Getting Your First Luxury Car? Think of These Things First
There’s so much that a luxury car can do for you. It’ll instantly make you look nicer, boost your self-confidence, and turn you into a scene-stealer wherever you go. A luxury car will undoubtedly be a stand-out among the crowd, no wonder the rich folks are willing to shell out so much money on them.
Luxury car gives the illusion of exclusivity and scarcity that is ever so appealing to the elite class which considers it as a status symbol or a way to make as statement. The exquisite experience and extravagant finish are only some of the luxurious features that come with a luxury car. However, it is common knowledge that these extravagant vehicles come with a hefty price tag that is completely out of the common man’s budget.
Other people who own luxury cars make it look so easy. Take James Bond for example, who looked so dashing in his films with his collection of high-end cars. So, if he can have so many shiny, brand new cars, so can you can by saving up a little, right? Well, think again.
If you have found a way to afford one, there are many other things that you need to think, budget-wise. So before sealing any deal with a high end auto dealership, here are a few things you need to consider:
Extra Insurance And Fuel Expense
Say you’ve already snatched yourself a luxury car and you’re taking it for a ride around the neighborhood or taking it to work every day just to show off. The car is bound to attract envious looks from neighbors and coworkers – after all, that’s the whole point of getting a high-end vehicle, right?
Everything is great until you notice the additional costs of gasoline. Because you own a luxury car, only the most premium type of fuel will do. These vehicles are far from being economically friendly because of the size of their engines and cost of the premium fuel that goes in it. That said, you might have to rethink showing off your luxury car around the area too often.
Apart from fuel, you need to avail of the premium insurance for your expensive vehicle as well. If you get your car into a fender bender, the insurance company will only cover the damage if you’re on a more expensive insurance plan.
In comparison to lower-priced cars, insurance for high-end vehicles entails higher premiums which can add up to thousands of dollars per year. So you need to take other premium costs into consideration as well, if your budget is enough to pay just for the car.
Speaking of accidents, if you opt to have your expensive car repaired, it is going to cost you more than the other moderately priced cars. Spare parts for luxury vehicles cost an arm and a leg, too, and technicians will probably charge you more once they sense that you have deep pockets.
Then there is the cost of upkeep. All cars need maintenance, especially as they get old. Oil change and brake checks are just a few of the things that should be done routinely. As for luxury cars, don’t expect these maintenance drills to come cheap. While luxury car manufacturers offer a discounted maintenance for a limited time, you will eventually have to shoulder the expenses yourself after you’ve owned the car for some time.
Lower Resale Value
If you’ve decide to sell your luxury car, after reading this article, we have more bad news for you. Luxury vehicles have lower resale value so there’s a slim chance that you’ll get the same amount that you paid when you bought the vehicle. This is one of the most important things you should know before buying any car.
Your car’s value will eventually depreciate over time. If your reason for selling a high-end car is to buy a new one, chances are, you will be a lot spending more than what you have in mind.
Those who are interested in buying a second-hand luxury car instead, will have to take other costs into consideration, like fuel, insurance, and upkeep, besides the asking price.
Moreover, the price of your used luxury car may be more than what you would pay for a brand-new mid-range vehicle, which is another big reason for buyers to think twice about it. Taxes on luxury items can be a pain, too because buying something pricier means paying more taxes.
As a wise-buyer, it is always best to do your research before making a big purchase. Yes, there’s something so appealing about a new car, but if an investment will burn a hole in your pocket for life, it’s better to rethink things.
Buying a luxury car means forking over a huge sum of money, but know that the expenses will not stop there. After educating yourself and making comparisons, decide whether a luxury car is indeed worth purchasing.
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