Luxury cars are, for many people, the ultimate in flashy purchases. Your car is something that (assuming you use it often enough) will be seen by potentially hundreds or thousands of people on the road. Their first impression of you will be based on the cost and look of your vehicle, so if you want to appear wealthy or show that you’re doing well in life, a luxury car is the most obvious way to show it.
But owning a luxury car is more than just paying for your vehicle and insurance. Not only does the car cost more, but maintenance, running costs and other factors will make it more costly than regular vehicles. If you’re serious about owning a luxury car, then here are a couple of things to keep in mind.
Expect increased maintenance costs
Luxury cars are typically more expensive to maintain and keep running. This is because of the delicate care required to keep a luxury vehicle in top condition. You will most likely need to take your expensive car to a dealership that specialises in luxury vehicles, or else you might end up with a car that is more scratched due to neglect on the mechanic’s part. Keep an eye out for tyre specials as well because luxury vehicles tend to burn through tires faster than regular vehicles, especially if they have fast acceleration.
Resale value is a factor
Pick up a new luxury vehicle such as the new Aston Martin DB11 Volante and you can expect the value to drop almost instantly. Deprecation is the word used to describe how much value your car loses once you purchase it. Some cars drop heavily in value, but luxury vehicles often lose value slower than typical consumer models. If you’re going to sell your car in the future or trade it in for a different model, then make sure you take the resale value and depreciation into consideration.
Reliability isn’t always guaranteed
To some people, more money means more reliability. For luxury vehicles, this isn’t always the case. In many situations, luxury cars are actually less reliable because they use complicated tech and electronics that require advanced knowledge to fix. Once they do break, it’s not a case of fixing it yourself or reading through a manual. It’s going to take some serious tinkering and study in order to learn how to make the electronics in your luxury car work efficiently. Before you sign the papers and buy a luxury car, make sure you read online about the reliability of the gadgets and systems in general.
Fuel costs are a problem
Luxury cars usually have poor fuel economy. While some luxury vehicles have brilliant fuel efficiency that would rival even a budget car, other models aren’t so cheap to run and can be real gas guzzlers. So if you want the best savings, do make sure you do some research online and check how fuel efficient any given vehicle is before you purchase it. This will save you having to make regular trips to the petrol station and paying a ludicrous amount of money just to keep your car on the road.
When you own a luxury car you will be tempted to buy a few luxury extras. The most obvious one is a private number plate to mask your car’s age. You can also invest in customised car covers to keep your pride and joy safe from damage and away from prying eyes. Another very sensible accessory for a luxury car is a top of the range tracking device so if the worst happens and your car is stolen, you can recover it. One other sensible addition would be a digital alcohol tester so if you think you are close to the limit you can check before you drive and invalidate your insurance. Dyson has also designed a handheld vacuum specifically for cars and boats, but it will set you back over £200. And last but by no means least, how about a membership to an exclusive golf club!
Photographs courtesy of Aston Martin and Porsche GB