The True Cost of Owning a Sports Car

It’s a dream for many to own a sports car. For those fortunate enough to have one, you’ll know that sports cars are beyond beautiful and feel incredible to drive in. They’re also luxurious, which may be exactly what you need for your lifestyle. It’s no surprise that owning a sports car can be expensive. There’s a lot more than just buying the car outright. You have to consider factors such as insurance, depreciation, maintenance, and other additional costs. Let’s talk about these factors so you have a good understanding of what it truly costs to own a sports car.

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Insurance Costs

You should take an enterprise risk assessment if you’re ever trying to figure out what your insurance would look like based on the risk of owning a vehicle. Unfortunately, taking one of these assessments will undoubtedly show that sports cars are riskier than other vehicles for many reasons. These include:

• Higher risk of being stolen. Most people associate owning a sports car with being wealthy. Therefore, thieves may be more prone to stealing the expensive car or parts of the vehicle.
• Requiring expensive parts, which are usually more costly to replace or repair. These parts can be difficult to procure as they’re usually limited in production. Procuring expensive car parts can take several weeks to months.
• Operating a vehicle with high horsepower. Every insurance company will find it riskier to drive a car with high horsepower, at least compared to the average vehicle. Cars with high horsepower, such as those above 300, are commonly seen on the dangerous side. With such speed capabilities, it’s no wonder insurance companies find sports cars risky.

All of these and a few other reasons are why you will likely need to pay higher insurance premiums. You still need to factor in your driving record, age, insurance history, ownership history, profession, etc. Everything about you and your employment will be accounted for. So, be prepared and figure out how much you’ll need to put aside each year to pay off the insurance. It can range anywhere from $1,500 to well over $6,000 per year.

Depreciation

For all car owners, it’s essential to understand how your car will depreciate over time. This is especially important for sports car owners. When you purchase a new vehicle, you should always think about when you will sell your car down the road. It’s highly unlikely that you’ll keep your car forever, even if it is a supercar. Whatever the reason may be, whether it’s a new model, your income goes up, or you simply get bored of your car–you’ll probably trade or sell your car in at some point.

Remember that once you drive your new sports car off the lot, it’ll be worth less than what you just paid for it. Depreciation starts immediately, and it varies for each car. The average depreciation of sports cars over the first five years is about 48%. Of course, some depreciate much lower and others higher. It all depends on:

• The mileage the vehicle has. Higher mileage equals higher depreciation. When it comes to sports cars, it can be hard to keep the mileage low as you’ll want to drive your beloved car everywhere! If possible, you’ll want to keep the mileage to a minimum by avoiding excessive driving.
• The car’s condition. If the sports car is like new, the less it will depreciate. If all the parts are working perfectly fine and there aren’t any noticeable scratches or damages to the vehicle, it will hold its value much longer. You should always schedule regular maintenance on your car, including getting oil changes and tune-ups to keep your vehicle running smoothly.
• Fuel-efficiency. The more efficient a car is with fuel, the slower it will depreciate. It shouldn’t be a surprise that your sports car will depreciate more if it burns through fuel like butter.
• Safety and reliability rating. The better your sports car is rated, the lower it will depreciate over time. This goes hand-in-hand with your insurance. The safer your car is rated, the lower your insurance premiums and depreciation will be.

Maintenance

Unfortunately, along with higher insurance premiums and depreciation, your maintenance costs also rise with owning a sports car. They use some of the most advanced and sought-after parts in the world, which is why they perform the way they do. You can think about driving competitions as a reference. Many of the parts required to make sports cars drive as fast and efficiently as they do are hard to obtain–especially since they’re only used on one kind of vehicle. That’s why replacing these parts is expensive.

However, if you don’t plan on taking your sports car out for races or long and fast drives often, then you don’t have to worry as much about maintenance. Just know that it will be expensive to keep your vehicle in perfect condition. Even a paint job can be double or even triple the price compared to a regular car.

Additional Costs

Don’t forget that most sports cars require premium gas to get around efficiently and safely (always check your car owner’s manual). Nowadays, the price of gas has gone up drastically, and it continues to rise. So, you’ll be paying for expensive gas prices along with other additional costs, including:

• Extended warranty. You may want to get an extended warranty for your sports car, which can be more than $4,000 per year.
• Storage. You don’t want to leave your expensive car parked anywhere. Storing your car in a well-secured garage can cost a few hundred dollars each month.
• Professional cleaning. Cleaning a sports car requires proper knowledge and expertise. You should expect to pay at least $1,000-2,000 each year for professional cleaning services.
• Miscellaneous expenses. Everyone manages and uses their cars differently. You may have other costs that should be factored into your total expenses.