Who doesn’t want a ride like James Bond? But, for most of us, our finances (or lack thereof) often stop us from enjoying the thrill of driving an exotic car. Yet, they are not as unattainable as we might think they are.
8,405 units. According to the brand, over 8000 Lamborghinis were sold in 2021 – the highest sale ever! In 2022, the revenue generated by the vehicle is set to rise to 1,062 million USD. Does this mean that people are becoming richer and can afford this premium vehicle quite easily?
Well, not quite!
The increase in sales of Lamborghini can be attributed to the hike in the variety of financing options now available. And even if you think that you won’t be able to afford a Lamborghini despite the available leasing and financing options, there is always the used car market you can approach.
Regardless of whether you wish to purchase a new Lamborghini or an old one, the question remains – how much money does one need to make to afford the luxury vehicle? Find out now!
Buying a Lamborghini up-front
A quick survey of different car dealerships will help you find the average cost of the vehicle. As of now, the average cost of a Lamborghini ranges around 200,000 USD. If you decide to go on the purchasing on spot route, you must pay this amount upfront.
Just because you have 200,000 USD in your bank doesn’t necessarily mean that you can now afford to purchase a Lamborghini! After all, your money should first be for your investment, children, house, and expenses.
Don’t forget that cars depreciate in value. So, investing such a large sum of money is not exactly reaping great returns. So, you can’t necessarily afford the car unless you have enough savings in your bank for the more important and rewarding items.
Which brings us to the actual question – how much should you earn or have in your bank to be able to afford a Lamborghini?
We would recommend that you should only buy one when your annual income is double the amount. This means, on average, you should at least earn 400,000 USD annually!
It is also suggested that you seek out a used Lamborghini for sale to both enjoy an exotic ride while not being too much of a burden on your wallet. Again, for buying a used car, you will still need to make double its price annually to afford it.
Buying a Lamborghini through financing
There are various banks and credit unions that give loans on interest. All you need to do is find one that offers the best package to you. This includes the number of installments, the breakup of the principal amount, and the interest charged. The lower the interest charged, the better is the deal.
After all, Lamborghinis are already quite expensive. The last thing you want to do is invest more than the required amount into a depreciating asset.
You need to understand three elements in financing – the down payment, the interest rate, and the remaining amount.
The down payment is usually 20 percent of the total amount. If you can afford to pay this much on your own, you can proceed to use a loan for the rest of the price, which you then pay off in installments.
When going down the financing options, ensure that you have enough income to timely pay off your debts and interest to the bank. If you don’t, your credit score will go down, and additional penalties will be charged.
Again, do so if the monthly installment is at most 20 percent of your monthly salary, and you have enough savings in your bank for the rainy days.
Think about maintenance!
It isn’t just costly to purchase a Lamborghini. Some might even say that the upfront price is just the beginning of a stream of expenses.
For starters, let’s take one specific model into account – The Huracán. Its oil changes cost about 400 USD, as of now. And the four tires cost a total of 1,500 USD – a part of the vehicle which needs to be changed every three years for a safe experience.
When you add gas, auto insurance, and overall maintenance into it all, you can expect to spend approximately 15,000 USD on its running expenses. You must take this into account when gauging the affordability of the vehicle.
The middle ground: leasing a Lamborghini
What if we told you that there is a way via which you can enjoy all the perks of owning a Lamborghini, but at a considerably lower cost? The only catch is that you won’t exactly own the vehicle. Instead, you will be renting it out – for years.
The advantages of this method include:
- Lower monthly payments as you only have to pay for the monthly rental and depreciation charges.
- An updated car after three years
- No worries about repairs as those are covered via the warranty.
- Reduced maintenance cost since items like tires lasts around three years easily.
You might be hesitant about this option because of the mileage restrictions that come with it. However, contrary to popular belief, they are not as limited as you think. You can also get them modified depending on your needs as well as your driving history.
It’s time for your exotic ride!
Now that you have perused this guide, what do you think? Are you ready to own your first Lamborghini? Be very careful when answering this question. Take into account all your necessary expenses. Save up for your future first.
Don’t think we are dissuading you from purchasing a Lamborghini. If you can truly afford it, go ahead! Live big and enjoy. Once you are in the driver’s seat, let us know which method you purchased it from and what advice you would give to others who wish to do the same.