Last updated on November 22, 2019 at 09:05 am
Lots of us dream of driving a luxury or exotic car. The deafening roar of a Bugatti Veyron’s engine as it blows past 200 mph on the track. Maybe you are more interested in the ultimate refined luxury of a Rolls Royce Phantom with rare African hardwoods and imported leather interiors. It all sounds great, right? Until you learn that, the $2,600,000 Veyron you just bought will cost you about $21,000 to change the oil.
Not only does an exotic car come with an enormous price tag, but the cost of ownership is also mind-boggling. For $21,000, you could buy a Chevy Cruze, Volkswagen Passat, or Ford Fusion. If that isn’t enough to make you think twice before parting with your 2.6 million, just remember the Veyron will only give you 10 miles per gallon (MPG). In addition, at top speed, if you can find somewhere to drive 253mph the tank will run out in 12 minutes.
This practically makes the Lamborghini Gallardo sound like a steal with an asking price ranging from $191,000 to $252,000 depending on features. Plus, the oil change on the Lamborghini will only cost you about $2,000 each time and it has a combined MPG of 15. Edmunds.com calculates that if you drive about 15,000 miles per year in your Gallardo, your estimated annual fuel cost will be around $3,900. If you bought a Nissan Altima, you would save over $2,000 on fuel costs alone.
If this wasn’t hard enough to swallow, now comes the expensive part. An exotic supercar needs exotic car insurance. These types of automobiles are not covered under standard comprehensive auto insurance plans no matter how high your deductible might be. Most supercars have insurance plans called “agreed value” where the owner and the auto insurance company set an agreed upon limit to the value of the car. In case of a total loss the owner will be paid 100 percent of the agreed value. This sounds great until you get the bill for your annual premium for your new Veryon. Autoblog.com says it will set you back about $50,000, which is about $500 more than the median income of a US family in 2010 according to the US Census Bureau.
Somehow, for me, owning a super car doesn’t seem so super anymore. Sure the two-seat Veryon seems fun to drive if I can squeeze myself into it, but when you have to change the tires every 2,500 miles at $40,000 for a set of four I think I will pass. On the other hand, if I could afford the car I probably could afford the maintenance and insurance that go along with it!
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