There no denying the fact that buying a luxury car is one of the pinnacle symbols of success.
Regardless of whether you’re into sedans or SUVs, everyone knows that the manufacturer mark on the hood of the car and written across the trunk is what really matters.
Symbolism aside, luxury cars come stocked to the brim with fancy features and high-speed engines that make them even more appealing to sports car lovers and sleek aesthetic seekers. As each year passes, the bar for cutting edge luxury vehicles is set higher and higher—and the prices show.
Follow Ladders on Flipboard!
There are plenty of upsides and downsides to the splurge worth exploring before chasing your dream car.
Pro: World-leading performance
Upscale vehicle manufacturers like Mercedes, Tesla, and Audi are popular for a reason. Not only do these cars look beautiful on the inside and outside, but they perform better than most low-end vehicles on the market.
Even with used models, you’ll find that a 2010 Mercedes-Benz comes with plenty more horsepower than a 2010 Toyota with a similar build.
Engine performance and body design are truly the defining factors of a luxury car, and upscale brands deliver above and beyond on the high-tech expectations consumers have for them year after year.
The cost of an upscale car can be hard to fork over, especially when tens to hundreds of thousands of dollars are on the line.
For example. The gorgeous BMW M850i xDrive Coupe starts at a hefty $111,900. Unless you’re completely dripping in money with fruitful income to cover the price tag damage, you’ll have to modify your budget so you can continue living your cushy lifestyle without going into debt.
But that’s the price you pay for beauty… and speed, horsepower, leather interiors, and concert-hall quality sound systems.
Even used luxury cars tend to carry heftier prices than their lower-end counterparts. It’s not uncommon to find a 2012 Lexus that costs more than a 2019 Honda.
Depending on make and model, some luxury cars depreciate slower while others riddled with past issues depreciate fast.
Do some diligent research on your desired vehicle before handing over any lump sums of cash—a big purchase like a luxury car deserves careful consideration and justification.
Pro: You can buy used luxury
Bargain hunters looking to fulfill their dreams of luxury car living can turn their fantasies into a reality with a used luxury car.
Whether you’re looking for a used Audi for sale in Westmont or a used Tesla in Chicago, the odds of pinning down a dealer with luxury vehicles under five years old for the fraction of the price are in your favor.
One of the most significant perks of buying used luxury is that you still get every ounce of high-powered performance you want, the upscale interior you expect, and the fancy hood ornament you can’t wait to brag about.
Buying used luxury does not necessarily mean you’ll save on maintenance costs, but you will save thousands on the cost of the actual car.
Con: Selling is tough
As mentioned before, luxury cars may not feel the wrath of car depreciation as quickly as your run of the mill Honda or Kia might, but it is a simple matter of fact that all cars depreciate.
No matter how many bells and whistles your car has, the newer model will almost always be worth more. Fortunately, there will always be a market full of people after used luxury cars—if you’re on the hunt yourself, you’re living proof!
There are plenty of car dealerships out there who will take your luxury vehicle off you for resale, but the problem of harshly knocked-down resale prices can scare car owners looking to sell away.
Make sure you know your car’s value from the mileage to the condition of the engine for an adequate sale both the seller and buyer can be happy with.
Above all else, when you’re searching for a new or used vehicle, you need it do the absolute bare minimum before getting into classier specs. Yes, it can get you from point A to point B, but can it do so safely?
With luxury cars, the answer is usually yes. While manufacturers do spend plenty of time engineering your favorite BMWs and Jaguars to be flashy and sporty, they are equally concerned about the safety of the passengers who end up inside of their creations.
Upscale cars tend to be equipped with a full set of airbags, traction control, and reliable ABS. You can rest assured that your pricy purchase will protect you against the odds.
Just like any other car purchase, there is plenty to consider when buying a luxury car. Always be sure to do your research and go for a few test drives before handing over the many wads of cash you’ll need for a proper upscale payout!
This article originally appeared on Melissa Blevins.
You might also enjoy…
- New neuroscience reveals 4 rituals that will make you happy
- Strangers know your social class in the first seven words you say, study finds
- 10 lessons from Benjamin Franklin’s daily schedule that will double your productivity
- The worst mistakes you can make in an interview, according to 12 CEOs
- 10 habits of mentally strong people