The idea of owning a luxury or classic car is very appealing. The prestige of such a status symbol speaks to the owner’s success and wealth. Opulent interiors that come with scented leather surfaces and high-tech gadgets and controls are enough to make anyone want such a fabulous machine. How good of an investment is a luxury car, though? All automobiles lose value the second they drive off the dealer’s lot, luxury or not. Buying a vintage, classic, or luxury car has inherent risks. Know what to consider when buying a luxury car before you take the plunge.
Check the Residual Value
Even when buying a new vehicle, check its residual value rating. Many luxury cars are leased, and the car’s value at the end of the lease tells anyone exactly what the car is worth. It is a good indicator of the quality and if you will have a hard time selling it when the time comes.
Check the Warranty
Manufacturers will have extended warranties on the powertrain and other aspects of the car for long periods of time. It is because of a perceived inadequacy in quality and durability, due to car problems in the past. This is good news: the dealer will fix any problems for free. It also means the manufacturers are aware of problems in past models and should have fixed it on the newer models.
Think About Your Reasons
Stop and think about why you want this expensive luxury car and what you want to show the world. Are you buying it because you love fine craftsmanship and engineering, or because you want to show off? Make sure you want this car, or you could be stuck driving a loud, flashy car you hate while waiting to unload it on the next guy.
Is This a Daily Driver?
If you plan on driving the car every day, to and from work or from event to event, make sure it can withstand that level of use. Many luxury cars come low to the ground, with two seats and next to no storage space. Having a Ferrari would be cool, but it’s not very practical for getting groceries. Get the right make and model if you plan on driving the car all the time.
How Will You Get It Home?
You might not want to drive a luxury car down the highway next to semis and fast-moving traffic. If you’re worried that it might get damaged, or if you want to keep the miles off it because it’s a show car, hire a carrier. There are nationwide car carrier services that will take your new car wherever you want. They use fully enclosed, temperature-controlled trailers and are responsible for anything that might happen in transit. It’s good for peace of mind.
Van Rundell is a writer and author who specializes in transportation, travel, guidance, health & fitness. With over 10 years of experience in the industry as a driver and an entrepreneur, he has seen it all. His tone is professional but friendly with a dash of humor thrown in for good measure. In past, he has been advising, educating and writing about transport for the public and professionals alike.
A qualified fitness instructor with over 5 years’ experience as a personal trainer and group fitness instructor, Van brings his deep knowledge of health and exercise science to his articles on health & fitness.
