Everyone wants to own a luxury car, but you’ve probably seen the countless posts on the internet explaining the hidden costs of owning a luxury vehicle. From repair fees to operating costs and even insurance, there are many scary expenses that we just want to avoid. Sadly, these are costs that have to be faced whether you’re buying a luxury new Audi TT RS or a simple Kia Ceed GT. As you might expect, these costs are much higher when it comes to a luxury vehicle—but there’s a reason for that.
The next time you think about purchasing a new vehicle, keep in mind that the costs involved with a luxury car are warranted. To help ease your mind a little and convince you to spend your money, here are a few things to consider.
Maintenance Costs
Everyone thinks that the maintenance costs for a luxury car are exorbitant and frankly quite ridiculous. While it’s true that the costs are a lot higher than other vehicles, it’s also worth the cost. Luxury cars are far more fragile than regular vehicles due to the intricate paintwork and advanced technology in each vehicle. This means they take a lot more work to keep maintained than regular vehicles, and part of the joy of owning a luxury car is keeping it in pristine condition for when you drive it around or show off to your friends.
With so many complicated parts and fragile components, it takes a skilled and knowledgeable mechanic to perform all the necessary works, and that expertise comes with a hefty yet worthwhile price tag. In addition, replacement parts are uncommon and typically need to be ordered directly from trusted suppliers, meaning that you have to pay a considerable amount of money just for the parts themselves, further necessitating the high maintenance costs.
Safety Systems
Another worthwhile feature in most luxury vehicles is the security on them. Not only do they come equipped with the latest technology to deter car thieves, they also come with state-of-the-art tracking systems that allow you to find the vehicle no matter where it is in the event it’s stolen. With so much money on the line, it makes sense to invest a lot of money into keeping it safe, and that’s why luxury cars can be so expensive; because the technology involved is so advanced.
In addition to just keeping the car safe, you’ll also get advanced safety systems to help you drive. Whether it’s automatic braking systems, computers to help you manage fuel or even a car that can adjust to different weather conditions, there are countless safety systems that make driving luxury cars safe, easy and extremely fun.
Resale Value
A luxury car is a gem, and gems rarely ever drop in price. In fact, if you’ve even seen the amount of care and money that goes into old luxury vehicles, you’ll know that people take vintage classics very seriously. With the same logic, today’s luxury cars are also going to be worth a lot in the future, and their price doesn’t drop very low even when selling them as used vehicles.
The fantastic resale value on vintage and luxury cars means that they retain their value as long as they’re kept in fantastic condition. As more and more vehicles near the end of their manufacturing cycle, their rarity makes them worth a lot more money. This means they make excellent assets to invest in as long as you keep them pristine and working. If you’re ever short on cash or want to replace your luxury car, you can do it by simply selling or trading in your current one.
Fuel Expenses
Admittedly, one of the more frustrating facts about luxury vehicles is that they consume fuel like nothing. They’re gas hungry, chug fuel constantly, and they don’t get you very far for the money you pay. This is why they’re so expensive to run. Fortunately, there are ways to both increase fuel efficiency and get the most out of your vehicle.
For starters, stopping and starting is the most fuel-intensive way to drive your vehicle. If you plan to buy a luxury car, then make sure you have space to drive it so that you aren’t constantly stopping and starting your engine. If you are, then you’re also likely limited by speed limits and traffic stops. If this is the case, it might be worth tuning your vehicle so that it offers less power but more efficiency. This seems counter-intuitive if you’re after speed, but then again, so is buying a fast sports car for inner-city use! If you’d prefer to have a vehicle that is fuel efficient, then look at electric models and luxury vehicles that can be charged with power instead of running purely on gas.
Insurance Payments
Another major downside of buying a luxury vehicle is the insurance cost. Many people correctly assume that insurance costs for luxury cars are much higher than standard cars, and while it’s true, there are some common misconceptions that usually aren’t taken into account. If you aren’t sure about the costs of car insurance and how they’re actually calculated, then this car insurance guide can be a great help. It is typically calculated with a number of factors including the value of the car (hence why insurance costs are so expensive) but you also need to take into consideration how desirable the car is.
The more likely your car is to be stolen due to its popularity, the higher the insurance costs. The more fragile your car, the more money you’ll need to pay to keep it insured. There isn’t much of a premium that gets added on when you purchase insurance for a luxury car; you’re actually just paying what the insurance is worth. Think of it this way; if the luxury car you purchase is desirable, fragile and expensive, then it’s going to cost the insurance company a lot of money to replace it and it’s also got a higher chance of being vandalised, damaged or stolen, and that explains the higher cost. In short, it’s worth every penny if you want to keep your vehicle safe.
“When getting a luxury car, make sure you do your research first. One of the things I check is its resale value. You can check various used luxury car websites to get a baseline idea on the rate of a car’s resale value. Unless you’re buying a luxury car for your personal collection, doing due diligence before purchasing it is a must.” – Corey Tyner of Corey Buys Classic Cars