I've always noticed only millionaires and people with a sh!tload of income drive these kinds of cars (Ferrari, Aston Martin, etc…), yet they are usually range from 180K - 380K+ (I'm just estimating).
are there other factors that contribute to the total sum of money you have to pay?
I know you have to pay the Purchase Price + keep 20k for mishaps
and have money for regular maintenance which takes doesn't take that much
...Do you have to pay fees to the manufacturer in order to keep you're sports car? or do they give you insurance that's too expensive? Why doesn't the typical rich guy drive a fancy car?
I know for a fact that a Ferrari California is my dream car, and I know for a fact that it ranges in the $200,000 - $300,000 region. My question is, will I be able to afford it working as a doctor? Surgeons get an average of about 200k annually, and that's pretty much what I'm going for (Cardiovascular surgeon). I'm not a big spender or anything, and I don't plan on having a huge family.
Thank you in advance, and excuse my noobish question. I'm kind of new to the Financial world :P
Answers & Comments
Verified answer
If you were to buy one, expect a mark up, they never sell for MSRP.
The maintenance on these cars are REALLY EXPENSIVE. That said, they aren't' really driven a whole lot. You look at some Ferraris that are over 10 years old and they have ~20,000 miles on them
Insurance will run you a lot, just because if something happens to the car it cost a fortune.
The typical rich guy has all sorts of reasons not to own one. It could be because it won't be used practically. It could be because they're investing their money somewhere else.
Yes you can afford it with an annual income of much lower than that if you really wanted to. It's just how much you want to sacrifice to drive one and how well you budget your money.
Insurance, repairs and even routine maintenance like oil changes and tires are ferociously expensive but if you have no other interests like travel, clothes or food it could be done. Not to mention that the super-car class are completely impractical as anything other than jewelry. What will you do the grocery shopping in? You'll never see a Ferrari parked in front of the SafeWay. Thinkaboutit.