The words luxury and budget aren’t normally uttered in the same sentence, but for savvy buyers, the two aren’t mutually exclusive. That’s because these buyers learned that finding luxury for a reasonable price is as easy as finding the right used car lot near Lexington and tapping into the vast landscape of high-end used inventory. Buying a used luxury vehicle is smart for so many reasons, but mostly because, by the time the car lands in your driveway, someone else has absorbed the depreciation (a.k.a. loss in value) that always happens right when a new vehicle leaves the dealer’s lot. While the price tag may still be high––it’s a luxury vehicle, after all––it holds its value more during the time you own it.
It used to be hard to find a competitive interest rate for a used a car loan. Thanks to savvy finance professionals with access to multiple lenders, securing low-interest loans and even leases for pre-owned vehicles is now possible, making buying used even more attractive. Varying loan terms mean monthly payments are budget-friendly too.
The list of reasons for buying used, especially if you’re looking for a high-end luxury vehicle, is long and logical. It begins and ends with finding a reputable dealer partner who can sift through a mountain of options and find you the best contenders to consider; a list of vehicles that perfectly match your lifestyle, budget, and penchant for the finer things. If you’re looking for a budget-minded entry into the world of luxury cars, follow these handy tips, and you’ll find yourself with a sleek new(ish) ride in no time.
#1 Find the Right Dealer
Where you buy your used luxury car is as important as the car you choose. That’s because your dealer is your partner throughout the ownership period, including being a resource for maintenance, service, and parts. Luxury car owners tend to take excellent care of their vehicles; that means regularly scheduled maintenance and a significant number of visits to the dealer. Pick one you like and trust, and the ownership experience is that much more pleasant.
Before you decide, ask your dealer for a tour of the service facility. Is it clean? Are the representatives friendly? Can you schedule appointments online? The quality of attention and service you receive should equal that which you received during the sales process.
Dan Cummins Chevrolet Buick of Georgetown is the best place to find new and used cars. Our team will always strive to put you and your needs first no matter what. We have a certified service center with professional, factory-trained technicians that will treat your vehicle like it’s their own. Service and sale quality matters, especially when you’re investing thousands in a luxury vehicle.
#2 Ask About Maintenance Requirements
Speaking of maintenance, what are the regularly scheduled maintenance requirements? Does the vehicle require full synthetic oil? What about sports cars? Are there more frequent inspection intervals? Each car or truck is unique, and while how much you drive it will determine the frequency of service, it’s good to know ahead of time if the car you choose needs a little extra looking after.
Also, consider the style and quality of tires required. Some performance cars, like the exciting Corvette, run best with high-quality performance tires. These tires tend to be more expensive than standard tires and should be considered as part of the cost-of-ownership. Ask a lot of questions about what to expect over the life of the vehicle. Knowing now could prepare you later.
#3 Check the Electronics
Does the infotainment system need frequent upgrades? Will it take over-the-air operating system updates, or will it require a visit to the dealer’s service department? What about driver-assist safety systems? Technology changes so fast, which means older used vehicles aren’t benefitting from the latest technology advancements.
If current offerings, such as driverless technology capability, are important to you, be sure to choose a newer model to take advantage of the latest advancements. Also, ensure all electronics are in excellent operating condition. With all the bells and whistles, it’s easy to overlook one. Have the dealer take you through each one so you 1) understand how to use it and 2) ensure it’s working properly.
#4 Consider the Additional Cost-of-Ownership
Luxury cars are investments, and those investments require spending a little more over time. Be sure to call your insurance company to learn the cost of coverage and take sales tax into consideration. Other considerations, like fuel economy and reliability, play a factor too. Does the vehicle require premium gas?
If the vehicle is older, you might want to inquire about an extended warranty for added peace-of-mind against potentially expensive repairs down the road. Your dealer’s finance department professionals can recommend a wide range of protection programs that will save you money over the time you own your vehicle.
#5 Get to Know CPO
Your used luxury car is an investment, which means you want it to leave the lot in the best possible condition and stay that way for as long as possible. Hedge your bet by choosing from the dealer’s Certified Pre-Owned (CPO) inventory. These cream-of-the-crop used cars, trucks, and SUVs are rigorously inspected, and they must meet stringent requirements to earn CPO certification. It’s as close to new as you can get without the high price tag.
Most of these CPO vehicles are limited to low-mileage vehicles that are still under factory warranty. They must have a clean Carfax (so, no accidents) and a clean title and must pass a hundred-plus point inspection to be considered. They’re thoroughly reconditioned and detailed, so by the time they hit the showroom floor; they’re as close to new as possible.
#6 Consider a Domestic Luxury Car
It’s a great time to buy American. Today’s American luxury cars not only look like their European counterparts but, in many respects, are superior in both quality and reliability. In many cases, domestic cars are easier and less expensive to maintain. Replacement parts are often made in the U.S., making them less expensive, and repairs tend to be less costly on an hourly basis, thanks to straightforward engineering.
According to Forbes, eight of the ten most costly vehicles to ‘keep running for a decade’ are luxury imports. It’s a great time to buy American because exciting nameplates, like the Corvette, Escalade, and even some high-end full-size Silverado pickups, are equipped with next-level luxury features and dynamic performance capabilities that blow the doors off the imports.
Choose Luxury, Choose Dan Cummins
Buying a used luxury car is great advice; there is, quite simply, no downside. Choosing even a one-year-old vehicle can save you thousands because cars lose a significant amount of their value in the first year. Sure, you may not get the latest and greatest model with the most current bells and whistles, but you’ll get close. Choose a vehicle that’s at the beginning of its latest redesign (versus one at the end of its generational lifecycle), and you’ll come out an even bigger winner.
Most importantly, partner with the right dealer. Here at Dan Cummins Chevrolet Buick of Georgetown, we offer a wide selection of used and certified pre-owned vehicles just ready for you to shop and select from, so your next car is both affordable and luxurious. Skip the high price tag and shop for pre-owned luxury vehicles. It’s a solid financial decision that will leave you wondering why everyone doesn’t do it.
