For most of us, owning a supercar is just a fantasy scenario. Restricted to the realm of professional athletes and celebrities, companies like Ferrari, Porsche, and Maserati have come to epitomise the kind of style we associate with how the social elite live.
Regularly driving a supercar may not be the unattainable goal that you first thought though. This isn’t about working hard and earning a promotion either, it’s about changing your car financing strategies.
Expanding Your Options
Car leasing is often only associated with businesses who can benefit from reclaiming some of the VAT. Car leasing for personal use is also becoming more popular in the country, though, and lenders like Select Contracts offer a variety of supercars from the leading manufacturers.
Leasing a vehicle works very similar to renting one, but instead of operating over a short-term contract, a standard car lease will typically last between 12 to 48 months. Your monthly fee will be dependent on factors such as your annual mileage, length of contract, and whether or not you wish to include a service package. You can also expect to pay an initial deposit equivalent to one month’s rent.
At the end of the deal, you return the vehicle to the lender and you have the option of either renewing your contract or taking out another lease on a different car. This means you can always be driving the latest on the showroom floor.
Accounting for all the Costs
It’s important to remember that you don’t outright own the car, even during the contract phase. It will still be your responsibility to insure the car. For a vehicle of this type, this could be costly but there are certain measures you can take to ensure the total costs doesn’t go out of control.
You’ll also have to read your contract’s terms careful to ensure you understand their excess mileage charges and wear and tear conditions fully. The former refers to the fee you’ll have to pay for every mile you go over your originally accepted limit while the latter refers to the kind of damage a lender is willing to accept under fair use during the course of your deal.
A supercar will always represent a big financial commitment so it’s crucial you take the time to understand all of the parts associated with ownership. Leasing a car on a monthly contract, though, can make it possible for even the average individual to drive their dream car.