THE GREAT DEBATE: IS BUYING A USED LUXURY CAR BETTER THAN BUYING A NEW ONE?

by | Oct 14, 2022 | Motor

When most people think of buying a luxury car, they envision going to a dealership and paying top dollar for a brand-new model. However, this isn’t the only way to get your hands on a luxurious ride.

Related: Do you need special insurance coverage for a high-end luxury vehicle?

Buying a used luxury car can actually have several benefits over buying one straight off the assembly line. Here’s a look at some reasons you might want to consider pre-owned the next time you’re in the market for an upgrade.

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Used luxury cars are more affordable

If you have your heart set on a particular luxury car brand, chances are you’ll be able to find a used model that fits your budget much more easily than you would be able to find a new one. And while the price tag on a used car will always be lower than that of a new car, this is especially true when discussing high-end brands.

For example, a used Porsche 911 might cost anywhere from $129,999 to $379,900. In contrast, a new one’s cost starts at $161,100, excluding delivery, processing, and handling fees. As you can see, opting for a used Porsche 911 could save you over $30,000. And that’s just one example. If you’re willing to consider other luxury brands, you’ll have even more options to choose from in terms of both price and features. Are you new to the luxury car market? Find three used luxury cars you can try out in our blog.

Used luxury cars hold their value better than new ones

Not only do used luxury cars tend to be more affordable than their brand-new counterparts, but they also hold their value better over time. In fact, some luxury brands actually appreciate as they age. This means that if you decide to sell your used luxury car​ down the road, you’re likely to get pretty close to what you paid for it-if not more. They are also expensive to maintain, so the high cost of ownership impacts the resale value.

According to data, after a year, new automobiles have the biggest depreciation, dropping 20% on average. After five years, that new car (including even the best used luxury SUV) will have depreciated by 15-25% each year for a total of around 60%. In contrast, some luxury vehicles actually appreciate in value after five years. So, if you’re searching for an automobile you can sell for a profit in the future, a used luxury vehicle might be an excellent choice.

Luxury cars have a high rate of depreciation because often, the owners will trade them in as soon as they become outdated. Furthermore, used car buyers don’t want to pay an increased price for a model that is no longer recent. On top of this, luxury cars are costly to keep up and running smoothly- impacting resale value greatly. However, with all this being said, buying a new car also has drawbacks.

New cars depreciate rapidly right after being purchased and driven off the lot. Thus, if you’re planning on selling your vehicle at any point in the future, investing in a used one might be wiser. But do you research, talk to dealers, ask around. Check here for more details on that. You’ll be thankful for making a more educated purchase. PS: If you need help, follow our guide for the latest news on everything luxury.

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You might get more car for your money

When you buy a used luxury car, there’s a good chance you’ll end up with more features and amenities than you would if you purchased the same model new. That’s because as luxury cars age, newer and better models are introduced with even more bells and whistles than their predecessors-and those features often filter down to the used market fairly quickly.

The best used luxury cars are typically built with higher quality materials, from luxurious leather seats and heated steering wheels to high-end suspensions and driver-assist features. They also have larger engines that can extend engine life than less expensive vehicles. If you’re looking for a luxury vehicle with all the bells and whistles, buying a used car may be the way to go. Many used luxury automobiles still have their original new vehicle warranty. Thus, you can feel secure that any repairs will be reimbursed if necessary.

Keep in mind

Yes, used cars are better. But it’s worth keeping in mind that most high-end manufacturers assemble or import their goods locally, making replacement parts more difficult to come by and after-sales service more expensive. If you want to get started on replacing car parts for your used luxury vehicles, it’s important to do your research and find a reputable supplier who can offer quality parts at a fair price.

Replacing important car parts, especially for a larger car such as a used luxury SUV, will keep your vehicle running for many years to come. But, as with any car purchase, do your homework before buying a used luxury car to avoid getting stuck with an expensive lemon.

One of the most important factors to look at when choosing the most reliable used luxury cars is the damage to your vehicle’s steering. When you feel that your car’s alignment is out, it could be because of a worn-out center link. Installing new center links eliminate vibrations and wobbling while you drive and will keep your comfort and safety.

In addition to this, luxury cars often have higher insurance rates than non-luxury vehicles. So, before buying a used luxury car, be sure to do your research and factor in all the potential ownership costs. Doing so will help you avoid any unwanted surprises down the road.

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Final thoughts

As you can see, there are plenty of reasons buying a used luxury car can be better than buying a new one-and the price is just one of them! If you’re in the market for an upscale ride but don’t want to pay top dollar for it, consider going pre-owned instead. You might just be surprised by how much value you can get for your money.

If you are buying a used luxury car, follow our luxury motor guide for the latest news!

Top image by Evgeny Tchebotarev on Unsplash 

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