Should I buy a sports car?
Tue, 06/03/2014 - 1:11pm | by scott
A sports car is often on someone’s bucket list, or sometimes the sign of a mid-life crisis. The image of driving through the hills with the sun on your back, the wind sending your hair flowing behind you, sunglasses on and scarf around your head. The Eagles or Beachboys blasting loudly through the stereo sounds ideal.
You can pick up a small sports car for a few hundred pounds. Say an MGB, Lotus or Mazda. One option may be to categorize the car as a business expense. If a large part of your professional career involves travelling by road and meeting clients then you may well be able draw a finance plan together and meet with a business loan provider (Try a company like everline.com for example) to see what your options are. This has a higher chance of success the more economically the car is of course in terms of miles per gallon or even better - an electric motor.
New sports cars are expensive, but most manufacturers offer finance packages if you don’t have the full amount to spare. HR Owen sell a range of sports cars and have a sales team specifically geared to help you finance a purchase. Nissan use RCI Financial Services and Morgan have their own called Morgan Motor Finance. As long as you are happy with long term finance, this is another option.
So in a nutshell, old, classic or vintage sports cars are cheaper to buy but expensive to run. New cars are expensive to buy but will have warranty and are much cheaper to run in terms of repairs.
There have been some amazing sales of sports cars. A 1963 Ferrari 250 GTO changed hands in 2013 for a whopping £32 million after being sold by car collector, Paul Pappalardo. He is from Greenwich, Connecticut, and first bought this beautiful car in 1974. On 12th July 2013 a 1954 Mercedes-Benz W196 sold at Bonham’s Auctioneers for £17.5 million. It was driven by Argentinian Formula One legend Juan Manuel Fangio who won five world championships, the first being in 1951.
For an incredible new car, how about the Lamborghini Veneno (the Spanish word for poison) which is being built to celebrate the company’s 50th anniversary? For a cool £3.36 million, this limited edition hypercar looks more like a fighter jet. Performance wise, it can do 0-62mph (100kph) in just 2.9 seconds and has a top speed of 220mph. You’ll have to be quick though, only nine are being built.
Whatever sports car you decide to go for, ask yourself how much use will you get from it. Weather can keep your pride and joy safely locked in the garage for much of the year, after all, driving in an open-top in the pouring rain, gales or snow can really take the joy out of the experience. Insurance costs can also be prohibitive and spare parts, particularly for older models, can be difficult to come by. Still, the image of James Bond in his Aston Martin DB5 or Steve McQueen’s Ford Mustang in Bullitt pull at most petrol-heads’ heart strings.