Getting the best deal on a luxury car, whether new or used, is important. You don’t want to end up paying far more than you need to. You want to drive around in your luxury motor feeling like you got a great deal. It’ll only enhance your driving experience even more!
Here are a few ways you can get the best deal on a luxury car:
Only Buy A Luxury Car When You Can Hand Over Cash
Many people go for finance when purchasing a luxury car. However, to get the best deal, you should only buy a luxury car when you can hand over cash. You might even need to go for a lower down model, but it’ll be better for you in the long run. When you begin paying off a car on finance, it is losing value, so you’re losing out on cash in two ways! The average depreciation rate for new cars is 20 percent the first year and 15 percent after that. To put it simply, you’ll lose out on thousands of pounds over the life of the loan. Perhaps even tens of thousands.
Get Pre Approved
If you’re going to ignore the above advice, the least you can do is get preapproved for a car loan before you set foot in a dealer. You can then compare interest rates to the other loan rates out there. You’ll also be able to focus on getting the right price during negotiations, rather than the monthly payment.
If you are set on taking out this loan, don’t take it out for more than 48 months. The longer the term of your loan, the worse you are likely to perform on giving the money back to your lender.
Do your best to ensure that the payments you’re making on your new luxury car aren’t exceeding 15% of what you earn in a month. If you’re already in debt, then it should be less.
Do your own Research And Remain As Flexible As Possible
Make sure you have a good idea of various car models that fit your needs. Don’t just have one in mind. If you’re open to options, the more chance you have of finding a bargain. While the Mercedes-Maybach is always a great luxury car, having a couple of other ideas will help you to get the best possible deal.
What’s The True Cost Of Owning Your Luxury Car?
It doesn’t just matter how much the car will cost you initially. You need to have a good idea of how much it’ll cost you to own the car once you have it. How much is fuel? How much fuel does it use? Make sure you also consider maintenance, taxes, and repairs. You could even think about renting this car before you buy it outright. It’s a good idea to rent the car, or a similar one, for around a week before you buy. This is will be one of the biggest purchases of your life, and renting will help you to make sure you’re making the right decision.