We’ve all done it when looking at Auto websites. While browsing for sensible mid-level cars, you see the words “Lamborghini” or “Maserati” in the drop-down menu, and then you decide to take a look. All of a sudden, you see that prices are actually “reasonable”, as in comparable to a high level Mercedes-Benz or BMW.
At this point, your mind is racing, and you’re wondering if you can afford a used exotic. You can already imagine it, cruising down the road in a Bentley or Aston Martin. Why are there people still driving BMWs and Audis, you wonder, when you can get a used exotic at similar prices.
I wondered about that question myself last year when I too was tempted by the marquees in the drop down menu. Initial research online didn’t do much help. It seems that most exotic drivers want to keep the club exclusive, and resolve to scare tactics to dissuade us less wealthy drivers. However I ventured on, did a ton of research, and in December bought a used Aston Martin. A lot of people ask me how I do it, so I’m here to share the experience.
Ask yourself these questions:
- Are you willing to make the fun/useful trade off?
For rich people, these cars are toys. Therefore exotic cars (with the exception of perhaps Bentley) are not the most utilitarian. Nor are they comfortable, and probably don’t work too well in wet or snow. Getting one of these cars will make even an Audi TT feel like a soft, comfortable, spacious, dynamic workhorse. Not to mention technology, don’t expect much in an exotic. - Are you a car person?
You don’t have to be a master mechanic, but at least you have popped open your hood a few times and knows what the major components are. I read tons of books on auto repair before I made the switch, and most books say that problems can be easily avoided if people just popped their hood once a while and take a look. If you don’t hand wash your car…. stop reading right here.
If you don't know what this is, you ain't ready
- Are you a safe responsible driver?
Yes it’s possible to drive sports cars and still be a safe responsible driver. Insurance for these cars are quite steep (more on this later), if you have points this can become a major deterrent.
Make sure you're a safe driver
- Can you put up with unnecessary attention?
I thought a BMW convertible got too much attention….. until I rode around in a GT-R and Bentley. Expect 30~40% the people on the street to look at you (depending on color of vehicle and how loud you drive). Also recognize the fact that you can’t park these cars everywhere like a BMW. I park roadside a lot, but it’s always an uneasy feeling. - Do you have the money?
We’re not talking millionaire money, or you wouldn’t be reading this. I’m talking about those who were in the market for a Germany luxury car. A good used Aston Martin, Maserati, or Bentley will run around 60~120k. It’s not cheap, but a tremendous value compared to BMWs and Benzs. The interior refinement and performance of these cars are astonishing. Then there are other costs, more on that below.
Trunk space, not for airport runs
If you answered yes for the above questions, here’s what to do next as you get ready to find yourself an exotic vehicle.
- Parts did not depreciate
Unfortunately, while the car depreciated, the parts did not. Parts prices are about twice as much as a BMW, and do not expect any generic parts to be available except for perhaps air filters. Last thing you want is to finance a used Lamborghini, only to find you cannot afford a new clutch.
A Lambo clutch will cost ya, a LOT
- Find a mechanic you trust
If you thought the Audi dealerships were expensive for service, you have NO IDEA. My first visit to Aston Martin, I was quoted $7,000+ in services. Found a friend to do the same near my office, $550. Ironically, these cars are often easier to work on than a Japanese sedan. Most mechanics savor the opportunity to work on these vehicles, and you can learn a great deal from them too. My friend asked me about the torque required for each wheel nut as he reinstalled the wheels, you definitely don’t get this kind of service at the dealership. - Think about the extended warranty
I opted not to get the extended warranty. Why prepay at dealership prices for things to break down? I decided to avoid the dealership as much as possible, so I can save enough money for the days when a dealership visit is absolutely necessary. - It’s okay to say “no”
Exotic car dealerships are used to everyone saying YES to recommendations. New tires, new rotors, new breaks, new plugs….. Sometimes you need to use your common sense to make the decision, or seek a second opinion. Honestly, no shame in saying no.
Be ready for dealership prices
- Search far and wide
Don’t rush into any deals, use the internet to search far and wide. It’s sometimes a better deal to fly across the country and ship/drive the car back if you live in a hot market. I personally flew to Chicago and drove the car back to NY. - Insurance
Insurance will cost quite a lot, because these cars cost a LOT to repair. Make sure you have a good clean driving record, and get a few quotes from insurance companies. Being married with kids will help. Remember again, parts did not appreciate, and the meticulous repainting skills to match the paint quality cost quite a premium.
Ultimately, life’s all about trade-offs. You do give up quite a bit to have an exotic, but if you’re like me, who value the experience of driving as an integral part of your daily life, why not. Every time you start the car, you’ll know it’s worth it.
If you found the guide helpful, I hope you can check out my iPhone app for petroheads: Instant Supercar.
Feel free to ask me any questions either via comments below!
Last weekend I spent Friday night atop the Peninsula Hotel’s Rooftop Lounge “Salon de Ning”, where I was enjoying a cocktail and just relaxing as part of my “visit every rooftop this summer” project. To be honest I was not too impressed, and the $22 drinks was hitting my head as hard as it was hitting my wallet.
Suddenly I noticed the table next to us, the guy looked a bit uneasy. Then he dropped onto his knees and proposed to his girlfriend. The rooftop cheered, everyone was happy, life is good.
That got me thinking. In my 27 years, that was the first wedding proposal I’ve seen in person. Yet we’re constantly surrounded by couples in today’s society. Where are all the wedding proposals, has everyone been doing it in private and indoors? Where’s the fun in that?
Maybe I’ve just been hanging out with Chinese people too much, and damn these Chinese guys are shy.
My friends often ask how my mother manages to speak and write English almost perfectly. Behind the SAT words, and the Queen’s accent, is her dictionary. Growing up I constantly see her thumbing through the tattered pages of the small, leather bound dictionary. Mind you, this is already well after her days at London. I cannot begin to imagine how much she used this in her college and grad school years.
For the younger generation of immigrants/foreign students, who grew up just as electronic dictionaries are replacing physical ones, this presents an issue. Modern day technology has made the use of words too convenient, spelling mistakes, thesaurus, all these great tools are only a few clicks away. However, the process of learning words never caught up. Great writers start by reading, and most of them don’t read on the internet.
When I encounter a tough word while reading, I usually try to guess the meaning, then skip it. Whereas my mother would flip open her dictionary, find the meaning, and write down a note. I have to admit, I’m even too lazy to type the word into the dictionary in my iPhone. Ignorance is bliss, as long as you guess hard enough.
Then I discovered iBooks. While reading some classics, I found that by holding down your finger on a word, a dictionary appears right away! This has honestly made reading so much more enjoyable.
So for the FOBs out there, this is the perfect English reader. For kids out there in general, who are lucky enough to grow up with an iPhone/iPad. I’m expecting a great literary generation.
