Are Luxury Cars Worth It? Here’s What You Should Know

Have you ever wanted to get a nice car but wondered if luxury cars are worth it? Click here to learn whether you should buy a nice, new car.

Close your eyes. Now picture a ribbon of road disappearing into the horizon and the throaty sound of a powerful engine pushing you along effortlessly.

Now picture getting out of the car for a breath of fresh air and seeing the car in its full glory: it’s a beautiful, sleek sports car that turns heads wherever you go.

There’s only one problem: you don’t own this car. And you’re not sure if you can afford one. However, owning a luxury car may not be as much out of your reach as you might think.

Are luxury cars worth it? Here’s what you need to know about luxury cars (and how to get one)…

Consider Your Needs

Perhaps you’re a 20-something that wants to boost their image with a nice sports car. If that’s the case, and you have a steady income, then there’s not much stopping you if you don’t have other financial obligations.

Even if you don’t think you can qualify for a luxury car loan, you might be surprised that you can secure exotic car financing quite easily if you meet the criteria.

On the other hand, if you’re a dad that also has a mortgage and a car payment on your daily commuter vehicle, then forking out $70,000 or more is probably not such a wise decision.

You have to ask yourself, “Can I add a nice car to my collection and still be able to pay my other bills?” You should be able to calculate that quite easily by determining your monthly income and expenses.

Also, some luxury cars are spacious but others have limited space, especially in the back. So if this is going to be your primary vehicle, make sure your family fits comfortably in it before making the purchase. This is where a test drive comes in handy.

Improved Ride and Performance

One of the reasons you might want a luxury vehicle is for the driving experience. That can mean many things: for example, some higher-end vehicles have advanced suspension systems so you barely feel any bumps in the road.

(This may actually be practical if you have aches and pains that are aggravated by driving.) Other luxury vehicles are lower to the ground and hug the corners like they’re glued to the road.

Don’t forget about the interior features: when choosing a high-end vehicle you’ll often get standard features like heated seats, leather-wrapped steering wheels, navigation and safety enhancements, and more.

Of course, what’s under the hood is also superior to a standard vehicle model. That means quicker acceleration and an easier glide down the highway with plenty of power to spare. (Just don’t push it too hard, or you’ll see cherries in your rearview mirror.)

Also, you can’t count out the “wow” factor of owning a sports car. You’ll enjoy people staring at your vehicle as you cruise down the road and associating you with its style. Admit it.

Maintenance Costs May Actually Be Lower

You may automatically assume that buying a more pricey car will mean that the parts and labor will also be pricier, and you’re not completely wrong. In many scenarios, that’s what you can expect. Higher quality components and mechanic expertise in exotic vehicles often carry a premium.

However, a report states that while you’ll pay nearly double at the dealership per maintenance visit when you drive a luxury car, you’ll actually pay less per visit on average than a non-luxury brand when you visit an independent service station ($31 vs. $45, respectively.)

Customer Satisfaction Second to None

When it comes to how happy you’ll be with the vehicle you drive, luxury brands come out on top. A survey shows that a luxury sports car brand actually ranked highest in terms of customer service satisfaction, even above the mass-market brands. The survey was based on service quality, service initiation, service advisors, service facilities, and vehicle pickup.

High satisfaction leads to improved brand loyalty, meaning you’ll be more likely to buy from the same manufacturer next time around. This is a win for you as the driver, and for the car companies that focus on service.

Retaining Higher Resale Value

If you’re looking at your car as an investment that will pay off down the road (pun intended), then a nice sports car may be just the ticket. The truth is a vehicle drops 10 percent in value as soon as it leaves the lot, and by five years that number can be as high as 60 percent for mass-market vehicles (40 percent for luxury cars.)

There are certain luxury brands that hold their value better than others, while some models (especially classics) are actually gaining value. So who knows, if you take good care of your nice car, you may actually be able to sell it for more in the future if that’s your goal.

Safety Features Are Standard

Okay, so maybe a luxury sports car will not protect you any better than a mid-sized SUV in a crash. However, you’ll find when shopping around that many luxury vehicles have features that help prevent an accident in the first place.

Think about backup cameras, automatic brake assist, blind spot warnings, and cross-traffic warnings for when you’re backing out of a grocery store parking space. These kinds of safety features are available on standard vehicles, but you’ll probably have to fork out extra cash for an optional safety package.

Are Luxury Cars Worth It?

If you’re still asking yourself, “are luxury cars worth it?” then you might want to hit up some high-end vehicle dealerships to arrange some test drives. Getting the feel of a vehicle and learning its features is the best way to know whether a vehicle is right for you and worth the money.

Just don’t count the option out based on money alone, as you can arrange to finance more easily than you may think!

Meanwhile, make sure you visit our site often for more lifestyle tips.