Should I Buy or Lease an Exotic Car?

Should you buy or lease an exotic car? Well, it all depends on how monogamous you are. Are you the kind of person who looks at your car the way someone else looks at a spouse or a pet? Is it a relationship for life? Or do you like a little change here and there, and you’d prefer to find something new every few years? Hey, we’re not judging.

Simply put, there are benefits to both sides of the spectrum. Buying an exotic means full ownership. The time will come when a car payment will no longer be necessary. You can rough it up, race it and get down and dirty with it, and the consequences will likely be non-existent. This is a huge plus over a lease, which requires a car to be returned in near-perfect condition.

Furthermore, you now have something you can love and cherish for life, and over time, as the car reaches a “classic” or “vintage” stage, don’t be surprised if you begin to find collectors showing up at your doorstep, money in hand and ready to make an offer you likely won’t be able to turn down.

So what are the disadvantages? Well, repairs, maintenance and similar costs are likely to break the bank with an exotic car. Hey, you didn’t exactly buy a Honda Civic or a Dodge Durango, did you? Exotic cars mean exotic parts, so any replacement is going to require a little more dough than one might be comfortable shelling out.

This is a fate that’s easily escapable through a lease agreement. Granted there are problems with the vehicle at the conclusion of your two-year, three-year or four-year lease, these are not likely to be your problems. The lease ends, and thus the expenses end. Whatever parts or replacements are necessary for the resell of the car becomes the burden of the dealership, thus relieving your shoulders of all extra baggage and weight.

What’s another benefit to leasing your exotic car? It becomes a tax write-off. That’s right. Granted you’re self-employed and you’re required to drive to and from meetings, businesses or client get-togethers, your monthly payments are likely to earn you money back on April 15th of each year. Isn’t this a lucky break? Making money back on your car as you drive it!

Everything depends on one’s own, particular situation. There are advantages and disadvantages to both scenarios, so before you become a serial buyer or leaser, take the necessary time to see which situation gives you the bigger bang for your buck.

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