Almost everyone dreams of owning a luxury car as they are built with cutting edge technology and have a lot of aspirational value associated with them. A new luxury car can be expensive but one can still drive their dream car home by instead opting for a pre-owned luxury car, a better alternative in many ways. But before they can buy one, there is quite some homework that’s often required.
The primary considerations that play in the mind of a used car buyer are budget, frame (for e.g. hatchback, sedan, SUV) and the brand (like Audi, BMW, Mercedes-Benz, Jaguar, Porsche, Volvo etc.). Coupled with that, basic hygiene for e.g. a verifiable service record, accidental free history, low odometer and number of previous ownerships can also significantly impact the level of willingness among buyers. Recently, alarming pollution levels have led the Supreme Court of India to limit the usage of diesel cars to a maximum of 10 years in Delhi NCR. This has reduced their lifespan by 5 years which has affected the valuations and interest among customers to an extent over there. Hence, depending on the usage, the fuel type of the asset can also be taken into account by an end user.
So, if one takes out some time to research/consult well, a used luxury car can be an extremely dependable choice. Below are listed some of the reasons that might favour a second-hand luxury car purchase.
Status Symbol Within A Budget
Owning a luxury car has historically been associated with being financially successful or belonging to the upper strata of society. And who doesn’t wish to be seen like that? A car is the most visible asset that one can have and it can often say a lot about the owner. In many situations, the externalities play a huge role and a luxury car can come in really handy there. Simply owning a luxury car can have positive effects within one’s social circle. It can serve as a great tool for a better recall in other peoples’ minds.
Love & Passion
For enthusiasts who like to have variety in their garage, a pre-owned luxury car can be both an economical as well as a pragmatic choice. These are people who could be influencers within their own circles which often calls for hands-on experience with as many different types of models as possible. Since they have a tendency to own such vehicles for relatively smaller periods of time compared to a regular user, investing in pre-owned luxury cars can save them quite a lot of money.
Safety & Better Experience
Luxury cars are often generations ahead in most departments over regular, mass-market cars, be it build quality, smart technology, performance, design, etc. They are sturdier and safety is of prime importance always. Moreover, luxury cars are built from the point of giving a great ownership experience to the user instead of being merely utilitarian. This is the prime reason why the perceived value of such vehicles is so high.
Maintenance: Explore Affordable Options Outside The Authorised Dealership
Most luxury cars arrive in the secondary market by the time they have exhausted their warranty period. In such a scenario, buyers have the choice of exploring independent third-party workshop for any maintenance related requirements suiting their pocket. Authorised service centres can be quite expensive when it comes to maintenance. It is not difficult to find qualified mechanics & infrastructure outside of the dealership these days, especially in metros and Tier-1 cities.
Larger Pool of Options
Used luxury car dealerships/portals aren’t limited to a particular brand. They stock/list cars across makes, unlike an authorised company outlet. Also, in the used luxury car market, there are models across all generations some of which might have been otherwise discontinued and are not available at the authorized showroom. Sometimes, a previous, more iconic model may appeal more to certain buyers and the only way to get it is the secondary luxury car market.
Cars are depreciating assets and a new car loses almost 20-25% of its value in the first year and is likely to drop another 15% the following year. That is a lot of value erosion for someone with a limited budget. On the other hand, pre-owned cars depreciate relatively slowly and gradually as compared to a new one.
In the end, buying a used luxury car can be worthwhile but one has to ensure that they do their due diligence right before making a move.
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