Many luxury cars depreciate significantly below resale price after a few years, totalling just a fraction of the cost. If you play your cards right, you can find yourself a well-suited, functional, top of the line sedan at a more affordable price.
Whether you’re keen on buying a Mercedes, a BMW, or any other posh vehicle, you’ll gain some valuable takeaways from pushing through with your second-hand purchase.
Hold onto your seatbelts; here are 5 tips for buying used luxury cars.
The technology found in luxury cars isn’t always alike to the ones found in your average sedan. They’re high-priced machinery, after all. The controllers, sensors, modules, and other gadgets that keep things moving should be thoroughly tested and checked to determine if the car still performs up to speed. If you aren’t the most proficient when it comes to the upkeep of vehicles, you can hire a trustworthy mechanic to run through the necessary tests. The diagnostic scan may be an added cost, but it’s a good price to pay to make sure that the car isn’t riddled with defects that may cost you more after increases in mileage.
Ask yourself this: if you buy a used luxury car right this moment, would you have enough purchasing power to handle the expenses in the succeeding periods?
If not, you should reconsider buying it until you’re in a more financially stable position. Why? Because cars are never a one-time expenditure and used luxury cars are no different. So while buying a used car may save you a tonne of money upfront, the costs may come piling up stronger in the following months or years if you’re not watchful. The money you’d end up saving might match the price of a new luxury car in just a few short years.
Even more, the replacement parts for any faulty or well-worn piece of machinery of the luxury car are more often than not unique to it. Needless to say, these parts won’t come cheap nor easy to find.
That luxury car might have undergone some modifications to suit the whims of the last owner. If purchasing a second-hand car, especially from an auction site like Grays, it can be important to check.
If a car has undergone extensive modifications, it could exacerbate or conceal problem areas that may otherwise not have been noticed. Even if there aren’t any visible problems like scratches or dents in the car body, parts found deeper within the car like the engine could have some temporary band-aid fixes due to wear and tear. Examples like oversized wheels and engine power enhancements may cause some future problems.
Do your research. Ask the owner if he or she has made any replacements or modifications to the car before buying. Try to get a good grasp of these modifications to know if their presence does more harm than good for your car — and base your purchasing decision off of that.
The air suspension’s need is to provide a smooth and consistent ride quality, as well as amp up your car’s overall performance. However, not only do they add to the cost of the car, but they also have the propensity to leak after a few years. This would lead to inevitable failure and a much heftier repair price tag. If you’re keen on purchasing a used car, try to avoid those with air suspensions and instead consider adding extended warranty coverage to protect and insure your car.
Buying a used car takes a large sum of money out of you — a luxury one, even more so. Run the car around the block to see if you’re comfortable with the ride. Here’s the proper way of going for a test drive:
This test drive gives you an understanding of whether the car is a fit for you. If you feel that you can’t make a decision just yet, you can ask permission from the car salesperson or past owner to give the drive another go.