Here’s an answer that I recently came across on Quora, written by Nick Young. He writes some pretty insightful answers, so check him out if you enjoy the read!
Nick, take it away…
Listen to someone that owns three cars within the price range of the Lamborghini Huracan, and has experience with maintaining them.
Let’s use my Ferrari 488
It’s beautiful here is a picture I took on delivery day.
Now let’s get to the point and list the basic costs of owning one not taking into account the price of the car itself, just the maintenance.
Oil Change– This varies from dealership-dealership. My normal oil change costs about $500 including labor, it is also not too hard to DIY and saves the labor. This oil change is cheap compared to other cars.
Fluid change– Usually required once per year, but is depending on how much you drive. Around $1000 including labor.
**For everyone wondering why I’m not talking about the Huracan. My family friends Huracan LP610–4 also has the same maintenance costs, but due to its oddly different transmission, it does not require fluid changes related to mine. Saving you money.
Good News, kind of: If you’re in a market for a similar supercar, Ferrari offers a 7-year warranty on its 2012+ cars which covers oil changes, fluid changes and whatnot.
Tire Change– A tire change is going to be required a lot if you drive like a maniac and do 0–60 on every stoplight with traction control turned off. The tires are thin, although they are made for rough driving you will still need to change them once a year if you drive how I just mentioned. A new set of factory-provided Pirellis costs $1,200 including mounting and balancing. Again, that’s expensive, but not unreasonable.
Insurance- The worst expense of owning a supercar, the insurance. This depends on your age and driving history mainly, but buying a vehicle upwards of $300,000, you will be quoted insane insurance costs. I have owned lots of cars with surprisingly good driving history despite my 4 am crazy but safe driving sprees at 200 km/h. I don’t completely remember how much I pay for the 488 solely because my Bentayga, 488, and R8 all are on the same insurance; get charged at once. But for the 488 it is around $390 a month if I was to estimate.
Car wash membership- If you’re buying a car like this, please keep it clean LOL.
I have listed the major maintenance costs this equals $1200+$500+$1000+($390*12)=$7380, this is how much it costs on average to maintain a car like this in the little above-average-case scenario.
*This is all in Canadian Dollars*
Cost of the car: Now the most important part, the cost of the car itself.
A car like the Lamborghini Huracan costs about $310,000 CAD. If you’re financing like the majority of supercar owners like myself, you’ll find yourself paying around $4000/month for a 7 year, $0 down loan at 1.99% interest including sales tax.
So your total cost comes to around $4000*12+7380=$55,380 to own a car as such for a year. Negotiating won’t get you anywhere, trust me.
Thanks for reading all this considering I did not bore you halfway through.
Edit: I forgot to include to the salary you need to afford a car but I do not know enough information to conclude with an answer. I do not know how much you want your mortgage to be, or grocery, savings contributions, retirement contributions or anything of that sort. But let’s just assume you were single and lived alone.
You can afford it on a $150k salary if you honestly wanted to.
Recommended salary: But before making a purchase like this, whether it is a Lamborghini, Ferrari or a McLaren I’d recommend having enough to either buy it twice, or making $300k a year if you want to finance it and live comfortably with the car.
Oh and also for all the people in the comments asking a vacuous question such as “why didn’t you talk about the Huracan?”. Well buddy if you knew a thing or two about cars you would realize that both these cars are competitors with equal maintenance costs. It is the same answer for both the cars.