1) Down Payment: It is generally recommended to have a down payment saved up for a car purchase. Many experts suggest having at least 20% of the total cost saved up. Since the average price for a Lamborghini is over $200,000, a 20% down payment would be around $40,000.
2) Monthly Payments: The average monthly payment for a car loan also needs to be considered. Monthly car loan payments depend on a variety of factors such as loan amount, interest rate, duration of the loan, etc. With an average loan amount of $160,000 (after making the downpayment), an interest rate of 5% and a loan duration of 5 years, the average monthly payment would be around $3,000
3) Upkeep: Owning a car like a Lamborghini or Ferrari does not stop at purchase and monthly payments. These types of cars typically require regular and specialized maintenance. In some cases, owners may be spending around $1,000 per month for maintenance.
4) Insurance: Insurance for this type of vehicle can also be significantly more expensive than average car insurance. Typically, drivers can expect to pay around $3,000-$5,000 per year.
5) Depreciation: Luxury vehicles like these also tend to depreciate more rapidly compared to other cars meaning the cars value may decrease quickly. This is important to consider especially if one does not plan on keeping the car for an extended period of time.
So while having a Lamborghini or Ferrari may be a passion or goal for some X-ray technicians, these factors along with many personal budgeting consideration need to be taken into account.
