When it comes to buying a car, there are many factors to consider. Luxury cars may offer more features and amenities, but they also come with higher maintenance costs. Repairs, parts, labor, and regular maintenance such as oil changes are generally more expensive for luxury cars. This means that if you are trying to save for other financial goals, buying a luxury car may not be worth it.
Cheap but reliable cars can help you save money upfront and invest your debt savings. Used cars require more maintenance than new cars due to years of wear and tear. If you decide to buy a used luxury vehicle instead of an average new car, it will come with a higher mileage and increased maintenance costs. Before making the final purchase decision, make sure that the luxury features you are looking for are worth the inevitable maintenance costs that come with buying a used vehicle.
New luxury cars generally have higher prices, so the amount lost to depreciation can be substantial. Luxury cars tend to have heavier frames and larger, more powerful engines, which can lead to higher fuel costs. Leasing a car is a smart decision since when your lease ends and the car has depreciated, you can turn in your lease and get a shiny new car. Certified pre-owned luxury cars may cost a little more than non-certified models, but the difference in price usually ensures that you buy a late-model vehicle that has passed detailed inspections and includes an extended warranty from the certifying manufacturer or dealer.
For car enthusiasts, driving is much more than just getting from point A to B. Renting a smooth, quiet, comfortable and fast sports sedan instead of buying a typical slow, loud and boring FWD car can be an enjoyable experience. However, repair parts for luxury cars such as BMW or Mercedes-Benz cost more than domestic manufacturers. More attention to detail is paid with luxury cars than regular sedans, so they often have a higher starting MSRP.
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. In conclusion, while luxury cars may offer more features and amenities than regular sedans, they also come with higher maintenance costs and rapid depreciation in value. Before making the final purchase decision, make sure that the luxury features you are looking for are worth the inevitable maintenance costs that come with buying a used vehicle.
