7 Key Factors To Consider Before You Buy A Luxury Car
Photo by Taneli Lahtinen
Originally Posted On: 7 key factors to consider before you buy a luxury car | Luxury Lifestyle Magazine
Nowadays, it can feel like the term ‘luxury vehicle’ gets thrown around a lot simply based on the price tag of a car but they actually have to meet specific standards in order to earn their label. Luxury cars boast high-end features designed to provide the utmost comfort, convenience, and so much more for their passengers that goes far beyond the basic necessities of less luxurious counterparts.
The price tag will reflect the quality of the car with the average entry-level luxury vehicle costing around £33,000 and it is the combination of the cost and the features that really make a luxury vehicle stand out above the rest. Examples of additional features that will up the opulence factor on your car include private number plates, a watch to complement your car’s interiors, a starlight headliner or perfume dispenser.
If you’re in the market for a luxury vehicle, or you’re itching to try something new, there are a few important factors to consider in order to determine if this is a good move for you. Who knows, maybe you’re better suited to luxury RV than a Sedan? The best way to find out is to learn as much as possible about what you can expect from a luxury car, so with that in mind, let’s take a look at seven of the most important factors to consider before you go for that all-important purchase.
1. Check out the residual value
Because luxury cars are a more costly item, many people choose to lease them rather than purchasing them. But, even if you do buy yours, it’s a good idea to check out the residual value before you make your purchase. You can do that easily through Kelley Blue Book.
Why does the residual value matter if you’re going to own the car? It will give you some key insight into its actual value and durability, as well as its reliability. Those are the key components that determine a car’s resale value. So, even if you plan to purchase it and keep it for a long time, looking at the residual value will give you a better idea of the kind of durability and reliability you can expect from the vehicle. Luxury cars with a higher residual value will likely last longer and have fewer performance issues over time. You can also increase the value of the car yourself by consistently using a car cover, or as the French link to call it bache voiture.
Luxury cars with a higher residual value will likely last longer and have fewer performance issues over time
2. Eliminate doubt with a free maintenance package
If you can’t determine much about a luxury vehicle through the residual value, do your research about maintenance packages. If a manufacturer includes a free maintenance package with the sale of the car, they could be trying to cover any doubts you might have about its reliability. Maintenance of a luxury car can be expensive, so if a manufacturer is willing to provide maintenance for free, they are likely confident in their vehicle’s reliability and durability.
3. Visit showrooms and talk to people
One of the best ways to determine if a luxury vehicle is right for you and which model to get is to do your research in person. Visit multiple showrooms that specialise in different makes and models, ask questions, not only to the salespeople on the floor, but to other people you know in the industry, or even friends and family members who own luxury cars.
Many times, getting the right insight into the vehicle you want will depend on who you know. If you want a luxury van, you can research different makes by doing your research online, including checking out 15 People You Oughta Know in the Van Leasing Deals Industry.
Don’t be afraid to get your hands dirty, so to speak. When you visit showrooms, you can take a look at the cars very closely, and test drive as many as you want. That hands-on experience combined with the knowledge of the people you talk to can really make all the difference in how confident you are in your purchase.
It’s easy to become somewhat addicted to the comfort and durability you’ll experience in a luxury vehicles
4. What are your reasons?
Even when you’re financially secure, a luxury car is a big commitment and a big expense. So, before you take the plunge, take a step back and consider what your reasons are for wanting a luxury vehicle in the first place.
There is really no wrong reason for wanting a luxury car, but sometimes thinking about your own personal reasons can help you to decide if it’s worth it or not. Maybe you just want a car as a status symbol, or to indicate that you’ve worked hard for what you have, or maybe you’re a high-performance driver and you want a vehicle to match your skill level. Maybe you just want to take advantage of the smooth ride and incredible features most luxury cars have to offer.
Again, it doesn’t matter why you want a luxury car, but you should have an understanding of your own desires and whether they add up to or justify actually purchasing one.
In the past, the terms ‘luxury car’ and ‘fuel economy’ didn’t exactly mesh well together, but a lot of things have changed. Sustainability efforts are more important than ever, and people with all different incomes are paying more attention to their carbon footprint.
So, before you decide on a specific luxury vehicle, check out its fuel economy. There are even luxury hybrid cars on the market today that will use even fewer fossil fuels, so you can feel good about what you’re driving and go without any judgement from those thinking you’re cruising around in a ‘gas guzzler’.
One of the best ways to determine if a luxury vehicle is right for you and which model to get is to do your research in person
6. How often you plan on using the car
Think about how you’ll use this luxury vehicle. Will it mostly be for commuting into the office each day, or are you more excited to take it on long road trips? Deciding how often you will use the car and what kind of driving you’ll be doing can make it easier to determine which special features are more appealing to you, and how important maximum comfort really is.
7. The amount you’re willing to pay
Even though we’ve already talked about the average price of a premium vehicle, the truth is that they can substantially range in price with some luxury vehicles coming out at over £7,000 more than their counterparts in the same category.
So, determine how much you’re willing to pay on a luxury car, and what the purpose of that price tag really is. If a vehicle costs less but has all of the features you’re looking for, there is really no reason to go for the more expensive model, except to use it as a conversation piece. While there isn’t anything wrong with that, sticking with a smaller price tag for your first luxury vehicle can help you to get more acclimated to the world of luxury driving and high-performance cars. It’s easy to become somewhat addicted to the comfort and durability you’ll experience in a luxury vehicles, as well as notable features that you’ve probably never observed in standard models before.
Getting a luxury car is a great way to treat yourself and show the world that you’ve ‘made it’. But, like any other major purchase, don’t allow yourself to go into it blindly. Keep these factors in mind as you search for your luxury vehicle, and it can make the entire buying process much easier.