So I was browsing some cars and found a nice low mileage 2008 R8 for sale. It's slightly above my price range but it's an R8. So I'm considering making a trade in, but a few things are putting me off buying it right now. Chances are some of you came across the same type of situation, like a nice upgrade slightly out of your price range.
Should you, or Should you not? The ultimate question...
Problem #1: Don't cheap out!!!
If by any chance your dream ride comes up and it's "slightly" out of your price range, DON'T buy it. You'll end up going the cheap side of things and in turn ruin your dream ride. And believe me, this goes for any performance vehicle, be it a GTi or R8. Don't go to Walmart/Autozone for parts and services, because believe it or not, those places are cheap for a reason(sub-par service etc).
The general rule of thumb for buying a car, they say, is to work the installment amount out to be "up to 30%" of your net income. SCRATCH that immediately!!! Drop the installment amount down to below 10% of your net income, for performance models and above. That means you can actually afford the car. The reason you want it less than 10% is because life happens and then fixing it ain't cheap. For a higher performance car, drop it closer to 5% because of the parts you no doubt want to add to it/mods you definitely plan on doing to it.
Problem #2: Not taking care of it.
Oops, you accidentally got bumped. Minor stuff, right? On a normal car, say an EG Civic, you can get a quote(if you want), wait for insurance to make up their mind and after two weeks take it in to the body shop to have it repaired, all while still cruising around in your Civic with the minor scratch/dent showing.
In a Supercar and indeed most performance cars, DON'T do it. Just don't. It should be your pride and joy and any minor scuff will be heart breaking. Don't let the world see that boo-boo. Same goes for detailing it, ensuring its services are up to date and done by professionals and driving it like the show car it is, when you take it out.
Problem #3: Making it your daily
I am a big supporter of putting miles on your car, coz that's what a car is for... For driving... The thing with the supercar/performance car is that it's supposed to be the cream-of-the-crop in its segment, so it makes sense to buy it as I mentioned, at 5-10% of your net income and then you add a "cheapy" to your collection. Some ridiculously cheap runabout car. Keep your "baby" sparkling fresh & up-to-date and have a cheapy Corsa/Fiesta/Civic or something for running to the shops.
It makes it more of an occasion when you then bring out the beast! Also, having the cheapy around means you can work on your performance car without being left without transport. Win-Win! :-)
Problem #4: Affordability
The only type of questions that come up when speaking about any performance car is cost of parts. Replacement parts are expensive and when owning a limited run performance vehicle, exotic materials are definitely going to be used and yes, they expensive! Once again this comes down to that 5-10% installment thing. If your installments are in that range, you can afford the parts. Pure and simple. Yes, I'm droning on about prices, but the fact that this "budgeting practice" is NOT common knowledge is the reason you have E36 M3's repaired cheaply by the dude around the corner instead of at BMW.
In essence, I want that R8, but I'm gonna wait until I get a promotion and THEN I'll get it. Hope this was a bit informative... At least....