You’re probably asking yourself: “Should I buy a luxury car?”
The debate over whether a luxury car is worth the investment continues to captivate enthusiasts and casual drivers alike. With countless of options available, ranging from sleek sedans to powerful SUVs, the allure of owning a luxury car is undeniable. But is the price tag justified? Is a luxury car worth it? This article will go over reasons to get a luxury car, the considerations when choosing between new and used, and the reasons one might think twice before joining the ranks of luxury car owners (aka, why to not get a luxury car).
Reasons to Buy a Luxury Car
There are several reasons for why you should buy a luxury car:
Craftmanship and Quality
Luxury cars are often celebrated for their meticulous craftsmanship and attention to detail. From the sumptuous leather interiors to the precision of every component, these vehicles represent the pinnacle of engineering excellence. Porsche, Audi and BMW are three brands that have mastered craftsmanship and quality.
The latest technological innovations frequently debut in luxury cars before becoming standard in mass-market vehicles. Advanced safety features, state-of-the-art infotainment systems and autonomous driving capabilities are often pioneered in the luxury segment, providing a glimpse into the future of automotive technology. Audi is an excellent example of a luxury car brand that has been consistently praised for their innovative Audi technology and safety features, making them great luxury family cars.
Performance and Luxury Driving Experience
Luxury cars are designed with performance in mind. Whether it’s the exhilarating acceleration of the 2022 Porsche Taycan, the smooth handling of the 2020 Audi S3 or the refined suspension systems in the 2022 Audi Q5, these vehicles often offer a driving experience that goes beyond mere transportation. The blend of power and comfort is a significant draw for those who relish the joy of driving.
Status and Prestige
For business folks aiming to make a strong impression, having a luxury car isn’t just about getting around. A luxury car signals that you’re financially stable, have good taste and care about quality. This can be a smart move for gaining trust and loyalty in the business world. The image you project with a luxury car can go a long way in showing that you mean business and are committed to excellence, which can pay off in building solid professional relationships.
Why Buy a Luxury Used Car?
Depreciation of Luxury Cars
Depreciation plays an important role in the decision-making process when it comes to investing in a luxury car. New vehicles, regardless of their brand or model, experience a substantial drop in value during the initial years of ownership. This depreciation can be attributed to factors such as rapid advancements in automotive technology, frequent model updates and the inevitable wear and tear that occurs as a car is driven. By opting for a used luxury car, buyers can mitigate the impact of this depreciation, making it a financially savvy choice.
When purchasing a used luxury vehicle, buyers benefit from significant cost savings while still enjoying the high-end features and performance associated with these prestigious brands. The initial owner absorbs the brunt of the depreciation, allowing subsequent buyers to acquire the car at a more affordable price point. Most used luxury cars are also meticulously maintained, with low mileage, making them a compelling option for those seeking a premium driving experience without the hefty price tag typically associated with brand-new luxury vehicles.
Certified Pre-Owned Programs
Many luxury car manufacturers offer certified pre-owned programs that provide additional peace of mind to buyers. These programs often include careful inspections, extended warranties and other perks, ensuring that the used luxury car meets the manufacturer’s standards for quality and reliability. BMW and Lexus are two brands that have certified pre-owned programs.
Value for Money
Opting for a used luxury car allows you to get more features and a higher trim level than you might afford with a new car budget. You can enjoy the benefits of luxury without the hefty price tag associated with brand-new models. For instance, consider a scenario where someone with a budget originally aimed at a base model luxury car, like an Audi A3, could instead opt for a certified pre-owned Audi A6. The A6, being a higher-tier model, comes with a more extensive list of premium features and enhanced performance. By choosing used, you’re essentially getting a better car for cheaper.
Classic and Timeless Designs
Luxury cars often boast timeless designs that transcend fleeting automotive trends. Buying a used luxury car can be a way to acquire a classic model that still turns heads and exudes style, even years after its initial release.
Why Not to Buy a Luxury Car?
High Maintenance Costs
Luxury cars often come with higher maintenance costs. The specialised parts and advanced technology can lead to more expensive repairs. Before diving into ownership, it’s crucial to consider the long-term financial commitment associated with maintaining a luxury vehicle. Have a look at the cheapest luxury cars to maintain if you want a luxury car that is more cost-effective to run – Audi Q5 maintenance isn’t too costly and time consuming, and is one of our recommendations!
Related: Is the Audi Q5 Worth Buying?
Rapid Depreciation for New Cars
While buying a used luxury car can mitigate depreciation concerns, purchasing a brand-new luxury vehicle can result in rapid value loss in the initial years. This financial hit can be substantial and is a crucial factor to consider when evaluating the overall cost of ownership.
More Limited in Terms of Adventurous Use
Luxury cars (like the Audi Q5) are celebrated for their high-end features and on-road performance. However, it’s important to recognise their limitations, especially when it comes to more adventurous use.
The emphasis on luxury and comfort on paved surfaces sometimes means it’s less rugged for off-road driving. It’s essential for buyers to align the vehicle’s intended use with its capabilities, including a closer look at the Audi Q5 off-road potential. Being aware of these limitations ensures that the chosen luxury car, such as the 2018 Audi Q5, meets specific driving needs and preferences. To make an informed decision, buyers should carefully consider both the strengths and limitations of the luxury car in terms of adventurous use.
Fuel Efficiency Concerns of Luxury Cars
Some luxury vehicles prioritise performance over fuel efficiency. If environmental considerations or fuel costs are significant factors in your decision-making process, it’s essential to carefully evaluate the fuel economy of the specific luxury model you’re considering. If being kind to the environment is a priority for you, a Tesla or one of Audi’s electric cars might be a good choice for you.
Luxury Car Insurance Costs
Luxury cars often come with higher insurance premiums. The replacement cost of parts and the perceived risk of theft or damage can contribute to elevated insurance expenses. Factor in these ongoing costs when assessing the overall affordability of a luxury vehicle.
Keep your luxury car safe from things like bird droppings, sun, rain and hail by getting a good-quality car cover. It might cost you around $100 to $300, but trust me, it’s a worthwhile investment. This cover will make sure your luxury ride stays looking sharp for years to come and will save you from dealing with insurance claims for those small, avoidable damages.
We recommend these good-quality car covers which have multiple layers of high-quality Polypropylene stitched to a soft fleece lining and microporous film. They come with free shipping, lifetime warranty and are completely waterproof while also breathable!
Simply search for your specific car model here and keep your luxury asset looking fabulous for years to come.
Is a Luxury Car Worth It?
The answer to whether a luxury car is worth it ultimately depends on your preferences, priorities and financial position. If you value premium craftsmanship, cutting-edge technology and a driving experience that transcends the ordinary, a luxury car may be a worthwhile investment. While a new luxury car offers the latest features and the satisfaction of being the first owner, a used luxury car can provide a more cost-effective entry into the world of premium vehicles.
If I was a business person regularly meeting up with high-end clients, and someone who wanted to convey financial stability and professionalism, then yes, I would almost certainly invest in a luxury car. If I was just someone who wanted a nice and reliable car that delivered a luxury driving experience, then I would also consider buying a luxury car.
But whether you decide to go with a new or used luxury car, or choose to not purchase a luxury car at all is your personal choice. If you’re not sure that a certain premium car is the one for you, consider renting a luxury car for the day so you can try it out.