The Pros and Cons of Buying a Luxury Car
Posted by admin at 21 October 2017, at 22 : 26 PM
It’s something of a dream to own a luxury car. You probably think of it as something that’s mostly for the uber rich. But what if you thought you might have the opportunity to buy your own luxury car? If you’ve got the money or you’re willing to look at ways you can save on your purchase, it could become a reality for you. The question is, should it? Is it a good idea to own a luxury car or is it better left as a fantasy? There are both advantages and disadvantages to investing in a luxury car, but you need to be able to weigh them up. It’s up to you to decide, so here are some pros and cons to help you out.
It’s Something of a Status Symbol
It might not be the primary reason you want to buy a luxury car, but there’s no mistaking that it can make you look cool. If you associate luxury cars with rich and successful people, there’s no doubt that other people do too. Of course, this can be both a benefit and a drawback. If your image matters to you, it can make you popular with friends and strangers alike. But not everyone is going to be so in awe of your automobile status symbol. Having such an expensive car could make you a target for crime, from vandalism to theft. And on the road, you could find that other drivers are less inclined to be nice to you.
They Don’t Come Cheap
You can’t deny that a luxury car is going to cost you a pretty penny. Even if you find a good financing deal or choose to purchase a used car, it’s going to cost you more than any four-door family saloon car. You need to be prepared to pay not only for the car itself but for any other associated costs. Maintenance and repair, fuel and insurance are just some of the expenses you might need to consider. You’ll have to ensure you’re ready to take on the financial responsibility of a luxury car before you buy one.
You Get Great Performance and Comfort for Your Money
Yes, they might be expensive, but many people say that they’re worth the cost. Apart from looking good, the superior performance and comfort you get from a luxury car are two reasons to put up the money for it. If you’re interested in what’s under the hood of your car, you’re sure to do well with most luxury models. It’s not just speed that’s important – which is just as well, as most of the time you’ll have to stick to a speed limit. You also want a smooth ride and a car that’s easy to handle.
You Can Buy Used
Another price point to consider is that it is possible to buy a used luxury car. They can still cost you a chunk of cash, but you can save money by opting for a preowned car. However, it’s not a magic solution to the cost of owning a luxury car. You’ll still have other costs to worry about. You can find that even though you’re saving money on the cost of the car, even the simple things that would be cheap for other cars can cost more. For example, getting a new set of keys made could cost you a lot more than you might expect. A new battery or even just topping up the car’s fluids can surprise you with how expensive they are.
Selling Can Sometimes Be Difficult
On the other side of the coin, you might one day find that you want to sell your luxury car. And you might discover that selling a luxury car isn’t as simple as selling other cars might be. Firstly, you need to consider how much your car’s value might have depreciated. There’s a reason you can save a lot on a used luxury car, and that’s because they don’t necessarily hold their value well. As soon as you’ve driven your car for the first time, it can suddenly be worth a lot less. You’ll be able to get some of your money back, but don’t expect to sell it for the same price you bought it.
People Often Want a Luxury Car for Less
Fortunately, there are always people who want to buy a used luxury car. If you’re thinking of buying one used, then, you’re living proof. And if you’re ready to sell your car, one of the best things to do is look for a specialist seller. With the right service, you can quickly have your car valued and sell it on, without having to do too much work. It’s often better to use a professional service, rather than try to sell your car privately. You don’t want to end up getting into any trouble because you wanted to take a shortcut.
Tax and Insurance Can Be Expensive
You need to protect your car, and yourself, which includes taking out insurance. There are also registration fees each year, which can depend on the value and size of your vehicle. If you own an expensive car, you can expect to pay more for insurance and possibly registration than you would for a cheaper car. While registration fees are usually an annual cost, you’ll probably be paying a monthly fee for your insurance. Insurance providers can sometimes see luxury cars as being high-risk, although they’re actually pretty safe when driver responsibly.
Safety Features Are Great
Hopefully, if you ever do need to make a claim with your insurance company, you won’t need to ask them for a big payout. Luxury cars are often seen as perhaps not as safe by people who aren’t in the know. But they actually usually have excellent safety features. It’s the person behind the wheel who can end up making it dangerous. Other cars are catching up on the safety feature front as they become more affordable, though. Luxury cars tend to have a full set of airbags, ABS, traction control, and today are beginning to have lots of high-tech features to make it easier to stay safe on the road.
Technical Problems Are Possible
With anything you buy, there’s always a chance that something can go wrong. You can’t predict what could happen, but luxury cars have had a number of technical problems, even leading to some models being recalled. For example, BMW had to recall cars of various models in 2013 because of an electric issue. Other brands such as VW and Audi have also had electrical problems. While any make or model of car has the potential to experience issues, you certainly don’t want any trouble if you’re spending a lot of money. It’s important to be aware of any potential problems before you buy.
Luxury Cars Offer High-tech Options
Luxury cars can sometimes have their issues, but they have plenty of benefits too. They often come with great high-tech add-ons that go beyond just improving the safety of the vehicle. In-car tech is developing all the time, and it’s often luxury cars that try it out first. Some tech helps to make the car smoother to drive, while some make it more economical and eco-friendly. There are also more fun features, from touchscreens to control the car to high-tech entertainment systems. A lot of other cars will end up with these kinds of features eventually, but it might take a while before they come as standard.
Finding a Repair Service Can Be Harder
When anything does go wrong with your luxury car, it’s important to remember that finding a repair and maintenance service can be more difficult. A lot of normal mechanics won’t want to work on your car because it’s too specialist. You might also be required to visit an approved auto shop. So you need to be prepared to drive out of your way to find a service that can do what you need. Not only that, but you could end up spending a lot more money on repairs and serving than you might for another car. Before you buy a luxury car, it’s a good idea to see where your nearest service is that’s capable of taking care of your car.
But Quality Should Be Consistent
Although luxury cars can have their problems, their quality tends to be consistent. European brands are particularly favored, from Audi and Porsche to Lamborghini. They’re brands that have a history and over time have come to be recognized for their superior quality. While there are always some brands that can be overhyped, you can be fairly sure that those that have lasted a long time can deliver on their promises. Even though you can’t avoid problems with your car completely, investing in a luxury car can help to reduce the likelihood of any issues.
Owning a luxury car could change your life, but it’s not for everyone. You need to think about your lifestyle and, most importantly, your wallet.