Buying A Used Luxury Car: Pros And Cons
By Carandbike Team
5 mins read
Published on July 11, 2022
- Buying a used luxury car can be a very practical & economical option
- Used luxury cars are cheaper to buy but are still expensive to maintain
- You will get a high-quality product, but repairs will be expensive
One of the bigger benefits of going for a pre-owned car, apart from the price factor alone, is that you can get to buy your desired vehicle that would have otherwise been out of your reach as a brand-new car. This is especially true when it comes to luxury vehicles, which are accessible to only a select group of customers in the new car market, and to a much wider group of buyers in the pre-owned vehicle space. If you too are planning to enter the premium or luxury car space, via the used car market, here are some pros and cons that you should know about.
Pros of Buying A Used Luxury Car
- The biggest benefit is, of course, the price. A brand-new car loses almost 50 per cent of its value after five years, and the higher price tag of a new luxury car means the amount lost to depreciation can be substantial. So, a 5-year-old BMW 3 Series will cost you around Rs. 15 lakh to Rs. 16 lakh, which is less than the top-end variant of a new Hyundai Verna or Honda City.
A 5-year-old BMW 3 Series will cost you around Rs. 15 lakh to Rs. 16 lakh, which is less than the price of a top-end compact sedan
- Luxury vehicles are also built to be high-quality products, and even a used one retains most of those premium elements. Be it the build, the fit & finish or the features you know you are getting something way better than what a brand-new mass-market car in the same price range would offer. In addition to the premium styling and features, traditionally, luxury cars come with powerful engines and offer much better driving performance.
Also Read: 7 Things To Avoid While Buying A Used Car
- Luxury cars also tend to come with a host of safety features. So, things like 6/7 airbags, ABS with EBS, ESP, hill-hold assist, ISOFIX child seat counts, parking sensors and camera, are generally offered as standard fitment. A lot of the newer cars also come with driver-assisting technology like lane assist, 360-degree camera and more as part of the package. So, you know you are getting your money's worth, especially from a used luxury car.
Also Read: Pre-Owned Luxury Car Segment To Play A Pivotal Role In Post-COVID Era: Industry Experts
You can easily get a used luxury car that is not older than 3 to 5 years for a very lucrative price
- In most cases, luxury cars are well maintained so you can be reasonably confident that the previous owners took good care of them. You can easily get a used luxury car that is not older than 3 to 5 years, especially among organised seller, which means you are buying a reasonably new vehicle for quite a lucrative price.
Also Read: What's The Right Time To Replace Your Used Car?
Cons of Buying A Used Luxury Car
- While used luxury cars are cheaper to buy, they are still expensive to maintain, so keep that in mind before you decide to get one. You should plan the ownership expenses before you buy the vehicle, and make sure the luxury features you're looking for are worth the inevitable maintenance costs. If you need your vehicle to keep performing well then you will have to spend money on periodic maintenance
- If you are buying a luxury car for its high quality, then know that quality comes at a price. Spares and components of a luxury car may last you longer, but they can be quite expensive. Any repair or replacement will be significantly higher when compared to a mass-market vehicle. So, factor in the higher repair expenses into your overall cost of ownership.
Spares and components of a luxury car may last you longer, but they can be quite expensive
- If you are buying a used luxury car for its high-end creature comforts and performance, then you cannot think about fuel efficiency. Remember that luxury cars often feature heavier frames and larger, more powerful engines, so the fuel consumption will also be much higher. In most cases, you'll barely touch double-digit figures. Also, a lot of luxury cars require high octane fuel, so you'll not only be spending more on fuel but will also have to pay more for it.
- Older the car, the cheaper the price. So, if you are looking for a luxury car on a budget, you will have to go for a slightly older model to save some money, however, that means the features offered with the car will also be much older, and not as cutting-edge as something that a brand new model will offer. For some, it might not be a big deal, however, if you're more of a tech-focused consumer, this could be a major consideration.
In addition to multi-branded retails brands like Big Boy Toyz and Luxury Ride, several manufactures have their own pre-owned car division as well
Right now there are several organised selling in the luxury used car market. In addition to multi-branded retails brands like Big Boy Toyz and Luxury Ride, manufactures like Mercedes-Benz India and Audi India too have their own pre-owned car division. Of course, you can also look for private sellers.
Last Updated on September 26, 2023
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