If you are considering one of the many luxury cars for your next vehicle purchase, there are some things you should know about these expensive automobiles. Although cars from such prestigious luxury car makers like Bentley, BMW and Mercedes Benz are among some of the best (and most expensive) vehicles on the road, you should take some time to think about the purchase before you head out and spend $50,000, $100,000 or even more on a luxury car. Here is a list of points for you to consider.
Because of the high price of luxury cars, there are some insurance companies that won’t insure them at all. However, even if you are able to find insurance for an exotic or expensive luxury car, the insurance premiums are sure to be much more than with commonplace types of cars or trucks. In fact, you should be prepared to spend $400, $500 or even more each month to obtain adequate car insurance for your luxury vehicle.
Expensive luxury cars usually have precisely tuned engines that require premium or high octane fuels in the gas tank. These fuels are usually much more expensive than standard grade unleaded fuels, and can add up to 20 to 30 percent to the cost of operating your luxury car on a day-to-day basis.
Whereas a simple oil change will usually only cost you about $20 or $30 for many types of common vehicles, the same type of regular maintenance may cost you several hundred dollars with an exotic luxury vehicle. This is because not all quick oil change or lube shops have the expertise or parts needed to perform basic preventive maintenance on expensive luxury cars. Therefore, you may be required to take your vehicle to a dealership or another high end garage for service. In most cases, you should be prepared to spend at least several hundred dollars a year (if not more) for oil changes, filter changes and other types of common maintenance.
If you purchase a used luxury car, or a luxury vehicle that is no longer covered under the manufacturer’s warranty, repairs can be quite expensive. Working on some types of luxury vehicles requires expertise and training that many mechanics simply don’t have. Generally speaking, the more expensive the luxury vehicle is, the more expensive repairs will be as well.
Although exotic luxury cars usually sell for a lot of money when they’re brand new, they don’t always bring the best price when it’s time to selling one. In fact, very expensive luxury cars tend to depreciate faster than other types of vehicles that often cost thousands of dollars less. So, if you need to sell your luxury car within a few years, prepare to lose a significant amount of your investment.
Not only do luxury cars lose their value rather quickly, they can be difficult for sale. Even if a $100,000 luxury car loses 20 or 30 percent of its value in the first year, it can still be extremely difficult to sell a used car for $70,000 or $80,000. So, unless you are prepared to sell the car at a deep discount, try to choose a luxury vehicle you will be pleased with for five years or more.