Luxury cars offer car enthusiasts a premium car driving experience with a technologically advanced interior, high-performance engine, and a supplicated exterior design that is bound to turn heads. Luxury cars offer exclusivity and comfort to their occupants, unlike other cars. Such leisure comes with a hefty price tag as well. Luxury cars check many boxes for luxury car enthusiasts; however, the vehicles do have some drawbacks as well. Therefore, car buyers who are planning on purchasing luxury cars should consider the following factors before they do.
Advantages of Purchasing a Luxury Car
Luxury cars can deliver a smooth performance-enhancing driving experience that car enthusiasts crave. The vehicle also has other leisure that it can offer to the occupants.
Luxury car manufacturers focus on providing a vehicle that stands out for its impeccable performance attributes. Therefore, luxury cars are fitted with high-performance engines that can produce impressive horsepower and acceleration. Most luxury cars have a V8 engine under the hood while some may have a V6 engine as well. The engines are turbocharged which ensures that the car packs a punch and delivers power. On average, a luxury car can be expected to produce horsepower in the range of 400 to 600.
As luxury cars are more expensive, they also offer technologically advanced safety solutions to the driver and occupants than an economy car. Most luxury cars come packed with advanced safety technologies such as side-front airbags, ABS, and traction control. Luxury cars are also ranked high on crash tests by NHTSA and Insurance Institute for Highway Safety.
Luxury cars are designed to impress as they have an extravagant exterior and a classy interior with refined trimmings. Luxury cars make a statement with their classy design cues and leave a lasting impression on the onlookers.
Higher Resale Value
Although luxury cars depreciate fast, they do tend to fetch a higher resale value in the used car market. This is more likely if the car owners sell their used luxury cars shortly after they have purchased them. After a few years, luxury cars lose their value.
Disadvantages of Purchasing Luxury Cars
Although luxury cars have an elegant appeal and are well-equipped, they can be a burden for many car owners owing to the running and maintenance costs that they need to maintain.
Luxury cars have high-performance engines which need premium fuel to avoid carbon buildup in the engine. Premium fuel is more expensive than regular which means that the running cost of luxury cars is more. As the engine is high-performance, it consumes more fuel negatively impacting the fuel economy. Car owners who have a budget to maintain will not be able to use their luxury cars regularly or they will find them to be a financial burden.
The insurance cost of luxury cars is also high especially if the car owners have a luxury sports car. On average a luxury car owner pays about $500 more than an economy car owner. The actual insurance amount will vary with the brand and model of the luxury car.
Higher Value Depreciation
One thing that car buyers need to consider is that luxury cars depreciate faster than other vehicles. Every new car begins to depreciate once it is purchased, and the depreciation continues for the first three to five years. A luxury car loses its value completely after a few years.
High Maintenance and Repair Costs
Vehicles require regular maintenance and servicing to prolong their lifespan and minimize the inconvenience that motorists may face. However, luxury cars are high maintenance as they utilize expensive technologies and materials. Repair and maintenance work on luxury cars will cost more than economy cars.
The interior of the luxury cars makes use of high-end materials for the upholstery and the in-cabin amenities. These are not ideal for children as they are careless and can possibly spill something that will cost a lot to clean or recover the damage.
The Expense for the Little Things
With luxury cars, car owners have to pay even for small things, and they are often expensive. For example, if they want a spare key for the vehicle, they have to pay a hefty amount for it. A new dry cell battery will also cost more than the ones that are installed in the economy car.
Luxury cars do offer car enthusiasts an exciting car driving experience and keep the occupants facilitated during the drive. Although the vehicle has many advantages that attract buyers towards them initially, luxury cars can often turn out to be a burden for many. Owing to the high maintenance and running costs, many car owners find it very difficult to maintain a luxury car. Many neglect their vehicles and then end up selling them to avoid further hassle.