Owning a luxury car could seem like a dream for a few back in the day, but it is slowly turning into a reality for several car buyers in today’s market. Despite the outbreak of the pandemic, the used luxury car market has grown exponentially in India. The market for used luxury cars has grown 15-20% annually, with sales averaging around 60,000 units a year today. With the option of used luxury cars readily available at reliable dealers and showrooms now, the difference between new mass market cars and old luxury cars is almost negligible. While many first time buyers may be unsure about the decision of investing in a used luxury car, there are several key benefits to consider before narrowing down on a decision. Surprisingly, the pandemic has not halted the sales of these luxury cars, but instead has doubled the volume of sales owing to luxury car aficionados. Below, we take a look at several benefits one would receive by investing soon in a used luxury car.
Tempting Price Range
One of the most significant reasons which stands out is the incredibly affordable price range. The average price for a used luxury car from brands such as Audi, BMW, Mercedes-Benz and Land Rover range around 25-40 lakhs. Compare this to the fact that a new luxury car from the same brands starts from Rs. 50 lakh on-road, and the pre owned luxury car becomes very lucrative. Hence, you can get a high-end luxury car for a fraction of the price of a brand-new model.
Not only do you get huge savings, used luxury cars would still provide top notch luxury features and performance. They come with added reliability if bought from a reliable used car showroom since it undergoes a thorough inspection and reconditioning process. Plus, by choosing a used luxury car, you can potentially save on other additional costs such as insurance and taxes.
Depreciation
New luxury cars tend to lose their value quickly in the first few years of ownership. While this may be a bad thing for new car owners, people in the used car market take advantage of this. Cars keep losing value with each passing month or kilo meter, but the steepest decline happens right away; some luxury models even lose up to 30 percent of their value within the first year. In about two years time, the owner would be driving an older car but still paying for a new car. One would always end up getting a good deal while considering the depreciation value of a second-hand luxury car.
Better Resale Value
Pre-owned luxury cars tend to retain their value much better than other used cars, since most of the value depreciated would be within the first 2-4 years. So if you buy a used luxury car for 4-5 years, you can expect to get a good return on your investment if you decide to sell your vehicle later down the line. This can be extremely beneficial if you plan on buying a different vehicle in the near future. Overall, buying a pre-owned luxury car would be the best way to experience the luxury of a high-end vehicle without having to pay the premium price.
Advanced Safety Equipment
When you buy a used luxury car, there’s a good chance you will end up with more features and amenities than you would if you purchased a new non luxury model. That is because luxury cars are often ahead in their time and all the bells and whistles that are in new non-luxury cars, are already seen in luxury cars that are 3-4 years old.
A vast majority of safety features we see in mainstream cars today were first seen in luxury cars. Airbags, seat belts, reverse cameras, blind-spot monitors, cruise control, keyless entry, push-button start, all made their debut as features in luxury cars. Now it’s all part of many mainstream cars. Thus, in most cases, a 3 to 4 year old used luxury car will offer you more safety features than a brand new mainstream car at the same price.
Leading Edge Comfort and Convenience Features
Like safety equipment, many of the commonly accepted comfort and convenience features found in mainstream cars today were first featured in luxury cars. The electric push button start, automatic climate control, touchscreen infotainment systems, auto-dimming IRVMs and specifically tailored audio systems, all made their debut in luxury cars. So, if one is looking to take advantage of tomorrow’s best comfort and convenience today, even a four year old used luxury car could fit the bill.
More variety
Buying a pre-owned luxury car gives you access to a much larger selection of vehicles. You can find a wider range of different models and features, allowing you to find the perfect vehicle for your needs. This is especially beneficial when you are looking to find a specific type of vehicle or feature that may not be available on brand-new models.
Minimal risk
New cars might have inherent problems that are only unveiled when they are driven under different road conditions. Although these issues are normally covered by new car warranty, the time your car spends in the workshop getting these warranty issues can be time-consuming and frustrating. When you purchase a used luxury car, these small issues are already identified and fixed which means that when you buy a used luxury car, you can actually end up with a better car than it was new. The actual risk of mechanical features catching you by surprise is far less when compared to a new car.
Lower Insurance Costs
The amount to be paid for insurance usually depends on the current value of the car. Generally, insurance companies charge higher premiums for brand new vehicles due to the higher cost of repairs in case of an accident. Since pre-owned luxury cars are already affordable in comparison, the insurance rates tend to be much lower. This can help you save money over the life of the vehicle.
Reduced Waiting Periods
One of the important benefits of buying a used luxury car is the fast delivery. The waiting period in order to attain a brand new luxury car is long and taxing. It may appear as though you are waiting an eternity to have your dream car delivered. The same model car would be available in the second-hand segment. The looks, feel and performance is similar to a new car. A well established showroom would have experienced executives who comply with official formalities and they make sure that the car is delivered in the shortest time possible.
After Sales Support From Trusted Car Dealers
The after sales support can help maintain the used luxury car really well. Their constant support, service guidance and assurance help in making sure you get the best deal out of the used luxury car. The tests and examinations are aimed at examining flaws, technical anomalies and defects. Their pre-sales inspection, repair and refurbishment would ensure that the car is as good as new.
Summary
So, in conclusion, it makes a lot more financial and practical sense to invest in a used luxury car than a brand new model. There are a wide range of benefits to consider and you could end up potentially making the maximum out of your reduced investment. It is a widely growing market in India today and it is definitely roping in more customers in the near future who want to experience improved luxury at an affordable price bracket.
