Everybody loves the idea of a swanky luxury car handsomely parked in their garage.
A lot of us dream of owning a Rolls Royce, Porsche, Mercedes, Jaguar, BMW, Audi, Mini Cooper and whatnot. Owning a luxury vehicle of our dream is not something many of us can afford. But if you turn your attention to the used car market; however, you could get a used luxury vehicle for the price of a brand-new top-end mid-segment car.
Depreciation can be a beautiful thing — especially if you’re excited by the idea of affordable access to a world-class luxury ride.
Why you should consider a used or pre-owned luxury car in India?
Higher Quality: Traditionally all luxury cars come packed with more premium components and best-in-class features for their time. Even a four-year-old luxury car can take you beyond the realm of comfort and convenience offered by a top-end mid-segment car.
Better Performance: A used luxury car will be equipped with a potent engine that offers a better overall driving experience than a regular car at the same price point. It also comes equipped with some of the advanced safety equipment.
Stable Value Depreciation: The average value of a new car falls by 10% in the first month after purchase and drop by nearly 20% within the first year, and most cars can lose up to 50% of their value after five years. Luxury cars generally cost higher, and the amount lost to depreciation is considerable. The first owner of the car would have already taken a depreciation hit and the value of the car won’t continue to drop faster. Therefore, you can drive a high-quality vehicle for a lesser price and without the worry of a rapid decline in its value.
Reliability: Luxury cars are not just status symbols; they are highly reliable and well-built cars as well. Under ideal usage conditions, a luxury car would cross the 1 lakh km mark with a smile whereas a normal car would undergo some serious wear and tear.
Better Condition: When buying a used luxury car, you can be fairly confident that its previous owner took good care of it. It is highly unlikely for people to spend huge amounts of money on luxury cars and maintain them poorly. In the odd case of poor maintenance, it is easy to track the vehicle’s service history.
Why you should think twice before buying a used luxury car in India?
Luxury cars are built with quality and comfort in mind. Although that’s part of their USP, it comes at a price. The components are long-lasting than those of mass-produced regular cars, but the cost of repairs or replacement is significantly higher when the components finally breakdown.
A premium car has a premium appetite. Fuel efficiency is rarely the top priority when it comes to luxury cars, they attract their customers with plush interiors, indulging driver experience, powerful engines, heavier frames, and head-turning designs. If you opt for a luxury car; preowned or not, you need to be ready for a fuel guzzler.
If you decide to go with a used luxury car, you should know that the previous owner would have partially or fully availed the warranty period. It might be necessary for you to avail an extended warranty to gain more coverage, but an extended warranty might punch a hole in your pocket.
If You Get a Good Deal (To Get a Good Deal)
Purchasing a luxury car is at most times an emotional decision and it is not always a financially prudent decision. However, if while buying a used luxury car might have many ownership costs to consider, it is definitely worth every penny if you make the right purchase, which leads us to our next question.
Where do we purchase a used/preowned luxury car in India?
You could look for your dream car at certified used-car dealerships that are specific to the brand you have in mind.
The next option would be to try used-car platforms such as CARS24. You can buy your dream car directly from the seller or a certified-car hub. CARS24 allows you to make an informed buying decision as every detail such as make, model, mileage, fuel type, ownership, service history, car’s condition, a detailed inspection report, and an expert verdict are available on their website. You can also make use of their post-purchase services such as RC transfer assistance, and extended warranty.
Just weigh your options, research, verify, cross-check, and make an informed choice before buying any used luxury car.
Let us know which luxury car is your dream car and will you buy a used/preowned one in the comment section.