Owning and driving a supercar was once a lifestyle reserved for the rich and famous but this is now becoming more mainstream with an increase in these types of cars on the UK roads, however a recent study has found that the majority of these cars are being driven by the average person though rental schemes.
With more and more people facing increased costs associated with supercar ownership in the UK they are turning their back on supercar ownership. Over the past 12 months a study by PB Supercars has revealed that for the average 5 year old supercar out of manufactures warranty covering eight thousand miles per annum, costs a staggering thirty three thousand seven hundred and eighty pounds per annum to run. This of course covers servicing, tyres, petrol, tax, mot, insurance, tracker security subscriptions and of course that killer depreciation. This figure rises if you live in central London as parking costs have to be factored in, and although it could be argued this is a factor for any car, it’s not the case, as most supercar insurers will insist on it be garaged rather than left on the street. Also bear in mind this is for your average 5 year old fifty to seventy thousand pound supercar, if you are venturing into the one hundred thousand plus marquee the depreciation can add another ten to twenty thousand to this amount.
The supercar hire study has also identified that during the last two summers less and less wealthy Middle Eastern residents who descend on London are transporting their cars due to the sharp rise in transport costs and are instead hiring a Bentley during their visits.
Although the UK base interest rate is still low, finance for second hand supercars is not. The average rate is at eleven point one percent, which equates to monthly payments of circa two thousand one hundred pounds for a sixty thousand pound loan over three years, with interest accounting for eleven thousand of that. Throw in maintenance and depreciation and the cost of a three ownership can cost you around forty thousand pounds. Also to be taken into consideration is the actual cost of selling the car. These types of cars cannot be sold privately as they all require FSA regulated finance intermediaries to provide the money and even if you were able to find a buyer with cash, who would part with this amount on your drive with no guarantees or warranties.
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