Any car enthusiast dreams of owning a luxury car at some point. If you are also one of those who are interested in getting one of your own, this ultimate guide is for you.
Before Buying Your Dream Car
There are several things you need to ask yourself and others. What are you looking for in a luxury car? Which features and amenities do you want? How much is your budget? Is your garage ready to accommodate your new, shiny, and expensive baby?
These questions require some research so you can make an informed investment. You want to make the most out of your luxury purchase. Look up car shipping quotes online for luxury cars in advance to ensure your baby arrives at your doorstep without a scratch. Ask your fellow car enthusiasts for advice on what to install in your luxury home garage.
These are but a few things to consider before you decide to become a proud luxury car owner. Below are some of the finer details that could help you make your decision.
Pros and Cons of Buying a Luxury Car
A luxury car boasts higher levels of comfort, quality, technology, and prestige. These vehicles typically come from brands that consumers hold in high esteem. The materials, features, design, and systems installed also tend to be of higher quality.
The merits of getting a luxury car are prestige and comfort. You get to experience driving with features that aren’t available in non-luxury vehicles. Also, you get to personalize your baby inside and out. A luxury vehicle also serves as a badge of honor among car enthusiasts. Owning one and driving it is a way of life and a whole new experience.
Of course, the exclusivity comes at a significantly higher cost than your mass-market counterparts. Luxury cars are expensive to maintain and customize. Even the insurance rates are slightly higher because luxury cars have higher market values.
Tips When Buying a Luxury Car
If you are set on owning a luxury car, then these are some tips you should keep in mind.
1. Know Your Needs and Wants
Consider your driving habits, the ideal size for your needs, the roads you’ll be riding on, and how often you plan on driving your premium car. Do you need it for business, pleasure, or adventure?
There are different types of luxury cars to consider:
- Hatchback: It’s small but easy to drive.
- Sedan: It has enough legroom and a bigger space for cargo.
- SUV: It has a high ground clearance and is good for highway driving and off-road adventures. It can also seat seven to eight people comfortably.
- Coupe: This is typically a two-door type, with a high-performance engine for the racer types.
- Convertible: This vehicle’s top can be lowered if you want to feel the wind on your face and see the sky during the ride.
2. Research Your Options
You have tons of options, from the type of car to the vehicle manufacturer and brand. There are also infinite ways to personalize your luxury car. Take your time to read reviews, and compare prices and specs across different brands and dealers.
There are three things you need to take note of:
- The residual value rating
- Their warranty offered
- Maintenance packages available
These three things can give you some insight into the durability and reliability you can expect from the vehicle. Cars with higher residual value often last longer and experience fewer performance issues. Warranties and maintenance packages are guarantees of a manufacturer’s confidence in the car’s reliability and durability.
3. Test Drive Lots of Cars
Visit showrooms and look at the cars inside and out. Take as many vehicles as you like out for a spin. Get a feel of the vehicle’s interior and how it drives. Check the engine and try out its safety and advanced driver assistance systems firsthand. Remember, you are entitled to experience its features before you decide on purchasing it.
4. Consider Your Budget
Since a luxury car is a big purchase, you should take several measures to work with your budget. You can negotiate loan rates to get the best deal possible.
You could also try timing the market. It’s a dealership secret that you can get better deals at certain times of the month or year. Make your purchase towards the end of the month, when salespersons are most willing to negotiate deals to meet their quotas. They also offer special discounts for outgoing models. You’ll be surprised how much money you can save if you time your purchase right.
5. Pick the Best Dealer
Don’t settle for less. A good luxury car dealer values customer loyalty. Look for a dealership with great staff and car experts that can answer your questions especially if you are a first-time buyer.
Brand-New vs. Pre-owned Luxury Cars
If you are a first-time buyer, purchasing a pre-owned luxury car has more advantages. As soon as you drive a brand-new car off the dealership, its value depreciates. In fact, depreciation is at an exponential rate in the first few years of a car’s life span. Buying a used luxury car means the previous owner has dealt with most of the depreciation issues.
Brand new luxury cars also have limited financing options and fewer windows for negotiation. It would even cost higher if you want to purchase upgrades. Meanwhile, most pre-owned luxury cars already have upgraded technology installed. And since secondhand cars are cheaper, you can spend more on customization.
Lastly, depreciation in market value means cheaper insurance rates. Buying a pre-owned luxury car saves is a smarter purchase for more or less the same high-end driving experience. Just make sure you get a detailed history report if you choose to buy a pre-owned luxury vehicle.
Do You Need to Buy a Luxury Car?
You buy a luxury car because you want it, not because you need it. If you are set on purchasing one, though, one last tip is to get your credit scores ahead of time. This way, you get better financing interest rates by the time you’re ready to make the purchase.