Some people have a clear image in their head of their dream car and often this is a model that is at the high end of the market. Luxury means exclusivity, and exclusivity means high price, out of the money range for most ordinary mortals. But is it possible to find a luxury car for an affordable price?
In essence, there are two types of luxury cars: the really high end ones that only millionaires can afford, such as Rolls Royce, Bentley and Maserati, and the ones that have the luxury appeal, but are also relatively affordable for those without a six-figure pay packet. These are the ones that we shall concern ourselves with here. These affordable luxury cars include BMW, Jaguar and Mini models. These include the BMW 7 Series with its almost futuristic technology system; the Jaguar XJR LWB offering outstanding comfort; and the Mini in all its incarnations with its classic appearance and seemingly endless customization options. For many individuals, driving such a luxury car gives them status and enhances their prestige.
What do you need to consider when buying a luxury car? Obviously, the purchase price is the first consideration. Entry-level luxury cars usually carry a price tag of around the $35,000 mark, but it is worth remembering that this is not the only associated cost. There will be running costs surrounding gas, insurance, servicing and taxes as well.
If you want to buy a luxury car straight off the production line, you have to accept that you are not only going to pay a top end price, but that it will depreciate the moment you drive it off the dealer’s forecourt. This may, however, be the only way you can get the specification you want. The other option is to buy a second-hand luxury car, which will obviously have a lower purchase price, but which may still be at the high end of your budget.
Fortunately, you have several options if you do not have all the money needed to buy a luxury car. You can take out a personal loan to cover your shortfall; you can enter into a lease agreement with a reputable dealer or you can take out a hire purchase plan. Each one has financial benefits, but a standard lease agreement does mean that you do not actually own your car, but will have to give it back to the dealer at the end of the agreement. A personal loan may be a good short-term answer as the interest rate may be attractive, but may be less so as a longer-term solution. The hire purchase scheme gives you the opportunity to buy your car in installments and have use of it while you do so, but such agreements can come at a higher rate of interest and are not so economical in the end.
A luxury car is within your reach if you research what is available, consider your budget and make sensible choices about whether to buy brand new or second-hand.
Courtesy TheTopTier Digital Media