Should You Buy Or Lease Your Next Ferrari?
When it’s time for a new car, the decision of whether you’ll be buying a Ferrari or leasing a Ferrari can be a tough one. There are many options on the market and many ways to finance your purchase. For those who are interested in keeping the same car for years and years, then buying a new or used car could be the best option for you. For drivers interested in having the latest and greatest in technology and features, leasing might be considered the best option for you.
Here, we’ll go over the pros and cons of both buying and leasing your next Ferrari.
Leasing a Ferrari
When you lease a vehicle, you are entering a contract with the bank to essentially rent the vehicle for a period of time, making payments in monthly installments. Unless your contract has the option to purchase the car at the end of the lease, you must turn the car in when the contract is over.
Pros to Leasing a Ferrari
- The monthly payments are typically lower. They are lower because you are not buying the car outright. You are paying for your portion of depreciation of the vehicle.
- Typically the maintenance costs on a lease are lower because the vehicle is under warranty. When you lease a Ferrari, it comes with complimentary scheduled maintenance for the first seven years.
- You can get a new car every three years (or less), depending on your lease terms.
- When the lease is over, you don’t have to worry about trading your car in.
- You may pay less sales tax depending on the state you live and/or purchase in.
Buying a Ferrari
Many buyers like the idea of ownership over leasing a vehicle for many reasons. When you purchase a vehicle, you also have the option of purchasing a pre-owned Ferrari instead of a brand new one. Those who are interested in purchasing may be happy to drive the same car year after year without the worry of frequently repeating the car buying process every three to four years.
Pros of Buying a Ferrari
- Many new cars still come with a maintenance plan, keeping your maintenance and services costs low during the first several years of ownership. When you purchase a new Ferrari, it comes with seven years of complimentary scheduled maintenance.
- You won’t always have a car payment. When you finance a car, you can often pay it off whenever you like without any prepayment penalties. Even if you don’t pay off the car early, eventually you won’t have car payments once you’ve completed your contracted payments.
- Total ownership. The car is yours and yours alone. You don’t have to turn it back in to the dealership when your finance period is over.
- There are no mileage restrictions. When you buy a Ferrari, you can take it on as many road trips as you like. Whether you’re driving the entire length of Pacific Coast Highway or just going out to dinner on the weekends, the amount of miles you put on the car is entirely up to you.
- When you’re ready to sell the car, you can sell it on your own schedule. When you own the car, you can trade it in for cash or sell it for cash when you’re ready to upgrade.
- Lower insurance costs. That’s right! Often when you finance or buy a car, the insurance costs are a little bit lower. This will of course depend on a variety of factors, so be sure to ask your car insurance company what’s right for you.
There are pros and cons to both leasing and buying a Ferrari. Ultimately, the choice will depend on your personal preferences and situation.