My Car Quest

May 16, 2021

Should You Buy a Luxury Car?

Owning a luxury car can be a sign of success and a reward to yourself for working hard. Whether you dream of owning a classic car or a sports car, a luxury car is a sign of quality as well as a status symbol. But should you buy a luxury car?

Advantage: Performance

Upscale vehicles like the ones from well-known and well-respected brands like Bentley, Jaguar, Rolls Royce and Mercedes, are very popular with car lovers. These cars are not only made to be beautiful inside and out, they also tend to outperform lower-end and less expensive vehicles.

Even used models of a luxury car brand will usually have more features than a new car from a lower priced manufacturer.

You can also expect features that improve performance when you buy a luxury car. Do your research before you buy, like reading a Hyundai i30 review, to work out which features you want and need in your new car.

Disadvantage: Price

A luxury car is always going to be expensive, and this cost can be hard to justify, especially if you’re on a tight budget. Unless you have a lot of disposable income, or have a comfortable savings account and are able to cover the price tag of a luxury car upfront, you will have to change your budget to be able to save up for your dream car. Bear in mind that luxury cars can also be expensive to run, as any repairs will need to be done by a skilled mechanic with the right branded parts.

However, the price tag of these cars is justified by the design, beauty, power, and other features.

Despite the price, many luxury cars may hold their value better than other new cars, which is a bonus when you want to resell. Usually, a new car drops drastically in value as soon as it leaves the showroom, but the desirability of a luxury brand will help your car to hold its value. To make sure yours will do this so you can sell it on for a good price when the time comes, do plenty of research before deciding what to buy. Choose a model that is in demand, and that you know how to care for properly to keep the car in excellent condition.

Advantage: Buy Used

If you want a luxury car, but don’t want the high price tag that comes with buying a car like this new, you can often find a good deal by buying a used car instead of a new one.

By buying used, you can get all the bonuses and high-powered performance of a new luxury vehicle, and the status symbol of the brand, but without the big upfront cost.

A used car can have higher maintenance costs than a new car, but you will save plenty on the cost of the car itself, so these costs tend to balance out in the long-term. And a used car may not have a factory warranty depending on its age.

Disadvantage: Selling Is Hard

Luxury cars may not drop in value at the same rate as a lower-price vehicle, but all cars do depreciate in value over time, unless they become a collector classic then they may appreciate.

No matter how many perks your car has, the newest model will usually be worth more money and be more appealing. There are plenty of car dealerships that will take on your used car to sell it for you, but by selling a luxury car in this way, you might be hit with a dramatically lower price.

To get a fair price for your used luxury car if you do decide to sell, make sure you know what the value of your car ought to be, with the demand, model, mileage and the condition of the engine taken into account to work this out. Get a few quotes from multiple places to see if there is a consensus to avoid being under-quoted.

Advantage: Safety

When you’re in the market for a new car, you need it to do the basic car things before you worry about the luxurious side. What is the performance of the car like, is it car safe to drive and is it reliable?

Luxury cars are designed with many upscale features, but they are also made with safety as a high priority. Upscale cars are often equipped with lots of safety features, like reliable ABS, a full set of airbags, good traction control and possibly full time four-wheel drive to keep you safe.

A luxury car is a statement of style and comfort that goes beyond mere transportation. Select your luxury car wisely and you may be rewarded with a great experience for many years.

Let us know what you think in the Comments.

Bentley Continental GT

Bentley Continental GT

Summary
Should You Buy a Luxury Car?
Article Name
Should You Buy a Luxury Car?
Description
A luxury car is always going to be expensive, and this cost can be hard to justify, but you may be rewarded with a great experience for many years.

Comments

  1. wallace wyss says

    I think when a used car gets down to 10 percent of ts original price, it’s tempting. One I get a kick out of following ts the Bentley Azure convertible . Doug DeMuro has an article about it , saying if you adjust for inflation a 1997 has lost $300,000 in value. So say if you can get one for $34,000, you’d have the image of driving a car that looks like it’s for royalty when you’re really only a serf/ Doug didn’t mention the convertible top screws itself up, and is a bad design, but hey you gotta have a little pain with the pleasure, right/?

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