There’s something to be said about the looks and offerings of luxury vehicles, but appearances can always be deceiving. If you’re considering buying a luxury car, there are a few things you need to know before you make your decision.
Is It Really Luxury?
Sure, anyone who sees a BMW, Porsche or Mercedes-Benz recognizes these cars as a symbol of status. However, there has been a shift among carmakers in recent years: the features that once made a car considered luxury are now standard or available features on most makes and models. That means if you’re only looking for a feature-rich vehicle, you might not have to spend all that extra cash to get it.
Consider Fuel Requirements
Most luxury brands require the use of premium fuel. Additionally, many get less than stellar fuel economy as well. Make sure you consider how far you drive, the current trends in fuel costs and just how much you can afford in your budget each month on top of that high loan or lease payment.
Just as those cushy rides have a higher price tag, so too does the insurance – if you can get it. Many insurance companies won’t insure some of the more expensive or exotic vehicles, and if they do you can expect much higher premiums. If you know what type of vehicle you’re looking to buy, check around with the insurance options to see if you can find one that’s affordable enough for you.
Maintenance Is Expensive
Maintaining a luxury vehicle is considerably more expensive than a lower-priced vehicle. It may be difficult to get the parts needed, or find a mechanic that has the experience and understanding to handle it as well. If you can’t find one, you’ll have to use a dealership for maintenance, which will add even more to the cost.
Repairs Can Be a Headache
Most luxury cars are made by manufacturers outside of the US. This means that any parts you may need will have to be ordered and shipped, which can be expensive and take quite some time depending on the manufacturer. That means you’ll need to have another vehicle available to drive in the meantime, or fork over even more cash to rent one.
Most luxury cars are made by manufacturers outside of the US. This means that any parts you may need will have to be ordered and shipped, which can be expensive and take quite some time depending on the manufacturer. That means you’ll need to have another vehicle available to drive in the meantime, or fork over even more cash to rent one. Luxury cars are a treat to look at and drive, but ownership can come with its own issues.