Buying a Lamborghini has been a goal of mine since I was a little kid. Thanks to my real estate business, I was able to buy one May of 2014 and it was delivered to me on Father’s Day 2014. I wasn’t planning on buying one so soon, but circumstances lined up and I could not pass this car up. My real estate business took off, the blog has taken off and this car was an awesome deal and the perfect color.
Is it smart to buy a Lamborghini?
Being frugal is in right now and buying a Lamborghini is the furthest thing from being frugal. I want to be clear, one of the most important keys to wealth is saving money. Saving money gives you options like investing in rental properties or buying fix and flips, which allows you to make much more money. Saving money also allows you to be more flexible with your career or even start a business. If you never have any money saved, it is very hard to get ahead in life, no matter what you do. I would never have bought a car like this if I was not in a very good financial position, and it was not extremely important to me.
I also don’t believe in being cheap and skimping out on the things that make you happy. I have worked very hard to be in the position I am in now, and I believe people need to do things that make them happy. Not everything that makes us happy takes money, but some things do. Do not refuse or be afraid to spend money on things that truly make you happy after you have saved enough money to afford those things.
Many people will question how wise it is to buy a $100,000 car, but I think it was a great decision. Wanting this car motivated me every day and allowed to me to improve my business, take chances and be more successful. I am a car nut and buying a car like this may not motivate others like it has me. Pick something to motivate you that you really want and use it to motivate and push you further.
How making goals helped me buy a Lamborghini
I also believe making big goals that motivate you will make you more successful. Making big goals that are exciting and easily visualized, like buying a Lamborghini can really motivate you. Some might say making goals like providing for your family or retiring early are more important, but how easy is it to picture providing for your family or retiring early? Obviously these are important big picture goals, but these goals are very vague and it is difficult to picture them. If I say I want a 1999 blue Lamborghini Diablo that is specific and easy to picture!
I have had many other big goals and small goals including my plan to purchase 100 rental properties. Goals have helped me tremendously in making more money, buying more investments, saving money and improving my personal life. I am less stressed now than I have ever been and spend more time with my family than I ever have.
If you are looking for more stories on how people were able to afford exotic cars check out: Howdidyouaffordthatcar.com.
Why did I want to buy a Lamborghini?
I have loved exotic cars since I was a young child. I had many car books, hot wheels and model cars that I always played with. I loved Ferraris, Lamborghinis, Maseratis, Aston Martins and many more makes of cars. Over the years, the Lamborghinis grew on me more and more. They were extremely rare, very fast, very unique and basically outrageous automobiles.
I always wanted a Lamborghini, and I believed I would have one when I was a kid. Then I got into the real world after college and everyone tells you to do your job, make a decent living, save for retirement and you’ll be happy. It was hammered into my head to not want expensive cars or houses, because the chances were I would never have those things. After a few years of taking the traditional route, I decided I wanted more.
I decided in my late 20’s I could have an exotic car and I could do it in the next decade or two. I started setting goals, making plans and making my future. I became a REO agent, my real estate career took off and I started being able to save a lot of money. I started investing in rental properties, doing more fix and flips, I started InvestFourMore and bought the real estate business from my father.
Suddenly I was reaching goals quicker than I ever thought possible. I had to constantly change and create more aggressive goals. I believe in very aggressive goals, because they will push you harder than easy goals. If you achieve all your goals quickly then you may not be motivated to keep working hard. If you don’t reach your goals, it is not a big deal because you will better off having chased that huge goal than not having goals or reaching an easy goal. After all of this change and success, I decided to make a huge goal to buy a Diablo in 2014.
Why did I want to buy a Lamborghini Diablo?
My dream car when I was a child was a Lamborghini Countach. The Countach was an outrageous, rear engined V-12, sports car that was introduced in the early 1970’s. The Countach was like nothing else on the road in the 70’s, 80’s or even now.
I did a lot of research on the Countach and found it was very small, not easy to drive, not very reliable and more of a show car than a driving car. I like to drive my cars, not look at them in the garage. At a conference in Dallas at the end of 2013, I stopped at Lamborghini of Dallas because they had a Diablo. I had searched for a dealership or someone with a Countach, but could not find one anywhere in the country.
The Diablo was an awesome car, and I liked it much more than newer Lamborghini Models; the Gallardo and Murcialago. The Aventador is the newest model; a 700 horsepower work of art, but they are $450,000 to $550,000. The best part about the Diablo was I fit! Although my shoe would not fit between the brake pedal and sidewall to touch the gas pedal, I had plenty of leg room and head room. I figured I could figure out the pedal problem later.
After seeing the Diablo and learning about the Countach, my new goal was to buy a Diablo. The Diablo is still a rear engined V-12 with outrageous styling, 530 horsepower and it was the first production car to go 200 MPH (unless you count the Ferrari F40, which is more of a race car). They built a little over 2,000 Diablos from 1991 to 2001. The Diablos are much rarer than the newer model Lamborghinis, and in my opinion better looking and more exotic.
What are the costs associated with owning a Lamborghini Diablo?
You have to do a lot of homework before buying a car like this. I found a local dealership that will work on the Diablo as well as Lamborghini of Denver, which is about 45 miles from me. The car needs an oil change every 7,500 miles, which is about $750 (some Ferraris require engine out oil changes which are much more expensive). The cars need a major service every 15,000 miles which is about $2,500 to $3,000. These costs are from the local shop, not Lamborghini of Denver which would be more expensive.
Insurance for the car through my regular insurance company was only $800 a year! There are some other items that break like clutches ($5,000 +) and parts will wear out on a 15 to 25-year-old car. Before I bought this car, I had everything repaired that was worn.
What kind of Diablo did I buy?
My Lamborghini Diablo (boy it feels good saying that) is a 1999 VT Alpine edition with a 5 speed manual transmission. They made 12 Alpine edition Diablos and the Alpine editions had an upgraded stereo from Alpine as well as more carbon fiber than the regular Diablo. The Alpine edition is rare, but doesn’t add much value since there are no performance upgrades.
The car is finished in Monterey Blue with snow corn white interior. I love this color and that is one reason I bought this car. I wanted a blue Diablo with a light or white interior. The interior is not actually white, but more tan. There are no numbers on how many Diablos were painted Monterey Blue, but I would guess under 20 from what I have read.
The year is also important because Audi bought Lamborghini in 1998 and from that point forward they became much more reliable cars. Lamborghini was actually owned by Chrysler in the late 1980’s when the Diablo was developed. In 1999 and 2001 (they didn’t make any in 2000) the Diablos became more reliable, more refined and more comfortable. I knew I wanted a 1999 or 2001 Diablo, which also had a new interior that was much more modern than the earlier cars.
The car is a VT, which stands for vicious traction and means it is all wheel drive. Most people don’t realize most Lamborghinis are all wheel drive, although some are made with rear wheel drive to make them lighter and faster. The car has a 5 speed manual transmission, which was the only option. Now Lamborghinis are more likely to have an E gear (automatic transmission with paddle shifter) than a true manual transmission with a clutch.
My particular Diablo has 21,000 miles, looked to be in great shape and was for sale at a dealership in Washington State. Cats Exotics is the dealership and one of the best dealerships for Diablos and exotic cars in the country.
The owner is an exotic car lover who started a dealership. I had a pre purchase inspection done on the car and found a few times that needed repaired. Before I had the car shipped to me, the rear bushings were replaced, a door strut replaced and spark plus replaced ($50 a piece) as part of the deal. The inspection showed the compression in the engine was good and the rest of the car looked to be in great shape.
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Why did I buy this Lamborghini Diablo?
I was not planning on buying a Diablo this soon, but I thought I might be able to buy one at the end of 2014. I saw this car for sale early this year and I knew it was the perfect color. I kept an eye on it and a couple of months ago I noticed it was scheduled to go to auction in June. If it went to auction I would not have a chance to inspect the car and I would be charged a 5 percent buyers premium on top of my bid. There was no guarantee my bid would hit the reserve, and I had to pay $100 just to register at the auction (Mecum). I knew my best chance to buy the car was to buy it from the dealer before the auction. I knew if someone else bought this car, my chances of finding a similar car this color or any blue color would be very low.
It may seem a little crazy, but I bought this car without seeing it in person. In fact I had never driven a Diablo before I bought this car. I put my trust in a dealership with an awesome reputation and a mechanic who used to work for Ferrari and Lamborghini.
How much was the Lamborghini Diablo?
The car was listed for $134,900 on the website for the dealer. I knew it was going to auction and the dealer would be motivated. He said he would sell it for $125,000 to me since it was going to auction. I tried to negotiate more, but there was no budging. After thinking about the car for weeks, I decided to move forward with the purchase. I had the inspection done and a few items popped up that were worn, but didn’t need to be replaced right away. As part of the deal, I had the worn items fixed or replaced and the dealer sold the car for $126,000.
I actually bought the car in early May, but had to wait for a door strut to come from Italy and have the mechanic fix it before the car was shipped. Shipping took another 10 days and the car arrived Father’s Day!
I mentioned the Countach was a dream of mine and one reason the Diablo worked out better was the cost of a Countach. The Countach has seen its value increase 300 percent in the last four years! I believe the Diablo is at its low value now and will start to increase as well. Not that I bought the car as an investment, but it will be nice to see it go up in value instead of down like most cars. The car was about $300,000 new in 1999.
How did real estate help me buy the Diablo?
My real estate career has been great to me as soon as I started setting goals and planning my future. I did not do so well in the beginning when I thought everything would come to me and I would not have to work hard to make a lot of money. With real estate I was able to start small, build up my business, hire assistants, then start hiring agents and now I have a team of ten people. I also have 10 rental properties with an 11th under contract (16 now). The real estate team does great although I am constantly trying to increase production. I make over $90,000 a year from my rental properties in cash flow. I also own 9 fix and flips in various stages of repairs and one on the market and another under contract. I have InvestFourMore, which brings in a decent income as well. One of my rewards to myself was to start looking seriously at Diablos when InvestFourMore made enough money to cover the monthly payment and costs of the Diablo. Thank you to everyone who visits the site and helped make this happen!
Real estate has been great to my family and I, and I love how many ways there are to make money as a real estate agent.
What are my future plans for the Diablo?
You have to see this car in person to appreciate it. It is lower and wider than almost any car you will ever see. I own a 1986 Porsche 928, which is very wide and low; the Diablo is 8 inches shorter and wider than the 928. There are people taking pictures of it everyday I drive it in parking lots, on the road and one woman stopped in the middle of traffic at a green light to take a picture of it! I have to watch out for people swerving and not paying attention while they take their pictures!
The car obviously attracts a lot of attention, and I am working on ways to use that to my advantage. I am working on a flyer that I can put on the dash while it is parked with information on me and our team. I am also looking into license plate frames with our team number on it and a few other options. I will not wrap the car with advertisements. Every time I stop anywhere, multiple people come to talk to me. Every good real estate agent looks for reasons to talk to as many people as they can and with the Diablo everyone comes to me. I have a feeling the car will more than pay for itself.
New goals for the future now that I bought the Diablo?
My wife and kids absolutely love the car. Every time I drive it, my five-year old twins come running out of the house to watch me drive away laughing hysterically (the car is very loud). My wife asked me what I am going to do now that I achieved this goal, how will I motivate myself? I showed her my phone which already has a picture of a 1970 Lamborghini Muira on the home screen. I had a picture of a Blue Lamborghini Diablo on my home screen for months before I bought the Diablo. The Muira is the most beautiful car every built in my opinion and about 8 times as expensive as the Diablo. That will give me something to shoot for! I still love the looks of the Countach as well…
Don’t be afraid to have big goals or want nice things. Those goals and things will help motivate you to make more money, be happier and even be a better person. Visualizing every day how awesome it would be to drive my Lamborghini Diablo helped me be more successful and make more money.