Originally Posted by BestInTheWorld
I will never buy new, so I am only interested in a second (or fourth) hand Exige 220 or 240.
Seeing some of the classifieds on this site, I can expect to pay about $50,000 for an Exige. I dont make enough in a year to pay for this, but I am wondering if most owners on here make 6 digits.
I am single, so I don't have to support anyone else but myself for now, but still... I want an Exige. I dont have super high taste or interests in expensive watches, boats. I can tell you my living expenses are around 12K.
50K is a lot, but then again, a Gallardo is only 25K more which is still my dream car.
What is a good website that helps with budgeting for things like cars, and such, and how much % of one's income is allocated?
I'm going to start by saying that I have not read the other responses, so what I write below might have already been said 9 times by other people.
You're asking the wrong question. The more pertinent question is "how much does it cost per year to own an Exige?" Then you can use that estimate to determine how much money you
need to earn in order for you to afford to own one, taking into account all of your other expenses (e.g., living expenses such as those related to housing, food, etc.) and saving needs. Simply put, each person has different preferences in this regard.
We can help you the more relevant question: how much - roughly - does it cost to own a Lotus (Elise/Exige)?
Lets say for example you purchased an Exige for $50,000
and you plan on owning it for 3 years
. You put down 20 percent (i.e., $10,000) and finance the rest at 1.99 percent
for 5 years
. The following are my rough estimates. Please keep in mind that taxes and DMV fees vary considerably by region - please adjust accordingly.
Sales Tax + DMV fees
Misc. Maintenance & Expenses
This does not
include things such as: (1) cost of insurance, which may be significantly more than your current vehicle, (2) body damage, (3) poor or insufficient credit that does not enable you to qualify for a loan with the terms described above, (4) modifications that you may be inclined to do to your car, and (5) acquisition costs, particularly if you need to drive a long distance, fly to check it out, or ship the car back (keep in mind, there is not
a large supply of these cars and it's only decreasing...)
Although a small percentage of owners daily drive their cars, this undoubtedly increases the cost of ownership (e.g., more mileage, increased opportunity for body damage as well as wear and tear, all resulting in a greater depreciation cost). If you decide you need to own two cars at once, that should be a financial consideration, too.
My own personal estimate for the effective cost
for my 2005 Lotus Elise
, which I bought earlier this year and use as a second car, taking into account estimated maintenance and repairs, depreciation, interest on my loan, modification that I have done to the car (that typically depreciate at nearly 100 percent) and added insurance costs (I do live in the NYC area, so insurance costs are relatively high) is over $600
per month. This does not include the extra $100 per month that I spend to rent a garage to safely park the car. Please keep in mind that this is an effective price, so there are months where the cost will be as low as the loan payment plus insurance (~$465) and easily as high as the sales tax and DMV fees when purchased (~$3,000).