The luxury cars that are most commonly used can be purchased for less than 40% of the cost of a new model. This is a great way to get the car you want without having to pay the high dollar prices of some of the most exclusive luxury models. Many used luxury cars are coming out of leases that limited annual mileage, provided factory service, and rarely lasted more than three years. These cars are often in good condition and just as reliable as new models. On average, new cars depreciate 10% in the first month after purchase and nearly 20% in the first year.
After five years, most new cars lose almost 50% of their value. This is especially true for luxury cars, which generally have higher prices. 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.” While the entry price may be within reach, maintenance expenses can often be reasonable only for those who could afford to buy the new car. If something goes wrong, repair costs can sometimes mitigate much of the savings you've achieved.
Buying a certified pre-owned luxury car could go a long way toward alleviating this concern. When buying a used vehicle, you will likely need to do some repairs much sooner than you would need on a new luxury car. Luxury cars tend to have heavier frames and larger, more powerful engines, so it's wise to remember this when choosing your new vehicle. First-class components used in luxury cars tend to outlast mass-produced parts used in economy models, but the cost of repair or replacement is often significantly higher when they eventually break down. Owning and driving a luxury car shows that you have achieved something in life and must be respected as an intelligent and successful person. 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.
People don't spend money on luxury cars to abuse them, so it's likely that your car will be in good condition. Luxury cars from the 2000s came with all kinds of exciting new technology that no other car had at the time. 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. Before you go out and buy that car, it's important to think carefully about the pros and cons of buying a used luxury car. Even though it may be cheaper in the long run, things that were supposed to be cheap in any other car may suddenly become expensive.
