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Rapper Math Fails Again: Bow Wow Paid WHAT for a Murcielago? | The Smoking Tire
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Rapper Math Fails Again: Bow Wow Paid WHAT for a Murcielago?
It may seem like were stating the obvious here, but rappers are fukking morons. Sure, there are a few exceptions to the rule, where rappers have managed to become successful enough to leverage their image into a variety of businesses (which are almost always run by other, smarter people), but your average, run-of-the-mill rappers IQ measures about three points above Forrest Gump. (And even he had Leutenant Dan managing his investments).
We recently told you the story of a rapper named Young Dro, who wrote a catchy tune called Maserati. In order to live up to that image, he bought a Maserati, and got his ass handed to him on the payments before the bank straight-up repoed his shyt.
Now, lets look at another rapper/actor (or is it actor/rapper?) who cant remotely afford his toys but just has to pretend he can. In case you missed the title of this post, were talking about Bow Wow.
In 2007, Bow Wow bought a 2006 Lamborghini Murcielago. This wasnt an LP-640 model, which had just been released that year, it was just a regular first-generation model.
Having driven both the first-generation Murci and the LP-640, I can tell you that the LP-640 is a vastly superior machine in every concievable way (except the interior, which is nearly identical), and made the old car feel like a dinosaur.
A smart person would realize that Lamborghinis depreciate like crazy, and you probably shouldnt pay full retail for one when the new model has just arrived in showrooms, but Bow Wow is not smart. A person with foresight would probably not take a seven year finance on a car that is about to be obsolete, made by a brand whose cars depreciate like Madoff Investments stock, but Bow Wow, like so many of his actor/rapper peers does not have foresight.
Lets analyze Bow Wows experience with his Lamborghini Murcielago, from purchase, to today.
- Bow Wow picks up the 2006 Lambo in 2007. He gets a business loan for $300,165, which means that he actually did get a decent deal on the car if it was in like new condition, but only if that was the total sale price. If he threw in some of his own cash as well as a down payment, the deal gets progressively worse, but that information is not available.
- He agrees to make 84 monthly payments of $4,730. Here comes the fun math. The total amount paid after seven freaking years? $397,320. He spent $97,000 more than the car was worth, nearly a 30% finance charge, to drive that car.
- In November 2011, Bow Wow tries to sell the car on Ebay. Its a no-sale at $151,000.
- By searching Ebays completed listings section, we can see, like our previous search for Maseratis, a whole bunch of no-sales, no-bids, and generally, people thinking their cars are worth much more than they actually are. In fact, the only sale of a Murcielago on Ebay in the last two weeks is a 2004 model for $115,000. The closest car to Bow Wows Murci got 0 bids at $140,000, and that was a Roadster, traditionally worth about 10% more than a coupe. Realistically, Bow Wows car is worth about $125,000.
- With $160,000 still due, 36 months worth of payments, the car gets repossessed. They sell his car, and somehow, miraculously manage to get $160,000 for it, but apparently it cost them $25,000 to repo and sell the car, (meaning they really got $135,000), which they are now suing Bow Wow for.
- So, Bow Wow has now paid $237,000 (and owes another $25,000) to drive a Lamborghini for four years and not a day longer. Hes got the public embarrassment of a repossession, proof that he has lived outside his means, and his credit is shot.
The icing on the cake is, of course, that another collection agency is also suing him for $283,000 for a Ferrari that he bought, and also got repoed.
Thats when keeping it real goes wrong, folks.
@ Bow Wow, I really thought he had it