How to Plan for the Actual Costs of Owning a Sports Car
Owning a sports car is often a dream come true. There’s nothing quite like rolling down the road in a sleek, sexy car guaranteed to turn heads anywhere you go. Once you pick up those keys and roll your dream car off the lot, though, the real expenses start. Even an older model sports car can turn out to be a lot more expensive than a regular sedan. What expenses should you plan for when you’re plotting your dream car purchase?
There are a ton of different things to consider when picking up an insurance quote. The year, make, model, number of drivers and even the car’s mileage all help to determine the price of your car insurance. With all that in mind, you can almost guarantee if your car falls into the sports car category, you’re going to be paying more for car insurance.
An older car, like a 1981 Corvette, for example, might be a bit cheaper and end up costing you about $105 per month. A more high-end sports car, like a 2010 Lamborghini Murcielago (below), could cost you between $5,000 and $20,000 a year in insurance alone.
You can reduce the amount of insurance that you pay by:
- Install anti-theft alarms and technology. Sports cars are more likely to be vandalized or stolen, which costs insurance companies money, so car alarms and other anti-theft tech can help to lower your car insurance.
- Don’t make it your everyday car. Lower mileage equals lower insurance.
- Opt for the safety features. Things like anti-lock brakes, air bags and OnStar tend to lower your insurance costs because your car is safer.
Any way you look at it, you’re going to be paying a pretty penny in insurance costs for that dream car.
If you’re not to car savvy, chances are you’re taking your car to the dealership for all of your maintenance needs, including oil changes. Belts, brake pads and tires all need to be replaced regularly, especially if you’re putting lots of miles on your car. If you’ve got a high-end sports car like a Lamborghini, Ferrari or Porsche, be prepared to dig deep into that wallet of yours.
A Lamborghini Murcielago, to stick with the same example we used earlier, will set you back around $2,000 for an oil change. Replacing the spark plugs costs around $4,000, and hope you don’t ding the bumper — replacing that front bumper cover will set you back a cool $15,000.
If you’ve got the disposable income to spare, by all means feel free to sign on the dotted line for your new dream car. If dropping $2,000 on an oil change makes you nervous, though, you might want to reconsider.
If you’ve got your heart set on a sports car, you don’t have to break the bank to achieve that dream. Domestic sports cars, like Mustangs and Corvettes, are going to end up being cheaper in the long run because the parts are easier to get. Even if you’re going to the dealership for your oil changes, you’re probably not going to spend too much.
Take the Mustang, for example. If you want to spring for some new wheels, they’ll probably cost you about $200 a piece, so maybe $800 total. If you need new rims for your Ferrari, expect to pay around $12,000 for the rims alone. Not a big problem if you’re buying the car to show or keep in the garage, but if you’re driving it regularly, be prepared for some hefty bills.
If you are car savvy, then replacing parts and basic maintenance is likely not a problem for you — you can take the engine apart and put it back together, as long as you can get the parts. Therein lies the problem. Getting parts for sports cars, especially foreign ones, can be nearly impossible. Go to your local chain auto parts store and ask for parts for a Lamborghini. If they don’t laugh at you, they’ll probably say the parts either have to be ordered or they’re unavailable through their suppliers.
Owning a sports car is an awesome goal. Just make sure you’re prepared for all of the expenses that accompany the ownership, and you can enjoy your sexy new sports car for years to come.
Scott Huntington is a writer and car enthusiast from Harrisburg, PA. Follow him on Twitter @SMHuntington or read his blog, Off The Throttle.