Depending on your lease conditions, you may be able to lease a Ferrari for less than the cost of buying one. So how much to lease a Ferrari?
A Ferrari lease typically costs between $2000 and $3000, which is more than the average lease cost. If you’ve always wanted to drive a Ferrari, leasing might be an affordable way to get your hands on that prancing horsepower.
When you lease, you don’t have to pay for the entire car; rather, you only have to pay for the amount the car will lose value while you’re driving it. You might even be given the choice to buy the Ferrari at the end of the lease, depending on the specifics of your contract.
Should you lease a Ferrari?
Although renting a Ferrari might seem too wonderful to be true, there are advantages and disadvantages to the choice.
Advantages of leasing a Ferrari
Leasing often results in cheaper monthly payments than purchasing a vehicle, making driving a Ferrari a little more accessible. A three-year/unlimited-mileage powertrain warranty from the manufacturer may be available if you’re leasing a newer Ferrari.
You will only be required to pay taxes on your monthly payments and not the entire car. So you will also save on sales tax.
Additionally, leasing can be a great method to keep your options open. If you fall in love with the Ferrari while you are driving it, you might be able to work out a decent bargain to buy it when your lease expires.
Additionally, you may negotiate a shorter lease period and exchange the vehicle in for another if you’re not sure you want to commit to something that powerful over the long run.
Disadvantages of leasing a Ferrari
Some Ferraris increase in value over time, making them popular investments, but when you lease, you don’t own the car.
Additionally, you must adhere to the mileage restrictions outlined in your lease or risk paying exorbitant costs when the contract expires.
If there is any damage other than ordinary wear and tear, you can also be required to pay extra expenses.
Cost to lease a Ferrari
General leasing estimates
A Ferrari lease typically costs between $2000 and $3000 per month. The model, year, and condition of the car you select are just a few of the many variables that might affect the final cost. Your lease rates (and, thus, your ultimate monthly payment) will also be influenced by your own financial situation and credit history.
There are additional expenses to consider. To lease a Ferrari, you’ll need a sizable down payment—in the ballpark of $50,000. Additionally, you’ll need to set aside roughly $1000 per month for operating expenses like gas, luxury automobile insurance, and tires.
If the Ferrari you’re leasing was produced in 2013 or later, maintenance fees would be covered by your lease payment, but if it was made before that year, you’d need to set aside money for those expenses as well.
Additionally, keep in mind that Ferrari repairs can be rather expensive if you have an accident.
Buying vs. Leasing
Even after accounting for all of these expenses, renting a Ferrari is still less expensive than purchasing one. The starting MSRP for a base-model Ferrari without any additional options is over $210,000. Even pre-owned Ferraris frequently cost six figures or more.
You will spend $176,000 if you lease a Ferrari for three years at $2500 per month, put down $50,000, and budget $1,000 per month for living expenses. While still expensive, this is still $34,000 less expensive than purchasing the base-model Ferrari. And that doesn’t even take into account any additional features that your leased Ferrari might have.
Choosing the Ferrari for lease
Although many cars begin to lose value (or depreciate) as soon as you drive them off the lot, Ferraris don’t always do so. Selecting a Ferrari that will appreciate in value after you lease it can help you receive the best bargain possible.
At the end of the lease, if you choose to exercise your purchase option, you’ll be making a potential profit-generating investment. Some places may offer the purchase option.
Models that are most likely to appreciate:
- Ferrari 288 GTO
- Ferrari 348
- Ferrari 355
- Ferrari 599 GTO
Duration – Ferrari lease terms
Ferrari’s lease program has payment periods ranging from 13 months to 60 months. In addition, they provide various mileage plans so that you can select the one that best meets your annual driving demands.
Where to find Ferraris for lease
Find a local Ferrari dealer or broker that is a part of the Ferrari Lease Program. While you’re out there looking, keep an eye out for any lease bargains or specials that can help you cut costs.
You should compare the monthly payments for leasing a Ferrari to the cost of buying a similar Ferrari while making your decision. Think about how the value of the Ferrari you’re interested in will change over time.
Protect your Ferrari
When driving a high-end sports car like a Ferrari, it’s important to have comprehensive insurance in case of an unfortunate event.
However, with all that power comes a hefty insurance premium—estimates put Ferrari insurance at approximately five times the cost of the average car insurance policy in the United States.
Worry not! Compare rates and get insurance at the best rates. Get your insurance today from Way.com.
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