Vintage supercar auctions are something that the majority of the world's population doesn't have to worry about, with lots usually starting well into the seven-figure region.
If you happen to be one of the lucky few that can afford these high-end toys, buying seems like the natural choice, but if you just can make up your mind, it turns out that you can also lease these vehicles.
Since 2017, Putnam Leasing has been working with Gooding auctions, offering its services as a lease provider, with the next event kicking off tomorrow in America. But how much would it cost to lease one of these old exotics?
Back in 2018, Autoweek revealed how auction leasing works, and unless you've got your eyes on a $3 million Ferrari, you shouldn't have to worry too much about it.
“They come (to the auction) to buy a car, they bid on it, they win their bid,” [Putnam Leasing founder and CEO Steven] Posner said. “Most people don’t know they can actually lease the car they win at these auctions. The program that we have isn’t like a traditional closed-end lease where you give it back at the end of the lease, like a new Mercedes or a new Ford or a new Chevy. Those closed-end programs go for three years, you return it and walk away. Putnam specializes in an open-ended lease-to-own program. It has all the financial beauty of a lease, the tax benefits. It’s, in essence, like a balloon note finance, although it’s a lease.”
In theory, if you were to take home the most expensive lot at the auction, which happens to be a 1966 Ferrari 275 GTB Long nose, that's set for a $7 million sale, you'd be still spending an exorbitant amount.
First of all, you'd need to put down a $1.3 million down payment on a 60-month lease, which will then sting you around $60,000 per month, in other words, it's not cheap.
Other lots of note that will cost you similar amounts, in the long run, include a Ferrari F40, a Ferrari F50, and a Ferrari Enzo. On top of this, there's also a Porsche 911 ST Rally that is set to go for around $2.5 million.