Talking yourself into buying something you want is easy. Making yourself realize that there are consequences isn't. While buying a luxury car shouldn't be the most stressful decision of your life, it will be more stress than it's worth if you don't consider just what owning one entails. Here are a few things to consider, specifically when buying a used luxury car:
1. How much will the insurance cost?
While you might find an amazing deal online, in the paper, or as a private listing, make sure you research how much your insurance will cost before you buy anything. That used luxury car might seem like a great deal now, but is it worth it if it costs you twice as much as another vehicle listed at the same asking price?
2. Premium brands are just as likely to breakdown as the rest, and you won't be happy when you see how expensive some of those parts are.
Don't fool yourself into thinking that just because it's a Mercedes, BMW, or Jaguar that your car will be immune to aging, wear and tear, and/or faulty parts. Some luxury brands actually require more maintenance because there are more parts involved. A two foot long rubber hose for my Jaguar cost $70, and that was the wholesale price! If you can't stomach the idea of paying a mark up for things, don't buy a car that was marked up to begin with.
3. Where can I get this fixed?
While Jaguar isn't the most exclusive brand in the world, there isn't a dealership in the city I live in. This is something to consider depending on what your buying. Some cars require manufacturer specific tools that independent shops won't carry and that will require a dealership. Luckily for me, Jaguar and Land Rover were owned by Ford at the time my car was built so I've been able to get service through them. It also doesn't hurt to teach yourself a few things either, because . . .
4. Maintenance is everything.
If you can't afford to maintain a luxury car, the appeal of owning one will fade quickly after it starts to fall apart. A reliable ride should be your main concern for a daily driver. Also consider your cost of fuel and regular parts like air filters, etc. These things will determine the true cost of owning a premium vehicle. If one repair will wipe you out, step back, step way back.
5. You should be the expert.
If a price is too good to be true, find out why that is. Every brand of car had a couple of weak batches and it's good to know which ones those are if you're in the market. A couple hours online is also a great way to give yourself a crash course in what to expect from that luxury car you're interested in. Not to mention, knowing my own vehicle has allowed me to do a considerable amount of maintenance and troubleshooting on my own. If you neglect this, you'll be spending a lot of money for someone else to fix your problems, and truthfully, you'd be amazed at the amount of the things you can fix yourself for under $20.
That said, there are a lot of deals to be found on used luxury cars. If you're willing to roll up your sleeves every once and a while, not only will you save money, but you'll develop an even greater appreciation for your vehicle and how it works. Thanks to the internet, I've become a part-time Jaguar mechanic.
6. Last but not least - look past the brand.
The brand of the car isn't what makes it fun and exciting to own. The performance, ride, comfort, quality, and styling are what you'll want to focus on. These things are determined by how the vehicle has been maintained, how old it is, and how it was used. Don't let the brand whitewash the specifics or you might just end up with lemon. A car that's 10 years old is still 10 years old no matter what the badge is, and I wouldn't have bought a '99 Jag if I wasn't so enamoured with how well it drove. Look at the car for its real value before falling for it.
There are perks to owning a luxury car though. More on that later.
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