When in the market for a second-hand car, you may come across some tempting luxury used cars in the lot going for a lower price than expected. Although purchasing it is tempting, it can easily be an affordability trap. We've compiled a list of things to consider to help you avoid this when buying luxury pre-owned cars in SA.
The monthly repayment price doesn’t include the cost of insurance or other add-ons such as an aftermarket warranty which could significantly increase the monthly installments you’d be paying. Make sure to include all costs before taking the buying a luxury car.
Cost Of Ownership
Before buying a luxury used car, estimate what the monthly fuel costs and other costs of ownership would be. Additionally, most premium vehicles are fitted with larger tyres which can be more expensive to replace and considering the state of most South African roads it's not inconceivable that you’d have to replace a tyre unexpectedly. If the car does not come with a maintenance plan, do an estimate on general maintenance costs to ensure they won’t break the bank when your car inevitably needs to be looked at.
Resale Value After Buying A Luxury Car
Most people purchase luxury vehicles for their premium quality on top of that new car feel, look and smell. The resale value of luxury cars is significantly less than that of used cars, even if there aren’t too many miles on the clock so buying that luxury used car may feel like a steal at the time but it could also feel like theft if you resell it.
Ultimately, there are many costs involved when purchasing a vehicle and those costs can be significantly more if it's a luxury used car you’re looking at. For trustworthy advice when buying a luxury used car, contact Auto Pedigree today.