Supercars, with their sleek designs, blistering speeds, and roaring engines, captivate the imagination of automotive enthusiasts around the world. However, the allure of these high-performance machines often leads people to consider leasing them. While leasing can be an attractive option for some vehicles, leasing a supercar like a Ferrari, Lamborghini, McLaren, Rolls Royce, or Aston Martin comes with its fair share of pitfalls. In this blog post, we delve into the reasons why leasing a supercar can turn out to be a terrible idea, shedding light on the financial burdens, mileage restrictions, high cost of excess mileage, and the risks associated with open-ended leases.
Crushing Interest Rates:
Leasing a supercar often involves substantial interest rates, which can significantly inflate the cost of the lease. Given the high price tags of these vehicles, the monthly payments alone can be exorbitant. The interest rates charged by leasing companies can add a considerable burden on top of the already staggering cost, leaving lessees paying much more than the car's actual value over the lease term.
Mileage Restrictions:
Supercars are built to be driven, yet leasing contracts often impose strict mileage restrictions. These limitations can be particularly challenging for those who relish the driving experience and wish to explore the true capabilities of their high-performance machines. In some cases we have seen leases only allow for a mere 1,250 miles per year. Surpassing the predetermined mileage limit can result in hefty penalties at the end of the lease, leaving lessees with an unexpected and unwelcome financial burden.
Costly Excess Mileage Charges:
Even if you manage to stay within the predetermined mileage limit, leasing a supercar means you need to be extra cautious about every mile driven. Exceeding the agreed-upon mileage can incur significant charges, often calculated on a per-mile basis. Considering that supercars are meant to be driven with passion, keeping a close eye on mileage can be both stressful and restrictive, taking away from the joy and freedom of owning such a vehicle that you are paying to have 365 days a year.
Open-Ended Leases:
Open-ended leases, a type of lease without a fixed-term, can be especially treacherous when it comes to supercars. These leases can keep lessees tied to the vehicle for an indefinite period, with monthly payments continuing until the car is returned. As the market value of supercars can fluctuate significantly, lessees may end up with a financial imbalance where the lease payments exceed the vehicle's value. Moreover, any damages or repairs needed during the lease term can become the responsibility of the lessee, adding further financial strain. On supercars that can lose nearly half their value over a 3 year period, this is a huge risk lessors take on when entering an open-ended lease.
While leasing a supercar may seem like an attractive proposition initially, it is crucial to consider the pitfalls involved before making such a decision. The cost of interest, mileage restrictions, high charges for excess mileage, and the risks associated with open-ended leases can quickly turn this dream into a financial nightmare. If driving a supercar is a lifelong aspiration, a membership at Freedom Supercars might be a lot more enjoyable. Remember, the thrills and joys of driving a supercar should not be overshadowed by the burdensome financial and contractual obligations that come with leasing.
Membership in the supercar club gives you access to all kinds of supercars, access to other likeminded individuals through their clubhouse network, and access to their events and tours throughout the year.
If you are interested, you can find more information on our memberships HERE!