The thought of owning a luxury car is tempting. The swoopy lines, glossy paint, and esteemed badges speak of the owner's accomplishment in life, while the interior lavishness offers scented leather surfaces, high-tech devices, and all the comfortable accessories you can grab that cheque book for.
However, what many luxury car buyers don't realize is that there's a vast difference between buying a luxury car and owning one. With the pleasure of exhibiting that cool badge comes the challenge of looking after that premium machine.
Here are five factors you should keep in mind before investing your hard earned money on a luxury car-
Maintenance Costs
It is true that you may not have to replace significant parts on your luxury vehicle, but regular maintenance is something you can't ignore to ensure it runs smoothly. Oil changes, alignments, and other routine maintenance are usually higher for luxury brands, even though the cost remains comparatively cheaper during the first few years of ownership. Opt for an entry-level luxury vehicle like the C-Class Mercedes-Benz, which has a much lower maintenance cost as compared with other expensive cars.
Fuel Costs
Most luxury cars run on premium quality fuel, which is something you will need to add into your monthly budget before you make the big decision. You won't notice it much if you are upgrading from a car with a poor fuel economy. But you should definitely consider the same. Luxurious vehicles consume a lot of fuel in exchange for a more luxurious ride with improved efficiency.
Long-Term Repair Cost
Luxury cars are made to last, but you should always be ready for the unexpected. Beyond routine maintenance costs, luxury model repairs are somewhat more costly than most vehicles because the parts tend to be of superior quality. You should ensure that you can afford essential repairs years on down the road before splurging in a luxury vehicle. On the other hand, go over the manufacturer's website and check the warranty before buying any car to reconsider the conditions. Many warranties cover expensive parts for the period of the agreement, which makes the car an excellent investment.
Resale Value
The higher they stand, the harder they fall! High-priced cars lose their market value quickly and depreciate rapidly. This results in you losing your hard-earned money. However, some brands do offer buy-back plans, but it entirely depends on the car's condition. The bright side of this is that you can get fabulous deals on used premium cars as their value can drop by as much as 50% in as little as three to four years.
Insurance Costs
Get ready for a small surprise! Not only your luxury car is an expensive affair, but its insurance cover is equally sky-rocketing. A car insurance policy is a must-have for your luxury car. Since it costs more to insure higher-quality products, be sure to compare the best car insurance policies online to ensure that you are making a smart decision. Thankfully, few top-notch vehicles have enhanced safety features that look good to insurers, which often convert to saving money on your car insurance.
Investing in a luxury car doesn't have to be a terrifying experience. Doing your homework and figuring out your budget and expenses beyond the sticker price can help you decide which luxury car you can afford.
