4 Tips for Buying a Luxury Car for Less
Written by
Chris Adam
Edited by
Ashley Barnett
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For some drivers, buying a luxury car is the result of years of hard work and goal-setting. After all, luxury cars often have much higher price tags than other vehicles.
If you’re in the market for a luxury car but don’t quite have a luxury budget, there are some things you can do to find a quality vehicle for much less. Here are four tips for buying a luxury car for less.
Make a Solid Budget
Budgeting for a luxury car can require more steps than planning to purchase a more modest vehicle.
First, you need to think about how much you actually can afford to spend. According to Endurance Warranty, “While the first type of luxury car that may pop into a person’s head is likely to be a sports car, they aren’t good choices for those who need more space or those with a family.” So be sure to consider your true needs and choose a car that will work for you long term.
Do a Real Test Drive
It may be really helpful to test drive whatever luxury car you are considering. That’s because, in addition to paying more for the luxury models, you’ll want to see how driving a luxury car compares to others you may have been driving for years. Make sure that the extra money is worth it.
Perform a Careful Inspection
As with other cars, be sure to carefully inspect the luxury vehicle to ensure it’s in good shape. Look for signs of wear and tear, check the engine and transmission, and test all the features and amenities that come with luxury cars.
If you find an issue, you may be able to get them to repair it as part of your overall deal to buy the car. If not, you’ll save money and hassles by ruling out that vehicle before you purchase it and have to deal with the headaches.
Be Prepared to Negotiate
Now is the time to really save money on that luxury car. Even if you don’t like negotiating this is the best way to get a deal.
According to U.S Automotive Protective Services, “When negotiating, focus on the price of the car first before discussing extras such as extended warranties or additional features.” That’s because dealerships usually make more profit on the extras, so make sure to negotiate the price of the car itself first.
You can also save money by having a larger down payment and perhaps even offering to pay in cash for the vehicle. Also, consider your loan options and shop around for the best deals and lowest interest rates.
One other thing to keep in mind: Be willing to walk away if the dealership won’t meet your needs. This is a great way to get a better deal since they don’t want to lose your business.
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