When it comes to luxury vehicles, some people will absolutely refuse to buy one if they aren’t the first person to drive it, and this is understandable. However, there are many cases where going for a used luxury could make sense. If you have always wanted to drive the vehicle of your dreams and you’re a few thousand dollars short, you could buy a slightly older vehicle and get roughly the same experience for nearly half the price. Buying a used car also always helps you to curb depreciation. There are many things you have to consider before going for a used luxury vehicle, however, as they are significantly different from regular used vehicles. Below we look at whether going for a used luxury car is the right choice for you.
Let’s take the elephant out of the room right away: repairs on used luxury vehicles can get extremely expensive. Things become even worse if you go for an obscure model or rare supercars like a Koenigsegg. If that is what you are on the market for, you should start speaking with a Koenigsegg repair service like the European Exotic Centre right away. You need to know how much you can expect to pay for maintenance repairs. A single oil change on a Koenigsegg can cost multiple thousands of dollars, so it would be wise to arm yourself with this information before you start looking at different models.
One of the worst things you could do would be to buy an old model that has been discontinued and is out of warranty. A couple of major repairs could end up exceeding the value of the car, and you’ll have a tough time reselling the vehicle even if you manage to keep it in good shape. So, think twice before going for that option unless the vehicle has sentimental value to you and you’re willing to pay for the repairs.
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If budget is an issue, then waiting until a luxury vehicle has depreciated a little bit is the best way to go. If you’re not too picky about the car, you could go for a vehicle whose body hasn’t been changed in a few years. This way, you’ll have a car that looks exactly like the latest model for about 60% to 70% of the original price. Know that the best time to buy a vehicle is considered to be around the three to five months after it was released, but you have to make sure that the car is under warranty.
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Selling an Old Luxury Car is Not Easy
With that being said, you might also think about selling your vehicle before it gets out of warranty. People are wary of old out-of-warranty luxury cars, and you might have a lot of trouble selling your car as a private owner if you keep it for a long time. You also never know what the public will think of your car a few years from now either.
Maseratis were the hot thing not too long ago and they’ve now become a sort of a joke among car enthusiasts. Depreciation and book value are largely subjective and depend on the market. So, don’t assume that your car will hold value no matter what and that people will be eager to take it off your hands once you decide to sell it.
These are just a few things you should think about before going the used route for a luxury vehicle. The most important thing is to choose the right vehicle and know what the running costs will be.