Have you been dreaming of owning a luxury car but cringe at the high sticker prices of brand-new models? Purchasing a pre-owned luxury vehicle can be an intelligent alternative - you can enjoy driving a high-end car without breaking the bank.
However, buying used luxury cars also comes with risks if you don't approach it carefully.
We understand the excitement of finally slipping behind the wheel of your dream car. But costly repairs or purchasing a lemon could quickly turn your dream into a nightmare.
That's why we've created this guide to help you navigate the pre-owned luxury car market wisely. Read on for our top 5 strategies to score an incredible used luxury car you'll genuinely love driving.
1.Know What You Want But Stay Flexible
First, list the luxury makes and models you're interested in. Do you love the sleek styling of a Mercedes Benz coupe or the command of sitting behind a BMW steering wheel? Test drive different vehicles to determine what best fits your lifestyle needs.
While having a desired car in mind is helpful, also remain open. That discontinued model you've had your eye on for years will be more complex to find than a popular luxury car with plenty of units on the market.
And be open to newer model years with modern safety tech and efficiency upgrades.
2.Research Reliability Ratings
It's no fun driving a gorgeous luxury vehicle that spends more time in the shop than on the road. Researching reliability ratings for the makes and models you're considering is critical.
Brands like Lexus and Acura consistently score higher than their German counterparts, which are notorious for expensive maintenance and repairs.
Additionally, comb through online forums and chat groups to discover common issues for vehicles you're considering.
Look into what parts fail outside the warranty period and average repair costs. This will help you avoid expensive headaches down the road.
3.Get a Thorough Inspection
Only purchase a used vehicle after getting a pre-purchase inspection (PPI) first. A mechanic will put the car on a lift and thoroughly inspect all major systems and components:
● Engine and transmission
● Electronics and computer systems
● Brakes, tires, and suspension
● Exhaust and emissions
● Frame and undercarriage
Expect to pay $100-$200 for a PPI. While not cheap, it can save you thousands by avoiding major mechanical issues or flood damage the dealer conveniently "didn't know about." Always get vehicles inspected by your mechanic rather than the seller's shop.
4.Check Accident History
A Carfax or Autocheck, Vehicle History Report, is crucial for assessing past accident damage. While cosmetic repairs can make flaws virtually undetectable, significant underlying structural damage is a different story. Flood damage, which can cause endless electrical gremlins, is also reported here.
Beware of vehicles with gaps where no mileage was reported. It likely indicates the car sustained significant damage, requiring replacing the odometer.
Walk away from any vehicle with a questionable history - plenty of Creampuff luxury cars are owned by meticulous drivers!
5.Negotiate Like a Pro
Be bold about negotiating a lower price for used luxury vehicles. Dealers have more wiggle room on pre-owned models, so take advantage!
Come armed with average selling prices and mileage data for the specific car. Point out any flaws uncovered during the PPI to ask for a reduction.
Also, avoid overpaying for fancy dealer add-ons like nitrogen-filled tyres or protective coatings. Only pay extra for what you truly want or need. Be willing to walk away if the numbers don't align - there are always more vehicles.
You can land a fantastic used luxury car deal with the right negotiation tactics.
Conclusion
Purchasing a used luxury vehicle comes with more risks and rewards if done right. You'll avoid expensive mistakes by knowing what you want, thoroughly checking vehicle history and condition, and negotiating like a pro.
Take the time to implement these car-buying strategies and own an incredible luxury vehicle without the outrageous new car price tag.
From BMW and Mercedes to Acura and Lexus, let your research and inspection give you the confidence to finally drive your dream car off the dealer lot - at an affordable used car price.
