Let's face it: not everyone who wants an exotic car can afford it. If we all could, they would no longer be exotic.

In order for these cars to retain their exclusivity, their initial price tags often resemble the price of a luxury house rather than a luxury car. As with all cars the exotics also depreciate over time and this is where some models come into the range of the middle-class wage earner.

The models that are most often found for under $60,000 are ones that have had high production numbers such as the Ferrari Testarossa or cars that didn't quite catch the public's imagination like the 308 Ferrari Dino 2 plus 2 or Lamborghini Espada.

The Pantera was an exotic car designed and built by Detomaso, powered with a Ford 351 motor and originally offered in the early seventies thorough Ford dealerships. It has been undervalued for many years because Italian purists don't like the American motor and many have sold relatively inexpensively but they can be very expensive to repair. I have seen quite a few people seriously injure their bank accounts with these cars.

These cars do have audiences of enthusiastic collectors and drivers but they do not carry the cachet of some of their brethren. In many cases, there are flaws other than design that can affect their prices. The Aston Martin Lagonda, for instance, was once heralded as one of the most sophisticated and expensive luxury exotic automobiles in the world. Now, they can be had for less than $40,000.

Their problems are legion and found in the electronics and wiring harnesses as well as many mechanical and structural flaws.

So what could possibly be wrong with buying an exotic car for under $60,000? It might even appreciate as time goes by and you could find yourself making some money.

But here's the bad news. As with any luxury automobile, exclusivity is maintained not just by the initial cost of the car to purchase it but also the horrendous sums required to keep it in good condition.

For instance, one particular weakness of the 308 Ferrari Dino is its water pump. They are prone to failure and need to be monitored at all times. If you catch the problem, you can expect to pay about $1,400 for a replacement and if you want it installed by a professional, you can count on at least six hours labour. If you don't catch it, you could be looking to remortgage the house.

I had one 308 driven to my shop for a look at some paint problems. While it was there I noticed it was rather like standing next to a woodstove in the summertime. On investigating the source of the heat I discovered the cooling system was absolutely bone dry.

That the engine was still running was a miracle. Had the owner driven another five miles, I am sure the car would have experienced a catastrophic breakdown. As it was the engine actually ran quite well once it cooled down and water was added. If it had been a cat, it had used up eight of its nine lives in one fell swoop.

Ferrari engines, whether the 12- or eight-cylinder motors like the 308s, are incredibly expensive to repair, and if you go to a factory dealer you can expect to pay the premium. Even aftermarket parts and services, of which there are few in the exotic car world, are expensive.

If you need to rebuild an exotic motor, expect to pay from $25,000 to $60,000 depending on the model and how much needs to be done. Then, you could still have problems with the suspension, transmission, brakes and electrical systems.

If you are in the market for an inexpensive exotic car, you will fare much better if you do some homework. First, research the car and determine what flaws it had from new. There are many models that had serious design flaws and mechanical issues that were sometimes corrected, sometimes not, as production continued.

You should also try to determine part availability and costs. If you are thinking of buying a 308 Ferrari with a broken windshield, think again as the windshields are almost impossible to get. You should also join any clubs that are out there. Clubs are often a great source for parts and most especially knowledge. The Internet has made finding clubs and information much easier that it once was.

For that reason the only one that you can blame if you buy a very expensive junkyard dog is yourself. Just remember, the better the deal and the cheaper the price of an exotic car, the bigger the next repair bill could be.

David Grainger owns an automotive restoration company