As a result of improved vehicle technology and materials, used car buying has become increasingly popular in the past several years. This is especially the case in the used luxury car market. Luxury cars hold their value in terms of performance and styling even more today than they ever have in the past. Here we'll take a look at some things to consider when buying a luxury car.
Value:
Some people have the perception that buying a used car just means buying someone else's troubles. While this might be true in some cases, it's certainly not the norm of the 40 million used cars purchased every year. The majority of used luxury cars available are lease returns and those who simply enjoy buying a new luxury car every few years.
While used luxury cars retain their value much more than standard vehicles, a several-year-old used luxury vehicle can sell for 30% - 60% less than it did new. Buyers of new cars pay a steep premium just to enjoy first ownership but the moment the car is driven off the lot and becomes a "used car," the value decreases. In two years, the owner of that same vehicle will in essence be driving a used car but still making the payments of a new vehicle.
Buying a used luxury car also allows you to get more options for less money. For the same price as a new stripped down model, you can buy a used luxury vehicle with accessories like built in TV's, surround sound stereo, or a GPS system.
Less Risk:
When a new vehicle enters the market, it hasn't undergone real consumer road testing. Oftentimes, it isn't until many people are using the car daily that an assembly line mechanical problem surfaces or drivers realize an irritation like that the trunk space not adequate for an average family's needs. By researching used luxury vehicles online you can uncover a wealth of performance reviews and real-world commentary from everyday drivers.
In addition to performance reviews, crash statistics for a used luxury vehicle are better understood than that of a new vehicle. Before a new vehicle is released, it has normally only undergone a series of controlled crash tests. It isn't until 1-3 years after a vehicle is released that there is enough information available to discern how a vehicle will perform in a real world crash.
To minimize the risks of buying a used luxury vehicle, obtain a Car Fax report. Car Fax runs a query on the title of the vehicle, compiling any information about reported accidents, thefts, vandalisms, etc. Most dealerships will offer a Car Fax report at no charge.
Warranty:
Because cars have improved so much in recent years, used car warranties can rival that of a new car warranty depending on the warranty company. Used luxury car warranties can cover up to 3 years and 45,000 miles. Depending on the year of the used luxury vehicle purchased, this can extend longer than the original warranty.
Be sure to check the standard warranty of the car dealership selling the car. Some offer a warranty of just a few days, most give a 30 day standard warranty, but some offer a 90 day standard warranty. Consider the length of the standard warranty a testament to the amount of belief the seller has in the quality of the cars being sold on its lot. Those that have a rigorous selection process often have a longer and more inclusive standard warranty.
Buying a used luxury vehicle is a wise choice for many car owners. There are many people who only choose to purchase used luxury cars because it's such a smart decision overall. With the advanced search capabilities of today's internet, finding a used luxury car that matches your lifestyle and personality can be fast and enjoyable.
