Exotic Car Leases Are a Real Thing and It’s Big Business
A taste of the top-shelf, no purchase necessaryby Jonathan Lopez, on
You don’t have to look hard to find some mighty impressive road cars these days. Whether the badge says Koenigsegg, Pagani, Bugatti, or Ferrari, the number of multi-million dollar vehicles available for purchase is staggering. But what if you don’t want to outright buy one of these machines? What if you’d prefer to lease one instead? Well, there are several companies out there that can help.
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For many of them, leasing has been an attractive option, a way to acquire a vehicle without consuming their liquid equity,” said David Gooding, in an interview with Forbes.
This latest news comes from a recent report posted by Forbes, wherein representatives from a number of ultra-high-end automobile leasing companies divulged details on this growing industry.
Leasing options provide a number of benefits for the customer. For example, folks who like to trade up frequently won’t get stuck paying sales tax over and over again, which will allow them to try the latest and greatest before they hit the streets en masse. Alternatively, customers might just enjoy driving a number of different cars every year.
The lease can be applied to older classics too
The lease programs even extend to high-end auctions as well. “Over the past few years, we have seen customers looking to take advantage of the low-interest-rate environment to grow their collections,” said David Gooding, founder and president of Gooding & Co., in an interview with Forbes. “For many of them, leasing has been an attractive option, a way to acquire a vehicle without consuming their liquid equity.”
Steve Posner, CEO at Putnam Leasing, outlined how some of these lease options look. For example, buyers can get into a 2010 Bugatti Veyron 16.4 Grand Sport, tagged with a purchase price of $1,650,000, with a lease of $330,000 down and a total lease amount of $1,320,000 running for 60 months at $17,675.
The lease can be applied to older classics too, such as a 1965 Ferrari 275 GTS offered at $1,700,000 with $340,000 down, and a lease amount of $1,360,000 for 60 months at $17,729.
What’s more, customers have the option to buy the car at the end of their lease.
What’s more, customers have the option to buy the car at the end of their lease. “We offer open-end leases where there is a residual at the end that the customer guarantees,” Posner told Forbes. “The customer doesn’t have to buy it, but most of our customers buy at the end of the lease,” he said, later adding, “You pay a little more each month, but you have more flexibility.”
Read our full review on the 2017 Pagani Huayra BC.
Read our full review on the 2018 Bugatti Chiron.
Read our full review on the 1964 - 1966 Ferrari 275 GTS.