A car enthusiasts dream is having their very own supercar. But due to the rising costs of new and used models, in part down to the ongoing chip shortage, it is out of the reach of most. However, this industry is beginning to change.
As with property investors and private jet companies allowing fractional ownership of their products, this concept it is filtering down to the supercar market and companies are making this a reality. As co-owning a supercar may sound far-fetched, but for a fraction of the purchase price owners can purchase a slice of their very own supercar. But is this financially worthwhile? Let’s explore the costs of ownership and co-ownership.
How does Supercar Sharing® work?
Unlike traditional car buying and selling, an owner can purchase “shares” in a supercar. Using a new platform such as Supercar Sharing® – www.supercarsharing.com, buyers can browse upcoming supercars and purchase a share at a fraction of the price of the whole car.
They can then use it for a few weeks or a few month per year, depending on the share-agreement, where everything is taken care of by Supercar Sharing. All costs are divided amongst co-owners, and it leaves out the stress of expensive car ownership, including 24hour secure storage and professionalcleaning.
What are the benefits of co-ownership?
Associated running costs are divided amongst all co-owners. This includes insurance, car storage and preparation, depreciation, and maintenance. An owner still has plenty of time to drive the car, typically 30-60 days throughout the year and has all the benefits of ownership. Taking it wherever they choose whoever they want to travel with and without disruption.
Supercar Sharing even has dedicated parking locations throughout Europe too. Partnering with car parking garages and lounges to improve your drop off experience. Think of it like the benefits of a private rental, but with fewer restrictions and actually owning part of the car.
Sustainability is a major factor too. As cars are becoming rarer, co-owning allows more people to get the same amount of joy from a car than a single owner. Instead of a brand producing ten cars for ten owners, they only need to produce one under this scheme.
Example of co-ownership cost savings
Using a Ferrari 488 Spider with 10 owners for an example.The car purchase price is €235,800, for an individual they would have to pay upfront or finance the entire cost. Co-ownership allows the price to be divided by 10. With the 1% platform sharing fee, this saves €209,862 already from the price of the Ferrari vs sole ownership.
With the added costs of service and maintenance (€2,358), Insurance (€4,738), and storage, service, and cleaning fees (€7,000). All of this is divided by 10, leaving co-owners with a saving of approx. €12,922 per year. This is even without annual depreciation (estimated at €5,895), which could result in a saving of an estimated €18,227.70 annually. This is based on an extensive study that showed an owner only uses their supercar 5-10% of the time. Just taking it out on weekends or special occasions such as a vacation or wedding.
Incredibly, 98% of sole owners dislike the costs associated with maintaining their supercar, despite all the pleasure it gives them. The study also proved that more than 40% of sports cars are lease vehicles in German speaking countries.
Studies were conducted by Statista Sports Car Market 2019 & 2020and Supercar sharing customer evaluation and survey 2021.
Why co-ownership is more affordable?
The highest cost from sole ownership is storing the car during the 90%+ time it is not in use. Having a single garage which is correctly secured and monitored is an expensive process. With the lease or purchase of a building, security system subscriptions and even hiring security guards to ensure your vehicle is safe at all times is the length people go to for prevent car theft.
Supercar sharing reduces this cost by 90%, as multiple cars can be stored in a shared secured facility, with 24-hourmonitoring. All other fixed costs are shrunk, such as building lease and electricity by using economies of scale.
Depreciation is a factor people often forget. Supercars can lose so much of their value as soon as they are driven from the dealer forecourt. In fact, 20-40% is lost within the first two years of ownership and as a sole owner this can equate to tens of thousands of Euros.
When insuring an expensive supercar, it comes with a lot of headaches. Supercar Sharing not only reduces the costs by dividing the insurance amongst co-owners, but they also have extensive knowledge of the right policies and negotiation tactics to get the best insurance for the best price. With savings being passed on to the co-owner.
If you are new to the Supercar market
A potential supercar owner may want to dip their toes into the market first. What an ideal way to do so by co-owning a car to see if it is right for them. Instead of leasing a car for a few days at a high price, a co-owner can own a slice of the action for a month or more and have a great chance to review it long term and have a deeper feel before deciding it’s right for them.If it is not, then they can sell their share(s) and purchase a slice of another supercar.
Conclusion
Whilst sole ownership gives you complete control of your own supercar, it is very expensive to keep and maintain. With studies proving these rare exotic cars are only being utilized 10% of the time, other more affordable options are out there in the form of co-ownership. Not only does it take the headaches away from a sole buyer, but it also saves on the environment too.
How about co-ownership as the new way to sit behind the wheel of a unique piece of exquisite design and engineering? At the end of the day cars are meant to be driven and visible too all – instead of sitting in someone’s private collection.
