Most exotic cars will usually lose a substantial part of their value as soon as you drive them out of the dealership. It is common for most exotic cars to be valued at $100,000 lower than their cost price by the time they get sold.
For instance, you could buy a new Lamborghini Aventador for about half a million dollars with zero mileage. However, after doing about 3,000 miles, it can have a value of about $416,000. The thing here is that before rushing to the dealership and buying an exotic car, you should know that their values depreciate with time. The rate of depreciation for a Ferrari is usually different from say, a Bugatti Veyron or a Lamborghini.
The durability of exotic cars by mileage
Most exotic cars will usually last for over 200,000 miles or thereabouts. This is the same for most mass-produced vehicles. Your exotic car will last for a long time just as long as you properly look after them. Most of the time, exotic cars barely rack up so much mileage to make you worry about how long they will last. The rate at which your exotic car will depreciate depends on the mileage you have in the odometer. Depending on what you have in the dashboard, this will go a long way in influencing the resale value of the car. If you are buying an exotic car to use and resell later, you may want to maintain a low mileage on the odometer.
How to slow down the depreciation rate of your exotic car
The reading in the odometer usually determines the resale value of your exotic car. This is of course obvious, as people who own exotic cars will usually buy several cars and would only ride out the exotic car at weekends when they generally have nice weather.
While it sounds rather whimsical, it is more of a reality that people generally buy exotic cars just to keep and look at them in their garage. Others reward themselves for their hard work over the years by buying themselves exotic cars. These cars are usually collector’s items and are usually kept in clean environments. This helps to preserve their pristine condition. Most exotic cars are usually bought by ordinary people and high net worth individuals to enhance their social status. It is said that these cars usually provide more sentimental and cash values to the owners compared to what they are worth in the market.
With that said, one good way to slow down the rate of depreciation of your exotic car is to use it rarely. Through, it can be used to make a social statement every once in a while. However, the other ways that you can slow down the depreciation and ageing process are:
- Maintaining its excellent and original condition,
- Keep a complete record of its service history,
- Keep a low mileage,
- And do all you can personally to promote its value.
What exotic cars retain their values?
There are a lot of exotic cars that retain their values for a long. Such cars like Porsches, the McLarens, the Lamborghinis, and so on. Some cars retain their values that they will probably appreciate depending on how good you keep them. Vintage exotic cars (which are collector’s items) usually appreciate at price the longer that they stay. This is true for the old 1962 Ferrari 250 GTO of 52 years that got sold for a price of about $35 million as the world’s most expensive vehicle.
Exotic cars: Are they an excellent investment?
Similar to your regular cars, a majority of exotic cars will likely lose their value with time. But you can choose to make them a good investment. This means that you should treat them like the assets that they are. To ensure that your exotic car comes off as a good investment, you should ensure that you:
- Service the car often,
- Maintain its low mileage,
- Maintain its pristine condition,
- And take care of all the components of the car.