Is a Used Luxury Car The Best of Both Worlds? – We have all dreamed of owning a luxury car and speeding down the highway with the wind in our hair and a smile on our face. But, not all of us have had the opportunity to do so until we start considering buying a used luxury car.
‘Pre-owned’ – not Used
A used luxury car has become an outdated term now as most manufacturers and dealerships prefer to use ‘pre-driven’ or ‘pre-owned’ when marketing their used automobiles. The term used conjures up the image of a sleazy old car that has been passed on to you with many defects.
Car buying and selling has changed and consumers, as well as dealers, have become smarter. Therefore one of the most important things to remember when contemplating to buy a used luxury car is to ensure that it is certified. A certified used luxury car is one that has passed an inspection on various points and has been repaired if necessary to meet certain industry standards. It is not a dud car that only looks good on the outside -it runs well too.
The advantages of a certified used luxury car can be summarized as:
- ·You can enjoy the look of a BMW owner without having to pay sticker price.
- ·You know that because it is certified, you will not be running in to any major trouble soon.
- ·Cars in general and luxury vehicles in particular, depreciate the most in the first two years. If you get one after that period, you can reap substantial savings
Lease vs. Buy
It is wiser to lease a used luxury car because one, if you own a business, you can write it off come tax time, and two, if you buy it and it starts having costly repairs, you are stuck with it. In a lease, you have the option of just returning the car at the end of the period and do not have to worry about getting rid of a car that is expensive to maintain.
Try to get a used luxury car that has some of the factory warranty remaining or get a warranty from the dealer. This is a safety net to protect you from unforeseen, large repair expenses that could have been covered under warranty. For instance if you buy a 2003 Mercedes in 2005, not only will you get significant savings from the MSRP- the manufacturer suggested retail price- but you will also still have three years of the factory warranty left to enjoy.