What You Need to Know Before Buying a Supercar
A supercar is truly a high-performance vehicle. It may be a luxury car, too, but the emphasis is on performance. There are tiers of supercars such as hypercars. However, the terminology is far from the most important thing you need to know when shopping for a performance car. Here’s what you need to know before buying a supercar.
The Legal Considerations
A supercar isn’t a race car. It is by definition intended to be driven on the street. This is why any and all upgrades must remain within the confines of the law. Don’t make changes to the computer software to increase performance but violate air quality regulations. You might want to make the car more aerodynamic by making it lower to the ground, but it needs to meet city, state and federal laws regarding design and function.
The Challenges Insuring It
If they drove into a bog, you don’t want to deal with the complex ongoing problems that come with water damage. If it has been in a serious wreck, you still may not want it. Before you buy a used supercar, make sure it wasn’t listed as salvaged or otherwise a total loss. Many insurers won’t insure a car that’s considered already destroyed. Others may give you an expensive quote for minimal liability insurance. However, you won’t be able to get collision or comprehensive coverage for it.
Suppose you are buying a used car. It may be a luxury car or a sports car. The insurance rate for the used car is lower than a new one. You may now have the money to add aftermarket parts that enhance the car’s performance. Know that the insurer will be unhappy if they find out you made aftermarket changes after they issued a price quote. Keep the insurer apprised of the car’s condition and current value. You may have to add a custom parts and equipment rider to cover your upgrades. But if you don’t let them know about these changes and they say the changes to the engine or suspension caused an accident, you’ll lose your auto insurance. Or you may become as uninsurable as if you had had a drunk driving accident.
Maintenance and Repair
The rarer the car, the fewer people available to service it. And the rarer the car, the more expensive it is to repair and maintain. After all, it is unlikely you can’t go to the corner oil and lube place to get the oil changed on a luxury supercar. That’s a point in favor of more conventional cars upgraded with aftermarket parts. However, it may be hard to get replacement aftermarket parts, if they need to be replaced. You may also need to consult with specialized repair shops, since your performance chip in the engine may alter other aspects of the car’s performance. And they need to know about the performance chip in order to determine if that’s why the check engine light is coming on or the spark plugs are malfunctioning. And aftermarket parts and hobbyist upgrades are one reason why supercars are less reliable than average.
Price Versus Value
Supercars cost a lot more than conventional vehicles. A truly rare car may go up in value rather than down in value. However, their value will depend on the reputation of the company and condition of the vehicle. Investing in supercars is like investing in antiques. It may hold its value because it is rare, but popularity will determine whether it skyrockets in value. And like antiques, the more you use it and abuse it, the less it will be worth.