Many high-end sedans that were very expensive when new will lose a significant amount of resale value after only a few years, so a six-figure car that is a few years old and has reasonable mileage can be purchased for a fraction of its original cost. If you do it correctly, you may be able to buy an older luxury flagship sedan with higher mileage for less than what its previous owner paid in taxes.
Many high-end luxury flagship models continue to look expensive today, allowing drivers to be ballers on a budget. Whatever luxury car you are looking for, we have compiled a list of considerations for you. Remember these as you research and test drive potential used luxury cars, as they can help you save money, time, and headaches.
Scanning the Vehicle
The used luxury sedan you are thinking about is a high-tech machine with numerous sensors, controllers, computers, and modules that communicate and monitor one another to keep things running smoothly. Whether or not a check engine light or other system warning message appears in the instrument cluster, make sure the vehicle you are considering has a full diagnostic scan, preferably performed by a dealer technician. Some potentially costly issues within the electronics and sensor network will illuminate a warning light, while others will not. A diagnostic scan is inexpensive and quick, and it can reveal a slew of potentially hidden issues that could be wreaking havoc on your wallet.
Inspect and update the vehicle
A Pre-Purchase Inspection (PPI) by the appropriate dealer for the vehicle you are interested in is strongly advised. During the PPI, a trained technician who is familiar with the vehicle can inspect it from the rims to the roofline for signs of numerous problems or issues. A PPI is typically a $100 job that can reveal thousands of dollars in issues. If any are discovered, include them in your pricing negotiations.
Watch for Modifications
If a used luxury car has been heavily customized by a budding rapper or race car driver using inexpensive parts, you should avoid it. Many previously owned luxury sedans have had various modifications performed by previous owners. Upgrades to computer chips or tunes are common, especially on turbocharged or supercharged models designed to increase engine power. Furthermore, owners frequently invest in suspension upgrades that lower the car or add large wheels.
Consider the Extra Costs
You might be able to afford the luxury vehicle you desire, but can you afford to keep it running? Take into account all additional costs: High-end cars typically cost more to insure, often necessitate the use of more expensive premium gasoline, and are more maintenance-intensive, with fluid changes, tune-ups, and other recurring work necessitating more money from your wallet. It is also worth noting that many replacement costs, such as brakes, tires, suspension components, and lighting provisions, will be higher. Typically, you purchase a high-end luxury car for the driving experience rather than the low cost of ownership. If your budget does not allow for it, a fully loaded version of a more mainstream ride might be a better option.
