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Can a sing Lamborginin be a personal car and a business?

  • YES

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  • NO

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I'm a new Dreamer. I need some advice from the experienced Lambo owners.

Is there a market to make money with your car, that could defray the costs of ownership? I could get financed for a great vehicle, but would look for opportunities to make some income from the vehicle.

What are some ideas for this? The rental places in my area charge huge bucks for exotic car rentals.

I know there is a way to do this, just need some sage wisdom and guidance!

Thanks
 

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Once every few months someone tries to make a case for renting out the lamborghini = free lamborghini. I don't think anyone has pulled it off. There's a lot of opinions on it if you do a search.

The only way I can think of to defray the cost is to wrap the vehicle and use it to advertise your business. But you have to be able to show paper trail of all that for the IRS when tax time is due. If your business is custom car stereos, it's not out of the question to take it to car shows and use it to advertise.
 

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Greetings and salutations and welcome to Lamborghini Talk, BillyK! :)

I’m sorry to tell you that zaxwax nailed the response!
Every now and then someone comes on and asks the same thing. You can do a search and you’ll find that this topic has been discussed in great detail. The conclusion has always been the same…you can’t do it…and you shouldn’t even try it! The risk is simply too great. If you can’t afford the car outright on your own merit (as a toy), how can you afford the liability of renting?

zaxwax does give an excellent alternative suggestion on how to use an exotic to make money...use it for advertising. This isn't a direct money maker, but it is the only real way. I'll give you more details about what you can do, how to do it, and what the limitations are in a later comment if you wish to know, BillyK.

… Is there a market to make money with your car, that could defray the costs of ownership?...
NO, there isn’t. If there was, you'd already be seeing plenty of "AirBnB" style Lambos and Ferraris that you can "borrowed/rented" when the owner isn't using them. You don't, do you? There is a reason for that...no owner will assume that risk. For that matter, just think of why exotic car owners don't regularly lend their cars to trusted friends and family.


…I could get financed for a great vehicle, but would look for opportunities to make some income from the vehicle….
If you can get financed for the vehicle, buy it, drive it, enjoy it. Don't loan and definitely don't rent it out. For starters, rental means your insurance will likely NOT cover the car. So, do you feel comfortable giving a $100k+ car to someone who can't afford one on their own knowing that they probably don't have insurance to cover damages of a fender-bender let alone complete loss? In many states, you can NOT discriminate based on age, insurance, etc. Yeah, that means that if someone with NO insurance (because they have no car) comes to rent your car, you can't turn them away (if you are in the business of rental). Sometimes you can charge slightly higher for people under a certain age, but what are you going to do when an uninsured 18 year old takes the car for a 100mph spin and totals it?
Because of this possibility, insurance rates on rental vehicle is expensive...cost prohibitive for the business unless spread over a fleet of vehicles.

…What are some ideas for this? The rental places in my area charge huge bucks for exotic car rentals…
There is a reason they charge huge bucks…it is called “risk”. Read the above comment. A single accident or single incident will cost you tons of money. To mitigate this risk, they require not only that you have your own insurance that can cover total value of the car, but also a sizeable deposit like $10k or $15k to cover minor damages. You’ll also notice that these businesses are not everywhere. That is because of local and state laws. Only those places where they can carefully restrict and qualify people can actually support such a business. Everywhere else, the ENTIRE risk falls on the business…and that risk is prohibitive.

…I know there is a way to do this, just need some sage wisdom and guidance! …
NO, you don’t! If you knew, you wouldn’t be asking.;) If there was a way, you’d already see it on the market. BUT, every now and then someone thinks of trying it. Most are just dreamers and never get that far. A very few who have tried have lost money. They have commented in previous threads too.
......
LASTLY:
I have looked into this topic, on and off, because it comes up again and again, but no matter how I do the numbers and risk calculations, the answer keeps coming out the same. The best you can do is occasionally rent out the car IF your state laws are favorable to mitigate risk (you can deny potential renters and joy riders if they don't meet strict criteria). You would be able to get a very small income on the side. Still, the risk is huge and the wear and tear on the vehicle NEGATES the income you can get.
 

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I owned an exotic rental company in south florida.

there is absolutely ZERO legal way of making money with your car without paying insane insurance. yes this includes using it for an advertising campaign like all these other guys on youtube are. If profit is generated from use of it normal insurance wont cover anything and is considered fraud
 

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As usual, you guys provide some great advice! Yes, I've noticed as well that this topic has been discussed many times over again and again. The biggest word is definitely "risk"!

I do know a guy that lived in a small town, and he drove around in his Lambo asking different businesses if they wanted to advertise on a section of the car. "Sweet" and more exposed spots like the front hood cost the advertiser more. He filled up the car fairly well ad he parked it various spots, brought it to town events, etc. It didn't pay for the car, but did offset SOME costs without having an untrusted person in the driver's seat. Before it got covered in advertising, he also set up a spot with the car in a mall parking lot on a few weekends. He charged $10 to sit in it, plus he would take a Polaroid picture of them in the car for them to keep as a souvenir. People could also take their own pics too if they wanted. Keep in mind that this was years back before cell phone cameras were everywhere. I suppose something like one of those could generate some money in your pocket. However, imo it's not worth the hassle for the minimal return.

You know what?? Here's an idea: Better to buy the Lambo, keep it in the garage......Then buy an old box truck or moving van and rent it out to generate income to offset the Lambo costs. I bet you'd get more business with renting a moving van anyway. Plus you won't have to worry about insane insurance costs, or anyone racing and showing off in it! :D
 

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I owned an exotic rental company in south florida.

there is absolutely ZERO legal way of making money with your car without paying insane insurance. yes this includes using it for an advertising campaign like all these other guys on youtube are. If profit is generated from use of it normal insurance wont cover anything and is considered fraud
Interesting. I've always wanted to ask someone who owned one of these rentals.....What are the cars like when they get returned?

I would imagine in some cases, the person takes very good care and it's clean. However, the main reason most people rent an exotic is because they don't own one and/or have never driven one. It surely is an experience for them and I would imagine that a lot of renters drive these cars HARD!! They're paying for the experience, so I'm thinking that they want to push it to its limits? Ever have cars come back with torn up and prematurely worn out tires? Tons of brake dust on the wheels from hard use? Smelling like burnt clutch and/or brakes? Or, maybe even a slipping clutch from sidestepping it or mistreatment? These types of things would be my main fear of owning this type of business.

All joking aside, I think I'd rather have a rental fleet of moving vans and trucks as I talked about in my previous post.
 

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What happened to the title of the thread? " Is a Lamborghini exciting enough".
Well, I'll bite with a simple YES, but compared to what?
 

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Look at the bottom of this forum, I posted a potential way to drive the car for free. I don't do it, I wouldn't do it and don't blame me if it doesn't work but it's a suggestion for a dreamer wanting to give it a try lol.
 

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Disclaimer - I do not own a Lamborghini (yet), but I am serial entrepreneur and when people tell me impossible, I get excited. So if the advice of this type of person means anything then here goes...

1- Let go of the idea of use the car to make itself free. You're taking a liability and trying to force it to be an asset. The car is only ever going to cost you money. People buy them because they trade the money for happiness, self fulfillment, sex appeal, or what have you. Not once have I met someone who bought it for a financial investment.
(I would imagine Lamborghini would have to shut down completely, in order for you to fulfill your dream of owning a Lamborghini as an asset).

2- Your strategy should be, what can I buy, sell, create or do that will give me what I need to live the lamborghini lifestyle and not worry about the costs. Or even better, what about cars can I do, buy sell, create that will lead me down the road towards owning a lamborghini and not needing to worry about costs.

Now, going specifically to the question you asked, here are some ways you can DEFER the costs of a lamborhini, but I don't know how close to free or "profitable" you'll get. You can just make it cost less.

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Local / small business promotional appearances. Every city has small businesses that host live events. Sell appearances of your car at their event. Let it sit in the open near some stand up signs. "Make your real estate dreams come true with Tom Tiller's beachfront realty". Now you just got paid to drive your car somewhere and let people gawk at it then drive it home. (Be sure to put up safety rope or please don't touch signs")

Music Video Prop Car Rental: If there are rappers or wannabe pop stars in your craigslist you'll find people looking to rent exotic cars for the day making their next youtube video that much more "credible" by featuring a car they "own". Trust me, I've done this for other people already. For this you can charge a lot more, but you also put your car at greater risk. The clients usually request to sit in, stand near, drive, operate the vehicle. This comes at your own risk and insurance capabilities of course, but its another option to mitigate your costs.

Indie Movie Car Rental: Similar to above, you can get much more money for this but the risks get even higher. Clients will definitely request their star(s) use, drive, operate the vehicle for longer periods of time. Much higher risk, more money. A posting in craigslist or any sort of movie classifieds job offerings site should do the trick.

Start a car channel: The new gold rush is selling digital content. Its not unheard of that someone starts a youtube channel, gets popular and starts living the dream life. One of my favorites, Supercars of London. Kid started a car channel just showing the world OTHER PEOPLE's cars... Got so popular, his youtube money let him buy his own Lamborghini Gallardo, Audi R8 and more. This is a lot harder to do, but the cost of entry to try is incredibly low. 1 cell phone camera and a decent personality will get you started.

Digital Goods: I cant begin to explain enough how awesome it is to be in the sales of digital goods these days. Customers are more comfortable with their credit information online than ever before. Digital consumption of goods is on the rise year after year what seems like exponentially. Do you have anything you can teach, or any products you can generate (ebooks, music, movies) etc that people would be interested in purchasing. Can you come up with an idea for an online business in a digital marketplace? If so this is a golden opportunity. When you create a physical product, you have to pay for every step of the physical manufacturing process and the availability of that product depends on your finances. When 10 people buy my ebook, it costs me the same amount of time and effort to sell that same book to 1,000,000 people online. They're getting a copy of a digital file, I'm getting real money.

In closing...

If you want to have a lamborghini one day. Just be smart. Think beyond can the car pay for itself. Think more like, what can I do myself that will bring me the car.

Cheers buddy!
 
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