Is it Better To Buy or Lease an Exotic Car?

If driving a luxury car is on your bucket list, you have two viable options to make your dream come true – (i) buy an exotic car and (ii) consider luxury car leasing.

A stunning aesthetic appeal, combined with a smoother ride and unrivalled comfort, makes luxury cars one of the costliest in the world. Whether you love the classiness of an executive sedan or the pulse-racing thrill of the sports cars, whether you aspire to traverse off the roads in a luxury SUV or experience the indomitable speed of supercars – exotic cars deliver the most exhilarating experience and come with hefty price tags too.

So, should you buy a luxury car or have one on lease is a crucial decision to make. Find out whether it is worth buying a luxury car or you should consider a prestige car lease for more cost savings.

Buying an Exotic Car – Is it a Viable Option for You?
There are plenty of metal beasts lined up for a launch this year. Whether it is the BMW Tesla Model 3, the ravishing Mercedes-AMG SL, the Ferrari 296 GTB or the Lamborghini Countach LPI 800-4 – there are choices galore to impress the motoring enthusiast in you.

But before you gear up for an ultimate motoring experience, know the pros and cons of buying a premium car.

Pros:
One of the topmost reasons why many luxury car aficionados choose to buy a new car is the ownership they enjoy. Even if you get the car financed, the ownership lies with you – and so is your control over a number of miles travelled, need for modification, etc. You can race it, make aesthetic changes, drive it as much as you want or sell it – the car is yours.

And even if it becomes a “vintage” or “classic,” it will still hold a high value among luxury car enthusiasts. Don’t be surprised if you get buyers flocked at your doorstep, ready to buy your otherwise old car at a lucrative price.

Cons:
But on the other side of the coin, exotic cars are remarkably expensive. Even if you get it financed, you need to pay hefty down payments and EMIs. Additionally, repairs, maintenance, insurance, taxes and other costs may add up to your annual expenses, likely to break your bank. Even replacing a part of your exotic car would cost substantially.

Additionally, the lock-in period of buying a luxury car is significantly higher. When you make a huge investment in purchasing an exotic car, you are likely to keep it for 5-7 years or even more. That means you will be driving the same car year on year.

So, unless you are a high-net worth individual or own a multi-billion-dollar business, purchasing an exotic car may not be a viable option. This is where luxury car leasing can address the pain points of buying a new car. Learn how.

Why Prestige Car Lease Promises a More Worthwhile Experience
Yes; you do not get ownership of the vehicle nor can you make modifications to it as desired. Regardless of it, there are several reasons why motoring enthusiasts choose leasing over buying.

• You do not need to bear the hassle of down payment:
  When you buy a new luxury car, down payments can be hefty. Using up your entire savings to come up with the down payment can be intimidating. Fortunately, with leasing, you do not require to pay money down. Some car leasing companies may need you to pay a security deposit amount but that is relatively lower than the down payment you’d pay when you finance a new car.
• Monthly payments are lower:
  Whether you are considering supercar leases, a 4×4 SUV, a sports car or a sedan, budgeting is important. Typically, monthly lease payments are much lower than the EMI you pay when buying a vehicle on loan. That means leasing gives you the opportunity to drive your dream car but on a budget.
• Maintenance is covered under warranty:
  When you buy a luxury car as costly as a Lamborghini, Rolls Royce or Ferrari, be assured that regular maintenance and repair will be costly too. As an owner of the car, you are responsible for the cost. However, when you lease the car, you do not need to pay for repair and maintenance costs.
  And if it is a new car that you take on lease, it will be covered under the manufacturer’s warranty. Hence, you’ll have peace of mind driving the vehicle on and off the road.
• Trade up to a better car when the lease period ends:
  One of the key attractions of prestige car lease is its relatively lower lock-in period. Typically, exotic cars are taken on lease for 1-2 years. Once the lease is up, you can exchange it for a nicer car that meets your needs and budget. So, the option to drive the latest luxury cars year on year is a great perk.

However, there are a few limitations too. Luxury car leasing mostly comes with mileage limits. Additionally, leasing may cost you more in the long term.

So, weigh the pros and cons carefully before you decide whether to buy or lease an exotic car.