Thinking of buying pre-owned luxury cars?
Don’t step inside a dealership without reading ahead. We’ve got a few hidden or overseen facts you must know before you begin your journey.
Because knowing these things will make it a lot easier than you think.
So let’s not waste any time and jump right in. We’ve got a lot to dig.
- Low buying costs- low resale value
Many people decide to buy used variants because of the prices.
Since the prices of these variants are way lower than the market
people are drawn towards these deals.
Which is great because everyone loves savings. But something that many people forget while making these decisions is the ultimate resale value.
These used variants are so cheap because their value has depreciated over time. This means when you decide to sell it, the value would have depreciated even more by then.
And the resale value of this car is going to be less as compared to when you bought it.
This might not be an issue for people who aim to keep the car or not sell the car for profits. But for people who wish to sell the car further, this could be a drawback.
So consider this wisely and then only reach a final conclusion.
Undoubtedly, used luxury cars are a great purchase but in the end, it all comes down to your purpose.
An undefined purpose can make even the best decisions wrong!
- Car aged more than 7 years is also ideal!
We have seen people frown upon buying used variants older than 5 or 7 years.
They have quality concerns and many people also think the car wouldn’t last for long.
Which is only partially true.
The thing about cars is they have a set life span.
The average lifespan of cars is 12 years.
Which means a car can last for that long.
So buying it second-hand doesn’t reduce the car’s life.
The factors that do impact a car’s life are- (a) the maintenance, (b) the servicing and modifications, (c ) driving style and many more.
So the point here is do not look for a younger car. Look for a model that has been maintained well.
Because this is what makes the real difference.
For instance, if you are confused between two models- say car (a) is 5 years old poorly maintained and car (b) is 7 years old well-maintained with no accidental history whatsoever- then you must get the car (b) for obvious reasons.
- Buying is better than renting-even for temporary purposes!
Leasing is the new trend and people are really loving this trend.
However, they do not realise how this trend is burning a hole in their pocket.
Buying is a 10X better option than leasing any day.
Well, the answer for your “why” is- leasing costs way more than buying does and it comes with more cons than buying.
Leasing a car means you are liable for anything that happens to the car, you are liable for every single extra mile you cover with that car, and most importantly at the end of the leasing period you are left with nothing but the memories of that car.
Why would anyone want to spend all that money on something just to return it to the showroom?
Even if you are looking to keep the car for just 2-3 years you can purchase an old variant that has been maintained well, use it for however long you want and choose to do whatever you want with it ultimately.
- Not every dealership is worth investing in!
People have started trusting dealerships blindly.
And we say please don’t do this.
Just because a showroom has 15 luxury cars standing at their lot doesn’t mean that they are worth it.
They have to have a lot more than cars.
They have to be authentic, reliable and a must is customer orientation.
Without these three a dealership is just as good as any private dealer.
So choose wisely. Ask questions. Decide with a clear vision.
- You can buy pre-owned luxury cars with bad credit as well.
It is difficult, yes. But it is not impossible.
There are a few things that you need to do but if done right you will get there eventually.
And if you want more on this you can check out another blog of ours linked right here.
- You can find most CPO cars at credible dealership lots.
This is something not many people know.
But here’s a question for you- where do all the CPO rejected luxury variants go?
And if your answer is a dealership. Well, you are right.
A brand is a brand, and they won’t do anything to jeopardise their image in the market.
But they know the value of their products.
This is why they recommend these cars for dealerships.
So keep your eyes open. These variants sell as soon as they enter a dealership lot.
Because a CPO car at the price of a dealership- hello? Who wouldn’t want one!
- Interest rates are negotiable.
You don’t actually have to accept whatever is thrown at you.
This is what many people out there believe.
Negotiation works everywhere.
And you are buying a car worth lakhs.
So yes, your say matters.
And yes, you can negotiate.
But here’s the thing.
Do not go without an idea of what the market is offering at the moment.
Do your research- check your credit score- ask for quotations.
And then go to a dealership.
See if they provide you with that. And if not, bring your research to the table.
Discuss and negotiate as much as you can.
Pro tip- keep a good in-hand amount to pay as a down payment.
If nothing, this will absolutely work for you.
So that’s all-go and get your car now. Ohh! We are sorry. Looking for a car dealership?
Check out Kings Auto’s website- assurance is you will find what you are looking for there.