Free enterprise is wonderful! If you have a good idea and moxie and work hard, you can become one of the elite few that can afford to purchase an exotic car. And if you’re reading this article, chances are that you have achieved the status and wealth to buy your first exotic car.
Selection and Financing
The first decision is difficult, but it’s also the most fun. What model do you want? Ferrari or Lamborghini? McLaren or Maserati? If you already know, that makes it easy. If not, then it’s probably best to visit dealers and take a test drive. Before you go to the dealer in your area, decide if you want to buy or lease an exotic car. Some dealers facilitate financing, while others don’t, it never hurts to show up prepared with your own financing in order (or a cashiers check of course).
Now you can visit your dealer. Since there’s a lot of truth in old adages, like honesty is the best policy, be honest with the salesperson. Inform them of your dilemma: you’re trying to decide which model you want to purchase. Ask them about the models that pique your interest; allow the salesperson to share their knowledge. Don’t forget to ask about maintenance plans. After discussing various models, you should be able to settle on two or three choices. Once you have narrowed down your selection, its time to take them on a test drive. Make sure to read our tips on Test Driving an Exotic Car.
One of the best tools to aid your search for the right year and the right color is ExoticCarList. Utilize their extensive listings to locate the color, transmission, options, condition and mileage you are seeking. After you locate the car you want, contact the dealer/individual. Provide them with your contact information and ask for copies of these documents:
- Maintenance documents
- Warranty repair documents, if any
- List of options
- Carfax and Autocheck reports
- Description of the car’s condition: paint, brakes, clutch, interior
Review the documents. Since most exotic car dealers are scrupulous about such matters, more than likely there won’t be any problems. Still, be sure to ascertain that all service on the vehicle was done by authorized dealers/mechanics; that the car was serviced on schedule; that there were no issues, such as repeat work for the same problem; and that the Carfax is clean.
It’s now time to pay the Piper. Prior to beginning negotiations, consult Manheim Auctions, which will indicate what the dealer paid for the car. This number provides a starting point. According to some experts, dealers build in a cushion of $10,000 on exotic cars. Depending on the model, this may or may not be the case. Expect to pay a premium for unique colors or extraordinary options. On the other hand, the pillars of the earth won’t shake and tumble if you inquire about any wiggle room in the price. But since you’re not buying a Chevy, don’t expect to low-ball the dealer.
Private Party Inspection
Once an agreement is reached, let the dealer know that the sale is contingent upon a Private Party Inspection (PPI). The cost of a PPI runs from $500 to $1500.
Insuring an exotic car is not the same as insuring a regular passenger vehicle. Generally speaking, most insurers of exotic cars allot 5000 miles per year. Higher mileage is available, but comes at a premium price.
Now that you have your new Ferrari or Lamborghini or Rolls Royce or Aston Martin, enjoy it. You’re one of the lucky few!