Driving around in an S-Class Mercedes or BMW 7 series, with a style that makes several heads turn in awe, is a dream we all see in our life. The only thing preventing us from giving our dream a firm ground is our bank account which can under no circumstances hit the 6-figure needed for luxury cars. Instead of tirelessly spending your life trying to amass the necessary amount, a smarter alternative is to purchase a used luxury car instead!
The idea might ring many bells in your heart, however beware! Probability of fraud in such transactions is pretty high and we need to make sure that the amount we are spending is not going to go waste. The following tips can help you stay safe from fraud, money and time wastage.
1. Run a diagnostic check on your vehicle
How would you know if certain networks within the luxury car you are about to buy are ready to break down? What if the car was being sold at a lower price because the owner knew something about the precarious condition of the vehicle? Though cheaper, you would still be putting in quite a large amount, so better stay safe than sorry later.
All you really need to do is get your luxury vehicle scanned, preferably by some expert technician or dealer. This diagnostic test tends to be rather short in duration and safe on your pockets. It however brings about some major advantages by laying bare any issues that might be hidden within the car’s machinery.
For a more in-depth inspection checklist, you can refer to this used car buying guide from Carpages.
2. Negotiate to bring the costs down
When trying to buy a used car, whether luxury or ordinary, dealing appropriately with its owner is what makes the difference of several extra bucks. Though the used luxury car you are trying to buy will be sufficiently cheaper than the brand new one, however the car dealer will ensure they make the most profit. You can cut down on these smart moves only when you know how to navigate your way through the car purchasing process.
A few tips can help you through.
Don’t go to the dealership on weekends or holidays when the traffic at their showroom will be high. Try and meet on weekdays so that you get undivided attention and closer to truer rates. Also, meeting at the end of the month can bring about unconditional profits, whereby dealers hasten to close the deal to meet their monthly targets.
Moreover, do your research. Ask several dealers for the quotation and compare it with the condition of the cars, to determine which vehicle best suits your purpose.
3. Watch out for repairs and modifications
You wouldn’t want a car that has been modified to suit the whims of the previous user. A car that tends to be modified in any way often tries to take your attention off from some crucial issues within. The car might have been involved in a crash and was subsequently repaired or has been painted over. Such cars lose their value and thus cannot be sold at a profit later. So if by chance you spot oversized wheels to the car, or engine power enhancements installed within, make sure to steer clear of these cars.
This is because while these modifications do help give the car a savvy look, they come with a fair share of issues. For example oversized wheels tend to put the car off balance on the roads, while engine enhancements can end up weakening the engine in the long run. Do not settle for a car that is any lower than your expectations, and make sure to research as much as you can.
4. Cars with an air suspension are a big NO
Luxury cars are often fitted with air suspension systems to make their ride smoother and better. However these air suspensions are known not to last long and will eventually fail or start leaking as your car ages.
The chances of you stumbling into a luxury car with air suspension either already broken down, or on the verge of failure, are quite high. The consequences are going to be dire; you would need to put in a huge amount of money to manage the costly repairs of these systems, time and again. So the money that you initially saved by purchasing the used luxury car, is eventually going to be used up as well.
5. Can you afford the additional costs?
Now this is a rather crucial question to ask oneself. Luxury cars are technically never a one-time expenditure. So even if you do save quite a lot of money by buying a used luxury car instead of a new one, the maintenance is never going to go easy on your pockets. Since the replacement parts of the luxury cars are customized especially for the particular model, they will neither be cheap nor easy to find.
Moreover, the spoiled beauty would demand more frequent tune ups, and would need to be fed with premium gasoline, which of course would be more expensive. Insuring a luxury car might end up making you bankrupt especially if your budget is tight. So think before you buy a used luxury car; can you afford the additional costs?