Baby boomers make up one of the largest markets for sports cars today. This generation found itself buying cheap economy cars to get to work and back in their younger years, and had to settle for a bulky station wagon when the kids came along. Therefore, with an empty nest and some extra retirement money on hand, this group of people is finally able to purchase the sports cars that they have dreamed of owning their entire lives. There still remains the question though, of how to purchase the vehicle: cash or financing.
Sports cars, much like houses today, are in a buyers market. So already you have a bit of an advantage. That is, along as you are in pretty good financial shape. If you are doing well, then the best thing to do is to simply pay cash. This is the most inexpensive way to buy as you will not have to pay all of those financing fees. Of course, the baby boom generation is certainly used to making monthly payments, and they may find that their dream car can better fit into their budget this way.
Economists urge buyers to pay cash though. They state that buying cash is the preferred way of buying a sports car, financing is second, and leasing comes in a distant third. When buying cash for a vehicle, buyers are often given the choice of getting a rebate and discount financing. The rebate is almost always the best choice in matters such as this. If you have to finance your vehicle though, than the decision between a rebate and discount financing becomes more difficult. It is usually recommended however, that you take the rebate and find a way to arrange financing on your own.
Where do baby boomers stand when it comes to financing or paying cash? Currently this is split practically 50/50. There is also about 21 percent in these figures that prefer to lease their automobile. When it comes to purchasing a low end, medium end, or high end sports car, there are a lot of factors involved. Most high end sports cars are still out of reach of most baby boomers. So, the choice is usually between a medium end and a low end. In todays unsure economy, while most baby boomers opt for the medium end cars, they may want to hold off for now to see how things go. After all, there is not real rush unless your current car is kaput.
It is important that you spend your golden years in a sports car that you really want. Therefore, if you have the money, this is an expense that you can easily justify. Just make sure that you do your homework ahead of time. Decide whether paying cash, financing, or leasing is the best particular choice given your circumstances. Go buy the car you have always wanted, at this point in life you have earned it.
So what color and brand of sports car are you going to get?
1. Driving Experience
Sports cars are primarily created for performance compared to other types of vehicles that are created with function and affordability in mind. When you compare the driving experience of a sports car with that of "normal" cars, sports cars are more superior. Sports cars are able to make hug turns, accelerate faster and offer a level of driving control that you will not find in larger vehicles.
As a safe driver, you might be concerned with the quality of your driving experience, but let me tell you there is no real alternative to a true sports car. Designed to be pushed to the limit by the most demanding drivers in mind, sports cars beat the performance of other types of vehicles very easily. Just take a ride in an over sized SUV and them compare it to driving a quality sports car to understand the significant difference.
2. Beauty
While appearance might not be the main reason to use to buy a car, looking at our highways, your eyes will be confronted with cars that are pathetic to look at, making a discriminating buyer to go for beautifully designed sports cars.
In the world that we live in, even though function is important, all of us want to have something that is aesthetically pleasing. We often spend a large amount of our time in and around cars. For those that are tired seeing the same dull looking cars, they will find themselves seeking sports cars with good designs and sleek lines.
3. The Car Residual Value
The moment a new car is driven off the show room, it depreciates in value. We also have cars that are good at holding their value more than others while fewer become more valuable with time. Because sports cars are beautiful to look at and are of better quality, they are more likely to become future classics and have a strong value than normal automobiles.
Just have a look through the classified advertisements. See which older cars are still demanding a high price. You will realize that economy cars and pickup trucks fetch less than high-performance sports cars. Also think about the classic cars which many collectors yearn for. It will be hard to find car enthusiasts still searching for old Chryslers. On the other hand, how many people do you think will be interested in a vintage Corvette?
4. Individual Expression
A car speaks volumes about the owner. For example, a person that likes blending into the crowd will most likely to buy a car that blends well in traffic. There are those people that take every opportunity to show and express their individuality. Since sports cars form a small percentage of cars on the road, owning one gives the buyer an opportunity to stand out from the crowd.
5. It Expresses Fun
Many sports cars are iconic and have a mystique around them. This mystique is nearly impossible to define but it's there. Its comes as a result of top designers fretting over the tiniest details and many experienced drivers relish the opportunity to drive the latest models. Sports car ownership is, at its core, fun.
Both Everette Jamison & Gerald Njuguna are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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