If you always wanted to have that luxury car of your dreams, but were a few dollars short, or wanted to avoid that god-awful depreciation, then buying used is always an option. In some cases, you can get a virtually new vehicle for a fraction of the price that you would normally have to pay. However, just like when buying any used vehicle, there are some things you’ll have to be on the lookout for. And there are some cases when buying a used luxury vehicle is not always the best option. Here are some of the pros and cons of buying a luxury vehicle.
Pro: Less Depreciation
This is probably the biggest advantage of buying used. As you may already know, a vehicle will lose a good portion of its value the minute it leaves the lot, and even more over the first 3 years of ownership. But if you buy a vehicle after that period, you start getting into the sweet spot. It’s even better when the vehicle hasn’t changed much over the years. You’ll get practically the same esthetic and features for much less. This is a good option if you don’t mind being the second or third person to own the car.
Con: Maintenance Issues
The biggest issue with buying a used luxury car is maintenance. You never know what the car has been through and how well it was maintained. Some people just don’t care about their vehicle, even luxury ones, and unless you have a clear history on the vehicle, it’s pretty much crapshoot.
That’s why when buying used luxury cars, going with a dealer is a much better option. You’ll usually get a much clearer history of the vehicle and how it was serviced. This will reduce the chances that you’ll have to make some major unexpected repairs.
Any car you buy will require maintenance, but with luxury cars, everything is a bit more complicated. Parts might be scarce, some mechanics may not know what to do with them, and even minor things can cost you a lot. So, when picking a vehicle, you need to not only make sure that it is in good condition but that the model has a good reputation as well.
Pro: They’re Just Better Vehicles
If you had the chance of buying a brand-new Camry or a 2-year-old BMW for the same price, we don’t see why anybody would choose the former. We’re not saying Camrys aren’t fine cars, but luxury cars are just that much better. They have better components, offer better performance, are safer, not only in terms of equipment, but handling, and are just more fun to drive. Certain models also keep their value for much longer.
All in all, buying a used luxury vehicle can be a great investment and a way to get much more car for your money. Before you buy one, make sure that you know exactly what you’re getting into, and more importantly, buy from a reputable source.