At The Cash: The best way to Purchase a Supercar with Hannah Elliott (August 10, 2025)
Shopping for any automobile is an thrilling milestone, however shopping for a supercar is subsequent stage. It’s fraught with distinctive challenges, prices and tasks. There are some issues you need to know before you purchase a Ferrari, Lamborghini, McLaren, Pagani, or any supercar.
Full transcript beneath.
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About this week’s visitor:
Hannah Elliot is the tremendous automobile reviewer for Bloomberg, and has been overlaying the auto business and exploring automobile tradition for over 15 years. She additionally drives a 1975 Rolls Royce Silver Shadow.
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Transcript:
Intro: “Oh Lord, gained’t you purchase me a Mercedes Benz?
My pals all drive Porsches, I have to make amends
Labored onerous all my lifetime, no assist from my pals
So, oh, Lord, gained’t you purchase me a Mercedes Benz?”
Shopping for any automobile is an thrilling milestone, however shopping for a supercar, properly, that’s subsequent stage. It’s fraught with a set of distinctive challenges. It’s large cash and comes with large tasks. If you happen to’re excited about shopping for a Ferrari, Lamborghini, McLaren, Pagani, or any supercar, there are some very costly errors you wanna keep away from making.
I’ve the proper knowledgeable to debate this subject. Hannah Elliot is the supercar reviewer for Bloomberg. She’s lined the auto business and automobile tradition for over 15 years and has just about pushed each million-dollar automobile on the market. Let’s ask her what we have to know earlier than dropping some huge cash on an unique.
Barry Ritholtz: So Hannah, let’s begin with the fundamentals. What makes one thing a supercar? Is it value, efficiency, exclusivity, some mixture?
Hannah Elliot: This can be a nice query, and it’s a little bit of a grey space as a result of there’s nobody definition, however I might put again to you. It’s a mix of all these issues.
A supercar is a superlative car that’s on the prime of the road of an automaker. Sure. It’s, it’s costly. Sure. It has prime efficiency for that line. Sure, it has a resting design. And sure, it has thoughts bending efficiency. These are all type of qualitative values that whenever you put them collectively, you’ll get a supercar out of it.
Now, I, I’ve a debate loads with my colleague Matt Miller about, mm-hmm. Is it Corvette, a supercar? (It’s a mass market automobile). It’s so, I say no, as a result of supercars additionally must be uncommon. They must be in-built small portions. That is a part of their, they should really feel elite and distinctive. That’s what makes them tremendous. So it’s a mix of all of these items. A automobile can’t simply be quick and be a supercar. It will possibly’t be simply costly. A Rolls Royce isn’t a supercar, despite the fact that that’s an costly automobile. It’s a mix of all of these components.
Barry Ritholtz: If it’s only a matter of pace, properly then loads of the EVs which can be on the market, Tesla are loopy quick. (Teslas are quick, however they’re not supercars) to say, to say the very least.
So let’s discuss in regards to the experiencing of buying a supercar. How is that completely different than, say, a boring Mercedes or Vary Rover? Mm-hmm. Or another costly car?
Hannah Elliot: To buy a supercar new. It’s going to, it requires extra of a relationship with the dealership promoting it to you.
Now, most dealerships are allotted small, small quantities of supercars. They may solely have two or three for his or her entire space, in order that they weigh who will probably be afforded the chance to purchase the supercar.
Barry Ritholtz: Clearly no flippers, proper?
Hannah Elliot: That’s proper out that’s written within the contract. You can’t flip this car and for those who do have to eliminate it, it goes again to the vendor you. You’ll be able to’t flip it. That’s within the contract. So it’s about establishing a relationship together with your native vendor. Ferrari is infamous for quite requiring their prospects to purchase up the Ferrari meals chain to the highest stage of their vehicles. You can’t stroll right into a Ferrari dealership and hope to purchase a Monza, that simply, even if in case you have the cash, it doesn’t work that approach. It’s essential to earn the correct and the chance to purchase these larger finish vehicles.
So it’s about possibly it’s important to purchase a Roma first after which possibly you purchase, you realize, uh, 296. You’re employed your approach as much as the chance to purchase the highest stuff.
Barry Ritholtz: In order that’s for those who’re shopping for new. Sure. Let’s speak about shopping for used. Lots of these vehicles used to commerce at a reduction once they had been, I assume the time period is pre-owned, however, in loads of instances that’s gone away. You’re paying a premium even for a pre-owned automobile. What’s the story with that? Is that this only a operate of the ready record? For brand spanking new vehicles, what’s driving you? Supercar costs.
Hannah Elliot: On the spot gratification drives you. Supercar costs, huh? As a result of the factor about supercars is that they’re, once more, they’re made in small batches. Um, so often you’re gonna need to, in order for you one new, you’re gonna need to order it. You’re gonna need a few of your personal contact customized touches on it. That takes time. You might need to attend a yr.
So for those who don’t wanna wait that lengthy, you need one fast, you need prompt gratification, you purchase a used supercar.
Barry Ritholtz: So what’s the method like for buying a used automobile? Is it the identical type of. Pre-purchase inspection, upkeep data. Yeah. What’s the due diligence like with this?
Hannah Elliot: I might say it’s the identical as some other automobile actually. I imply, it’s a, it’s doubtlessly some huge cash. I will surely have a pre-purchase inspection. It depends upon who you’re shopping for it from. Are you shopping for it from a, a person or are you shopping for it from a dealership, like an authorized pre-owned factor? If you happen to’re shopping for for the dealership and it’s been licensed as Okay, no matter which means for the automaker, I feel, you realize, that’s fairly simple. If you happen to’re shopping for it from a non-public particular person, I feel you’ll wanna do some actual due diligence.
Supercars are difficult and nerve-racking to drive for those who’re not on a monitor. They’re low, they’re high-quality calibrated and extremely tuned. So whenever you’re driving across the metropolis and there are potholes and there are inclines, there’s simply much more that may be barely off on a supercar quite than an SUV. An SUV is much more sturdy.
These are, I don’t wanna say fragile, however they aren’t made to go throughout in all places. So I might go just a little bit slower.
Barry Ritholtz: Makes loads of sense. One of many issues I discover once I’m trolling convey a trailer or vehicles and bids or any of the opposite public sale websites is the frequent point out, no aftermarket modifications. Why is that this such a priority?
Hannah Elliot: It’s a concern as a result of aftermarket, uh, the aftermarket is the wild west. You’re, you’re, you aren’t beneath dealership ensures in any respect. You’re. You’re within the wild West. There is no such thing as a assure. All of us have seen these horrible vehicles with exhaust issues and sound programs and vehicles which were chopped up and issues have been welded on
Barry Ritholtz: To say nothing of all of the wraps and issues alongside these traces
Hannah Elliot: Utterly. Wraps, that’s one factor. However, um. While you change something in these extremely refined automobiles, that modifications every thing. Physics do matter. So whenever you’re including weight otherwise you’re, you’re chopping one thing off, you’re chopping fenders otherwise you’re welding on fenders, that modifications the, the structural integrity of the automobile doubtlessly, and it simply looks like a minefield until you actually know who and what you’re coping with.
Barry Ritholtz: Not, not everyone a singer to say the very least. Proper. Um, what about price past the acquisition value? How completely different is it sustaining a supercar, storing it and insuring it?
Hannah Elliot: Nicely, it’s going to be much more costly normally to, uh, restore and exchange issues. Elements of supercars, like wheels, like carbon supercars, have loads of carbon fiber — splitters, air ducts, venting, spoilers. All of these items usually are made out of carbon fiber, which is quite fragile and quite costly to interchange.
Every little thing is compounded value clever, I might say normally.
Barry Ritholtz: Makes loads of sense. Yeah. Um. What about insurance coverage? I do know sure insurers don’t essentially cowl the Bugattis & Paganis
What about insurance coverage protection? Not everyone covers the Bugattis and Paganis of the world, and even the Ferrari’s and Lamborghinis of the world. What kind of protection ought to a, a supercar proprietor be looking for?
Once more, I might go to a specialty supplier like Haggerty or Chubb or any of those different ones. Go to a specialist. Um, do your analysis. And once more, you’ll be able to in all probability stipulate that this isn’t a day by day driver. It’ll, it’s going to have much less miles per yr. You may get a specialty.
Barry Ritholtz: I are inclined to fall in love with a unique automobile each week. whenever you see all of the number of issues, Bugatti, Pagani, Ferrari, Aston Martin, McLaren, Lamborghini, Bentley, Porsche, it looks like the alternatives will be limitless. Mm-hmm. How does somebody work out which automobile is true for them?
Hannah Elliot: Nicely, that’s a superb query. Um, once more. It sounds so cliche, however comply with your personal pursuits.
If you happen to’ve acquired anyone in your city who has a automobile that you just just like the look of, go up and discuss to them and ask them how their expertise has been on the dealership. Ask them the place they hold the automobile. You already know, there’s no dumb query actually. I feel for those who establish somebody who has a automobile that you just just like the look of, go discuss to them and ask them how is it working with, you realize, possibly even the manufacturing unit. If it’s a extremely personalized automobile, they work straight with the manufacturing unit to customise the automobile. Learn the way that relationship is as a result of once more, for those who’re shopping for a brand new supercar, it’s gonna take a while to get it, and also you’re going to keep in touch getting updates in regards to the automobile, about how the manufacturing is coming alongside.
I feel you wanna attempt to discover somebody that feels a superb match in your persona. What you’re searching for. I feel you simply gotta discuss to individuals who you suppose personal the automobile.
Barry Ritholtz: What about take a look at drives? I can’t think about that you can stroll right into a Bugatti dealership and say, Hey, I’d wish to take that Veyron out for a spin.
Hannah Elliot: No, I don’t suppose you’ll be able to. Possibly they’ll take you for a journey. Mm-hmm. That’s difficult. I feel that’s difficult. I don’t actually know the reply to that apart from, once more, make pals with individuals who have that automobile. And I do know that sounds possibly trite, however these vehicles are on the market. And I feel for those who see somebody with drive out driving that automobile, usually persons are fairly pleasant, they’re happy with their automobile. I might simply begin asking questions on, Hey, you realize, who can I discuss to? The place did you get this? I actually adore it. I don’t suppose it’s flawed to hang around on the dealership and, you realize, attempt to get a journey. It’s the connection
Barry Ritholtz: I’ve seen in locations like. Paris and Amsterdam. After which in the US, in Vegas and Miami, you’ll be able to lease a Ferrari or Lamborghini for a surprisingly little sum of money for 20 minutes. Is that, that’s a good suggestion. Will that provide the identical expertise?
Hannah Elliot: I don’t, I don’t know in regards to the mechanical customary of these vehicles which can be being rented. But it surely’s one thing, I don’t suppose it’s flawed. I imply, we’ve got that in LA. It’s a good suggestion. You’ll be able to drive by Hollywood in a rented Ferrari. At the least it’s one thing to get you within the driver’s seat and get a style of what it is perhaps like.
Barry Ritholtz: So let me ask you a few pet peeve I’ve with Supercars. I consider that for those who aren’t paying your taxes in your automobile, then our roads are a lot worse wherever you occur to dwell. What are your ideas on individuals who purchase supercars after which register them in Montana to keep away from state gross sales tax?
Hannah Elliot: You already know, I did a complete story on this. (Sure, I do). It’s probably not checked out kindly among the many automobile neighborhood as a result of everyone is aware of. That’s what’s taking place.
Barry Ritholtz: So I was a member of an internet automobile neighborhood that wasn’t any particular marquee. It simply was every thing. And I vividly recall the BMW and Ferrari guys speaking about “representing the model.” And whenever you’re tanking up with gasoline otherwise you’re at a, any type of social operate, vehicles and low – be a superb model ambassador. Don’t be that type of jerk. What’s your expertise with that?
Hannah Elliot: There’s etiquette concerned right here with vehicles, particularly with supercar. And, um, in my expertise, the people who find themselves revving the engines, making a ton of noise, pop, pop, pop, pop within the car parking zone are 18-year-old boys. Don’t be an 18-year-old boy. Act such as you’ve been right here earlier than. Act like you might have a way of respect and appreciation and situational consciousness. What I wish to name, learn the room. You’re already in a extremely costly automobile. That’s superior. It’s vital to be open and pleasant. You’re driving one thing that yells: “Take a look at me,” So persons are gonna take a look at you, which is superior. And I might simply say, simply have a way of decorum. Act such as you’ve been round for a very long time and you realize what you’re doing.
Barry Ritholtz: What’s one of the best recommendation for interacting with the general public when somebody comes as much as you when you’re both getting gasoline or no matter?
Hannah Elliot: I might simply say be pleasant and anticipate and count on that persons are going to remark in your automobile. If you wish to be incognito, drive a black Honda or don’t exit. I feel whenever you exit in a flashy automobile that’s an indicator that you just’re going to be approached and that’s superior. That’s what vehicles are about. It’s about sharing vehicles, sharing the expertise. So simply count on it and simply be pleasant. You already know, they don’t have to take a seat within the driver’s seat for those who don’t need ’em to try this, however I might say welcome it
Barry Ritholtz: That’s truthful sufficient. Let’s shortly talk about cautionary tales. Uh, you can go to YouTube and there’s a collection of movies referred to as Supercar Fails. Some actually embarrassing simply, dumb self-inflicted accidents. What’s the warning for people who find themselves driving actually costly vehicles as to what they need to not do?
Hannah Elliot: Don’t exhibit. No sudden actions. Concentrate on the scale of, of your automobile, the scale and dimensions of your automobile. You already know, I see lots of people who’ve rims which can be scraped on the facet as a result of they’ve curbed it or splitters beneath, beneath the chin as a result of they’re not conscious of how low the automobile is.
I feel the primary factor is concentrate on the scale and dimensions of your car. It’s much less distinguished than you would possibly suppose.
Quantity two, you don’t want to indicate off. The automobile is already exhibiting off. And that goes again to our different factor about etiquette. You don’t want to indicate off and do a burnout or, you realize, move 5 guys down the sundown strip. We already see you within the automobile. We already realize it’s a cool automobile. No sudden actions. The opposite factor about supercars is that they’re, they, they’re excessive efficiency machines, which is superior, which additionally means there’s much less room for error. So any mistake that you just make in that car goes to be exaggerated and amplified loads. (And costly!) and loads faster. Yeah, faster and loads exp much more costly. So no sudden actions clean is quick. Keep calm, you realize, you, you don’t have to get all labored up. Simply be relaxed.
Barry Ritholtz: Sluggish is clean. Clean is quick.
Hannah Elliot: Precisely. Precisely. And there’s yet one more factor I needed to say sort of on our, the etiquette factor.
I simply acquired again from Portugal from driving the Lamborghini Temerario. And there’s an attention-grabbing factor that Lamborghini’s doing on a few of their supercars. The veto’s, one other one. These are hybrid supercars. They’ve acquired one thing referred to as stealth mode, which is six miles of electrical, solely driving. Now you sneak out of the neighborhood, proper? You would possibly suppose that’s not truly sufficient, but it surely has a vital function, which is it makes the automobile totally electrical when you go away the neighborhood or when you come into the neighborhood. And I truly adore it as a result of once more, it’s. It’s, it’s out of respect for the neighbors and I like vehicles, however I don’t wanna hear your Lamborghini at 5:00 AM So I sort of like that.
Barry Ritholtz: Every other facets of supercar buying or possession that’s price mentioning?
Hannah Elliot: You already know, the one factor I might additionally say too is for those who’re shopping for a brand new one, be actually cautious about the way you spec it. Please attempt to have some restraint. And I say this for 2 causes. One, as a result of once more, these vehicles are wild. they’re engaging. They’re beautiful. They’re made to seize consideration. You don’t have to then add on a bunch of colours and textures and textiles and particulars to only make it appear like vomit. So simply attempt to have just a little restraint, and I promise you, the automobile will look actually cool as a result of it’s already designed to look actually arresting.
The second factor I might say is for resale values. The vehicles that do not need actually bizarre. One-off customized jobs inside will in all probability be the next worth than a automobile that appears horrible, that somebody specked, you realize, within the nineties. That’s simply horrible.
Barry Ritholtz: So, to wrap up, hey, for those who’re lucky sufficient to have the ability to purchase a supercar, convey some self-awareness and a few rationality to the method. Be certain what you’re shopping for is one thing that you just’re actually focused on. Put together your self to have conversations with individuals each time you tank up the automobile or take it someplace. Simply bear in mind that you just’ve already managed to get one of the crucial wanted, uh, automobiles on this planet. Behave properly. Don’t do something too silly. Personal the automobile, show it, communicate to individuals, and take a look at to not find yourself on YouTube’s Supercar Fails.
I’m Barry Ritholtz You’re listening to Bloomberg’s on the Cash.
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