Getting a luxury car, whether it is your first or your seventh, is sure to get your heart racing at that pleasurable speed. In fact, just thinking of that sophisticated car smell can make your daydreams that much more enjoyable.
But before immersing yourself in the image of your luxurious new ride cruising down the Cote’ D’Azur, there are a couple of questions you’ll want to get out of the way first.
Here are the six things you should consider before signing that paperwork.
1. How Do You Expect to Use the Car?
You might know a person or two who bought a flashy convertible only to soon realize they can’t use it nearly as much as they’d hoped. Much like buying an absolutely glamorous but painfully uncomfortable pair of shoes, getting a luxury vehicle can also turn into bitter disappointment if you let the sheer luxury (mis)guide your purchase.
For example, if you’re hoping to cruise along the coast with friends or family in your new luxury ride, you want something comfortable and big enough to fit more than two people plus all their luggage. If you want to use the car every day in an urban area, on the other hand, consider the availability of safe parking, the kind of driving you’ll be doing, and other factors. Every luxury car has its appeal, but not all will have the specific features you truly need. So, take your time at the showrooms and do plenty of research.
2. What Is the Car’s Residual Value?
Even if you’re ready to pay cash for your new car and the price is not an issue, you’re still advised to check out the residual value before making a purchase.
Luxury cars are more often leased than bought, so knowing the actual value before buying makes all the difference. Essentially, the residual value of that sleek ride will reflect its durability and reliability. It will give you insight into what you can expect, at least in the near future.
Always go for models with a higher residual value, as they are likely to last you longer.
3. Leasing or Buying?
While we’re on the subject, you want to consider whether you would like to lease or finance your new ride.
Owning the car outright may seem like the better option, as you’ll have a valuable possession and you can then handle it in any way you see fit. However, if you plan on switching cars soon, you might still want to consider a lease. That’s especially the better option if you are in the habit of lusting after the latest luxury models.
4. Is There a Maintenance Package?
Some manufacturers, like BMW and Jaguar, will also offer a maintenance package. This just means that you will be able to get the car checked and tuned up whenever you need it.
This can come in especially handy if you’re running a fleet and want to ensure all of your vehicles are in top shape and that they’ve been checked by the proper hands. Plus, there’s the obvious fact that maintaining a luxury car is very expensive – so if a manufacturer is offering a maintenance package, it’s a sign they’re confident in its durability.
5. Can You Get Parts and Find a Mechanic?
Some of the more exotic models can turn out to be quite a drag because it’s harder to find parts and a mechanic who actually knows their way around the intricacies packed under the hood.
Before making your purchase, make sure you talk to the manufacturer or dealer in your area. Discuss any future repairs and determine how long you may need to wait for the right parts to be imported and installed.
6. How Flashy Is It?
Luxury cars attract a lot of attention – but you already knew that. Make sure that the model and color you choose fit in with your lifestyle. You might also want to ensure you’re still able to get around without attracting a bit of a crowd if that is not your explicit goal.
Depending on how recognizable you are and would like to be, something in black or silver might serve you better than a bright model that locals will soon start to associate with you.
Investing in a luxury car is like investing a large amount of money anywhere else. You need to give it due consideration. Ultimately, you want to be aware of the damage an impulse purchase in a showroom can have on your budget and lifestyle.