If you are thinking about buying a supercar, that means you have been super successful in life. It could also mean you have been super lucky. But as they say in sports, luck counts. That said, even the most fortunate people in the world still have to make a few hard choices when it comes to luxuries and indulgences. If you are into cars, you will have several. Still, you might only have one supercar of your dreams. The good ones are also the rarest of the breed. You will have to do a little digging to find the exact make and model you really want.
It is not fair to label this type of indulgence as a midlife crisis. It takes a while to achieve high levels of wealth. If you had to start from nothing and work your way up, you know how much time and effort it takes. You couldn’t have purchased such a car before reaching midlife. Rather than a crisis, it should be called a midlife reward. We all need to find income appropriate ways to reward ourselves for milestones we achieve. If your midlife reward just so happens to be a supercar, congratulations! Here are a few things to consider before making what could be a super-sized mistake:
Insurance
With clever accounting, you can and should reduce your tax burden to whatever the law allows. Pay your fair share and not a penny more. But no amount of clever accounting will reduce your insurance requirements. You might find a better deal by looking into region-specific companies. For example if you are in the South, check out US Agencies Insurance rates. Be sure to also take a close look at the available discounts such as those offered for good drivers.
There will be different offerings in other regions that might have specific discounts for that part of the country. Be aware of different regulations that might apply. When it comes to rates, you will have to take the kind of vehicle you have into account. It will cost a lot more to restore a Ferrari Enzo that tussles with a tree versus a Honda Accord. Even the color of your car can have an impact on your premiums. Know that when you have a supercar, there will be people who will try to make you bend their fender on purpose. You have to be the smarter, safer driver at all times. Insurance is the piece of the puzzle that protects you when bad things happen. Get the best coverage that is in keeping with the vehicle you have.
Driving
When it comes to supercars, you can have your cake and drive it too. That is to say, you are not limited to simply owning and admiring your gear. You can and should take it out for a spin from time to time. The thing is, you have to learn how to drive a supercar. Even experienced supercar drivers have to be extremely careful and vigilant at all times. A car like that can and does get away from experienced drivers. If you are not an experienced driver, start with lessons, rentals, and track driving. You don’t buy these cars to make quiet runs to the grocery store. There are roads, even in the US, where you can open them up and see what they’ve got. But before doing anything like that, start with lessons and be a very diligent student.
Pre-Owned
At that price, it is not a used car. It is pre-owned. And that is an excellent place to start your supercar journey. Not only will you save money, you will learn a lot about how to maintain that type of vehicle. You will soon learn the ins and outs of maintenance and daily care. That experience will translate into an even smarter investment the next time you scratch the supercar itch. Some supercar collections are priceless. You might have such a collection one day. Every priceless collection started with the education phase. That phase is best facilitated by starting in the pre-owned market.
Your first supercar is a lot like your first love. You are in for the journey of a lifetime. Start it out right with the right insurance, driving lessons, and the kind of practical knowledge that only comes from owning a pre-owned vehicle.