It’s a proud day for many people when they get to buy the car of their dreams. This might be a brand-new purchase based on recent success or inheritance, or it could be a restoration from a classic car that has been worked on for some time with diligent effort.
Yet it’s also true that amazing cars like this, while often showcasing the height of engineering and design beauty, will require a little more upkeep to deal with. Of course, you’re probably happy to accept that, from buying premium unleaded fuel for maintenance purposes to ensuring you take care of the car itself when out on the road.
In this post, we’ll discuss a few under-discussed expenses worth budgeting for as well, so you can avoid being taken by surprise when making this purchase. This will help you enjoy your car in its full glory, instead of solely worrying about its upkeep.
Without further ado, please consider some of the following advice:
Proprietary Repairs
Certain vehicles manufacturers will not be open for aftermarket parts. This could be for a range of reasons – for example the parts may be complex to install, have unique specifications, or perhaps stronger legal protections to protect their warranties. For this reason, it’s good to find a garage that can give you a good deal while never reducing the quality of their service. This way, even high-end sports maintenance efforts, such as a Ferrari service by certified technicians, doesn’t have to break the bank every time your car needs a mild repair or full service. That can help long term affordability for the better.
Higher Insurance Premiums
A higher-value vehicle will, of course, encourage higher insurance premiums. This is simply because the value of your car will require more of a claim or a more comprehensive claim when taking out an insurance policy. On top of this, insurers may consider a sports car to be at higher risk of a road collision incident given how fast they could go when pushed, even when you’re not planning to drive recklessly at all. Sure, certain fixtures like a black box can be helpful, but you can also limit the expense by keeping a clean driving record and claiming as little as possible. If you’re buying a sports car later in life, a good insurance record can still bring this premium down.
Parking & Safety
Higher end cars bring attention to them, which is why it’s good to park in safe areas most of all. This might also involve invested in private parking facilities with good round-the-clock security, or even building a secure garage at home so your car is under lock and key. That’s not to say every possible thief will be targeting your vehicle the moment you bring it home, but it’s good to plan for this so no undue damage is caused.
With this advice, you’re sure to consider a few additional expenses even when driving high-end cars. This way, you can feel free to enjoy your indulgent dream-spend, without paying over the odds.