The most used luxury cars sell for less than 40 percent less than. The cost of buying used luxury cars in good condition is much lower than when buying a new model. Most used luxury cars retail about 40 percent less than when they were new. Many are also coming out of leases that limited annual mileage, provided factory service, and rarely lasted more than three years.
Good used luxury cars with low miles and enjoyed factory service are often as good as new models and often prove to be just as reliable. On average, new cars depreciate 10% in the first month after purchase and nearly 20% in the first year. Extend the deadline a little further and you'll find that most new cars lose almost 50% of their value after five years. Since new luxury cars generally have higher prices, the amount lost to depreciation can be substantial.
Buying a used luxury car gives you the opportunity to drive a quality vehicle without the rapid decline in value that comes with new models. An old saying goes: “The best used luxury car to buy is the newest you can afford. After all, while the entry price may be within the reach of the average person, maintenance expenses can often be reasonable only for those who could afford to buy the new car. If something goes terribly wrong, repair costs can sometimes mitigate much of the savings you've achieved.
Of course, buying a certified pre-owned luxury car could go a long way toward alleviating this concern, so it's one of these top 10 reasons to buy a used luxury car. The goal when buying a used luxury car is to look for something that is in good condition and that is not too worn out. While first-class components used in luxury cars tend to outlast mass-produced parts used in economy models, the cost of repair or replacement is often significantly higher when they eventually break down. Owning and driving a luxury car for many shows that they have achieved something in life and must be respected as intelligent and successful people.
When choosing your new vehicle, it's wise to remember that luxury cars tend to have heavier frames and larger, more powerful engines. When buying a used vehicle, you will likely need to do some repairs much sooner than you would need on a new luxury car. When all the luxury sedans in this price range were released, they featured all kinds of exciting new technology that no other car had at the time, not even on the list of options. In addition to the status that comes with owning and driving a luxury car, when you buy a used model, you save a lot on the cost of a new car.
If you finance the purchase, you should also have full coverage insurance to cover potential repair costs, which are often high on luxury cars with all their specialty electronics and high-end equipment. This may seem like a pretty big assumption, but let's be honest, people don't spend money on luxury cars to abuse them. Luxury cars from the 2000s came in a variety of engine types, but they all had one thing in common: they were all huge, powerful, and terribly complicated to repair. This is a great way to get the car you want while avoiding the high dollar prices you'll find on some of the most exclusive luxury models.
Depending on where you live, the cost of full coverage insurance for a new luxury car could cost several thousand dollars a year. The average cost of insuring, maintaining, repairing and putting gas in a luxury car can cause the cost of ownership to rise rapidly and make buying less affordable for many. However, before you go out and buy that car, I want you to think carefully about the pros and cons of buying a used luxury car. Even though the car was cheap in the long run, things that were supposed to be cheap in any other car were suddenly made of some rare isotope of unobtainium.