Quite often over the years the question has arisen: Why do people rent Supercars when they can just buy one instead?
This is a valid question but quite often comes without the knowledge of owning a Supercar and the costs involved. By Supercars we are referring to McLaren, Aston Martin, Bentley, Ferrari, Lamborghini and Maserati. So in this blog, I will give you an insight into the costs of ownership and some of the pitfalls, as well as lots of reasons why it’s much cheaper to hire than own.
Depreciation is one of the first things to discuss. Now, not all models depreciate like a 7 series BMW, but most do. Only the likes of the Mclaren F1 and Ferrari Enzo have been sound modern investments. A new LP560 Spyder from a dealer will cost you circa £180,000 from a dealer and will likely see £40-50k wiped off its price in the first year. The car will have to be serviced, so let’s say £2000 for that. Then there is the insurance, likely to be in the region of £5000. If the car was financed, then you can also add the payments and interest, but for today’s blog we won’t even include those. So, on the above example, a year’s ownership of a Lamborghini LP560 will likely cost in the region of £57,000, which breaks down to £4750 per month. You must also consider the implications on resale of a Supercar with high miles on it, so this usually means that most Supercar owners don’t use their cars a lot, which leads to the question, how many weekends per year are you even going to use the Supercar?
Then what happens if some lovely person decides to vandalise your car? Maybe they keyed it down the side, or even kicked a wing mirror off? That is either a new paint job or replacement wing mirror, and we are talking into the thousands here, which is the reason why your insurance excess will be very high, and if you claim, it’s likely they will refuse to re insure you next renewal.
Even if you do own a car for a few years, don’t drive it that often (which is ridiculous in my opinion), then decide to sell, you have the headache of dealing with tyre kickers, costs to advertise, or even give a percentage of the sale money to a dealer if you are doing it on a ‘sale or return’ basis….all in all, it is costly to own a Supercar.
So what is the alternative? Well, obviously the answer is – Premiere Velocity. Yes, you may think it’s easy for me to say that about our company, but just think about it for a moment. For, that same Lamborghini LP560, you could hire it for £2,250 for the weekend. So even if you hired it once every month for a weekend for the entire year you would save yourself over 50% against ownership and without all the fuss and headache. Now, I am no economist or financial advisor, but it is plainly obvious to me that rental over ownership makes sense no matter what way you look at it.
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