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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Oh lord, won't you buy me a Mercededes bands? My

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Speaker 2: friends all drive Porsches. I must make gamemns. We're hard

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Speaker 2: all my lifetime. No help from my friends. So, oh lord,

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Speaker 2: won't you buy me a Mercededes bands? Oh Lord?

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Speaker 3: Buying any car is an exciting milestone, but buying the supercar, well,

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Speaker 3: that's next level. It's fraught with a set of unique challenges.

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Speaker 3: It's big money and comes with big responsibilities. If you're

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Speaker 3: thinking about buying a Ferrari, Lamborghini, McLaren Pegani, or any supercar,

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Speaker 3: there are some very expensive mistakes you want to avoid making.

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Speaker 3: I have the perfect expert discuss this topic. Hannah Elliott

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Speaker 3: is the supercar reviewer for Bloomberg. She's covered the auto

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Speaker 3: industry and car culture for over fifteen years and has

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Speaker 3: pretty much driven every million dollar car out there. Let's

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Speaker 3: ask her what we need to know before dropping a

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Speaker 3: lot of money on an exotic. So, Hannah, let's start

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Speaker 3: with the basics. What makes something a supercar? Is it price, performance, exclusivity,

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Speaker 3: some combination.

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Speaker 1: This is a great question, and it is a bit

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Speaker 1: of a gray area because there's no one definition, but

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Speaker 1: I would put back to you it's a combination of

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Speaker 1: all those things. A supercar is a superlative vehicle that

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Speaker 1: is at the top of the line of an automaker.

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Speaker 1: Yes it's expensive, Yes it has top performance for that line.

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Speaker 1: Yes it has a resting designs, and yes it has

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Speaker 1: mind bending performance. Those are also of qualitative values that

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Speaker 1: when you put them together, you'll get a supercar out

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Speaker 1: of it.

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Speaker 2: Now.

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Speaker 1: I have a debate a lot with my colleague Matt

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Speaker 1: Miller about is a Corvette a supercar.

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Speaker 3: It's a mass market car, So.

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Speaker 1: I say no, because supercars also need to be rare.

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Speaker 1: They need to be built in small quantities. This is

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Speaker 1: part of their They need to feel elite and exceptional.

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Speaker 1: That's what makes them super. So it's a combination of

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Speaker 1: all of these things. A car can't just be fast

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Speaker 1: and be a supercar. It can't be just expensive. A

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Speaker 1: Rolls Royce is not a supercar, even though that's an

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Speaker 1: expensive car. It's a combination of all of those factors.

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Speaker 3: If it's just a matter of speed, well then a

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Speaker 3: lot of the evs that.

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Speaker 1: Are out to Tesla's are fast, but they're not supercars.

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Speaker 3: To say the very least. So let's talk about the

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Speaker 3: experiencing of purchasing a supercar. How is that different than

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Speaker 3: say you run of the mill Mercedes or range Rover

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Speaker 3: or some other expensive vehicle.

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Speaker 1: Okay, to purchase a supercar new it's going to it

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Speaker 1: requires more of a relationship with the dealership selling it

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Speaker 1: to you. Now, most dealerships are allocated small, small amounts

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Speaker 1: of supercars. They might only have two or three for

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Speaker 1: their whole area. So they way who will be afforded

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Speaker 1: the opportunity to buy the supercar?

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Speaker 3: Clearly, no flippers, right, that's right out.

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Speaker 1: That is written in the contract. You cannot flip this vehicle,

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Speaker 1: and if you do need to get rid of it,

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Speaker 1: it goes back to the dealer. You can't flip it.

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Speaker 1: That is in the contract. Wow, So it is about

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Speaker 1: establishing a relationship with your local dealer. Ferrari is notorious

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Speaker 1: for rather requiring their customers to buy up the Ferrari

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Speaker 1: food chain to the top level of their cars. You

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Speaker 1: cannot walk into a Ferrari dealership and hope to buy

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Speaker 1: a Manza that just even if you have the money,

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Speaker 1: it doesn't work that way. You need to earn the

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Speaker 1: right and the opportunity to buy those hiring cars. So

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Speaker 1: it's about maybe you have to buy Aroma first, and

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Speaker 1: then maybe you buy you know, two nine six, you

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Speaker 1: work your way up to the opportunity to buy the

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Speaker 1: top stuff.

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Speaker 3: So that's if you're buying new. Let's talk about buying used.

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Speaker 3: A lot of these cars used to trade at a

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Speaker 3: discount when they were I guess the term is pre owned,

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Speaker 3: but in a lot of cases that's gone away. You're

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Speaker 3: paying a premium even for a pre owned car. What's

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Speaker 3: the story with that? Is this just a function of

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Speaker 3: the waiting lists for new cars? What's driving us supercar prices?

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Speaker 1: Instant gratification drives you supercar prices because the thing about

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Speaker 1: supercars is there again they're made in small batches, so

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Speaker 1: usually you're gonna have to if you want one new,

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Speaker 1: you're gonna have to order it. You're gonna want some

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Speaker 1: of your own custom touches on it. That takes time.

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Speaker 1: You might have to wait a year. So if you

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Speaker 1: don't want to wait that long, you want one quick.

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Speaker 1: You want instant gratification, and you buy used supercar.

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Speaker 3: So what's the process like for purchasing a used car?

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Speaker 3: Is it the same sort of pre purchase inspection, maintenance records.

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Speaker 3: What's the due diligence like with.

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Speaker 1: This, I would say it's the same as any other car, really,

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Speaker 1: I mean it's potentially a lot of money. I would

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Speaker 1: certainly have a pre purchased inspection. It depends on who

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Speaker 1: you're buying it from. Are you buying it from an individual?

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Speaker 1: Are you buying it from a dealership like a certified

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Speaker 1: pre owned thing. If you're buying for the dealership and

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Speaker 1: it's been certified as okay, whatever that means for the automaker,

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Speaker 1: I think you know that's pretty straightforward. If you're buying

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Speaker 1: it from a private individual, I think you would want

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Speaker 1: to do some real due diligence. Supercars are tricky and

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Speaker 1: stressful to drive. If you're not on a track, you

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Speaker 1: know they are low. They are finally calibrated and highly tuned.

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Speaker 1: So when you're driving around the city and there are

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Speaker 1: potholes and there are inclines, there's just a lot more

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Speaker 1: that can be slightly off on a supercar rather than

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Speaker 1: an suv, and suv is a lot more durable. So

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Speaker 1: these are these are I don't want to say fragile,

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Speaker 1: but they are not made to go all over everywhere,

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Speaker 1: so I would go a little bit slower.

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Speaker 3: It makes a lot of sense. One of the things

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Speaker 3: I noticed when I'm trolling bring a Trail or a

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Speaker 3: Cars and Bids or any of the other auction sites

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Speaker 3: is the frequent mentioned no after market modifications. Why is

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Speaker 3: this such a concern.

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Speaker 1: It's a concern because after market, Uh, the aftermarket is

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Speaker 1: the wild West. You're you're you are not under dealership

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Speaker 1: guarantees at all. You are you are in the wild West.

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Speaker 1: There is no guarantee. I mean, we all have seen

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Speaker 1: those terrible cars with exhaust exhaust things and sound systems,

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Speaker 1: and cars that have been chopped up and things have

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Speaker 1: been welded on.

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Speaker 3: To say nothing of all the wraps and things along

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Speaker 3: those lines.

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Speaker 1: Neatly wraps. You know, that's one thing. But when you

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Speaker 1: change anything in these highly refined vehicles, that changes everything.

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Speaker 1: Physics do matter. So when you're adding weight or you're

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Speaker 1: cutting something off, you're cutting fenders, or you're welding on fenders,

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Speaker 1: that changes the structural integrity of the car potentially, and

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Speaker 1: it just seems like a minefield unless you really know

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Speaker 1: who and what you're dealing with.

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Speaker 3: Not everybody a singer to say the very least, right,

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Speaker 3: What about costs beyond the purchase price? How different is

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Speaker 3: it maintaining a supercar, storing it and ensuring it.

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Speaker 1: Well, it's going to be a lot more expensive in

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Speaker 1: general to repair and replace things components of supercars, like wheels,

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Speaker 1: Like supercars, have a lot of carbon fiber, splitters, air ducks, venting, spoilers.

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Speaker 1: All of these things typically are made out of carbon fiber,

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Speaker 1: which is rather fragile and rather expensive to replace. So

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Speaker 1: it just everything is compounded price wise, I would say,

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Speaker 1: in general, it.

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Speaker 3: Makes a lot of sense. What about insurance? I know

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Speaker 3: certain insurers don't necessarily cover the Bugattis and Pananis of

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Speaker 3: the world. I was gonna say, Panini. I guess I

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Speaker 3: got lunch on my my head. What about insurance coverage?

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Speaker 3: Not everybody covers the Bugattis and Pananis of Panis, Paganis, Panini.

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Speaker 3: Not everybody covers the Bugattis and Paganis of the world,

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Speaker 3: or even the Ferraris and Lamborghinis of the world. What

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Speaker 3: sort of coverage should a supercar owner be seeking?

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Speaker 1: Again, I would go to a specialty provider like Haggarty

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Speaker 1: or Chubb or any of these other ones, go to

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Speaker 1: a specialist, do your research, and again you can probably

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Speaker 1: stipulate that this is not a daily driver, it's going

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Speaker 1: to have less miles per year, and you can get

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Speaker 1: a specialty.

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Speaker 3: So I tend to fall in love with a different

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Speaker 3: car every week. When you see all the variety of

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Speaker 3: things you Gotti Pegani, Ferraris and Martin McLaren, Lamborghini, bet

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Speaker 3: only Porsche, it seems like the choices can be endless.

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Speaker 3: How does someone figure out which car is right for them?

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Speaker 1: Well, that's a good question. Again it sounds so cliche,

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Speaker 1: but follow your own interests. If you've got somebody in

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Speaker 1: your town who has a car that you like the

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Speaker 1: look of, go up and talk to them and ask

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Speaker 1: them how their experience has been at the dealership. Ask

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Speaker 1: them where they keep the car. You know, there's no

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Speaker 1: dumb question.

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Speaker 3: Really.

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Speaker 1: I think if you identify someone who has a car

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Speaker 1: that you like the look of, go talk to them

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Speaker 1: and ask them how is it working with, you know,

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Speaker 1: maybe the factory. If it's a highly customized car, they

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Speaker 1: work directly with the factory to customize the car. Find

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Speaker 1: out how that relationship is. Because again, if you're buying

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Speaker 1: a new supercar. It's going to take some time to

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Speaker 1: get it, and you're going to be in contact getting

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Speaker 1: updates about the car, about how the production is coming along.

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Speaker 1: I think you want to try to find someone that

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Speaker 1: feels a good fit for your personality what you're looking for.

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Speaker 1: I think you just got to talk to people who

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Speaker 1: you think own the car.

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Speaker 3: What about test drives. I can't imagine that you could

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Speaker 3: walk into a Bugatti dealership and say, hey, I'd like

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Speaker 3: to take that viron out for a spin.

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Speaker 1: No, I don't think you can. Maybe they'll take you

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Speaker 1: for a ride. That's tricky. I think that's tricky. I

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Speaker 1: don't really know the answer to that other than again,

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Speaker 1: make friends with people who have that car. And I

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Speaker 1: know that sounds maybe trite, but these cars are out there,

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Speaker 1: and I think if you see someone with out driving

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Speaker 1: that car early, people are pretty friendly. They're proud of

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Speaker 1: their car, and I would just start asking questions about, Hey,

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Speaker 1: you know, who can I talk to? Where did you

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Speaker 1: get this? I really love it. I don't think it's

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Speaker 1: wrong to hang out at the dealership and you know,

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Speaker 1: try to get a ride.

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Speaker 3: It's the relationship I have noticed in places like Paris

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Speaker 3: and Amsterdam and then in the United States, in Vegas

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Speaker 3: and Miami, you can rent a Ferrario Lamborghini. First shockingly

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Speaker 3: little amount of money for twenty minutes. Is that that's

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Speaker 3: a good idea? Will that give you the same experience?

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Speaker 1: You know, I don't know about the mechanical standard of

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Speaker 1: those cars that are being rented, but it's something I

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Speaker 1: don't think it's wrong. I mean, we have that in

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Speaker 1: la It's a good idea. You can drive through Hollywood

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Speaker 1: in a rented Ferrari. At least it's something to get

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Speaker 1: you in the driver's seat and get a taste of

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Speaker 1: what it might be like.

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Speaker 3: So let me ask you about a pet peeve I

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Speaker 3: have with supercars. I believe that if you aren't paying

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Speaker 3: your taxes on your car, then our roads are much

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Speaker 3: worse wherever you happen to live. What are your thoughts

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Speaker 3: on people who buy supercars and then register them in

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Speaker 3: Montana to avoid state sales tax.

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Speaker 1: You know, I did a whole story on this ferry

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Speaker 1: I do. It's not really looked at kindly among the

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Speaker 1: car community because everybody knows that's what's happening.

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Speaker 3: So I used to be a member of an online

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Speaker 3: car community that wasn't any specific marquee. It just was everything.

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Speaker 3: And I vividly recall the BMW and Ferrari guys talking

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Speaker 3: about representing the brand and when you're tanking up with

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Speaker 3: gas or you're at it any sort of social function

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Speaker 3: cars and coffee, be a good brand ambassador. Don't be

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Speaker 3: that sort of jerk. What's your experience with that.

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Speaker 1: There's etiquette involved here with cars, especially with supercars, and

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Speaker 1: in my experience, the people who are revving the engines

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Speaker 1: making a ton of noise pop pop pop pop in

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Speaker 1: the parking lot are eighteen year old boys. Yeah, don't

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Speaker 1: be an eighteen year old boy. Act like you've been

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Speaker 1: here before. Act like you have a sense of respect

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Speaker 1: and appreciation and situational awareness what I like to call

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Speaker 1: read the room. You're already in a really expensive car.

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Speaker 1: That's awesome. It's important to be open and friendly. You're

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Speaker 1: driving something that yells look at me, so people are

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Speaker 1: going to look at you, which is awesome. And I

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Speaker 1: would just say, just have a sense of decorum. Act

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Speaker 1: like you've been around for a long time and you

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Speaker 1: know what you're doing.

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Speaker 3: What's the best advice for interacting with the public when

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Speaker 3: someone comes up to you while you're either getting gas

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Speaker 3: or whatever.

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Speaker 1: I would just say be friendly and anticipate and expect

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Speaker 1: that people are going to comment on your car. If

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Speaker 1: you want to be incognito, drive a black Honda, or

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Speaker 1: don't go out. I think when you go out in

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Speaker 1: a flashy car, that is that that is an indicator

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Speaker 1: that you're going to be approached, and that's awesome. That's

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Speaker 1: what cars are about. It's about sharing cars, sharing the experience.

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Speaker 1: So just expect it and just be friendly. You know,

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Speaker 1: they don't have to sit in the driver's seat if

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Speaker 1: you don't want them to do that, but I would

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Speaker 1: say welcome it.

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Speaker 3: That's fair enough. Let's quickly discuss cautionary tales. You could

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Speaker 3: go to YouTube and there is a series of videos

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Speaker 3: called supercar fails, some really embarrassing, just dumb self inflicted accidents.

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Speaker 3: What's the warning for people who are driving really expensive

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Speaker 3: cars as to what they should not do.

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Speaker 1: Don't show off, no sudden movements. Be aware of the

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Speaker 1: size of your car, the size and dimensions of your car.

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Speaker 1: You know, I see a lot of people who have

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Speaker 1: rims that are scraped on the side because they've curbed

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Speaker 1: it or splitters under under the chin because they're not

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Speaker 1: aware of how low the car is. So I think

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Speaker 1: the number one thing is be aware of the size

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Speaker 1: and dimensions of your vehicle. It's less prominent than you

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Speaker 1: might think. Number two, you don't need to show off.

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Speaker 1: The car is already showing off. And that goes back

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Speaker 1: to our other thing about etiquette. You don't need to

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Speaker 1: show off and do a burnout or you know, past

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Speaker 1: five guys down the sunset strip. We already see you

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Speaker 1: in the car. We already know it's a cool car.

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Speaker 1: No sun movements. The other thing about supercars is there

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Speaker 1: does their high performance machines, which is awesome, which also

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Speaker 1: means there's a less room for error. So any mistake

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Speaker 1: that you make in that vehicle is going to be

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Speaker 1: exaggerated and amplified a lot expensive and a lot quicker. Yeah,

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Speaker 1: quicker and a lot more expensive. So no sun movements.

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Speaker 1: Smooth as fast, stay calm. You know, you don't need

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Speaker 1: to get all worked up. Just be relaxed, slow as smooth,

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Speaker 1: smooth as fast, exactly exactly. And there's one more thing

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Speaker 1: I wanted to say, kind of on our the etiquette thing.

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Speaker 1: I just got back from Portugal from driving the Lamborghini Temorrio.

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Speaker 1: And there's an interesting thing that Lamborghini's doing on some

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Speaker 1: of their supercars. The Rivelto is another one. These are

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Speaker 1: hybrid supercars. They've got something called stealth Mode, which is

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Speaker 1: six miles of electric only driving. Now you sneak out

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Speaker 1: of the right you might think that's not actually enough,

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Speaker 1: but it has a very important purpose, which is it

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Speaker 1: makes the car fully electric while you leave the neighborhood

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Speaker 1: or while you come into the neighborhood. And I actually

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Speaker 1: love it because again it's it's out of respect for

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Speaker 1: the neighbors. And I love cars, but I don't want

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Speaker 1: to hear your Lamborghini at five am. So I kind

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Speaker 1: of like that.

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Speaker 3: Any other aspects of supercar purchasing, the ownership, that's worth mentioning.

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Speaker 1: You know. The one thing I would also say too

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Speaker 1: is if you're buying a new one, be really careful

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Speaker 1: about how you speck it. Please try to have some restraint.

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Speaker 1: And I say this for two reasons. One because again,

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Speaker 1: these cars are wild, they're attractive, they're stunning, they're made

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Speaker 1: to grab attention. You don't need to then add on

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Speaker 1: a bunch of colors and textures and textiles and details

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Speaker 1: to just make it look like vomit. So just try

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Speaker 1: to have a little restraint, and I promise you the

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Speaker 1: car will look really cool because it's already designed to

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Speaker 1: look really arresting. The second thing I would say is

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Speaker 1: for resell values, the cars that do not have really

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Speaker 1: weird one off custom jobs inside will probably be a

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Speaker 1: higher value than a car that looks terrible that someone spect,

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Speaker 1: you know, in the nineties, that is just terrible.

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Speaker 3: So to wrap up, hey, if you're fortunate enough to

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Speaker 3: be able to buy a supercar, bring some self awareness

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Speaker 3: and some rationality to the process. Make sure what you're

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Speaker 3: buying is something that you're really interested in. Prepare yourself

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Speaker 3: to have conversations with people every time you tank up

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Speaker 3: the car or take it somewhere. Just be aware that

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Speaker 3: you've already managed to get one of the most sought

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Speaker 3: after vehicles in the world. Behave well, don't do anything

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Speaker 3: too stupid, own the car, display it, speak to people,

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Speaker 3: and try not to end up on YouTube's supercar Feles.

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Speaker 3: I'm Barry Ridolts. You're listening to Bloomberg's at the Money

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Speaker 3: the Town.

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Speaker 2: Everybody, Oh lord, won't you buy me a Mercedes bands

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Speaker 2: My friends, all draft pushes. I must make amends. Worked

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Speaker 2: hard all my lifetime, no help from n