Is it better to lease or finance a Lamborghini?
Leasing vs financing with exotic vehicles
There is nothing like an exotic vehicle or a supercar, especially when it comes to a brand like Lamborghini. These models offer a premium experience, and they often come with a premium price. What is the best option to drive an exotic vehicle? Should you lease or finance? We will help you answer that as we compare leasing vs financing with exotic vehicles.
Advantages of financing an exotic vehicle
When you finance or even purchase an exotic vehicle outright, the vehicle is yours to do with what you will. You can modify it, sell it, drive it as much as you want, or store it. There are no mileage limits to contend with either.
Financing is the route you want to take if you intend on keeping the exotic vehicle long term, and especially if you are purchasing an exotic vehicle as an investment. This is the right option for some, but not for all.
Advantages of leasing an exotic vehicle
Leasing is a lot different than financing, but often it is the right choice to make when considering an exotic vehicle. When you lease, you are paying for the depreciation plus monthly rental charges. You pay for what you use! This results in payments that are almost always lower than financing payments.
Leasing offers you many options and it’s ideal for people who want to change their exotic vehicle every few years. The mileage limits are not that restrictive and can be modified to suit your needs and style. What’s more, at the end of your lease you can choose to buy the car, extend the lease, or upgrade to something different.
Another scenario to consider is the “Not sure” factor. If you are not sure if the vehicle is what you will expect or if you’ll want to keep it for a long time or just a short time, you have options. Leasing can allow you to essentially test the vehicle during the rental period, and if you decide you really like it and would like to continue owning it, you have the option to purchase the vehicle for the residual value.
You can purchase it outright or finance the balance. Whichever works best for you. Some even find that there is equity at the end of the lease due to the nature of these types of exotics retaining such good value. Why give it up when you can buy it and have positive equity in your asset!
Similarities between financing and leasing
Assuming that you will be financing the exotic vehicle and not just purchasing it outright, you will still need to get insurance typically with the same coverages as you would need to get if you lease. Most importantly though, both options let you drive and enjoy the car. For some, that means the lower payments of a lease is the right option, and for others, that means the greater freedom of financing is the right option. It really depends on you.