When it comes to purchasing your next new vehicle, why not think about buying a used luxury car in the same price range? Used luxury vehicles can be some of the hottest deals around. You will find that the prices and features on the majority of used luxury vehicles are irresistible. Most car buyers want to upgrade to the latest infotainment and high-tech safety features but can’t afford the costs.
The major hurdle is narrowing down the large selection to the vehicle that is the best value for your money. This is solved by using careful wisdom. Simply looking at photos of a used luxury vehicle online or taking one for a quick test-drive may not provide enough information for you to make an informed decision. If you consider the sagacious advice below, you will always wind up at the winning end of any deal on a used luxury vehicle.
Benefits to Buying a Used Luxury Car
The biggest incentive for purchasing a used luxury car is the immense cost-savings. Used luxury vehicles depreciate much faster than other types of vehicles because the consumer base of buyers can be fickle. While it may be easy to offer someone who needs a daily driver like a Honda a good deal on a used model, luxury car buyers may feel embarrassed to buy something that is sub-par to the brand-new vehicles that their friends drive. The dramatic price differences between a brand-new and used model add to more than 50 percent after just 3 years from the purchase price. This means people can afford a vehicle with features and quality often far past what they could otherwise consider.
Another big benefit is the features. Drivers who invest in a used luxury vehicle are typically buying a model of the same generation that may be indistinguishable from the latest model. Your friends might not be able to tell the difference between the 2019 model and the 2016 model if you don't tell them. The only telltale sign that your vehicle is not brand-new may be the mileage on the odometer and some cosmetic wear.
Downsides to Used Luxury Cars
The downsides to buying a used luxury car come into play when you buy a lemon. If you are not savvy about the type of people that you purchase your car from, you may fall into a trap of endless repairs and breakdown headaches. If a vehicle is no longer covered by the factory warranty, there is nothing to protect that used luxury vehicle from turning into an overpriced chunk of scrap metal a few days later. Because the replacement parts of used luxury vehicles can be much more expensive than those of economy and daily driver models, you may wind up paying 3 times as much in maintenance than you would for monthly car payments on a new model. The reality is that you need a clean slate vehicle that has not been tampered with by unauthorized general repair shops who may not have the tools or experience to do the work correctly. A used luxury vehicle may also become unreliable and prone to breakdowns after it hits a heavy wear mark. However, the increased build quality in most luxury cars can mitigate this factor.
Tips for Finding a Bargain on a Used Luxury Car
When it comes to luxury car shopping, buying the cheapest model is not the best idea. Because it is all supply and demand, the lowest priced vehicles will have a larger interest and easier entry level. This creates more competition and reduces the quality of the product at this price range to the lemons and problem-child vehicles. It is the difference between a single-star and five-star hotel chain. Because the lower classes will all flock to the discounted hotel, they don't have to offer luxury perks like swimming pools, chef-prepared breakfasts, or an excellent location by the beach.
Shopping at a reputable dealership where well-to-do customers trade in used luxury vehicles is a lot smarter than looking for desperate street sellers who are looking to move a problematic investment by any means possible. An authorized car dealership will recondition the vehicles and may even offer a pre-owned selection of choice after-lease vehicles that are almost as good as new. These vehicles will not be sold with any problems or damaged parts to worry about. In addition, they will often come with some short term warranties and guarantees of up to a year.