Don’t Buy A Luxury Car Before Reading This!

So, you have worked hard for that bonus, saved up for years and read up fanatically on every single detail, and now you are finally ready to buy the luxury car you had always dreamt of. We get it, the sense of accomplishment that comes with buying a luxury car is undeniable. It is as fun to make heads turn with the swanky exteriors whenever you hit the roads, as it is to impress your close friends or your special person with the undeniably classy interiors. But as we know, cars are not much of an investment to begin with. Even with the luxury brand tag, your prized possession is sure to depreciate with time because of wear and tear. At the end of the day, regardless of the dreams and emotions attached to it, buying a luxury car is a financial decision. And a big one at that. Hence, we advise you to carefully weigh all the pros and cos before putting in your money, and here is how you should be going about it:

1. Check the residual value rating: Even if it is a brand-new vehicle that you are planning to buy or lease out, we recommend you have the residual value checked. It is a calculated estimate of the vehicle’s quality and that model’s value retention characteristics. This calculation factors in the car’s durability and expected reliability, which will go a long way in determining its retail value.
2. Check the warranty: It speaks a lot about the car’s condition. In case the manufacturer has put an extended warranty for the powertrain, rust protection etc, it may be because these things are expected to be inadequate in the near future.
3. Check for free maintenance package: Sometimes you get a good deal on purchase of luxury items with regard to booking a maintenance package for a longer period of time on paying a small amount. If these facilities are available with your car, it makes sense to opt in at the time of purchase as you will be spared a lot of maintenance expenses later on.
4. Do some additional research: We recommend checking on used car websites for the prices of pre-owned models of the luxury car of your choice. If you happen to find a good deal on any one, we recommend you consider buying it if it is in good condition, as much of the depreciation cost has already been taken off its back. In any case, you will be able to compare the prices and assess whether you are paying too much for buying or leasing as compared to the real value of the car.
5. Evaluate your priorities and lifestyle: Before purchasing a luxury car, or any car for that matter, it is important to assess what you want out of it. If you are interested in fuel economy, look for a car that is available in hybrid options. Will you be accompanied by passengers sometime? The two-seater sports car does look fancy, but it does not make sense to empty half your savings on it if you have to take a cab to pick up clients. Likewise, if you plan on using the car for a daily commute, we recommend you look for a luxury car that drives well not just on smooth highways but also in traffic.

These were some of the major pointers you must keep in mind before you go splurge on that dream car you have been eyeing since forever. Go through the list and decide your major requirements, we promise getting the perfect luxury car will be that much easier!