1. Buying Smart Pays You Back Over and Over
Maybe this seems like a no brainer to some, but you might be surprised. Let’s be clear, a high ticket price is not a guarantee of a car’s reliability or consistency down the line. The price of great beauty is often a high degree of maintenance. It’s easy to get caught up in the moment; we fall in love with cars and through caution to the wind. This is of course a dangerous state of affairs when you have the buying power to take home a supercar.
Who hasn’t laid eyes on that one special car and started rationalizing all the reasons why this particular specimen is in fact the most perfect and necessary addition to your life since Netflix? Well, take a deep breath and try to contain yourself. Don’t be driven by passion, even if you can afford to. Look deeper before buying, read the owner forums; find out what it’s really like to live with the car from those who already do.
Nothing can save you more money on owning an exotic car than making a smart purchase to begin with. Choosing a reliable vehicle from any class will always save you money in the long run when it comes to maintenance and repair. There are no exotics that feature ‘cheap’ parts. So, avoiding extra repairs before they’re ever requires is one of the best ways to save yourself some money after the hefty investment that goes into buying a supercar.
2. Reduce Interest by Accelerating Your Loan Repayment
You should already know that the rate and term of your vehicle-financing plan will affect your bottom line. If you aren’t paying cash for your new car, you could end up costing yourself a ton of extra money without the right approach to financing.
First, if you’re not actually planning on driving the car in five years, go for a shorter-term loan and enjoy the improved interest rate you’ll receive. Our best advice is to seek out a deferred interest loan that allows you to make extra payments against your principal, before interest even becomes a part of your monthly car payment.
Let’s say you begin your financing plan with a zero-interest promotional period. Of course our natural instinct is to make the regular scheduled payments when they’re due for the set amount. However, this deferred interest promotional period makes a perfect opportunity to get ahead and make extra payments on your loan.
Because you’re on a deferred interest plan, interest is not yet a part of your monthly payment. So, any extra that you can add on to your bill each month will go directly to paying down the principal owed on your vehicle and reduce your overall payment later on. The less you owe, the more value your vehicle will return for you in the aftermarket.
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