TIPSHEET: Tips on Buying a Supercar
DO
Consider going to a collector-car finance specialist, who can provide you with options such as switching between different cars, ending your lease at any time, and buying or selling the car at the end of the lease.
Find an insurance agent and/or underwriter who understands the delicacy of your car and will cover things like taking the car to a special-treatment repair shop or getting it towed from an accident on a flatbed truck. Look for providers of "Agreed Value" policies.
Invest in at least one session of professional driving school, which can teach you how to get the most out of your high-performance vehicle while avoiding disastrous collisions.
Join a car club to educate yourself, gain access to all the resources a supercar owner might need, and connect with others who share a common automotive passion.


DON'T
Automatically assume that a lease isn't for you. Many flexible financing options are available for people who wish to own a supercar further down the road.
Ignore the termination agreements of a lease. If you fail to time your payment schedule right, you could lock yourself into a car that is too expensive to keep and too expensive to get away from.
Be Unrealistic Expecting a return on investment in six months is unrealistic, says consultant Dion Hinchcliffe. Instead, he says, the return on investment is more likely to be continuous but gradual.
Enter an "Actual Cash Value" insurance policy, where an adjuster decides what amount you will receive for damages to the car after they happen.

Tips on Buying a Supercar

By Douglas MacMillan

Before you sign that check and cruise off into the sunset in the car of your dreams, make sure to put in the due diligence that will save you from getting taken for a financial ride. This BusinessWeek.com tip sheet covers some angles you might not have considered when you decided on that $1 million Pagani Zonda or Bugatti Veyron.



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