Can You Afford a Luxury Car?

Yes. We tell you how.

The car you choose to buy isn’t just about financing it. A car also signifies social status. Sometimes it’s a tool that is required to meet professional expectations. If you work with large clients, then the brand of the car you drive may matter. But, we know that cars with a premium badge on the grille aren’t exactly affordable. You may even be wondering what to choose between a new and a pre-owned luxury vehicle. With a new car, you know what you’re getting into, but without proper financing, it may not be easy to buy. A used car may not be the most reliable, safe, and secure car because you don’t really know how its previous owner treated it. So let’s work out what you should look for when you’re buying a luxury car.

Reliable Brands

If your budget does not accommodate a brand new car, then do not go for one. Instead, look for a used car from a manufacturer known to build reliable cars. This will reduce the risk of you having to spend on expensive parts, maintenance, and repair soon after purchase. An Audi A1, for example, is a good looking car from a reputable brand that is also reliable in the long run.

Value Holders

You may want to think of your luxury car as a long term investment. We know cars depreciate, but some cars don’t really lose a lot of value over time. That means, when you feel like selling your luxury car, you could get back the amount you’ve spent on it, or at least something close to it. If you manage to pull off a rare feat and pick up a modern classic, its value may even have appreciated and you could make a profit from it. But this is extremely rare, so don’t count on it happening. Cars that hold on to their value well are those built by Audi, Mercedes-Benz, and Lexus. It may be safe to choose one of these.

Scam Alert

Despite the luxury badge, you could end up with a lemon. To avoid it, pay attention to the mileage. If it is strangely low, it may have been tampered with. If you’re buying from a private seller, check the RWC and the registration. If the car isn’t registered, then it’s probably not roadworthy. Check the VIN on the engine and the chassis; they should match.

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