Interested in buying a luxury vehicle but not spending the money to do so? Let’s consider the pros and cons of used luxury cars versus new standard cars.
New Conventional Cars: Pros
1. Excellent condition. Because they are new, these vehicles will have very low mileage and no previous owners. By contrast, used vehicles will vary across the board in mileage and condition.
2. Better/longer warranties: The typical new car has a three-year warranty and a five-year powertrain warranty.
3. Selection. When shopping for a new conventional car, you can find any color and model you want at your local dealership. If the dealer doesn’t have the particular make and model you’re interested in, they can order one and have it delivered to your lot for you.
4. Incentive price. Dealers often offer eye-catching incentives on new vehicles to entice buyers to make a purchase based on lower prices or interest rates. You are more likely to end up paying a higher interest rate on used vehicles.
5. New Technology. Newer vehicles will have the most up-to-date technological features, related not only to entertainment systems, but also to safety (for example, airbags).
6. Service. When buying a new one, only standard maintenance will be needed for the first few years of ownership. This includes things like rotating tires and changing oil.
New Conventional Cars: Cons
1. Depreciation. New vehicles lose value once you take them off the lot.
2. Standard. Your new conventional vehicle purchase is not a luxury vehicle. If you’re just looking to get from point A to point B, this shouldn’t be much of a problem. However, if you had your heart set on a luxury model, you might end up regretting your decision to get a new standard vehicle.
Used luxury cars: advantages
1. More extravagance. It may be used, but the exterior and interior of a luxury vehicle will still be nicer than standard models. Better materials are used to build the car, and there is usually more power under the hood.
2. Depreciation value. As with all used vehicles, previous owners took the biggest hits, depreciation-wise. Used luxury cars also tend to take fewer depreciation hits overall compared to standard models.
Used luxury cars: cons
1. Warranty/Maintenance. There may be very little warranty left on a used luxury vehicle, or there may be none at all. Also, because used vehicles have more mileage than new vehicles coming off the lot, they will cost more money to maintain. Additionally, repairs on a luxury vehicle will also be more expensive, as parts will be more expensive.
2. Available Options/Technology. Previously owned vehicles may be more limited in make, model and feature selection based on availability, and you may not necessarily be able to find all the options you’re looking for. Also, just because it’s a luxury car doesn’t mean it has all the bells and whistles. It could just be the base model of a luxury vehicle. Also, because the vehicle is older, the technology may not be as advanced as what is available in a new car standard.
3. Efficiency. Non-luxury vehicles tend to be more fuel efficient than luxury models. Also, newer standard cars will likely include the latest technology to increase efficiency compared to used luxury vehicles.
Many people want luxury vehicles, and buying used luxury vehicles is one way to gain the prestige of owning a more opulent vehicle. However, if you’re still considering purchasing a luxury vehicle, a good dealer should be able to help you navigate the available options and find the luxury option that’s right for you. Be sure to talk to an experienced salesperson to weigh all the pros and cons of buying a car before making your final decision!