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Why to Consider a Used Luxury Car
August 2018

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Why to Consider a Used Luxury Car
Six reasons to bring home a pre-owned, new-to-you luxury model

If you’re daydreaming about driving an affluent, stylish vehicle, but prefer more affordable transportation, consider buying a used luxury vehicle. Here are just some of the advantages of pursuing this affordable yet rewarding route.

Enjoy luxury features for a lower price

There are reasons that buyers opt for luxury vehicles over economy ones: quality engineering, features and conveniences provide a reliable, elegant ride. By opting for a used luxury vehicle, you can usually get a great bargain. That’s because cars depreciate quickly — as soon as they leave the dealership lot. This is especially true of luxury vehicle models, which lose more value during the first five-to-six years than an economy vehicle during the same period, as contributor Alan Henry confirms. If a dealership is selling a used luxury vehicle, it will likely be eager to get the car off the lot, which works in the buyer’s favor.

Less depreciation during ownership

As mentioned earlier, luxury vehicles experience the brunt of depreciation during their early years. When you obtain a used luxury model, you’ll see a slower depreciation rate for the time you own the vehicle, as contributor Lyndon Bell points out. Not only will this maximize your investment at the time of purchase, but you’ll be able to sell it down the road at a price point not too far off from what you payed for it.

Advanced safety features

Luxury vehicles often possess the safety technology and amenities. For example, according to Bell, today’s standard backup cameras, keyless entry systems and driver assist features — such as rear cross traffic alert and blind spot monitors — were first available on luxury vehicles before economy vehicles. So, by purchasing a pre-owned luxury vehicle, you’ll likely get more advanced safety features than you would on a similar model year of an economy model.

Progressive comfort and convenience features

Besides advanced safety tools, luxury models tend to have avant-garde convenience and comfort features. For example, automatic climate control, GPS navigation, self-dimming headlights and Bluetooth debuted on luxury vehicles before they became available on economy vehicles. Bell points out that a used luxury vehicle will often come outfitted with cutting-edge amenities that will still be desirable during the time of ownership.

The assurances of CPO

If you buy a used luxury model through an authorized dealer, you can take advantage of the certified pre-owned program it offers, as the Toronto Auto Brokers team recommends. CPO vehicles have been vetted through the manufacturer’s thorough inspection process to help reduce the possibility that the manufacturer would have to pay for major repairs or recalls down the road. Buying CPO will provide you with peace of mind, since this certification lowers the used luxury vehicle’s risk of having serious problems later on.

If you need a vehicle to suit your lifestyle

Maybe you work a high-profile job that is client-facing, and you need an affluent, stylish vehicle to transport customers and business contacts. Perhaps you prefer a vehicle loaded with the latest safety defenses and infotainment technology. Whatever the case, a used luxury vehicle might be a wise investment if an economy vehicle lacks the features and conveniences that match your refined preferences. 

By purchasing a used luxury vehicle, you can enjoy the top-notch features and head-turning cosmetics that you desire without breaking the bank.

Published by First Liberty Bank
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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.
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