One of the major benefits of getting a pre-owned car, apart from just the price aspect, is that you can buy the vehicle you want that would otherwise be out of reach as a 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 broader set of buyers in the pre-owned vehicle segment. If you too are planning to enter the premium or luxury car segment through the used car market, here are some advantages and disadvantages that you should be aware of.
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Benefits of buying a used luxury car
- The biggest advantage, of course, is the price. A new car loses about 50 percent of its value after five years, and the higher price tag of a new luxury car means that the amount lost in depreciation can be substantial. So, a 5 year old BMW 3 Series will cost you around Rs. 15 lakh to Rs. 16 lakhs, which is less than the top-end variants 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 lakhs, which is less than the price of a top-end compact sedan
- Luxury vehicles are also built to have high quality products, and even a used one retains most of those premium elements. Whether it’s the build, fit and finish or the features you know you’re getting something better than a brand-new mass-market car in the same price range. Apart from premium styling and features, traditionally, luxury cars come with powerful engines and offer superior driving performance.
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- Luxury cars also come with a number of safety features. So, things like 6/7 airbags, ABS with EBS, ESP, hill-hold assist, ISOFIX child seat count, parking sensors and camera are generally offered as standard fitments. A lot of new cars come with driver-assisting technology like Lane Assist, 360-degree cameras and more as part of the package. So, you know you are getting your money’s worth, especially from a used luxury car.
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You can easily get a used luxury car that is not more than 3 to 5 years old for a very attractive price
- In most cases, luxury cars are well maintained, so you can be fairly confident that the previous owners took good care of them. You can easily get a used luxury car that is not more than 3 to 5 years old, especially among organized sellers, which means you are buying a new vehicle for quite an attractive price.
Read also: When is the right time to replace your old car?
Disadvantages 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 deciding to get one. You should plan for ownership expenses before buying a vehicle, and make sure the luxury features you are looking for are worth the unavoidable maintenance cost. If you need your vehicle to keep performing well then you have to spend money on periodic maintenance
- If you’re buying a luxury car for its high quality, know that quality comes at a price. Luxury car parts and parts may last you a long time, but they can be quite expensive. Any repair or replacement will cost significantly more than a mass-market vehicle. So, factor higher repair expenses into your overall cost of ownership.
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Luxury car parts and parts may last you a long time, but they can be quite expensive
- If you are buying a used luxury car that is meant for high class comfort and performance, you may not think about fuel efficiency. Remember that luxury cars often have heavier frames and larger, more powerful engines, so fuel consumption will also be much higher. In most cases, you’ll barely be able to touch double-digit figures. Plus, many luxury cars require higher octane fuels, so you’ll not only be spending more on fuel but also paying more for it.
- The 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, this means that the features offered with the car will also be very old, not very old. As that cutting-edge is something a new model will offer. For some, this may not be a big deal, however, if you are a tech-focused consumer, it could be a major consideration.
Apart from multi-branded retail brands like Big Boy Toys and Luxury Ride, many manufacturers also have their own pre-owned car divisions.
There are many organized sales in the luxury used car market right now. Apart from multi-branded retail brands like Big Boy Toys and Luxury Ride, manufacturers like Mercedes-Benz India and Audi India also have their own pre-owned car division. Of course, you can also look for private sellers.