If you’re thinking about buying a luxury car, there are a few things you should know. For one, these cars have come a long way since you started pining for one. The market has changed, and this may be the perfect time to upgrade to a luxury vehicle.
Here are 5 things you should know before you hit that Mercedes or Audi dealership.
- It’s more affordable than you think
Most people wait to buy their first luxury vehicle because they think they cant afford it. And although that’s a good strategy – you don’t want to overextend – luxury vehicles are more affordable today than ever before. Not only is it easier to finance or lease a vehicle, but automakers are also producing entry-level models. They’re still luxury vehicles, but they don’t have all the bells and whistles you’ll find in the upper-level luxury vehicles.
- Maintenance may cost more
There’s another way to think of a vehicle’s cost, and that’s in terms of long-term expense. Lower-end vehicles may end up needing more maintenance, which in theory, could end up costing more in the long run.
But when you start crunching the numbers, you’ll realize that many luxury brands are imported, and parts can be expensive. For example, you could end up paying $350 or more on a Mercedes battery and under $120 on a battery for a Ford vehicle.
So even though it seems affordable to buy a luxury car, you may end up paying more than you think. Try to factor in vehicle maintenance costs before you make a decision.
- You’ll be at the cutting edge
Luxury vehicles have some of the best technological advances on the market. They are also well-appointed with luxurious upholstery and the some of the best safety features of the time. So if you’re the type to hang on to your car for a few years, you can rest assured that your car won’t seem as dated as it would if you bought an economy car. You won’t still be at the cutting edge, but you won’t feel like you’re driving a relic.
- Get used to premium fuel
Fuel is another expense you must consider when you’re budgeting for a luxury vehicle. Most luxury vehicles run on premium fuel, and because they’re designed for power, they don’t always have the best fuel economy. Premium gasoline can run 15 to 20 cents per gallon more than regular unleaded, so this can add up over a period of a few years, especially if you put a lot of miles on the car.
- Luxury is more than price
Buying a luxury car isn’t as much about buying a vehicle as it is about buying an experience, Sure, you may end up paying more for the vehicle, maintenance, insurance and gasoline, but you’re getting the whole packing. Driving a luxury vehicle is an experience that touches all your senses. Automakers pay careful attention to things like comfort, convenience, road noise and speed. It’s not an accident that it’s fun to drive a luxury car. Every detail of the vehicle is carefully planned to create something that most people can only aspire to achieve.
There are also different levels of luxury. You can open the door to a luxurious automotive experience at around $40,000 and the most expensive models can cost hundreds of thousands of dollars.
Your first luxury vehicle should be a purchase you’re proud to make, but it should also be one you can reasonably afford. Be sure that you’re considering all the costs of this type of car before you make a final decision.
