Do you dream of owning a sports car? Fortunately there are many ways of driving the car you want without having to purchase the latest Ferrari Roma. If you dream of a supercar but are foiled by budget constraints, read on to find out how you can enjoy the latest sports car on a budget.
Sell Your Old Car For Cash
Are you looking to invest in a new sports car and sell your old car? If you search “sell junk car for cash”, there are ways to sell even scrap cars for a cash payout. Many scrap auto dealers purchase unwanted vehicles even if the car is in a poor condition. This means that if your car no longer runs, or has been damaged, you will still be able to make some money. It may not be enough to buy a sports car outright, but it can allow you to put down a deposit or get some cash upfront for a lease or loan.
Consider A Lease Or Loan Car
The beauty of a lease car is that you can enjoy a new sports car, as long as you meet the criteria for the loan and can make the monthly payments. If you’ve got a good credit rating, you should be able to look at a monthly payment or lease plan for a sports car. Talk to your local dealership to see what lease or finance options they have available. If you compare deals across several car dealerships, you should be able to find the best rates on the latest sports cars. Always assess your monthly expenditure before you make a purchase, and try to spread out the lease over three or four years in order to bring down payments over a longer period of time.
Look At A Second Hand Model
The value of a second hand sports car depreciates over time, even if you take good care of the car. However, if your main priority is ensuring that you get a sports car, then it’s a great idea to look at a second hand model as the price drop makes them a far more affordable purchase.
If you’re looking to enjoy the thrill of a sports car and aren’t looking to sell it on, consider looking at brands where the value depreciates quite quickly. Cars like the Mercedes-Maybach GLS tend to drop in value as a second hand model, if you’re looking at cars you love rather than the price you’ll make for selling them on.
Enjoy The Car And Sell It On
There is no guarantee that a second hand sports car will ever appreciate in value. However, as mentioned above, some cars hold their value better than others. This means that you could enjoy the car for a short period of time and then try selling it on to make a profit. You should only do this if you can afford to make a loss.
When trying to identify a car that will either appreciate or hold its value, try to spot trends in the market that indicate an increase in popularity. Popular classic cars include Ford Mustangs, a Porsche 911, and the Jaguar E-Type.
Look At An Older Model
If you’re not worried about having the latest sports car, as well as a second hand model you could look at investing in a slightly older one. Try last year’s Mercedes or Bugatti release over the latest model. Try to choose a car that you enjoy over just the prestige of the manufacturer. There’s no point investing in an older sports car if it’s just going to gather dust in your garage. When you look at an older model, make sure you get the advice of a specialist mechanic to see how much work will need to be done.
Take Extra Good Care Of Your Sports Car
Whether you take out finance, enjoy a second hand car, or try to sell one on, taking extra good care of your sports car will ultimately ensure that it runs for longer. Some basic tips for extending the life of your car include:
- Keep it stored in a garage or give it a cover to protect it from bad weather
- Maintain your car’s battery (make sure you use it regularly otherwise the battery will go flat)
- Change the air and oil filters regularly so they don’t get clogged
- Arrange regular maintenance (cheaper than waiting for an issue to get worse)
- Drive as evenly and smoothly as you can to avoid damaging suspension.
Driving your car semi-regularly will keep a sports car of any age running for longer than if you don’t use it.
Assume That Older Models Need Work And Budget Accordingly
Before you invest in a second hand sports car, work out how much the repairs are going to cost and decide whether the price is worth it. If the repairs are going to take you over the price or close to the price of a newer model, then it’s definitely not worth it. Even if an older model has been well looked after, ensure you get it assessed by a specialist dealer beforehand to make sure there’s no hidden costs.
Final Thoughts
A lease or payment plan is ideal for vehicle enthusiasts with a decent credit rating and the ability to take out a monthly loan on a sports car. You could consider selling an older or damaged car for cash beforehand to get enough for the deposit.
If a brand new sports car is completely out of your price range, consider going for a second hand model. It’s highly unlikely you’ll make money from the resale. But if you have the means, you could invest in a classic car and try to see from the market if it’s likely to appreciate or hold its value over time.
When investing in a second hand car, it’s important to choose a car you like, so you use it. Regular use of the car for older models can prevent the battery going flat or hidden issues building up over time.
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