Things you need to know before you buy a used supercar

Supercars are essentially street-legal, high performance sports cars that are sometimes also referred to as exotic cars or more recently, hypercars. Often times, these vehicles are limited production models that are produced by smaller manufacturers for enthusiasts and the rich. These cars can range from the Dodge Viper to the Lamborghini Aventador, Buggatti Veyron, and Ferrari 458 Italia just to name a few. Supercars do often carry a hefty price tag attached to them but that doesn’t always make them out of reach for the middle-class as they do depreciate quite heavily sometimes. With that said, here are some of the things you should consider before you jump on the supercar hype.

The cost to acquire

You are never going to find “cheap” supercars available for sale so consider the upfront money or financing required to just acquire one of these cars. As I’ve already mentioned, there aren’t really any mass-produced supercars like you would find with any other segment of the automotive industry. As a result, the inventory available for these cars is much more limited preventing depreciation from making these things downright cheap. 

That is not to say you can’t find relative bargains when you all things are considered. For example, I can find a 2008-2010 Audi R8 in decent shape and mileage for around the $70,000 mark. Not bad for a vehicle that had an MSRP of around $125,000 new and can still outrun 98% of new cars. Most supercars will depreciate like the rest of the automotive world (although there are some that actually immediately appreciate in value). However, there is a certain sweet spot with the supercar market that must be respected because it comes and goes quickly. Once a supercar hits is bottom line in depreciation, the upswing can be quick and that means you could get priced out very quickly. So, while it is sometimes wise to wait out the market just make sure you don’t wait too long.

The cost to maintain

Easily the most overlooked aspect of supercar ownership, the maintenance. If you think that you can just head down to your local dealer and pay $60 for an oil change, you’re going to have a heart attack when you see your first maintenance bill. Notice I referred to it as a “maintenance bill” and not an oil change, tire rotation, etc. Supercars often don’t just need a quick oil change or a tire rotation, they often need so much more. Sticking with the Audi R8 example, a simple oil change with oil and an air filter will run you about $300-500 depending on the dealer you go to.

The cost to insure

If you think it is going to cost you a fortune to insure your supercar you might be in for a pleasant surprise. As long as you have a decent driving record, there are insurance companies out there like Hagerty, that will allow you to insure the supercar as an occasional vehicle significantly lowering the costs. I was able to insure a 2009 Audi R8 for just over $2,500 a year which isn’t terrible when you consider their MSRP and cost to even replace a used one.

Happy motoring.

About Meds

Ben is widely known as the car sales guy to his friends and family. He does not work at a dealership, although he has done so in the past. He currently works in fleet in the automotive industry and is a numbers guy. He currently drives a rather boring 2017 Ford F-150 as his daily, but his passion is his 2018 Ford Mustang GT. Disclaimer: he does not work for Ford, although he is a big fan.