Is buying a pre-owned luxury car good option? Read to find out.
Is buying a pre-owned luxury car good option? Read to find out.
Posted on January 18, 2022
Who doesn't love the fresh feeling of driving a brand new luxury car with top-notch features and high gear technology? Well, the lavish interiors, better performance capabilities, and all the latest safety and technology aspects make a car luxurious.
It is indeed a great pleasure to buy a brand new car, but practically speaking, not everyone can purchase it due to high-end costs and maintenance. Buying an extravagant car will always feel great than going in for a second-hand one, but it will undoubtedly make more financial sense to buy a used or pre-owned vehicle. Even though you will not have the new car coming from the showroom directly with zero cracks and coverings on the seats, it will still be a fancy car with low costs.
Apart from the extra savings, one also benefits when one buys a used car in many other ways. Some of the few benefits of purchasing a second-hand vehicle are listed below. Read till the end to decide whether you should invest in it or not.
Affordable Prices
The most common fact of buying a previously owned car is the lower price. Most of these vehicles are half or nearly half of the price of the fresh model. But the cost really depends upon the brand and the model you are interested in. Moreover, the cost also depends upon the current condition of the car. Suppose you have always dreamt and fantasized about owning an affluent car but cannot because of budget issues. In that case, you can easily enjoy the pleasure of driving a luxury car by buying a second-hand model.
Always make sure to check whether the car is certified or not. Purchasing the vehicle from a trusted used cars dealer is very important as they will sell you only those cars that are in good condition and do not have any dents or hidden deformities and damages.
Low Deflation Rates
A newly acquired vehicle depreciates at a much high rate than an old used. Cars lose some value regularly with each passing month and mile, whether they are regular cars, sports cars, or fancy cars. But the highest loss in weight occurs in the first year, close to 40%. You do not have to face such massive depreciation when buying an old car. Moreover, there is much less mental depreciation since you do not have to care about the paint's rock chip or the parking lot ding.
Lower Insurance Rates
Like a financing, the insurance rates are also affected by the car's age. But in the case of second-hand vehicles, the insurance rates tend to be low cost. Those like you, who do a little bit of pre-purchase study, get saved from the sudden insurance sticker shock, irrespective of which car or vehicle they choose. Deluxe cars are more prone to damage, so they require insurance suddenly after the purchase.
Minimum Sales Tax
Most ads for sports and lavish cars usually gloss over the tax issue. Many state laws levy taxes on new vehicles, but no tax is levied on used cars, whether they are ordinary or luxury. Through this, the buyers of old cars can save on a lot of money, especially with minimum or no sales tax.
Modest Condition of Cars
Earlier in time, used cars meant shabby, worn-out exteriors and interiors and scratch all over. The users in today's age do not have to sacrifice reliability and overall condition to strike a good deal on a used car. Renowned dealers will always sell certified pre-owned vehicles with a manufacturer's warranty with higher detailing, appearance, and mechanical standards.
So, if you are still thinking to buy a new luxury car, do give it a proper thought about spending your hard-earned money on a pre-owned vehicle, as it is far more beneficial than you would have thought. Still, if investing in a first-hand luxurious car is what you want, then it's your personal choice, and that is good too, but only if you have sufficient funds.