Car-buying is a long and strenuous process, because a car is the second-most expensive asset most people buy. One study showed that people spend up to 9 hours researching their dream car and take about 89 days to buy a car.
The process is more strenuous when you’re buying a luxury vehicle. Luxury car buyers tend to be more cautious. They’ll look at the nitty-gritty details to ensure they get the best deal. Here are five valuable tips for first-time luxury car buyers.
1. Read Reviews
Visit reputable online car websites to learn about the pros and cons of your dream luxury car. There are many unbiased car review sites you can find online. Also ask friends and relatives with similar models for their honest opinions. While it’s very important to research online, it’s also good to get first-hand reviews from everyday drivers.
2. Consider Leasing First
Without question, luxury cars are costly. It’s better to take a long time researching the car you want to buy than buy a car quickly and experience buyer’s remorse later on. Leasing is a better option as you have sufficient time to learn about the car and you pay just a fraction of the price.
You can use a car lease calculator to determine the amount you’ll need to pay to rent a car for a specific period. And the best part about leasing is you’ll rarely pay for repairs as the car warranty covers most of them. However, the repairs covered will depend on the lease period and dealership terms.
3. Wait for the Next Model
Auto manufacturers are constantly working on new tech innovations to improve existing car models. The innovations always focus on the most important car features–such as engine power, fuel efficiency, safety, and comfort. Unless you’re buying a used luxury car, don’t buy immediately. Wait for the next model because it will have better features. Find out when the next model will be released before spending your money on what’s currently available. Automakers are constantly updating their websites about upcoming models. Visit the websites regularly.
4. Buy with Cash
Paying for a vehicle, or any expensive item, in cash has multiple benefits. You avoid monthly car payments and the high interest rates charged on car loans. You may also get a huge discount and spend the money on other car expenses such as gas and insurance. Buying a luxury car with cash also gives you a sense of accomplishment and boosts your confidence.
5. Buy from a Registered Dealership
Counterfeiting has found its way into the auto industry and many fraudsters are targeting luxury car buyers. Avoid their traps by doing your due diligence before you decide to buy a car from a specific dealership. Visit the dealer’s official website and search for customer reviews about it online.
Authentic dealers have lots of 5-star customer reviews. Check if the company name is registered, the contact details, and the address. Any valid company will have a valid address, contact details, and will be registered by the government and platforms like Better Business Bureau.