I just bought this new supercar in my 20’s. Here are the 3 things I love about my ferrari F8 Tributo. How to buy a supercar: Autocar’s expert guide. The rewards of investing in a hallowed set of wheels are obvious – you end up with your dream car in the garage and get to watch it appreciate with age
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How to Buy (and Keep) a Super Car Even On a Budget. You don’t have to be a millionaire or wait until you are past retirement age to buy a supercar. For example, you can get the Dodge Viper SRT10, which is a back-to-basics American muscle car with an 8.3-liter V10 engine and 500 horsepower for less than $30,000. If your life-long dream is to be the owner and driver of a supercar, don’t write it off as unrealistic.
Shop within your budget
Avoid falling in love with a car that you can’t afford by understanding your budget. You may be able to find a supercar in good condition in the $20,000 range, but it will take time. $30,000 – $50,000 is a more realistic price for a decent supercar with lower miles. You’re likely to find a Porsche 911, a Viper, or maybe even a Ferrari 348 or 355 from the 90s in that price range. Lamborghinis from the early to mid-2000s or the Ferrari 360 may bump the budget up to the $50,000 – $100,000 range.
When you figure out your supercar budget, remember to add insurance costs. Hopefully, your driving record is clean. This will help you get lower rates. Car insurance is another area where shopping around can save you money. When you’ve narrowed down your selection and you have the VIN number of a car you are interested in purchasing, call several companies to get quotes. Talk with an insurance agent that works with multiple companies, too. They can do the legwork for you. You may be pleasantly surprised to learn that it doesn’t cost much more to insure a 20-year-old supercar than it does a new SUV.
Loan vs cash
Financial experts may say you should never buy “toys” with a loan. However, if your credit is in good shape you could get a low-interest loan and keep your cash somewhere with better returns.
If it makes financial sense to get a loan for your supercar and stash your cash elsewhere, go for it.
Be sure to talk with the folks at local banks and credit unions in your community about financing your supercar, as well. They often have unadvertised deals on car loans. You may also get more flexible terms with a local lender. Don’t ever take the first financing deal offered at a dealership. They aren’t competitive and may sell you on convenience. Paying inflated interest rates could cost you thousands over the life of the loan.
Join a supercar community online
Forums are a great place to connect with supercar enthusiasts, especially if your taste leans toward a particular vehicle. You may be able to learn about supercars that current owners want to sell as they upgrade. These unadvertised deals let you learn a car’s history, too. You’ll have access to the current owner and their knowledge of the vehicle.
You’ll also get a good idea of what it really costs to own and maintain a specific type of car by reading forums. So, if your dream car is a Ferrari but potential maintenance costs are a concern, ask around inside Ferrari forums so you can get the truth from actual owners.
When you find the car you want, ask around to find out if anyone knows about it. Community members may be able to offer unique insights into the car’s quirks specific to that model and year. They may even be acquainted with that particular vehicle. The supercar world is tight-knit, and rare cars may already have a reputation.
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