what's up YouTube this is Ryan Hildreth
and in this video I'm gonna talk about
how much it actually costs to own a
supercar okay I'm gonna talk about the
Ferrari four five eight because that's
the one I picked up about a week ago so
let's go ahead and dive into that I know
a lot of you are genuinely interested in
purchasing a supercar in the future or
maybe you're just interested in learning
how much it costs to own one of these
cars either way we're gonna dive into it
what I want to first talk about is you
know how to go about getting a loan for
this car how to finance this car okay
it's not as easy as it seems okay you
know when you when your business is
going well and you have some money maybe
you have a large chunk of cash that
you're like okay I'm you know I can
easily put down a good down payment on a
Ferrari or Lamborghini and I'm ready to
take on you know a monthly payment
whatever you have to have established
credit that's the hardest thing okay
that's gonna be the barrier between you
getting a supercar and you leaving the
Ferrari dealership you know with crying
and pouting because you can't they won't
give you the car it's not about how much
money you have unless you do you don't
cash and just pay for the car outright
which I mean that that wouldn't be
something that I would do if I were you
because you can easily put that into
other investments like your business or
even pass more passive safer investments
like real estate or you know the stock
market and make way more than the
interest you're gonna pay on the loan so
you know the the thing is is you have to
establish some sort of credit the banks
will not loan you money for a supercar
especially if you're young like in your
20s like me or tanner
they're not gonna loan you a large
amount for a supercar number one because
it's a depreciating asset okay and
number two because you don't have much
credit history okay it was not easy for
me to get a loan you know my fiance and
I had a you know
show the banks you know all the
statements everything all our credit
card stuff like that they had a run of
credit checks you know my credit score
was 800 805 which is super high but you
know it's it doesn't matter about your
credit score - Matt it matters your
credit history because the banks are
taking on some risk by giving you that
loan so how do you mitigate that how do
you get over that hurdle of actually
getting a loan and financing a car you
have to have some history whether it be
a previous car loan which the Shelby the
gt350 that I had before this was a
stepping stone to the supercar okay
because that loan was you know for
around 60 grand we barely put any money
down on that car that that car was
purposefully as a stepping stone to get
a bigger loan like this okay for a
supercar so you want to have some sort
of stepping stone or you can easily have
established some credit history by
having a mortgage okay the bank's just
want to see that you can make a monthly
payment every month consistently they
know you're responsible so they're more
willing to lend you that money so what I
did was you know I had the Shelby before
this so that was kind of my stepping
stone for you it could be you know a car
like that maybe a BMW Mercedes or you
know you know a car under a supercar and
then you step up to the big the big boys
so so let's go ahead and I have a little
thing right here that I kind of made up
you know these are just some of my
numbers so I had that stepping-stone car
loan we didn't have a mortgage we
because we you know the house in North
Carolina is paid cash and we're renting
that out so obviously that helped too
you know we we showed that we had a
house paid cash it's an investment
property that helped as well but this is
what you know the down payment was this
car you know the Ferrari four or five
eight was two hundred two hundred twenty
seven thousand out the door the down
payment we put down sixty five thousand
loan amount for a hundred and sixty
grand obviously that's gonna vary okay
you know we didn't really have to put
down as much as we thought we were gonna
have to you know I know that Tanner how
to put way more down because you know
it's he's 21 years old he didn't have
much credit history and the same with me
I'm only 25 didn't have much credit
history but you know somehow the banks
were feeling good that day so we we were
able to put a little bit less than we
thought we thought we're gonna have to
put like maybe a hundred grand down so
with 65 grand down loan amount for a
hundred sixty thousand at an interest
rate of three point one three percent my
monthly payment is two thousand five
hundred thirteen dollars okay so this is
if you're looking at super cars I would
try to get something within the $200,000
range as your first supercar because you
know that I mean you're gonna either
have to have more of a down payment if
you don't have the credit history or you
might not even be able to get the car if
you don't have the cash to just pay it
outright so you know everything depends
on the interest rate right the shelby
gt350 our interest rate was like five
and a half percent okay that's that's
more of a normal car interest rate so
three point one three percent on a super
car is actually pretty low so we got
lucky there
okay we got a low interest rate the
duration of the loan was for 72 months
now ferrari financing which we didn't go
through we went through a bank but
ferrari fent financing did an 84 month
loan so you could also do something like
that which would lower your monthly
payment but this is just kind of how we
did it okay so two thousand are two
thousand five hundred thirteen dollars
to drive a ferrari 458 italia
now does that sound like a number that
is you know reasonable in your mind can
you afford to pay that every month
consistently you know i I can't tell you
if that's a good number or not or how
much money you should be making because
for me I'm ultra conservative I want to
be making like I would say
twenty times that you know what I mean I
want to be making twenty times that per
month in order to feel comfortable so it
all depends on the individual when I
picked up the Lamborghini with Tanner at
the Lamborghini dealership the guy said
that there was this one of his clients
literally only made $7,000 a month
$8,000 a month Inc something crazy like
that and he leased the Lamborghini for
five thousand so he was literally living
off of like two to three thousand
dollars for rent food everything so he
was like scraping his teeth now I do not
recommend putting yourself in that
position for just for a supercar you
want to be making you know a decent
amount to afford the monthly payment I
would at least say have all your food
your rent everything all that covered
and then you know have an extra 30% for
savings for emergency something like
that and then your monthly car payment
okay so number one get some sort of loan
okay before you get a super car loan
because the bank will not give you
financing for a car like this if you
don't don't have some sort of credit
history so whether it's you get a
mortgage you go get a house or you have
a stepping-stone car then that would be
my advice on you know getting towards
that bigger loan insurance is about $350
a month which is actually pretty low for
that car and I was able to do that too
and it's variable it might be a little
bit lower than that depending on the
mileage so I'm on this plan with State
Farm to where I'm like you track your
mileage every month and they they
possibly can give you a discount every
month so it might be a little bit lower
than 350 which isn't that bad
the Shelby was 250 so I was guessing
about a hundred dollars more a month an
oil change about a thousand dollars but
if you get a Ferrari with a 7-year
maintenance plan that's already included
so that's included in the cost of the
car so you don't have to worry about
that but everything else like if you're
worried about gas if you're
about tires oil insurance stuff like
that I definitely wouldn't purchase a
supercar okay because the biggest cost
is actually gonna be the monthly payment
your down payment that that kind of
stuff I wouldn't worry about the little
things those things really really don't
matter because you know if you can't
afford the monthly payment then then you
know you should not be thinking about
getting a supercar so let's go on the
loan calculator let's go ahead and
calculate this out together maybe look
at supercars within your range you know
maybe you want to put a quarter down so
let's say our loan amount is a hundred
and fifty thousand dollars we put fifty
thousand dollars down on a super car on
a $200,000 super car okay at seventy two
months four and a half percent your
monthly payments gonna be around 2300
okay
so if you set up a business that's
paying you every month like affiliate
marketing or Amazon or social media
marketing and you have a business that's
funding that you know two thousand three
hundred dollars is very doable very
doable as long as you have a business
that's paying for that you know whatever
it is that that's my recommendation set
up a business to pay for that part of
your life okay that lifestyle so that's
that's about the cost you could be
looking at for a Ferrari so it's not
that bad it's really not as bad as I
would have thought before I even
purchase one I thought you know a few
years back man you had to have millions
of dollars to drive a Ferrari you know
it is an expensive I mean you know
that's that's a that's a monthly
mortgage for some people that's a that's
rent you know that's that's just as much
as my rent so for some people that's a
lot of money but if you are the person
that's really into business
entrepreneurship and cars and you do
want to drive a supercar like this just
know that you're gonna have to set up
some sort of business to pay for this
type of lifestyle okay but I just wanted
to be completely honest and
transparent with you because you know
these things aren't cheap it's not it's
not a cheap hobby it's definitely not an
investment because I mean unless you're
marketing using it as a marketing tool
other than that it's really a
depreciating asset so you just have to
obviously go and calculate it know what
you're getting into and feel comfortable
about taking on a monthly payment like
that it's not that bad okay it's really
not that bad I know a lot of you can do
this if you are diligent with your
business and you know building that
lifestyle so let's also talk about
depreciation okay this car is roughly I
mean the Ferraris keep their value
pretty damn well so this car might only
depreciate maybe ten to fifteen thousand
in the first year if I want to get rid
of it so not too bad
you know these Ferraris hold their value
pretty well I saw a 2004 what was it a F
360 going for like two hundred thirty
thousand that's more than I mean that's
more than the Italia was so some of
these cars can actually appreciate in
value but don't don't get your hopes up
on that and then we'll finish off this
video talking about financing vs.
leasing okay I get a lot of questions
okay well I want a supercar but you know
I heard financing is better or I heard
leasing is way better because you can
ride it off on a business okay so let's
talk about the pros and cons it's all a
financial perspective you have to go
into this thinking about what kind of
deal you can get what kind of interest
rates you can get depreciation stuff
like that can you if you lease a car
lease a supercar can you use it as a
business write-off possibly it depends
on you know whatever your CPA says if
you're willing to take that amount of
risk you know audit risk then sure you
might be able to market write it off as
you know a marketing tool or something
like that but it's gonna be a very small
amount you know it's gonna be a very
small write-off it all depends it all
depends
for exotics the lease terms actually
might state that you put down an initial
down payment like 30 to $40,000 down
payment before you even you know pay
that monthly lease on the car okay so
sometimes sometimes those terms are bad
- you know sometimes they're better who
knows you know it just all depends what
kind of lease you can get if if you're a
first-time supercar owner and you have
no credit established then you will not
be getting a lease okay they will not
give you a Ferrari for five eight with a
four to five to six thousand dollar
monthly lease with no credit history
established they're just not going to do
that so if you are young like I would
say younger than 25 maybe you're in your
20s and you don't have a mortgage you
don't have any credit established I
wouldn't even bother because it's gonna
be super hard getting a lease most of
the time they're not gonna do it because
you have no credit they want to see cash
they want to see Cash Money so if you
don't have that to pay for the car
outright then I wouldn't even think
about Elise so what is the ultimate
question here financing versus leasing
the ultimate question is will the lease
terms yield you more than the
depreciation of financing the car I want
you guys to think about that okay ask
yourself that question is that is the
lease terms when I get rid of this car
is it gonna yield me more than the
depreciation of actually financing the
car and then selling it okay that's all
you have to ask yourself what kind of
interest rates are you getting for
financing what kind of lease terms are
you getting you just have to weigh out
the Contin pros and cons for me there
was no questions it was I can't get a
lease it's just not in you know in my
financial perspective because I don't
have any credit established so that's
why we financed the car so you know I
hope this helped you out hope it gave
you some sort of rough estimate maybe a
guesstimate of maybe a car that you want
a super car that you want
how much it's gonna cost on a monthly
basis to pay the financing on that car
to bait pay that you know pay off your
auto loan so for me it's two thousand
five hundred thirteen dollars and you
know insurance is about three hundred
fifty so right under three thousand
dollars a month to own this car so I
hope this helped you out and take care
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