Thinking about buying a luxury car? Perfect timing. With sale records at a low in the automobile industry, luxury automakers and their history of solid engineering is increasing even more. Performance and brand are always a good reason to spend the extra thousands to buy a luxury car. Like most vehicle purchases, it all depends on what you need and what you are looking for. Not ever buyer who owns a Porsche or and Audi got it because of their great handling and miles per gallon. Some people get the just because they love their great speed and quickness.
It’s not that vehicles from midrange brands like Ford Motor and Honda aren’t safe or don’t offer optional high-class amenities. But with standard features like heated leather seats and headrest-mounted DVD players, there’s an undeniable allure to owning a luxury car.
There’s a difference between being frugal and treasuring value per dollar spent. One is knowing where the best burger joint is, and the other is going up to other tables and asking for unwanted leftovers and spare ketchup packets. Understanding this distinction is the reason why almost exactly one year ago I purchased a used Mercedes-Benz S500 and drove it daily for 10 years. Buying a used luxury car sometimes is the way to go.
Raw performance and safety aside, the intangible value of status does add to the worth of a luxury vehicle. Researchers at Consumer Reports may not put any stock in brand names, but anyone concerned with keeping up with the Joneses does.
In the end, we don’t suggest that shoppers stay away from used luxury cars entirely, especially since we know just how tempting high-end vehicles can be. But we strongly suggest budgeting for gas mileage and repairs and understanding potential issues such as financing and …