Buying a sports car: What should you consider?

Maybe you’ve been saving up for years and you’re finally ready to drive your dream car, or perhaps you’ve just encountered an opportunity that’s just too good to miss. No matter your reasons, it’s important not to get carried away with the excitement. Buying a sports car is a huge decision.

Your new car will be more than just a set of wheels. It could be an investment, a liability, and your pride and joy all at once. From cost and insurance to regular upkeep, it’s bound to be expensive too. Before you bite the bullet, here’s what you should know.

Beyond the purchase price

Try not to use the purchase price as your affordability guide. The costs involved in owning, running and keeping a sports car go well beyond the four or five digits you see in the windscreen on the sales floor.

You’ll also need to leave some wiggle room for:

• Fuel consumption: If you’re buying a car with a powerful engine, it’s likely that it might not have high fuel economy. You’ll use more fuel for every drive and so you’ll be spending more at the pump too.
• Servicing: Generally, the more expensive the car, the costlier the maintenance bills will be. Even routine servicing can incur steep bills merely for the complexity of the design.
• Repairs: When parts need replacing, you’ll need to spend even more. Sports cars are more likely to need rare or expensive components that need specialist installation.
• Depreciation: Unless you’ve bought something extremely collectible, you should expect your sports car to depreciate. That means you’ll be unlikely to get back what you paid, unless you improve it extensively.

Don’t forget that sports cars typically attract higher premiums due to risk factors like speed and theft. While you’re doing your research, try to hypothetically choose a car insurance policy that works for you.

Performance or practicality?

It’s also worth taking time to think about what you need your new car to give you. Having a few figures in mind won’t hurt, especially when it comes to choosing a car that meets your expectations.

Horsepower and acceleration are perhaps the most-talked-about attributes, but it’s okay to have personal priorities too. For example, you might be looking for a certain level of torque, or perhaps a sports car with all-wheel drive power.

The most important thing is to know what you’re looking for – and if that comes with compromised practicality, you should know to expect it. For example, it’s common knowledge that the Porsche 911 is simply impractical if you’re planning on having rear passengers. Not all sports cars are suited to family life.

Safety and regulations

Safety matters, especially if you’re planning on using your sports car for everyday driving. There are plenty of modern technologies included in newer sports cars. If you want full peace of mind, it’s always worth checking the latest Euro NCAP safety ratings.

Your new car will still need to comply with all the relevant emissions standards, which is especially important if you’re going to be driving through Low Emission Zones regularly. And don’t forget the annual MOT if it’s over three years old, too.

Assessing your options

After you’ve spent time doing your research and finding your priorities, it’s time to look at your options. If it’s the right decision for you, you’ll know from the first moment you sit in the driver’s seat.