Are you considering whether you should buy a new of a used luxury car? Here are the pros and cons of buying new or used luxury vehicles.
Picture this: You’re driving down the street when the sleek curves of a beautiful luxury car catch your eye. You imagine what it would be like to be behind the wheel, to be the envy of the other drivers on the road.
Well, that vision could become your reality, with a little planning. You too can enjoy the status, exclusivity, and quality that comes with owning a luxury car. Yes, even if you’re on a budget.
In this helpful guide, we’ll walk you through the benefits of buying new vs used, so you’ll be on your way to turning your dream of driving a luxury car into a reality.
Buckle up, this is going to be a fun ride.
Benefits of Buying a New Luxury Car
When you first started thinking about buying the luxury car of your dreams, most likely, you imagined buying it brand new. So, what are some of the benefits of doing so?
Let’s take a closer look.
You’re the First One to Drive It
For some car enthusiasts, the idea of buying a car with no existing mileage is important. In that case, your only option is to buy it new.
There’s just something about driving off the lot knowing you’re the only person to have ever owned the car. If that’s important to you, it’s often worth the extra cost.
It Comes With Warranties
When you buy a brand new luxury car, the last thing you should have to worry about is having something go wrong. However, sometimes things do go wrong unexpectedly.
If the worst happens, you’ll have peace of mind knowing that your new car is covered under warranties. This way, you can get your car back in working order quickly and without any extra fees.
Less Maintenance Is Required
On a similar note, new cars simply don’t require as much maintenance as used ones. Aside from taking your car in for regular oil changes, you won’t have to worry about paying for costly maintenance repairs for several years.
If you’re looking to enjoy your luxury car, without any headaches, a new model is probably your best option.
It Has All the Best Features
As a gear head, you know that new car models come equipped with all the latest tech and features. And, since new technology is being developed quickly, last year’s model can feel outdated in no time.
When you buy a new luxury car, you’ll have all the latest and greatest features, from day one.
Benefits of Buying a Used Luxury Car
Of course, depending on your budget, buying a new luxury car may not be a viable possibility. The good news is that there are plenty of great reasons to buy a used luxury car as well.
The biggest benefit of buying a used luxury car is that it’s more affordable. Because cars depreciate between 20-30% in the first year, buying a car that’s only a year old can mean significant savings.
If you don’t care about being the first one to drive it or having all the latest features in your vehicle, buying used is a great option.
Better Level of Care
While this isn’t the case for every single car, generally speaking, luxury car owners take great care of their vehicles. This means that when you buy a used luxury car, you can have peace of mind that it’s been very well taken care of over the years.
So, you can expect that you won’t need to worry about serious repairs after buying your used car. If you continue that high level of care yourself, your car should last a long time.
Certified Pre-Owned Programs
While buying a used luxury car means you won’t have access to warranties, most dealerships offer certified pre-owned programs that cover some repairs.
If a lack of a warranty concerns you, find out as much information as you can about available certified pre-owned programs, and make your decision accordingly.
Good Resale Value
Because luxury cars are high-quality and made with some of the best parts around, they are built to last. And, they keep their value better than most economy options.
So, if you plan to keep your car for only a few years, you’ll appreciate knowing that the car will have good resale value when you go to sell it. By buying it used yourself and then selling it, you’ll get the best of both worlds in terms of price.
Luxury Car Financing Tips
Whether you decide to buy a new or used luxury car, you’ll need to consider your financing options.
In order to get the best price on your car, you’ll want to remember the following tips.
Credit is Everything
If you don’t have a good credit score, it’s going to be hard to qualify for financing. Check your credit score before going car shopping.
If it’s lower than it needs to be, work on incorporating good credit habits to raise your score.
Make Your Monthly Payment Manageable
There are a few things you can do to make your monthly payment amount fit your budget. First, consider putting money down to reduce the overall amount of your loan. Even putting down a few thousand dollars can make a difference.
Also, choose the term of your loan carefully. The longer your loan term, the lower your monthly payment will be. However, that also means you’ll be paying on your car for a longer period of time.
Buying New vs Used: It’s About What Works For You
At the end of the day, there’s no wrong answer when it comes to buying new vs used luxury cars. Weigh the benefits of each that we discussed in this article and decide what works best with your needs, wants, and budget.
While you make your decision, don’t forget to spend some time browsing through our variety of luxury cars to see what appeals to you.