When it comes to buying a luxury vehicle, you can either go for a used vehicle or buy one brand-new. Some people would never buy a used car, while others might be open to the idea for a few reasons. Maybe they don’t see the need to buy a new vehicle or don’t quite have enough to buy the vehicle they wanted new. Buying a used vehicle can have its benefits depending on what you’re looking for, but it has significant drawbacks as well. Let’s take a look at the pros and cons of buying a used luxury vehicle.
Pro – Get an Almost Identical Vehicle for the Same Price
Let’s face it, very few people will be able to tell the difference between a 2020 and 2018 Porsche Cayenne. If you don’t have qualms about somebody else having driven your car, then the savings you could make are definitely worth it. Some models are almost identical and you could cushion that depreciation by buying the vehicle just at the right time.
Con – Maintenance Issues
However, if you decide to buy a car that’s older than 5 years old, chances are it will have exceeded its warranty. Buying a luxury vehicle without a warranty is a major risk. You never know when something could break down and how much it could cost.
This is why it would be wise that you start looking at common issues with certain vehicles. You should also look at the cost of after-market parts and a few specialized repair teams as well. If you intend to buy a BMV, Porsche, or Mercedes Benz, it would be a good idea to go with a service like HG Performance that specializes in German cars. They will eventually be able to do a better, faster job and usually for less.
Pro – Higher Quality
With the same amount of money, you could buy a very high-quality car that’s 3 to 5 years old or a brand-new middle-of-the-road car. You’ll then have to deal with the car losing a good chunk of its value after the first year.
Luxury vehicles tend to hold their value better than consumer cars. Some even start to increase in value because they go out of production or because of some cultural phenomenon. Buying an old luxury car is usually a better investment in the long term. You’ll also be able to enjoy a level of performance you’ll never be able to get with a regular vehicle.
Con – Fuel Efficiency Issues
When people think about buying a luxury vehicle, fuel efficiency is usually not the first thing that comes to mind. But you have to remember that these vehicles tend to have a heavier chassis and big powerful engines. Car brands are making efforts to make their cars more efficient every year, and a vehicle from 5 years ago might have a freakishly huge gas consumption by today’s standards. So, that’s something you’ll need to pay attention to.
Buying a used luxury vehicle could be a great option if you’re a little short for what you actually wanted. It does have a few drawbacks, however, so consider them before you make your final decision.
