Fast & Furiously Pricey: The Cost of Owning Your Dream Car
We’re going to assume that everyone reading this post has a dream car. If so, what’s yours? Maybe you see yourself driving abroad, perhaps, along an Italian coastline in a Ferrari Spider convertible. Or maybe you’d rather cruise through Beverly Hills like a Hollywood star in a Porsche 911. It’s okay to fantasize. Just remember that if you’re working towards actually buying one of these cars someday, either after winning the lottery or launching your own business, your dream car will be expensive. And the costs won’t end at the initial payment. Remember too, that these types of cars are high maintenance, and you will spend a lot more on things like oil changes, part replacements and bodywork. So stack those pennies now.
2016 Ferrari 488 Spider
Acceleration: 0 – 100 km/h in 3 seconds, 0 – 200 km/h in 8.7 seconds
Top Speed: 325 km/h (202 mph)
Engine: 661 HP 3.9-litre twin-turbocharged V8 engine
Price tag – $275,000. Just slightly more than the average price of a house in St. Catharines, Ontario ($274,483 is the average price).
Down payment (20%) – $55,000. You can buy a 2016 BMW 4 Series for this price.
Financing (based on 60-month term & 3.54% apr) – $4657.12. This amounts to $55,885.44 annually – the average annual salary in Canada is $49,000.
2014 Lamborghini Gallardo LP 560-4 Coupe
Acceleration: 0 – 100 km/h (62 mph) in 3.8 seconds, 0 – 200 km/h (120 mph) in 13.1 seconds
Top Speed: 325 km/h (202 mph)
Engine: 552 HP 5.2L V10 Engine
Price tag – $202,000. This price tag is in the same range of what patent lawyers, financial analysts and doctors earn annually.
Down payment (20%) – $40,400. A down-payment of $40,000 almost covers the tuition costs for an executive MBA program at a Canadian university (average cost is about $42,000).
Financing (based on 60-month term & 3.54% apr) – $3420.86. A monthly payment of this amount can pay for an all-inclusive trip to the Caribbean (various countries), Mexico, Hawaii or Brazil. Imagine going away every month to some tropical locale…
2015 Aston Martin V12 Vantage S
Acceleration: 0 – 100 km/h (62 mph) in 3.9 seconds
Top Speed: 330 km/h (205 mph)
Engine: 565 HP 5.9L V12 Engine
Price tag – $199,800. You can buy Deer Bay French River Island, a private island in Ontario, for this price as it costs $199,500 (tax is not included however). Not bad for owning a piece of the Earth.
Down payment (20%) – $39,960. Roughly the cost of an “Oscar swag bag” (about $40,000) – a collection of branded products given to actors for free if they didn’t win an award.
Financing (based on 60-month term & 3.54% apr) – $3383.61. Need pics for your wedding? Saving this amount will most likely get you a top-notch photographer.
2016 Rolls-Royce Ghost Series II
Acceleration: 0 – 100 km/h (62 mph) in 5.1 seconds
Top Speed: 250 km/h (155 mph)
Engine: 563 HP, 6.6L V12 Engine
Price tag – $319,400. If you’ve ever dreamt of flying, you could buy a Cessna 172 Skyhawk SP plane, providing it’s an older model (older than 2010) at this price.
Down payment (20%) – $63,880. Save this much and you can buy a $60,000 ticket to see the REAL Titanic in a luxury submarine.
Financing (based on 60-month term & 3.54% apr) – $5409.03. This amount will take care of many home reno jobs, including a foundation/basement underpinning.
2016 Porsche 911 GT3 RS
Acceleration: 0 – 100 km/h (62 mph) in 3.3 seconds, 0 – 200 km/h (124 mph) in 10.9 seconds
Top Speed: 310 km/h (192 mph)
Engine: 500 HP, V6 Rear engine
Price tag – $200,700. Just a tad more than Amy Poehler’s earnings per episode on the hit comedy series, “Parks and Recreation” (she earns $200,000).
Down payment (20%) – $40,140. Considering the average consumer debt total for Canadians is around $21,000, this amount can eliminate the debt of two people simultaneously.
Financing (based on 60-month term & 3.54% apr) – $3398.85. Just a bit more than the cheapest tickets for the Super Bowl.
Is Your Dream Car Worth it?
To know whether your dream car is worth it or not, depends on how close you are to your dream. For the majority of us, we’ll have to accept that buying these cars would mean giving up a lot (if not all) of the necessities. Even if you’re on track to one day affording them, it’s worth putting the costs in perspective – there are many experiences you may only get to enjoy once or a few times in life for the price of a down payment on these cars. But of course, there’s your heart. If exotic cars are your passion and you see yourself affording one in the future, you shouldn’t deny yourself the opportunity. After all, only a few people will have the privilege of owning and driving these cars.