Pre-owned or a new luxury car: Which one would be better for you
Pre-owned or a new luxury car: Which one would be better for you
Posted on November 23, 2021
Luxury cars have been our dream vehicles since childhood. We've watched movies and TV shows with actors driving around in those cars and just enjoying every bit of their drive. Many of us grew up with car posters of these luxury vehicles taped to our room's walls. This dream might be expensive, but it would be worth it if you could afford it. Luxury cars offer much more than just a brand name. They are the pioneers in technological advancement, and you could enjoy comfort like no other. These cars have a much better resale value too. You could always look for a second-hand luxury car dealer and get a great resale value for the vehicle.
So, this question of whether you should buy a car or not still remains. Well, if you want it and can afford the luxury car, go for it. You won't regret buying your dream car, and it will indeed bring you more happiness. However, there are a couple of options you could still try if you want to save money. You can buy a second-hand luxury car and get the benefits of the brand and comfort. It'll be a much better option in terms of finances as you would be saving money too. Furthermore, there are easy financing options too that could facilitate the purchase. Let's look over whether you should buy a pre-owned or a new luxury vehicle:
What is your budget?
Your budget and savings are crucial determinants that would help answer this question. You should decide whether you're financially stable enough or not to take upon a depreciating asset. While you could opt for financing, in the end, you have to pay that loan off too. So, assess your finances and see if you're in a good position. If there are no pending financial obligations and you have a steady income, you should buy your dream vehicle. However, you should still have a budget for your purchase even if you have a steady income. Don't go overboard and plan your purchase so that it'll help your future financial goals too. So, if you have ample savings, go for any of the new or old luxury cars. If you want to save money and limit your budget, take up an old one.
Why are you buying it?
If you're buying the car for functionality, both old and new ones will serve you equally. However, a new vehicle would indeed offer a better experience and comfort, but you'll be spending a lot more on that. If you're buying it as an asset, cars aren't the best option because of the rapid depreciation. Once you drive the vehicle of the showroom, any new car would already be down by a lot of its initial value. While luxury cars would indeed fetch you more than a normal vehicle, it'll still be better to buy a second-hand luxury car. It's because you won't have to face the massive depreciation and could still get the brand value. There are several options out there where you can find slightly old cars with huge discounts.
Lastly, what do you want?
The end always comes down to what you want. Pre-owned luxury cars might take you a little more time in search and assessment. You may not find the model you're looking for in a budget. Also, you won't get as much warranty you would get on a new car. If these factors matter to you and you can afford a new car, go for it. However, if you want the vehicle to get that luxury feel and comfort, you could invest in a new one. It should help you fulfill your dream and drive around in that luxury vehicle.