Getting a luxury vehicle is an important investment and one that demands a lot of consideration. Unless you are thinking of leasing, you are probably juggling between buying a new or used car. People who are in the market for a brand-new economy model could also consider the option of buying a used luxury car instead. It’s not as easy a decision as many people think as both options have their pros and cons. Let’s take a look at some of the benefits and disadvantages of buying a used luxury vehicle.
Pro – Avoid Steep Depreciation
One of the things a lot of people don’t know about luxury vehicles is that they depreciate at a much faster rate than regular vehicles. This is a huge disadvantage if you want to buy one new, but if you don’t have an issue buying a vehicle that is two, three, or even five years old, you could make huge savings on your vehicle.
Con – Mechanical Issues
There’s a reason why luxury vehicles depreciate so fast, however. The main reason is that people are wary of possible mechanical issues and know how expensive repairs can be. This is why you need to buy the vehicle from a reputable source if you’re buying a vehicle that is out of warranty. If you’re looking for a used BMW Warrington, dealers like RIX are a good bet. Dealerships like these take the time to fully inspect their vehicles and have a reputation to protect, so they are much less likely to knowingly sell a vehicle with major defects.
You should also do your research on any vehicle you are thinking of buying. Look at the cost of servicing and basic maintenance. Check the price for parts and their availability as well. You should also ask around to see if there are recurring issues with the vehicle.
This is something you could find online, but the best person to ask would be your current mechanic. As a matter of fact, you could ask them for a list of good vehicles vs vehicles you should avoid at all costs so you can scratch problem vehicles off.
Pro – More Car for Less
If you are thinking of buying a brand-new regular model, buying a slightly used luxury car would make much more sense. You could get a two-year luxury vehicle that is still under warranty and get all the perks that come with them. You’ll get better comfort, better aesthetics, advanced features, and the prestige that comes with a luxury car. So, think twice before you buy a Camry and look at what’s available on the luxury car aftermarket.
Con – Hard to Sell
If you buy the wrong vehicle or one that is pretty old, you have to think about what you’re going to do when you’re done with it. It may have lost most of its value by then or you might have a lot of difficulties finding a buyer. So, think about this before you buy your vehicle and try to pick one that will still have some residual value. The reputation of the vehicle and brand will make a huge difference there as well.
Now that you have a clearer idea of the benefits and disadvantages of used luxury vehicles vs new ones, you’ll be able to make a better-informed decision. Whatever you do, make sure that you get it from someone you can trust and take the time to look up any car you are thinking of buying first.