Want a Lamborghini? Here’s How to Afford One in 2024

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Many of us can only dream of owning (let alone affording) a luxury supercar such as a Lamborghini. Somehow, it seems that more and more people are actually achieving that dream.

Lamborghini reported that, in terms of numbers, the brand continues to break records – 2022 saw the best sales figures ever. In fact, the company delivered 9,233 cars worldwide, an increase of 10% over the previous year.

You might be wondering how you can join those who landed their own Lamborghini in 2022. Don’t Work Another Day highlights three ways to feasibly afford a Lamborghini.

Three Ways Afford a Lamborghini

It’s explained that when it comes to ways to afford a Lamborghini, there are only three ways to go about it: purchasing the car outright, leasing the car, or financing the car. It’s important to consider your own financial means and capability as one option may be better suited for you than the others.

1. Purchase It

The thought of not owing money to the bank or someone else owning the car you drive sounds pretty sweet. If you feel this way and you have the money, there’s no reason why you can’t buy a Lamborghini outright.

While this method will certainly save you on auto loan interest over a number of years, it can still be considered quite costly at the onset since you’ll need to put up all of the money at once. One way to save money on your Lamborghini is to purchase a somewhat older model. For example, instead of opting for a shiny, new, and expensive Lamborghini Huracan, you could purchase an older model such as the Lamborghini Jarama. This model offers the same high quality brand for less money, with an average cost of under $100,000.

But if you’re looking for a more modern supercar that’s more affordable, the Lamborghini Gallardo may be the right pick for you. Most of these models cost around $80,000.

2. Lease It

While leasing requires financing through monthly payments, the difference between leasing and purchasing is that you don’t own the car at all. Choosing to lease a car is not dissimilar from renting a house or an apartment. You’ll have fixed monthly payments for the life of the lease term. Leasing a Lamborghini is a solid option if you have less money to front for a down payment and you don’t want to worry about unexpected maintenance costs while you have the car.

3. Finance It

Financing falls somewhere in between purchasing a Lamborghini outright and leasing one. For many exotic car lovers, it’s more feasible to save up a down payment rather than save up enough money to purchase a Lamborghini straight from the dealership.

While you don’t have to put up the full cost of the car when you choose to finance rather than purchase outright, financing will often cost much more in the long run since you’ll be paying interest for the life of the loan. But, your wallet won’t take as significant of a financial blow when you drive your Lamborghini off the lot. 

Many dealers partner with financial institutions such as banks to offer financing to buyers. Typically, you can put a 10 to 20% down payment and make payments for 4 to 6 years. For a Lamborghini, this down payment can range anywhere from $16,000 to over $40,000.

Beware of dealers trying to push financing options on you that may not be in your best interest. Dealers often partner with lenders and try to push certain loan offers on their customers so they can make a commission or kickback when you sign on with their partner lender. This payout could be quite significant for the dealer considering the cost of the vehicle. If you have poor credit, you’ll especially be a target for these types of loan offers.

Although, if your credit score is high and you’re in good financial standing, you’ll have more affordable options. It’s suggested that you inquire about available auto loans with your bank which may offer you lower interest rates and save you a significant amount of money in the long run.

Affording a Lamborghini is no simple feat since these luxury supercars can cost well into the 6-figures. Two additional tips to note if you want to afford a luxury vehicle without breaking the bank are that you should aim to have an annual income at least twice the vehicle’s price and ensure your monthly car payment doesn’t exceed 15% of your take home pay.

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