Luxury automakers provide a premium experience that mainstream automakers can’t usually match. While a luxury car can thrill you and keep you comfortable and happy for years to come, they are often quite expensive.
After looking over the prices on a new luxury car, you may find yourself turning to the used market. This is a great way to get the car that you want while avoiding the high dollar price tags you’ll find on some of the more exclusive luxury models.
But what are you getting when you buy a used luxury car? Is it really worth it, or should you just go all the way and buy the brand new luxury car. Let’s take a closer look.
Getting Luxury For Less
The goal when you’re buying a used luxury car is to look for something that’s in good condition and not too worn out. That way you get the luxury motoring experience for far less than you would by purchasing a new luxury car.
If you’re not too worried about what the car is and you’re just after the luxury badge, then you’ll want to look for the least expensive luxury cars you can afford long-term. Then you can narrow it down from there.
If, however, you’re after a specific luxury car, then you’ll need to really do some digging to find one that is not only in good condition, but not too expensive. Before you go out and buy that car, though, I want you to think hard about the pros and cons of purchasing a used luxury car. Here are some pros and cons
The Pros of Buying a Used Luxury Car
Initial Depreciation Has Likely Already Happened
We all know that when a car leaves the lot as a new vehicle it suddenly depreciates considerably. This is even more true for luxury cars. Initial depreciation can be steep for some luxury cars.
Buying a used luxury car is a fantastic way to dodge that initial depreciation that a luxury car goes through. Of course, the car will continue to depreciate as you own it, but you’ll miss the period of the biggest depreciation.
Luxurious Features and Interior
Another good thing about buying a used luxury car is that you typically score better interior materials and features than you would from a mainstream automaker. And, because you’re buying used, you’re getting those features for less than you would if you purchased the car new.
Brand Prestige
As much as some people will say it doesn’t matter, the badge on the front and rear of the car does matter. There’s some prestige that comes with luxury brands that are not afforded to a mainstream brand.
A Mercedes-Benz isn’t looked at the same way a Ford or Chevrolet is despite the fact that both Ford and Chevrolet make some fantastic vehicles. If brand prestige is important to you, buying a used luxury car can be an affordable and smart way of getting it.
Overall High Quality
Luxury cars aren’t just about the badge on their hood, though. These cars are often higher quality than their mainstream counterparts in many ways. The materials used are usually of higher quality the designs, while usually more cutting edge, are often a better design.
That’s what sets these cars apart from the competition. Luxury car buyers aren’t purchasing these cars without reason.
The Cons of Buying a Used Luxury Car
More Expensive to Maintain
A used luxury car isn’t without its downsides. When it comes to maintenance, a luxury car’s costs will usually far outweigh the mainstream automakers’ costs. Buying used you’ll likely have to make some repairs far sooner than you would need to in a new luxury car.
Parts cost more, and because luxury cars are often more complicated, you’ll end up paying more in labor fees, too. Also, many luxury cars are more difficult to work on yourself, so you’ll likely be ill-equipped to handle maintenance on your own.
Little to No Warranty Coverage
Warranty coverage comes on all new cars, and many luxury automakers offer good warranties on their vehicles. The factory warranty will carry over to the second or third owner if the time and mileage of the warranty coverage has not been met and nothing has happened to void the warranty.
However, you likely won’t have much warranty left on the car if any when buying a used luxury car. For example, Mercedes-Benz offers a four-year, 50,000-mile basic warranty on its cars. If you bought a three-year-old Mercedes, you’d only have one more year of the basic warranty remaining.
However, there is a workaround with this. You can buy an extended warranty if you feel you want to or need to. This will provide you with additional coverage that’s comparable to the manufacturer’s warranty.
More Expensive to Insure
Luxury cars are usually more expensive to repair, and that is one of the factors that can cause your insurance premiums to go up.
Insurance is a necessity, and getting a good rate can be difficult. In most cases, a luxury car, even a used luxury car with relatively low value, will be more expensive to insure that you might think. Before purchasing, you should talk with your insurance agent to be clear on what insurance is going to cost you.
Older Technology
While many of the materials and features in the car will be of very high quality, buying a used luxury car will mean you end up with older technology. If having the latest and greatest tech is important to you, this could be bothersome.
Automotive technology moves quickly these days, so even a car that’s only a few years old will often lack some of the more advanced technology found in new cars from both luxury and mainstream auto brands.
