Buying an Exotic Car X Tips
The host answers Cody’s question about buying a luxury car in a Youtube video on Dave Ramsey’s show. Purchasing exotic cars could be a dream come true for many, but it could also be a huge financial mistake, especially if the vehicle’s worth is more than half the buyer’s annual income. So it is essential to take careful financial planning before indulging in such a luxury.
Before buying a brand-new car, the buyer should have at least 1 million dollars in net worth because, unlike jewelry that appreciates over time, a vehicle’s worth depreciates.
Even with a net worth of a million dollars, getting an exotic car above 200 thousand dollars is still not advisable.
Instead, buyers should focus on finding a car they can afford comfortably. Something within a tiny percentage of their income, preferably way below 20% of their annual income, so they have extra to cover repairs and unforeseen circumstances that may arise.
By following these few tips above for buying an exotic car, individuals can enjoy owning an exotic car without sacrificing financial stability. Don’t forget to always make sure you’re purchasing from a certified dealer. That way you will know you are getting a quality car.