Buying Blues
When it comes to luxury purchases, it’s all too easy to get excited, overwhelmed, and make the wrong choice. With some of the price tags on these vehicles, a wrong choice can haunt you for years to come. To ensure you avoid common pitfalls, here are 20 tips every luxury car buyer should know.
Photo by Antoni Shkraba on Pexels
1. Plan Ahead
Before making the purchase, start with a bit of research. Watch a few videos, read articles, and compare brands. Figure out which dealerships you want to visit and try to make a day or two of it. Don’t expect to make any purchases on the first visit, either.
Glenn Carstens-Peters on Unsplash
2. Set a Budget
While luxury is in the name, it’s important to be mindful of how much you can comfortably afford. Set a budget and stick to it, no matter what the salesmen try to sell you. You’ll be glad for it down the line.
Photo By: Kaboompics.com on Pexels
3. Check Reviews
Be sure to extensively research the specific car you want to get. This means reading reviews and watching videos where people discuss the pros and cons of the car. If you have multiple cars in mind, reviews can help you narrow down the list.
4. Account for Maintenance
Expensive cars are often accompanied by expensive maintenance costs. If a vehicle has a particularly high level of performance and quality, be sure to put aside enough money to take care of all those pricey pieces.
5. Test Drive
A test drive is non-negotiable when it comes to purchasing luxury cars. Since the price point is so high, you can’t afford to buy the car without making sure everything is up to par. How does the driving feel? What about the car seat itself? These are things worth trying out.
6. Think Long Term
A luxury car should never be an impulse buy! In fact, when you’re doing your research, think of the car as a long-term investment. How will it serve you after you’ve had a kid or two? If you plan on moving in the next few years, how will you bring the car over?
7. Consider Depreciation
Like all cars, luxury vehicles depreciate in value. In reality, they depreciate faster than regular cars, making them a strenuous purchase. Be sure to check the resale value of the models you’re considering before making the leap.
8. Avoid Unnecessary Upgrades
When you’re on the sales floor, most vendors will be offering you all sorts of upgrades. This is why it’s important to do your research ahead of time, so you can get what you need without sinking money into unnecessary customizations.
9. Vet the Dealership
Just like you would research the car, it’s also important to research the dealership. You want to ensure you are working with trustworthy and reliable people, which is why taking a look at their Google reviews is good practice.
10. Consider Fuel Costs
Whether you’re buying a gas-guzzler or an electric vehicle, there are fuel costs that need to be taken into account. Will you be able to comfortably afford the amount of gas or electricity your car will need on a regular basis?
11. Leasing vs. Buying
There’s nothing wrong with leasing a car, especially if you feel uncomfortable with making a big purchase outright. Compare leasing policies to buying prices to see what makes the most sense for your circumstances.
12. Inspections
Just like you would inspect a house before purchase, it’s important to also inspect your vehicle. Many people skip this step to save on costs, but at luxury price points, this is an inspection you can’t afford to miss.
13. Vet the Brand
Similar to dealership and vehicle research, it’s important to understand the brand you’re buying from. What is their reputation like? Do they often release reliable cars? This will help you make the right choice when narrowing down the list.
14. Beware Pricey Add-Ons
If you really want those leather-studded chair covers, then go all out. But just be mindful of where your money is going. Don’t let anyone talk you into anything you don’t actually want.
15. Don’t Rush
There’s no rush when it comes to buying a luxury car. If someone is pressuring you to make the purchase, then you’re probably dealing with some bad apples. Take your time and consider all the options; your wallet will thank you for it.
16. Understand the Tech
Lots of luxury cars come with the latest tech around, such as motion detectors, self-driving features, and internet connectivity. While this is all pretty cool, it’s important to be educated on the features you’re getting access to.
Patrick Langwallner on Unsplash
17. Read the Warranty
Most vehicles come with comprehensive warranties, and the documentation can get pretty extensive for luxury cars. Be sure to take the time to read through these warranties, as they provide important information on limitations and coverage.
18. Compare Multiple Models
Even if you have your heart set on a certain model, it won’t hurt to do a little comparison. It might surprise you to learn that a different model has better features or that it comes with tailored customizations you badly need.
19. Don’t Overcommit
Nothing is set in stone until you sign the papers and swipe the card. Until then, feel free to back out whenever you want. There’s nothing wrong with wanting to sleep on the decision or check other options before committing. It’s just good financial sense.
20. Trust Your Instincts
At the end of the day, the only person you need to please is yourself. If you’re in a place where buying a luxury car is a viable option, then be sure to enjoy it. Get excited about the process, and when in doubt, trust your instincts.
