Saving Money On A Luxury Car

Interior of a car

Pixabay. CCO Licensed.

Looking to treat yourself to a luxury car? While such vehicles don’t come cheap, there are still ways to cut costs. This could help to make your dream of owning a luxury car more achievable.

Buy used

The best way to save money on a luxury car is to buy a used car. While you’ll likely still pay a lot of money for a used land rover or a used bentley, it will be a lot cheaper than buying brand new. The only exception may be vintage and antique cars, which may appreciate in value if looked after by previous owner.

Always buy from a certified dealership so that you know the vehicle is in good condition. Such dealerships may offer a warranty and other protection.

Compare finance deals

Luxury cars can cost thousands of dollars. Buying on finance allows you to spread out the cost over several years. You’ll still need to pay a deposit, but it could only be 10% or 5% of the overall value.

Of course, buying on finance does mean paying interest fees. For this reason, it’s important to spend time shopping around for finance schemes. Having a good credit score could be essential when finding affordable finance schemes.

Shop at the right time

You may be able to save money by shopping at the right time. Many dealerships lower their prices in January – this can be a period of low demand and so prices can be cheaper in order to attract buyers.

Certain vehicles have a seasonal demand, which can also affect the price. For instance, if you’re buying a convertible, you could find that prices are higher in summer and lower in winter.

There may even be instances when shopping at the right time of the month or even the right time of the week can have an impact. Dealerships may be more likely to reduce prices at the end of the month or at the end of the week in a bid to meet sales targets. The advertised prices may not differ but you could find it easier to negotiate a better deal.

Budget for running costs

It’s also important to factor in the running costs when buying a luxury car. Such vehicles tend to be more expensive to insure and may not be very economical when it comes to fuel.

You can usually save money on insurance by contacting specialist luxury car insurers and by making sure that your car is kept in a secure location. For instance, putting your car in a locked garage could make a big impact on the price.

When it comes to fuel, think carefully before buying high performance cars. Such vehicles aren’t very fuel efficient and you may want to consider having an alternative vehicle for day-to-day use. Not all luxury vehicles have poor fuel economy – some luxury SUVs can have very good fuel mileage for instance.

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