The 3 Major Factors to Consider When Buying a Luxury Car
Most people in the modern age desire to own a luxury vehicle, whether that is a BMW or Lexus, or something more exotic such as a Lamborghini or Porche. Desires do not always mesh well with reality, and that is why most people who have these desires either never make their dreams come true, or buy the fancy car without a plan in place which ends up with a repossessed vehicle and a terrible credit score. It is important to consider the implications and burdens that owning a luxury car may entail, such as whether or not you want to carry passengers or purchasing within your own means. Owning an expensive automobile comes at a cost, and what follows are three major factors which you should consider before buying a luxury car.
Check the Warranty
Some vehicle manufacturers will put extensions on certain parts of your fancy ride to sweeten the deal for you, especially if it is known that particular parts on the car may be less-than-reliable. Additionally, a warranty may cover the engine, but not the chassis, or some other obscure part of the vehicle. Purchasing an extended warranty may be the best option to protect your luxury vehicle from the wear and tear of daily life. Ensuring that you have a warranty in place to cover whatever life may throw your way can go a long way in protecting your luxury investment.
Analyze Average Maintenance Costs
Maintenance costs can also cause the bills to rack up, since many of these car manufacturers will require you to either do any repairs at their shop, or you have to find a reputable third-party repair shop that knows the ins-and-outs of your particular make and model. The average cost of maintenance for a BMW over a ten year period can be upwards of $17,000 according to a study on YourMechanic.com, and that isn’t even close to just an oil change for a Lamborghini Murcielago, which can be upwards of $2000.
Make a Budget and Stick to It!
Buying the first car you see in a showroom or lot is a surefire way to get yourself in financial trouble. Always make sure you have a plan in place prior to purchasing any vehicle, especially a luxury vehicle. If you got a raise recently at work, it better be enough to cover the cost of a down payment, monthly loan payments, registering the vehicle, and any other costs that may be associated with the purchase. Luxury cars are long term investments in your future, and if you are expecting to add a member to your household, it may be necessary to have a luxury car that has a second row instead of a two-seater. Reviewing all aspects of car ownership should go into planning a budget, seeing what your household can afford, and even putting off a luxury vehicle until you are financially ready to make the purchase.