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Should You Buy a Used Luxury Car? Pros and Cons
Should You Buy a Used Luxury Car? Pros and Cons
A well-chosen car reflects your personality, status, and options you have. A top-of-the-line luxury vehicle is a preferred choice of many businessmen, professionals, and people who love the comfort and admiration that comes with owning a magnificent piece of auto engineering. However, the current economic downturn has soured the dream of buying a new Bentley, Mercedes, or Jaguar even for those who have the means.
What are the benefits?
What is the solution? Buying a preowned model for a fraction of the price. A lot of people get stumped deciding between getting a new sedan or a used S-class. The price is often similar. While there are many advantages that come with buying a new set of wheels, you should consider these five reasons to get a used luxury car.
It suffers from less depreciation
When a new car exits the dealer's lot with its happy owner behind the wheel, it starts losing value immediately. The average price drop during the first year is 20%. Status cars tend to suffer from it the most. For example, a Maybach can shed 75% of its value over 3 years. You can evaluate average price drops for various models using a car depreciation calculator.
It's not the case with used luxury vehicles. Cars older than 5 years generally lose little value during the following decade. They make a sensible purchase if you want to ride like royalty without having to spend exorbitant sums of money.
It retains better condition despite years of service
If you compare any luxury car with its regular counterpart of the same age, you'll see that it is in much better shape. Previous owners usually take great care of their rides. Yes, there are some lemons hidden in the dealership lots. But it's your job to stay vigilant and gather all information you can find about the car and its previous owners.
Bring a mechanic with you to examine the technical condition of the vehicle. Don't forget to order a genuine Carfax report that lists the history of use.
Precision engineering and better overall quality
Brand new regular cars don't even come close to the level of craftsmanship and comfort offered by a luxury barge. Smooth leather seats, interiors bigger than many apartments in NYC, cool gadgets, polished look, and feel provide you with the driving experience worthy of a Saudi sheik.
Such cars are also better-engineered and built using higher quality materials and tools. Don't forget about powerful, high-performance engines and transmissions!
It costs like a Honda. It drives like a Mercedes S Class. Enough said.
The option to buy a certified preowned vehicle
Most car dealers offer CPO options for used luxury cars. CPO vehicles go through inspection, servicing, and maintenance before being offered to potential customers. It greatly reduces the risks associated with faulty parts and expensive repairs. Such cars often have a warranty offered by the dealership or the manufacturer itself. You'd have to pay a small premium for them, but it will cost you much less than getting a new prestigious model.
It is much safer
The luxury class is the “testing ground” for all innovative safety measures. Everything from seat belts and airbags to key-less entry and blind-spot monitors was once a premium feature unavailable to economy model owners. A preowned luxury vehicle that has seen five years of service, offers its driver and passengers a host of safety features that a brand new budget-friendly option sorely lacks. If safety is one of your top concerns, buying a preowned S-class, for example, is a smart investment.
What are the downsides?
While buying a used luxury car has some benefits that you should consider, don't forget about the downsides. It's better to keep a cool head and understand your financial capabilities before making a final decision. You might have just enough money to buy a preowned luxury vehicle. But if you lack funds or technical expertise to properly take care of it you're in a tough spot.
Common problems that you might encounter:
- expensive maintenance due to higher mileage;
- repair prices are also higher due to costly components and spare parts;
- much lower fuel efficiency compared to economy models;
- certain technological features might be a bit dated.
To keep a used car running well you will have to spend more time and money maintaining it properly. In this case, CPO vehicles with low mileage might be a great option.
If you have bought a relatively rare luxury ride, the high price of spare details will be exacerbated by their low supply on the market. Most car mechanics will also charge a premium for their services.
If you are a consumer obsessed with the latest tech, preowned luxury cars certainly won't scratch that itch. While they contain a lot of technological marvels, these features can be a decade behind recent developments. In this case, opt for models that are five years old or less.
If you have weighed all the pros and cons and decided to buy a preowned top-of-the-line model, find a trusted dealer first. Start your research by asking yourself a question: “Where do I find luxury used cars near me?” Try visiting the websites of the local dealers first.
A respected establishment has its inventory available online. They also provide customer reviews and helpful advice about cars. If you are not satisfied with your local options, think about buying a car from a dealer in another state.