Luxury cars are called such for a reason. With the newest technology, sleekest exteriors, and most comfortable interiors, it is no surprise that they cost a fortune. Despite this, their high speed and performance ability make them an object of desire among auto lovers who can be willing to fork over the cash if it means getting the car of their dreams.
However, there is a way to own a luxury car without having to spend exorbitantly. Many car dealerships also sell second-hand cars of many different models – from Mercedes and Audi to Porsche and Ferrari. When you purchase a second-hand luxury car, you are getting the same service and benefits that a new one offers at a fraction of the cost.
Here are some reasons to purchase a second-hand luxury car in good condition, rather than buying a completely new one:
Same features for less
The price that you would spend on a second-hand luxury car will probably only be able to buy one that has a fraction of the comfort and power that a luxury car can offer you. Brand new luxury cars can cost you a fortune, while a second-hand one still has the exact same look and features. Hence, even if you do not spend as much as it is supposedly worth, you will still benefit from the high quality that luxury cars are known for. Essentially, you are getting a much better deal at a lower cost.
Buying second-hand can generate additional savings as well. As you purchased the car for a lower price, insurance companies can also quote you lower premiums. This affordability is one of the primary reasons to opt for second-hand instead.
Reduction in depreciation costs
Depreciation refers to the loss of value in a car. Brand new luxury cars can depreciate very quickly, losing as much as 20 percent of their value in just one year, and having their value drop to just half of the original after only four years.
On the other hand, depreciation is much slower in second-hand cars. This means that — in the long run — the car's value will not change or go down as drastically. Hence, if you wish to resell your car in the future, you will lose less money, as the price at which you sell it will be closer to the price at which you bought it. On the flip side, if you were to sell a brand new luxury car, your selling price will be a steep drop from your initial buying price. This means that you are able to get much better value for your money in the future if you choose to go for a second-hand car.
Certifications and warranties
Many car models offer Certified Pre-Owned (CPO) programs, meaning that even if you buy the car second-hand, you will still be covered by the original warranty. This means that any costs related to damages incurred while being covered can be paid for. Thus, you are able to obtain additional insurance for your car at no extra cost. Furthermore, you may opt for extended warranty options that will continue coverage even after the warranty expires, though you should do your research to find the best option for you.
Buying second-hand does not always mean settling for leftovers or yesterday's best. You have nothing to lose and everything to gain when buying a second-hand luxury car, so don't be afraid to grab this sweet deal to land the car of your dreams.