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Exotic Car Financing


 
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 2 weeks ago '04        #1
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nwking 57 heat pts57
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Exotic Car Financing
 

 
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19 comments for "Exotic Car Financing"

 2 weeks ago '18        #2
Txheat 46 heat pts46
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Basically you need money right? I didn’t look at the video.
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 2 weeks ago '16        #3
Southpaw 1405 heat pts1405
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Guys very informative.

not that im in thr market for an "exotic car" but ive been looking into a Hell Cat lately, which still runs mean 60k+
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 2 weeks ago '05        #4
P-Hill|M 28 heat pts28
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Just lease to get the car of your dreams itch out of your system
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 2 weeks ago '04        #5
xbossxplayax 
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it is possible to put financing together so that you can drive an exotic thats waaaay out of yo budget with the relatively (again, key word - "relatively") affordable down payment + monthly combo. it makes no financial sense to do so, but if you dont plan on keeping it forever but just want to experience the ownership for say about a year or so, it is pretty much your only option (again, a.ssuming that you are not in that ballin bracket)

the big BUT is that plans more often than not change. you may do what i described above initially thinking that you'll die a happy man if u could just be living it up for a year or so, but that mf year flies by faster than the speed of your (new to you) exotic lol and now youre at the cross road - do i take the L that was already built into the initial plan and let go of the car at a loss (loan shark interest payment u wasted down the drain AND the extra money you pay as a penalty to pull the plug on the financing early) and no money left in the bank, or... wait, steppin out this rrari is what i really deserve! what u do when u face that feelin may put u and ur fam in modern day slavery that no man will ever end for u

 2 weeks ago '04        #6
RETURNOFTHEKING 14 heat pts14
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It works by making you pay interest on a depreciating a.sset
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 2 weeks ago '17        #7
arms 19 heat pts19
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 xbossxplayax said
it is possible to put financing together so that you can drive an exotic thats waaaay out of yo budget with the relatively (again, key word - "relatively") affordable down payment + monthly combo. it makes no financial sense to do so, but if you dont plan on keeping it forever but just want to experience the ownership for say about a year or so, it is pretty much your only option (again, a.ssuming that you are not in that ballin bracket)

the big BUT is that plans more often than not change. you may do what i described above initially thinking that you'll die a happy man if u could be just living it up for a year or so, but that mf year flies by faster than the speed of your (new to you) exotic lol and now youre at the cross road - do i take the L that was already built into the initial plan and let go of the car at a loss (loan shark interest payment u wasted down the drain AND to pull the plug on the financing which also costs money) and no money left in the bank, or... wait, steppin out this rrari is what i really deserve! what u do when u face that feelin may put u and ur fam in modern day slavery that no man will ever end for u
Nope. No F&I manager worth his salt would ever submit a deal to the bank for approval without the income to back it up.

Otherwise the cars would be getting repoed all the time and the bank/manufacturer would penalize the dealer (not as much inventory, not as good terms, etc)

Real exotics are not affordable in terms of down payment/monthly payment. 2018 Phantom is 50k down, 5900/month. Finance manager takes one look at your debt/income ratio and tosses that fu*king credit app in the window shoppers bin.

That's why when you see your favorite rapper stuntin, they either rented, borrowed or got "gifted" (fu*ked by) the ride from the label.
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 2 weeks ago '09        #8
ahmadou1 47 heat pts47
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Lease them sh*ts.
Shouldn't be buying those kind of cars anyway.
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 2 weeks ago '16        #9
Tiger Wood 
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 ahmadou1 said
Lease them sh*ts.
Shouldn't be buying those kind of cars anyway.
How is that better?

Companies in the leasing business ain’t in business bc they’re dumber than us.

If you can’t buy it in cash (adding in $ for insurance and maintenance) just rent one for a day or 2...or come to terms with who you really are in the world.
Not everyone is meant to own exotic cars.

If you do have the means to buy one, buy one of the really special ones...limited editions like a Scuderia, Challenge Stradale, Aperta Speciale etc so you don’t get k!lled in depreciation like you do on run-of-the-mill exotic cars. You may even make a few bucks if they’re truly collectible.
Some guys I know did well buying the previously “undesirable” last models with manual transmissions, when the manufacturers ie Ferrari, Lambo, decided not to make any more of them. Look at the price delta between a f430 with f1 trans vs f430 with gated manual.


Last edited by Tiger Wood; 01-10-2019 at 08:12 PM..
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 2 weeks ago '18        #10
iTrapStill 1 heat pts
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 ahmadou1 said
Lease them sh*ts.
Shouldn't be buying those kind of cars anyway.


Facts , I feel bad if these rappers really out here dropping $389k on a fu*kin RR truck
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 2 weeks ago '07        #11
Butter Biscuit 79 heat pts79
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Do I want to finance a car or a yacht?

 2 weeks ago '16        #12
Tiger Wood 
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 Butter Biscuit said
Do I want to finance a car or a yacht?
Ugh...that’s like picking between a knife in the heart or bullet in the head.

 2 weeks ago '09        #13
ahmadou1 47 heat pts47
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 Tiger Wood said
How is that better?

Companies in the leasing business ain’t in business bc they’re dumber than us.

If you can’t buy it in cash (adding in $ for insurance and maintenance) just rent one for a day or 2...or come to terms with who you really are in the world.
Not everyone is meant to own exotic cars.

If you do have the means to buy one, buy one of the really special ones...limited editions like a Scuderia, Challenge Stradale, Aperta Speciale etc so you don’t get k!lled in depreciation like you do on run-of-the-mill exotic cars. You may even make a few bucks if they’re truly collectible.
Some guys I know did well buying the previously “undesirable” last models with manual transmissions, when the manufacturers ie Ferrari, Lambo, decided not to make any more of them. Look at the price delta between a f430 with f1 trans vs f430 with gated manual.
When you lease you're only paying for the depreciation of the vehicle so the payments are cheaper, you don't have to pay for anything that breaks down because it's under warranty, etc.
When you buy you're paying for the car itself.

 2 weeks ago '07        #14
Butter Biscuit 79 heat pts79
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 Tiger Wood said
Ugh...that’s like picking between a knife in the heart or bullet in the head.
Does it come with a refrigerator?

 2 weeks ago '04        #15
nwking 57 heat pts57 OP
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Listen man Corvette, hell cats, 911's are available for reasonable price depending on mileage and specs of the cars. If you get the itch you can rent a Ferrari or lambo for a day or two for a few grand. I personally don't believe you should buy 250k car unless you have millions and no debt


Last edited by nwking; 01-10-2019 at 09:20 PM..
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 2 weeks ago '16        #16
Tiger Wood 
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 ahmadou1 said
When you lease you're only paying for the depreciation of the vehicle so the payments are cheaper, you don't have to pay for anything that breaks down because it's under warranty, etc.
When you buy you're paying for the car itself.
If it’s under warranty, you aren’t paying for anything that breaks down either way.
Leasing, you’re paying for the depreciation, but at end of term, you have nothing... no a.sset/equity.
Buying, you’re also paying for the depreciation, but you have something you can sell.
It’s the same thing, really. Not better, just slightly different.
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 2 weeks ago '04        #17
Burym3ag 3 heat pts
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There's no right or wrong to leasing or financing. it depends on the person and their needs and what they use the car for.

The problem is when the person chooses the wrong option for themselves
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 2 weeks ago '09        #18
ahmadou1 47 heat pts47
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 Tiger Wood said
If it’s under warranty, you aren’t paying for anything that breaks down either way.
Leasing, you’re paying for the depreciation, but at end of term, you have nothing... no a.sset/equity.
Buying, you’re also paying for the depreciation, but you have something you can sell.
It’s the same thing, really. Not better, just slightly different.
No equity w/ buying a car, sh*t depreciates like crazy. by the time you pay it off you've most likely had some wear n tear that you've paid for and it's worth wayyyyyyyyy less than what you paid.
Nobody wants an old Porsche bro.

 2 weeks ago '06        #19
thekidd 52 heat pts52
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Put the car in your business name, make sure the terms allow you to lease or rent the car so you can use the car as an a.sset and make money with it

 1 week ago '16        #20
Tiger Wood 
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 ahmadou1 said
No equity w/ buying a car, sh*t depreciates like crazy. by the time you pay it off you've most likely had some wear n tear that you've paid for and it's worth wayyyyyyyyy less than what you paid.
Nobody wants an old Porsche bro.
We re talking exotics, not Camry’s, bro.

Educate yourself:



Your $50k Lexus will eventually be worth $1000. Not a lot of Ferrari’s/Lamborghinis ever depreciate that far. When they do, they start rebounding back up. Just a few exceptions on the low end, like Mondials, Boxsters. That’s why I said earlier, you buy the special editions. Poseurs who can barely afford an exotic, and get a basic one, get owned by the market, they aren’t fooling anyone.

Point still stands. Buying, you put more skin in the game, but you decide when you want to sell, and you get *some* money back when you sell.
Leasing, less skin in the game, hard as sh*t to get out of a lease before term, and you walk away with nothing.

It’s the same thing, so don’t be telling ppl here one is so much better or worse than the other. Each one has pros and cons for certain situations.

In some places, leasing makes tax write offs for legitimate business use easier.

But buying, with cash, almost always cheaper long run.

A lot of smart ppl, have made money buying/selling exotics. But you have to know how, and be able play the long game.
The advantage over other investments is, the gains are tax free. Not including your primary residence, just about any other investment gains are taxed. When you sell a car that increased in value, you don’t pay the tax. The buyer does.


Last edited by Tiger Wood; 01-12-2019 at 09:34 AM..

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