For many of us, getting a new car is a symbol of a major life event: graduation from college, the birth of a child, or landing a new job. As exciting as these events may be, they also come with significant financial responsibilities. Buying a car is one of the most expensive lifestyle decisions a person can make, and it can be difficult to find a good quality vehicle that fits within your budget. Despite the luxury auto industry’s recent decline, buying a quality vehicle does not have to be out of reach.
The Luxury Car Market Is Still Attractive
While the overall luxury car market shrunk by about 10% in 2019, compared to the prior year, luxury car buyers took the hit harder than other car buyers. Overall, car buyers spent less money on vehicles, with the average car purchase price declining by 4.5% compared to 2018. This follows a trend of declining car purchases in the U.S., as buyers have shifted their focus to other areas of the economy, like housing and travel. However, even in the midst of the pandemic, the luxury car market is still attractive. According to the NPD group, an industry analytics firm, total retail value for the year was down by 10.7% compared to 2018 but are on track to recover by next year. This is largely thanks to increased luxury car sales in Europe, which were up by 20.4% in 2019.
As a luxury car buyer, there are several factors that you should consider before making a purchase. First, determine how much you are willing to spend. Second, research the model’s history and the safety and security related to the brand. Third, find out what other customers think about the model by reading online reviews. And last but not least, make sure that this is what you really want, because it’s impossible to find out until you buy the car. With careful consideration of these factors, you will be able to purchase a luxury car that will give you a good feeling once you drive it off the lot.
Choose A Brand That You Can Afford
One of the major downsides of purchasing a luxury car is the significant financial burden that comes with it. You’ll need to consider how much you are willing to spend on a monthly basis, as well as how much you want to spend on repairs and maintenance over the years. When you make the decision to purchase a luxury car, regardless of the model, you should do so in conjunction with a financial planner who can help you establish an affordable repayment strategy. At the end of the day, there is no rush to purchase a luxury car as long as you can afford it. In fact, there is good reason to consider postponing your purchase until your finances are in order.
Focus On The Vehicle’s History
When you make the decision to purchase a luxury car, or any car for that matter, its history should be one of the primary considerations. This is especially true if you are considering a model that is older than a few years since its production. Older models may have suffered through rust and decay issues that have been addressed through extensive, and sometimes expensive, repairs. Keep in mind that older models also tend to be less fuel-efficient than their newer counterparts, so you’ll be wasting more money on gas anyway.
If you can find out the car’s history, you will have an idea of how much it may cost to maintain over time. Many newer models are built with more durable materials than their earlier counterparts, so they tend to require less maintenance. Additionally, some manufacturers offer a full warranty on the car, providing you with enhanced peace of mind in the event of unforeseen accidents or mechanical failures.
Make Sure That You’re Not Confused
It’s important to make sure that you’re not being tricked by false advertising or overly inflated prices. Many luxury car manufacturers and dealerships will try to trick you into purchasing a luxury car by using inflated prices, dishonest advertising, or both. If you are being fooled, then it’s probably best to walk away. The last thing you want to do is buy a luxury car only to discover that it possesses all of the quirks and drawbacks that you were warned about in the sales presentation. The remedy for a potential buyer who gets tricked is a class action lawsuit filed by the attorneys at Bernstein Liebhard LLP, which handles car litigation cases for individual consumers.
Consider The Options
When you make the decision to purchase a luxury car, or any car for that matter, one of the first things that you’ll want to do is consult the car’s owner’s manual. This will give you an idea of the vehicle’s various options and features, as well as how to operate it safely and efficiently. When you’re shopping for a luxury car, or any car for that matter, it’s important to know how to operate and maintain it properly so that you can take pride in your investment and be sure that it will provide value for years to come.
Do Your Research
If you’re not familiar with cars or vehicle terms, then it can be tricky to choose the right model for your needs. While it may be tempting to buy the first luxury car that you come across, do your research first before purchasing any model. Learn as much as you can about the car brand and model before making a decision. Additionally, be sure to check out multiple reviews, both positive and negative, so that you have an idea of what other consumers think about the model. It’s also important to do research on the car’s history, especially if you’re purchasing a model that is more than a few years old. This can be an indication of widespread rust and decay issues that you might encounter.
The Bottom Line
Purchasing a luxury car is more than just buying a quality item that you’ll enjoy. It’s an investment in your future and the future of your family. Make sure that you’re getting a good value by meeting with the car’s dealer and getting a full vehicle history report before making a purchase. Additionally, make sure that you understand the car’s various quirks and drawbacks before making a commitment. In the end, quality matters, and so does the process, so be sure to get both before making a purchase. To locate a luxury car dealership near you, visit our website or download our convenient app today.