Is Buying a Used Luxury Car a Good Idea?

There’s nothing that forces you to buy a brand new luxury car. There’s often pressure in the luxury car community to always buy the newest model, but there’s really no need to when you can find vehicles with ridiculously low mileage that look just as new on the market. However, buying a used luxury vehicle does come with a few drawbacks, and it’s wise to be aware of them before you consider the option. You also have to be well prepared when shopping so you can avoid unpleasant surprises. So, is buying a used luxury car a good idea?

Luxury Vehicles Maintain their Value Much Better

One of the things that makes buying a used luxury vehicle much better than a non-luxury one is that they don’t depreciate anywhere as much. This is great news since you’ll still be able to get a solid return if you decide to sell your vehicle later on. What this also means, however, is that you shouldn’t expect to get as much of a discount on your used luxury car when compared to a regular vehicle, though the savings are still significant.

It Depends on Which Dealership You Work with

You also have to make sure that you work with the right dealership. There’s also the possibility that you’ll have to go out of your direct locality to find great deals. You’ll find a larger selection of Ferraris in places like SoCal than in most areas in the country, for instance, and most dealerships there will offer qualified service as well. So, know that you might have to do some traveling before finding the model you’re looking for.

Another thing you’ll have to consider is if the dealer in question is an official one. Certified dealers like Ferrari of Rancho village will have CPO cars in their SoCal used Ferrari inventory, and they’re the only type of dealers who can sell certified pre-owned vehicles, which are your best bet if you’re buying in the pre-owned market. As a matter of fact, buying a used luxury car is usually a bad idea if it’s not from a certified dealer, so pay very special attention to this.

You’ll Have a Shorter Warranty

Warranties are very important for luxury vehicles, so know that you’ll have a few years left on your car. What this means is that you may need to have an exit strategy before the warranty ends in order to make sure you’ll be able to get a good return. Driving a luxury vehicle without a warranty is a risk and one that could end up costing you much more than the initial savings you made.

You’ll Get More Car with a Luxury Vehicle

At the end of the day, you’ll get a much more premium vehicle if you decide to buy a used luxury car over a brand new non-luxury vehicle. They’re much more performant, and let’s be perfectly honest, driving in a used supercar will always look and feel better than riding in the latest Accord.

Conclusion

So, now that you know a bit more about what makes used luxury cars a good deal, make sure that you weigh the pros and cons of each option. Take your time, and make sure that you make an informed decision before you make a purchase.

Kenneth

Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].