Have you always wanted to take a luxury car out for a smooth, relaxing ride but thought it would cost too much? You might be able to fulfill your dream by buying a used luxury car.
Why Buy a Luxury Car?
The truth is, a luxury car is not a good financial investment. If your goal is to save up for early retirement, you’re better off saving for a Toyota or Honda with good fuel efficiency. However, if your goal is to enjoy receiving the money you earn, then saving up for a luxury car is a perfectly fine thing to do.
It isn’t as if luxury cars are without merit either. Perhaps you have a fondness for good cars and would enjoy a long, quiet drive through the countryside during a weekend. Saving up for your future is great, but using some of your savings to indulge your passions is part of why we live.
Buying a Used Luxury Car
A used luxury car is still a luxury, and the great thing about used luxury models is that they cost significantly less compared to others. You might be able to find a luxury car at half its original price.
Be aware though that there is a reason for this. Some luxury cars depreciate more due to reliability issues and maintenance costs. Do your research so you can avoid brands or models that are known for reliability issues while looking out for more reliable ones.
Check for Mileage
Mileage is a good way of determining the state of a car’s engine, transmission, and suspension, which are some of the most important and some of the most expensive parts to get repaired or replaced.
On average, a car is driven for 12,000 miles per year. Most used cars are around 11 years old, so 132,000 miles or less on the odometer would be good for an 11-year-old car. Most modern cars can go 200,000 miles if they are well-maintained, meaning a used car will last you a just little less than 6 years.
Be smart with which car you buy. The more owners a car has had, the greater the risk that there are hidden problems. An incomplete service book is also an indicator of this.
If you can, buy a certified pre-owned car. These are less than 5 years old and have less than 50,000 miles on the odometer.
Other Factors to Consider
If you find a used car with good mileage, you should then consider other factors and check its parts. Even if a car has mileage higher than what it should have for how old it is, it doesn’t necessarily mean that it is worth less than a car with better mileage if the components around the engine are in good condition.
The timing belt is crucial to the engine. It needs to be replaced every 60,000-100,000 miles, so check the car for a worn belt. If it’s worn down, get it replaced immediately should you buy it. If it were to snap while you were driving, it would likely completely destroy your engine.
The transmission is one of the most important parts and, again, one of the most expensive to replace. You might want to spend time searching for a car with transmission in relatively good condition.
Unless their previous owners recently replaced them, which isn’t too unlikely given that used cars usually have more than 100,000 miles on the odometer, they will likely need a new water pump, PCV valve, accessory drive belts, and gaskets.
Get Regular Maintenance
Once you have your luxury car, you will want to make the most of it as well as avoid any further expenses. The way you do that is by taking care of it. The time and money used on maintenance fees might seem unappealing, but it will be worth it.
If you get a Porsche, for example, you don’t want it to break down anytime soon, so you will want to regularly bring it in for Porsche repair services. Routine maintenance will save you a lot more money in the long run and let you enjoy your car for as long as possible.
If you don’t keep your car well-maintained, you could potentially end up with a costly repair fee later on. Worse, you could end up with car that just can’t be repaired at all. You would then have to buy another car. Unless you’re rich, and I’m assuming you aren’t since you’re reading this article, you would not be buying another luxury car.
Buying a luxury car doesn’t have to be as expensive as it sounds. Be on the lookout for a good deal, and you’ll be able to indulge yourself with a relaxing drive. Just remember to maintain your car so you can make the most of your purchase.