Is a Sports Car Really Worth it?
If you have a need for speed, then you might be considering a sports car in the near future. If you have begun shopping, then you already know that a sports car comes at a much higher price than family sedans or economy cars. On the low-end sports cars start at around $25,000 for a stripped-down version and can go upwards of $85,000, or even higher. If you have decided that you are in an income bracket who can consider the initial cost, there are some other things that you may want to examine before you go out and get that hot ride.
The cost of owning a sports car goes beyond the initial purchase price. You can expect to spend at least double or triple in insurance premiums as compared to lower-priced vehicle options. Performance cars often have bigger engines that are made for high-speed highway driving. If a majority of your driving will be in urban areas and crowded cities, the gas mileage on performance cars can be significantly lower than those built to be daily drivers.
Collectible Value vs. Depreciation
Sports cars tend to hold their value better than other types of family vehicles or economy cars. Of course, every car depreciates the second it is driven off the showroom floor. However, a sports car has the potential to become a classic automobile for collectors, long after other types of vehicles would be considered worthless. However, this also means that you might want to consider a little extra security, as they are also a higher value targets for thieves.
Aesthetic Value vs. Practicality
The car that you drive says something about its owner. A sports car stands out in a crowd and let others know that the owner has been successful enough to afford their ride. They are stylish and made to impress. However, if you are planning a family, you need to consider that many sport cars are not big enough to serve the same purpose as a family sedan. You will probably need another vehicle for this purpose. If this is your circumstance, then you need to consider the costs of owning two vehicles.
Sports cars are fun and built for speed. They can hug turns, have faster acceleration, and driving control that is not found in other cars. This also makes them some of the safest cars on the market. They are the safest cars because they offer better quality components and they often have technology that adds to their overall safety rating.
Pros vs. Cons
- Created for performance and quality
- Could become collectible
- Hold their value better than other vehicle classes
- High safety factor
- Higher initial cost
- Higher insurance premiums
- Higher gas costs for city driving
- Higher value target for theft
In the end, the decision depends on what you feel is important in life. Before you make the decision, you need to weigh the pros and cons as they apply to you, your finances, and your life circumstances. Only you can decide if the additional cost of owning a sports car is worth it for the value that they provide both in the short-term and the long-term.