If you’re eyeing to own affordable luxury cars, one of the lucky ways to do that is to do an online search for used cars. But before you get too excited, know that buying a used luxury car isn’t always the answer. It is important for every car buyer to weigh the options, like whether buying a new or used luxury car is the best way to go. To help you out, check out the benefits and drawbacks of each here and then make an informed decision.
Affordable Luxury Cars | Should You Go for New or Used?
Remember that Cars are Not Investments
— Bev Warren (@Warrenbev1) June 23, 2017
People buy houses in the hope that their value will increase over time. This will allow them to make money when they sell the house later. On the contrary, cars are never investments. All cars lose about 20 percent of their value in the first year alone. They are worth only about 10 percent of their original value by the time they are ten years old.
Those interested in luxury cars need to keep these numbers in mind. Cars will not increase in value. When you think about how much a luxury car costs, you must also realize how quickly it will lose value.
Along with the depreciation, keep in mind the additional costs associated with a luxury car. They often cost more to insure. Insurance companies will have to pay out more if the car is in an accident, which means they also charge more for the premium. Since the cars have more power, there are also higher costs for gasoline, breaks, and tires.
For those debating between used versus new luxury car brands, the value is important. Someone who buys used vehicles will not lose as much money when they sell the car. On the other hand, the owner of a new car always loses the most money as the car ages.
Consider the Warranty on Used Cars
Different manufacturers will offer different warranties on their cars. Many offer five years; others might be longer. Some warranties might also offer extended coverage for problems such as rust or powertrain. With cars that are worth a lot, like luxury cars, the warranty can be very helpful.
For those debating between new and used expensive cars, the warranty is important. A person buying a new car will get better value. They will have everything covered under the warranty. Often, some routine maintenance will be covered too. On the other hand, the person buying a used car may not be covered under the warranty. This means they will have to pay for car care themselves. They will have to research to see if they will get any coverage. It is important to do this before buying the car.
Always Inspect Before Making a Purchase
Those buying a new luxury car know their car works well. Since it is new, they do not have to worry about past owners. If any problems come up, the warranty will cover them. Those buying a used car will need to be more careful. They will need to check for any problems.
Before buying a used luxury car, run tests. A system and tech diagnostic can help make sure the car runs well on the inside. Buyers should also consider working with an experienced technician. Someone familiar with the cars can give the car an in-person inspection. They can look for issues you might have missed. For example, they will look at the rims and roofline for signs of problems. Sellers know how big of a purchase a luxury car is. They must not object to any inspections.
Tips for Deciding Between Used Or New Luxury Cars
- Consider the finances. Those who buy new will lose more money as the car ages.
- Look at the warranty. Those who buy used may have to pay more for maintenance. They might not be covered if problems come up.
- Examine the car. New cars must be perfect. Warranties will help if they are not. Used cars need careful inspections. Cars can have problems people can’t see right away.
Watch this video by AutoGuide.com of the best luxury cars under $35,000:
Luxury cars offer great status and prestige, and car lovers understand the power and beauty they bring. Some people can only dream of having one, but perhaps, buying used affordable luxury cars may just help turn that dream into reality. At the end of the day, it’s really up to you. Consider these tips when deciding between a new versus a used luxury car and make the decision that works best for you.
Have you ever owned used affordable luxury cars? Share your thoughts in the comments section below!