A lot of people love the finer things in life: expensive clothes, shoes, champagne every day, a huge mansion with many rooms and luxury cars.
When it comes to being able to afford this, however, the tags that come along with these luxury items would make anyone faint. Now let’s say that instead of the large house and Versace flip flops, you decide on a luxury car.
You’ve been working hard, and that brand new Mercedes has been taunting you. Well, hold on, before you make that important decision that can affect your life choices for at least the next three years, ask yourself, “Is it worth buying a luxury car?”.
Here are some things to consider about buying and owning a luxury car before you act on your indulgence.
Here’s The Jist
Now that Mercedes may look good, but there are some pretty serious ramifications to investing in a luxury car. Here are some pros and cons of luxury cars.
Liability and Depreciation
Most people know that when it comes to buying a new car, as soon as you drive it off the lot, it has depreciated considerably from the price you bought it. Resale value is important, and while there will be a market for average car luxury brands often suffer from larger depreciation due to the lack of a resale market.
Further, things like oil changes and replacement parts to keep the vehicle in the best quality will often be more expensive due to a litany of factors such as import fees or simply just the brand name.
The Dreaded Insurance
Then if the costs for parts were enough, the insurance is another beast entirely. The deductibles can almost double that of a regular car of similar body type. Out of the top five most expensive cars to insure, four of them were considered luxury brands.
With that rise in price every month, you might as well opt for a luxury car service from time to time. It sure beats paying for the insurance yourself.
It’s Not All Bad Though
With these things in mind though, there are some positives that luxury vehicles do offer. Generally speaking, the materials that are put into building luxury cars are often of higher quality than their lesser counterparts.
Luxury car services average higher customer satisfaction than mass-market equivalents. This is due to the ability of some of the best luxury cars to offer free maintenance check-ups, such is the case with BMW. And they give you a better look of prestige and appeal when driving.
Is It Worth Buying A Luxury Car?
Ultimately, deciding on indulging in that nice Mercedes is a decision that only you can answer. But consider all the factors. Money does not grow on trees, so is it worth buying a luxury car if you can do the same thing with a less expensive car? If you believe you can handle all these things, then by all means buy the Mercedes you’ve dreamed about.
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