How Can I Reduce the Cost of Running Luxury Cars?

  • Ruud
  • 2021-09-07 12:42
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How Can I Reduce the Cost of Running Luxury Cars?

For petrolheads, a luxury car can be a dream purchase. However, when buying a car, it can be easy to just focus on the price tag and not factor in the costs required to run it. Between tax, car insurance, and fuel, any car can cost a sizeable amount to keep running. And whether it’s an SUV or supercar you’re looking for, these costs are all significantly more expensive for luxury vehicles. Fortunately, there are a number of ways you can minimize these costs. Read on for a few tips on cutting your monthly car expenses.

Choose a Vehicle that’s Cheaper to Maintain
Although luxury vehicles as a whole are more expensive to run than other cars, they can still vary dramatically in this respect. Prestige vehicles are generally costlier to maintain for several reasons. First, they have more components than regular cars, so they have a greater chance of breaking down unexpectedly. Their parts are also often rarer and more specialized, so it can be harder to track down replacements. Finally, and perhaps most significantly, luxury cars tend to be inefficient in their fuel consumption, and many also require premium gasoline for optimum performance.

If you are in the market for a new luxury car, you should therefore be aware of these factors. Try to look for a vehicle with an easy-to-repair design and wide service coverage. In this respect, the Porsche 911 and Mercedes AMG are both high-performance vehicles that check both of these boxes. There are also plenty of luxury vehicles out there that boast solid gas mileages.

Look for Reductions in Your Insurance Premiums
Costly insurance policies are another major reason why keeping a luxury car in good condition can be so expensive. As well as being difficult to repair, luxury vehicles are also a target for vandalism and theft. These factors contribute to the premiums of such cars being much more than those of regular ones. While this expense is somewhat unavoidable, there are multiple ways in which you can reduce the price of your insurance policy. Many of these also don’t require reducing the scope of your coverage. A few ways you can cut down on insurance costs are listed below.

Most importantly, you should shop car insurance quotes, prior to choosing a provider. Insurers can differ hugely in the extent and cost of their coverage. Some also offer specific cover for prestige cars. Switching from monthly to annual premiums and increasing the amount of your excess will help reduce premiums substantially, as well.

Cut Down on Mileage
While you’ll naturally want to drive your new car as much as possible, it pays to be conservative with your use, for a number of reasons. In respect to insurance, again, providers tend to offer significantly lower rates for cars with lower mileages. This is because cars with a lot of miles on them are much more susceptible to breakdowns. Avoiding over-using your luxury vehicle could therefore also save you a lot of money on repair work. Sports cars also tend to have thinner-than-average tires, as well, so too much usage can lead to you needing to regularly replace them.

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