of your own even if you have your own insurance).

Perk

Work with (or create) a company that deals in expensive cars and permits you to use them (make sure the company provides insurance and beware of taxable benefits).

More info

Doug DeMuro’s article, Owning A Ferrari For A Year Was A Disappointment on jalopnik.com might be all you need to know - especially “most Ferrari owners don’t get to the point of owning a Ferrari by having large blocks of free time they can devote to aimlessly driving around for several hours” - or it might be that you fully understand “It’s a toy to be played with” and simply need more than one...

Here is my selection of top marques (links to official sites): Ferrari, Lamborghini, Maserati, Aston Martin, Jaguar USA, McLaren

While it is possible to obtain supercar insurance from a traditional company, a company that specializes in exotic vehicle insurance might be a better choice depending on how super the car is. Significant exclusions & limits, such as agreed value, mileage restrictions and proof of a primary vehicle can help lower costs or may simple be required. A good overview of high-end vehicle insurance can be found on nasdaq.com.

Supercar experience tip #1: Take friends who have cameras and get lots of photos of yourselves looking cool (tip #0 is: Pay attention to safety). Xtreme Xperience operates across the country and others may be available near your location.

Renting an exotic car is not as expensive as owning one but it’s still going to be expensive. A rule of thumb is that the daily rental will be around 1% of the value of the car (carhopper.co). Enterprise has some and other companies may operate near your location.

Internal links

Luxury Yacht Jewelry Go to Articles
Agree? Disagree? Questions? Answers?
Please post a comment...
Log in