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Thinking of buying a sports car? the things you need to consider before spending your hard earned cash

By Edited Mar 18, 2016 0 0

Things to think about before buying a sports car

Sports cars look amazing, have outstanding performance and go like small rocket ships, sound fantastic and have a prestige about them. The sports car is a true status symbol and as such, many people dream about owning such a machine.

So, you may have reached that point in your life when you want something a bit different, and  sports cars are looking more and more desirable. Buying any type of sports car is totally different to buying a standard family wagon as there are many things you have to sit down and think about before parting with your hard earned cash.

When buying a standard car there are things you simply gloss over and don’t even have to think about, however this is not the case when buying a sports car. So, what things do you need to think about?

Purchase cost of a sports car

“Can I afford to buy a sports car?” This is one of the first questions you need to ask yourself. If you are lucky enough to have the cash burning a hole in your pocket then great, but not many people are that fortunate. There are alternative methods of funding a car, such as a bank loan, taking a loan from a friend or family member or getting finance under a hire purchase agreement to buy a car.

Credit is a great thing since it allows many people the opportunity to buy their dream sports car, however you do need to be careful with credit. You need to ensure you can comfortably make the monthly repayments and that you don’t have to make too many sacrifices in doing so. There is no point in using all your disposable income on buying a sports car on credit, if you have no money left to do anything else, including driving your new vehicle.

If you cannot comfortably make the monthly repayments, or you have to financially stretch yourself to make the monthly repayments then you would be advised not to get credit to buy a car. What if something at home went wrong? What if you lost your job? What if a child comes along? If you do not have the resources to cover these costs after making your monthly repayment for your new sports car, then you simply can’t afford it. Never stretch yourself too much for the sake of a car, even a sports car, as it simply isn’t worth it.  

Fuel and running costs of a sports car

“How much gas is a sports car going to use and can I afford to put gas in a sports car?” More questions you are going to have to ask yourself before you go and buy a sports car. 

Sports cars are not economical, period. Sports cars have a high performance engine that is often large and contains a lot of cylinders and horsepower, and will drink a lot of gas. Even if you are careful with the throttle and drive a sports car sensibly, which is going to be very hard to do, the miles per gallon figure is not going to be good.

The poor fuel economy of a sports car combined with the ever increasing gas costs, which seems to be going up each and every day, it is becoming more and more expensive to own any type of car, let alone a sports car. So, before you go and buy a sports car you need to do a bit of math and make sure you can put the gas in your car, otherwise it is going to spend more time in the garage doing nothing than being on the road.

Before buying a car like this gorgeous Lotus Elan you need to think about many things to make sure you are happy that a sports car is the car for you.

Lotus Elan Sports Car

Repair and maintenance costs of a sports car

“Where can I get a sports car repaired? Where can I get parts for my sports car? Can I afford to keep my sports car serviced, tuned and maintained?” These are yet more questions you need to ask yourself before buying a sports car.

If you own a sports car you are not going to be able to run it down to your local garage for any work that needs doing. You are going to need to take your car to a specialist, and this is going to cost you. In addition, the cost of parts and accessories for a sports car are much more expensive than that of your standard family wagon.

When you own a sports car you will find that even consumable car parts, such as tires, batteries, wiper blades and mufflers are more expensive than they are for a standard car.

Insuring a sports car

“Can I actually get insurance for the type of sports car I am going to buy? Can I afford to insure my sports car?” Yet more questions you need to ask yourself before you go and buy a sports car.

Auto insurance is a funny thing in that you may be un-insurable on the sports car you want to buy. The insurance companies may consider you and your driving history to be so risky that they won’t insure you and your new vehicle. Before you go and buy a sports car you need to make sure you can get auto insurance. Fortunately, there are many insurance comparison websites available and by going on these and entering your details you will be able to see not only if there is an insurance company that is prepared to insure you and your new car, but also some indication of how much it is going to cost.

Auto insurance is expensive and the cost of insurance policies is increasing all the time, so you need to make sure you can afford to insure a sports car. Insurance is a legal requirement in many countries of the world so it is mandatory. Even if insurance is not mandatory in your country you should never drive any car, let alone a sports car, without a valid insurance policy. If something does go wrong you need to make sure you and your sports car are adequately covered.  

Parking

“Do I have the space for a sports car? Will my sports car be safe in my parking spot?”

Parking, especially in towns, cities and built up areas, is becoming more and more of a problem. Many people don’t have their own parking space and will have to make do with parking on the side of a road.

Before buying a sports car you need to know exactly where you can park it and make sure you are happy with parking it in that space. Are you happy leaving a sports car on the side of the road or do you have a safe and secure place where you can park it? Only you can answer this question, so think about it before you go and buy a sports car. It is also worth noting that the parking situation has an effect on your auto insurance policy or indeed whether you can actually get insured or not.

Security

Sports cars are highly desirable objects and are likely to get unwanted attention. The human race can be very nasty and there are always people out there who won’t think twice about vandalising your sports car, trying to pinch your sports car or even trying to pinch something off your new car.

Security is a key factor and it is something you need to consider before you buy a sports car. It is worth noting that many auto insurance companies will demand a sports car is fitted with an engine immobiliser, an alarm, deadlocks and a tracker in order to insure it.

Disposal costs

You may have not even bought your sports car, but you do need to think about how you are going to offload your new car when you are finished with it, and how much it is going to cost you to get rid of the sports car.

A sports car is a specialist vehicle and as such there is a smaller market when you come to sell the vehicle on, so you need to consider this. Before buying a sports car you need to do some research and find places where you can sell the vehicle when you are finished with it. Because a sports car is a specialist vehicle the disposal costs of selling it, i.e. giving the car a valet, advertising etc, are going to be higher than if you were selling a more standard car.

In summary..........

A sports car is at the top of many peoples’ wish lists and owning such a car is something that many people dream about. Even if you have the funds available to buy a sports car there are many other things you need to think about and consider before you go and part with your hard earned cash, to ensure a sports car is the right vehicle for you.

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