3 Things to Consider Before You Buy a Used Luxury Vehicle

man opening a car door
Photo by Pavel Danilyuk

If you want to drive a luxury vehicle for less, one of the best things you can do is to get it used. Buying a used luxury car can be very tricky, however, especially when you don’t know who you’re buying it from. 

Breakdowns are much more expensive on luxury vehicles and buying an older car increases the chances that you’ll have to deal with a major mechanical issue at some point. This is why you need to take your time and vet any buyer thoroughly before you buy a used luxury car for them. Let’s take a look at some of the things to consider before buying a used luxury vehicle.

Dealership or Independent Seller?

People are often torn between buying a car from a dealer or getting it from an independent seller. But, in most cases, it’s usually better to go with a dealership. 

You never really know what you’re getting with an independent seller and doing things like test-driving and having the car inspected will usually be tougher. The only time to go with an independent seller is if you actually know the person or if the vehicle is extremely rare and you can’t find it anywhere else. 

It would be a better idea to go with dealers that specialize in used exotic sports cars like the European Exotic Center. Dealerships usually inspect the vehicles in their inventory and will try to keep them in good running condition. Most dealerships will also offer to service the vehicle at a discount, which is always nice.

The Depreciation Curve

Depreciation can be your best friend or your worst enemy when buying a luxury car. Luxury cars tend to depreciate much faster than other vehicles, and some brands depreciate faster than others. The goal is to get the car right when it hits the depreciation sweet spot. 

Ideally, you should wait until the car is at least three years old before you buy it. By this time, it will have taken much of the depreciative hit but will still be under warranty. 

If you want to make massive savings, however, then look for a car that is older than five years old. The only issue here is that you may end up paying more on maintenance over the long run and the car will probably be outdated in many areas. It’s up to you to tell what makes the most sense for you financially, now and in the long term.

The Vehicle’s and Car Maker Reputation

Know the history of the brand and the model in question. Some companies have horrible track records for reliability and service. This is something to check before you invest in an expensive car. 

Brands and models that were once highly respected can become obsolete overnight, so don’t buy a car just because you think it’s cool and you always wanted it and see if it will still have some value when you’re done with it.

Buying a used luxury vehicle could be a great decision if you want something that will feel and look great without breaking the bank. It’s still a risky choice, however, so take your time and fully exercise your power as a buyer.

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