New Jerseyans love their cars, and the state has a thriving exotic car rental market. Exotic cars are an aspirational purchase but not affordable for most people. So, what can you do if you can’t afford to own an exotic car? You can rent one instead.
Here’s why renting an exotic car in New Jersey has become popular, even among those who can afford one.
What type of vehicle qualifies as an exotic car?
There are no official criteria as to what makes a car exotic. Generally, an exotic car is typically small in size but big in performance. A vehicle may fall into the exotic car category if it has the following factors:
- Exotic cars are usually small, two-seater vehicles.
- They’re fast and furious, boasting high-performance technology and aerodynamic engineering.
- They’re designed to turn heads with a sleek exterior and vibrant colors.
- They feature bespoke interiors.
- They can be custom-built to the client’s specifications.
- They are rare, and some are limited edition models.
One easy way to distinguish an exotic car is by their price tag: they’re expensive! The rarer the car, the more exotic it is and the more it costs.
Note that a luxury vehicle is not necessarily an exotic car, although every exotic car, by default, is a luxury vehicle. Exotic cars include Lamborghini, Ferrari, Porsche, Maserati and Aston Martin. Luxury cars include Bentley, Rolls Royce, BMW and Mercedes Benz.
Why renting an exotic car may be better than owning one
For some, owning an exotic car is a status symbol. But is it a worthwhile purchase? Here’s why renting an exotic car may be a better option.
- Exotic cars are expensive to buy
Buying an exotic car can cost upwards of $250,000, and that’s on the cheap side. The most expensive exotic cars break the $1 million barrier.
If you can afford it, you may want the privilege of owning an exotic car, but how often will you actually drive it? If your shiny supercar is going to spend most of the year gathering dust in your garage, it may be more sensible to rent an exotic car whenever the need arises.
- You won’t have to pay steep car insurance rates
Expensive cars come with equally costly insurance. According to Ross Martin of The Zebra, drivers in New Jersey pay, on average, $1,584 per year for a regular vehicle. Finding the affordable car insurance in New Jersey for an exotic car can be challenging. For those lucky enough to own one, insuring an exotic car can cost $6,000 or more a year.
The more rare or unique the vehicle, the more you’ll pay to insure it. That’s because replacement materials and parts for high-performance cars, especially imported vehicles, are expensive.
- You can lease an exotic car and avoid the cost of repairs
In addition to high insurance rates, there’s the cost of maintaining an exotic vehicle. Once an exotic car’s warranty expires, repairs and maintenance can be painfully expensive.
According to Below Invoice, when you add up fuel, maintenance, insurance, detailing, tax and depreciation costs, owning a supercar can cost you between $20,000 to $25,000 a year.
Let’s take a look at what a 2019 Ferrari Portofino could cost to maintain:
- $1,000 for an annual service.
- $3,000 to replace spark plugs.
- $4,000 to replace belts every 10,000 to 15,000 miles.
- $2,000 to replace tires every 10,000 to 15,000 miles.
- $10,000-$15,000 to replace clutch every 30,000 to 50,000 miles.
You can take out an extended warranty, but extended warranties for exotic cars don’t come cheap either, and some don’t cover everything covered under the original warranty.
That’s why leasing an exotic car in New Jersey may be cheaper than owning one. The vehicle warranty typically covers a leased car for the full duration of the lease, so you won’t have to foot the bill for repairs.
- You can experience the thrill of driving an exotic car without buying one
To have the exotic car experience, locals and visitors to New Jersey are:
- Booking a drive on a racetrack.
- Hiring an exotic car for a wedding, birthday or corporate event.
- Hiring an exotic car for a photo or video shoot.
- Renting an exotic car for a day trip, weekend getaway or extended vacation.
How much does it cost to rent an exotic car in New Jersey?
The cost of exotic car rental in New Jersey will vary depending on the type of vehicle, the rental agency, your age, driving history, time of year and day of the week.
For example, at Signature Car Collection, you can rent a Lamborghini Huracan Spyder for $2,250 Monday to Thursday or $4,500 for a weekend. Renting an exotic car is pricey, but as it is often a one-off or occasional splurge, it will likely be cheaper than buying one.
Whether you buy or rent your dream car, driving a high-performance car is a privilege few get to experience. If you can’t afford to buy an exotic car, renting one, even for just one day, is an experience you’re not likely to forget.