A luxury car is not only a desirable vehicle that drives fast and looks good doing it, it speaks more about someone’s status. The elegant body, shiny paint, prestigious brands, custom interior, and high tech is undeniably appealing. Most people that have the opportunity to afford the nicer things in life go to buy a nice car as their first purchase. Lotus West would like to give you some advice and tips before you make this new and important investment. Here are some things to consider before purchasing a luxury car. Let’s start by asking ourselves two important questions: how much of an investment is a luxury car and how much is the cost of ownership?
Two Kinds to Consider
There are two kinds of luxury cars: new and pre-owned luxury cars. Here at Lotus West we offer both kinds for you liking. To be honest, once a new luxury car drives off the dealership lot, it already knocks off a couple thousand from its value. Most affluent car buyers also rarely own them long enough to see the long-term cost of having to maintain a luxury car either. A luxury car doesn’t typically show any signs of wear until after being driven 50,000 miles, and owners are long gone before reaching that point. After this, that is when the luxury car enters the second-hand market and it becomes harder to track.
Check the Value
So the first advice we would give you before purchasing a luxury car is checking the desired car’s residual value rating, which means the value it will have after being used and later wanting to sell. The residual value is a big hint on the vehicle’s quality and value. The residual value takes into consideration the car’s durability and reliability expectations.
Is there a Warranty
Another thing to always check is the luxury car’s warranty. Some manufacturers have a good warranty that extends for a long period of time; this can be looked as a good or bad thing. The cause for a long period warranty can indicate that the manufacturer has had real issues in the past with things like the car’s powertrain and such. The good thing is even if you run into these problems, it will be covered and you don’t have to worry about the cost for any repairs. Some manufacturers also offer free maintenance packages, so keep an eye out for those as well to keep frequent costs low.
On a more economical note is to consider how much you will be using the desired car and if you care about fuel economy. If you are wanting the luxury car as your main mode of transportation, we would advise to look at cars that are hybrids or full electronic to save on gas and also help prevent damage to our beloved Earth. There are luxury vehicles out there that use other technologies that maximize fuel use without diminishing the luxury car experience as well.
The best way to see the quality of the car is to see how the people who represent the brand treat you when you visit showrooms. They are the face of the company, and if they want to emulate the greatness of the cars they are representing they will treat you a certain way. The level of training also will indicate how serious the dealer and the manufacturer take customer loyalty.
Good luck on your research and we hope this blog helps you in your new ventures. Buying a luxury car is no small feat and it should be smart and calculated; hopefully this blog showed you a few things to consider before purchasing a luxury car. If you have any questions on luxury cars and need more information you can even come down to our Lotus West dealership to ask one of our professionals and even check out one of our cars.