Luxury sedans have been designed to provide maximum comfort and premium features when it comes to driving and performance. But with so many makes and models to choose from the top automobile manufacturers globally, here are a few things you should know before you go ahead and buy one.
Define luxury: Back in the day, luxury models were not that common since only the uber rich could afford to buy one. Hence, these vehicles featured a number of perks when it came to style, comfort, and performance for that matter which was not the norm for regular vehicles. However, with increasing competition today, car manufactures have upped the ante with premium features for even their base models to drive up interest and boost sales. So, you might not have to necessarily spend a lot to own a luxury vehicle since now these premium features are being offered in base models of a particular brand as well.
Fuel requirements: Not all luxury vehicles will have great fuel efficiency. Granted if you can afford to buy a luxury vehicle, fuel costs might not be your main concern. But with environmental concerns and more and more automobile manufactures striving to come up with a more fuel-efficient or hybrid vehicles which will run on dual modes, there are a number of alternatives available for you to choose from.
Maintenance is expensive: Even if you can afford to buy or lease out a luxury sedan or any vehicle for that matter, maintenance is necessary and very expensive when it comes to premium models. In order for the vehicle to perform, periodic oil changes, wheel balancing, alignments, and safety tests should be conducted regularly. Engine parts and essential components replacements are a part of any regular maintenance and the more expensive the vehicle, the higher will be its maintenance cost.
Insurance is expensive: Car insurance is expensive but necessary. However, when it comes to luxury vehicles, there are very few and for that matter expensive insurance options by even fewer insurance companies. This is mainly because of the base price of the vehicle is expensive and hence this drives up the cost of the insurance policy. On an average, it is estimated that a luxury vehicle owner will spend anywhere from $400 to $500 per month on insurance and maintenance.
Luxury cars are hard to sell: Luxury cars don’t have a very good resale value. This is mainly because the depreciation rate for the vehicle is higher than any normal vehicle, ranging from 20% to 30% loss in value in the first year itself. So, the older the vehicle, the more tough it is for you to resell.