Supercar costs leave most behind

2009-09-18 13:55

SO YOU have hit the jackpot in the weekly lottery and millions are about to come your way to ­finally buy the supercar of your dreams, or so you think. Sadly, the price tag is only the beginning.

The yearly costs of owning any car that costs more than a million rand could amount to the price of ­another two smaller cars.

If you want to own the latest Audi R8 V10 or a sexy Lamborghini, be prepared to pay an extra R500?000 each year.

According to managing director of Lamborghini Johannesburg, Marius Malherbe, there are still customers buying super cars. “The economy did affect the wealthy, but the super rich still have enough to spend on super luxuries.”

Malherbe says: “What has happened though is that the decision-making process takes much longer. The buyers also squeeze you for a better deal.”

Malherbe also says South African banks have been much tougher on financing very expensive cars, so there are more cash buyers.

But being able to fork out cash for an Audi R8 V10 with a price tag of R1?950?000 or R4?190?000 for a Lamborghini Mucielago LP640 is not enough because that is not the only expense.

Malherbe says ­finance over 48 months without a deposit would amount to about R27?000 a month for every R1?million.
That means the monthly ­instalment for a Mucielago would be R108?000.

And that is not all either. Your insurance premiums will cost you a further 2.5% of the value of the car a year. It varies ­between 1.8 to 2.5%.

Using the Lamborghini as an example, that means you would fork out about R8?333 a month.

I bet you haven’t even thought of the maintenance costs.

“Servicing costs vary depending on which brand of car you drive and how much mileage you do, but bank on R15?000 a year.
“Tyres cost about R22 000 a set on average and should last between 8?000 and 15?000km,” says Malherbe.

The Audi R8 V10 has a 90-litre fuel tank. With the petrol price at R7.88 a litre, it means that filling the tank will cost about R710.

And with the personality of a car like that, its fuel consumption will only cover about 300km with one tank.
So, driving this car daily is not financially wise.

CIB Insurance director Andrew Lilley says rates will vary depending on where you place your insurance and it also depends on other factors.

There are a few underwriters who have favourable rates, especially for clients who have big ­insurance portfolios.
“Most times, the more stringent the scheme, the lower the premiums,” says Lilley.

He says some of these factors include limited mileage where the client chooses the option that they will only do about 10?000km to 15?000km a year with the ­insured car.

“This is all to reduce risk. The less the car is driven, the less chance that something will happen to it. Some policies also exclude spouses from driving the car or any other drivers under the age of 30,” says Lilley.

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