For automotive enthusiasts, buying a luxury car is something of a rite of passage. Adding one of these expensive cars to your collection isn’t always as easy as walking into a dealership and buying or leasing a new daily driver.
If you’re planning on adding a luxury car to your collection, keep these tips in mind.
1. Explore Your Options
Though they might be out of reach for the average shopper, there are quite a few luxury car manufacturers out there, each with its own catalog of models for you to choose from. These can be broken down even further by choosing a specific year or looking for a particular model.
Take the time to explore your options and figure out precisely what you want. Even if you have the disposable income or credit score to purchase or lease one of these vehicles, slinging your money around like it actually does grow on trees isn’t going to help anyone.
2. Don’t Buy the First One You See
We get it. You take a trip to the dealership, you see the car of your dreams, and it’s even within your budget — what’s stopping you from signing on that dotted line and driving her home right now? You have to remember that dealerships are counting on that kind of impulse buy.
If you have the self-control to walk out of the dealership, you may be able to get them to offer you a better deal if you head back a week later.
3. Take Some Test Drives
You may have driven every standard car under the sun but getting behind the wheel of a luxury model is going to change your perspective. These cars are feats of automotive engineering, offering peak performance and tuning as you’ve never experienced before.
Once you’ve picked your perfect luxury car, make sure you’re taking it for more than a few test drives to ensure that you know what you’re getting yourself into before you make that final purchase.
4. Consider Hybrid or Electric Options
Hybrid and electric vehicles weren’t generally considered luxury items, outside of outliers like the Tesla Roadster, but as EVs grow in popularity, more companies are jumping on the bandwagon.
Porsche, Mercedes, BMW, Audi, and even high-end brands like Maserati are all going electric or offering electric options in their lineups. If you’ve needed an excuse to make the switch to EVS, now is the perfect time.
5. Understand Your Financing Options
There is nothing affordable about purchasing a luxury car — and that’s kind of the point. That doesn’t mean that you don’t have financing — or refinancing — options if you need them.
Make sure you explore all your options when it comes to financing. If you’re planning to refinance your purchase in the future as a way to reduce monthly payments or pay off the loan faster, it’s important to understand when you’re allowed to do so.
6. Choose the Best Dealership
Occasionally you will be able to find private sellers offering up their luxury cars for sale, but if you’re a first-time buyer, this isn’t your best option. Instead, take the time to visit local dealerships and develop a relationship with a salesperson who has your best interest in mind.
There are plenty of unscrupulous salespeople out there just looking to cash in on your desire to purchase a luxury car. Avoid them. A good salesperson will work with you to help you find the perfect car for your needs, even if that means sending you to one of their colleagues at a different dealership.
7. Stick to Your Budget
There are a lot of incredibly expensive luxury cars on the market, and many of them are priced in such a way that it’s easy to spend a lot more than you intended. Don’t head to the dealership looking for a Porsche and let yourself get pressured into buying an $18.7 million Bugatti La Voiture Noire or some other massively expensive model.
Before you start shopping, create a budget and stick to it, no matter what. If you find the perfect car and it’s out of your price range, be patient and wait for something that does.
8. Don’t Forget Insurance
When you purchase a car, insurance is a necessity, but purchasing insurance for a luxury car often isn’t as simple as calling up Geico for a quote. You will need to shop around for a luxury insurance plan, which will be more expensive than your typical car insurance but will cover more if you run into problems with your new luxury vehicle — or more likely, problems run into you. Like with your car, make sure you’re shopping around to get the best deal.
Purchasing a luxury car isn’t something that you should rush into or do without a lot of preparation and forethought.
It’s very easy to spend a significant amount of money on something that ends up being the wrong luxury car for you, and once you’ve signed on that dotted line, you may find yourself stuck with a car that you hate. Take your time, be patient, and the right car will come to you.