Designed to be as flamboyant as road cars can realistically be, the engine sound of a Lamborghini will grab passerby’s attention – even when they are trying their best to ignore it (you). The Lamborghini is likely to be one of the top choices of cars you can pick if your primary intent of buying a sports car is to be the centre of attention among the people around you. Just look at the social media influencers and the attention they get when driving one.
Anywhere in the world, a Lamborghini, even a used one, will cost you tons of money. In Singapore, a Lamborghini isn’t just an expensive sports car that only wealthy people can afford. Instead, it’s so expensive to the point that only the super-rich, who are not afraid to flaunt their wealth for others to see, would even consider buying it.
Source: This is a family-friendly Lamborghini
Currently, the retail price of many of the Lamborghini in Singapore is only available on enquiry. We did find a listing on SGcarmrt for the Lamborghini Urus, a ‘family-friendly’ Super Sport Utility Vehicle in the world that looks to merge the soul of a super sports car with the practical functionality of an SUV, stating the cost as $1,388,888 (without COE). Current COE price of $118,001 (Cat B, July 2023). With COE, it would cost $1,506,889.
The cost of owning a Lamborghini goes beyond just the list price of the car. While the 7-figure price tag of a Lamborghini is obviously the biggest stumbling block to own one, the other costs that you incur when owning a Lamborghini are enough to make most regular people think twice about owning one, even if they can get the car for ‘free.’
To own a car in Singapore, we typically have to look at five different cost components.
- Annual depreciation for Lamborghini
- Road tax
- Parking & Petrol
- Servicing & Parts Replacement
#1 Annual Depreciation For Lamborghini
Rather than worry about a car’s sale price, what we should be looking out for is the annual depreciation of a car. If you are buying a new car, this can be calculated based on the scrap value you get after 10 years.
However, as of Budget 2023, the maximum PARF rebate/scrap value that you can get back after 10 years is $60,000. This means if you were to scrap the car after 10 years, your annual depreciation for owning the Lamborghini Urus will be about $132,888.
Annual cost: $132,888.
Note: There is little financial logic to be scraping the car after 10 years to recoup the $60,000 as it would probably hold a higher value in the used car market.
#2 Road Tax
For a car such as the Lamborghini Urus, the road tax is nothing to scowl at. Expect to pay $3,944 a year on your road tax.
Annual Cost: $3,944
Unlike insurance policies for mass-market cars, it isn’t easy to find out how much exactly we need to pay for insurance coverage for a Lamborghini. For this, we rely on information that influencer Naomi Neo shared in a recent interview. In her interview, Naomi shared that the car’s insurance (for her Lamborghini Huracan) would have been about $10,000, without the NCD.
In comparison, a 30-year-old single male with no NCD and who has not made any claims in the last three years can expect to pay about $6,700 a year for insurance for a Porsche Panamera.
Annual Cost: $10,000
#4 Parking And Petrol
Firstly, if you are worried about the cost of parking and petrol, and still intend to buy a Lamborghini, then it’s probably a purchase that you should reconsider.
Like most other cars in Singapore, a Lamborghini uses petrol and pays the same parking rates as a regular car. So, this means if you live in an HDB flat, you pay only $110 per month for season parking for your Lamborghini, just like every other car.
Monthly Cost: $600/month, $7,200 per year
Servicing is hard to calculate. As a top-of-the-line performance car, the amount you will be paying each year for servicing and parts replacement can be expected to be high.
Assuming no major parts replacement, you should expect to pay about $5,000 a year for servicing. If there is a major part replacement needed, expect to spend $10,000 or more.
Annual cost: About $5,000 (if no major problem)
|Annual Cost To Run A Lamborghini Urus||Estimated Annual Cost|
|Parking & Petrol||$7,200|
Assuming no major part replacement is needed (a big if), you can expect to spend about $159,000 (inclusive of depreciation) a year to own a Lamborghini (Urus). This equates to about $13,000 a month. Over a 10 years period, the cost of your ownership could be about $1.5 to $1.6 million on a brand-new Lamborghini.
If the cost seems too high for you, there are some ‘hacks’ that you can consider.
Firstly, you can buy a pre-owned Lamborghini instead. For example, on SGCarmart, we see 10-year-old Lamborghini Gallardo selling for between $300,000 to $350,000 ‘only’. Depreciation for these cars is about $40,000 a year.
Secondly, get the 50% NCD for your insurance. This is critical because you can save $5,000 if your insurance premiums are $10,000 each year. But if you are an accident-prone or reckless driver, best of luck finding an insurer who is not going to load up on the insurance premiums, assuming they are willing to insure you.
Lastly, hope for the best that no major parts replacements are needed.
Alternatively, you can check out our guide on the cheapest cars in Singapore that you can buy.
This article was originally published in September 2020 and we have updated it with the latest information.
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