Ed Bolian, ex-Lamborghini and McLaren sales advisor, and founder of the wildly popular YouTube channel VinWIKI, has dropped a bombshell, confirming the suspicions of many — young, flashy owners of shiny, new supercars are more show than go. According to Bolian, the reason so many of these young “millionaires” are financing their $100,000+ cars is not because they’re getting great rates of interest on them, it’s because most of them can’t really afford them or afford to keep up with maintenance.
According to data from Cox Automotive, 60 percent of people have financed their $100,000+ exotic cars. The average term for these loans is 56 months or four and a half years, with an average monthly payment of just over $2,200 a month.
Just 8.5 percent have bought their cars outright, while the remaining have simply leased their fancy, new car. Keep in mind that the starting price of the flashy Lamborghini Huracan is $249,000. Even when buying a used exotic, the price can be well into the six figures. Lamborghini, by the way, sells the most cars in the US.
Bolian remarks how some of these apparently wealthy drivers show up trying to roll their debt off their current supercar onto the next. This, of course, is deeply problematic and a case of going broke trying to keep up appearances. Experts say the people who are actually wealthy and probably paid off their exotic car purchases tend to avoid the flashy, new supercar.
On the other hand, if the millionaire is driving a one-off supercar or hypercar, chances are he would have paid for it upfront. Similarly, with someone driving a classic car of significant value — chances are they’re actually able to afford the fine life.
So the next time you see a young “millionaire” in a new Lamborghini, remember you may have more stable finances than they do.
