The idea of buying luxury cards can be pretty intriguing up until you weigh in the quick loss of value that brand-new automobiles sustain. In fact, studies across the board show that the average car decreases roughly 60 percent during the first five years of its existence. If you spend eighty thousand dollars for a brand new vehicle, you can anticipate that it will be worth thirty-two thousand dollars five years from now.
If you are the kind of person who enjoys a good deal and a great value, then read further. This article features the formula for the acquiring that ideal luxury car for a fraction of the price without breaking the bank.
8 Secrets of Buying Luxury Cars – The Formula
#1 = Don’t Purchase a Vehicle in the First Five Years of its Life When it is Depreciating Fast.
Here’s a comprehensive infographic of how rapidly a car or truck loses its market value in its initial five years.
#2 = Search For Cars With Body Styles That Have Not Changed Much Over The Years
Look at the Mercedes SL. Here is an example showing how the body styles of this model haven’t changed much.
The 2008 model Mercedes SL doesn’t look that much different than the 2012 model Mercedes SL. For most people, unless they are serious vehicle buffs, or you have the vehicles lined up side-by-side, they don’t seemingly appear that different.
Important Takeaway Benefit: Look for sweet spots like this because they give you an opportunity to buy a classy vehicle that can appear newer than it is for pennies on the dollar.
#3 = Once You Find a Model You Like, Consult A Mechanic To Find Out If There Are Model Years That Come with Any Major Challenges
Each year, car companies carry out some changes to their cars, especially if there are persisting chronic problems. A mechanic who is acquainted with a certain car model due to the fact that they put in a lot of time working them may be a terrific source when it comes to knowing about a car model’s better years and the model years to keep away from. Just ask.
#4 = Maintain Your Vehicle Affordably Using An Independent Mechanic
You’ll spend much more money to keep a car maintained the moment you take it to the manufacturer’s dealer. That is exactly how these wonderfully fancy dealerships exist. As a budget-friendly alternative, find an independent mechanic who works with the car model you are going to be driving.
Note: Sometimes independent mechanics can’t do it all. Here is an example. When Rick’s Bentley GT’s infotainment center failed on his 2004 Bentley Continental, the new cost of that part was going to be almost $4,000. He found the same part on EBAY for $400. He then paid the dealer $275 to change out the part.
Discover the best independent mechanics in your area on sites like YELP in Florida. Enter your city and the words “independent mechanic.” once you hop on the website.
#5 = The More Vehicles You Don’t Mind Owning, The More Possibilities You’ll Have
If you have your heart set on one particular vehicle or color, your search time is going to take longer. But, if you want a convertible and you like Mercedes and Cadillacs, for example, you’ll improve your pool of cars to choose from, and this will raise your chances of locating that reduced mileage vehicle.
#6 = Look for Slightly Used Cars Low Mileage Vehicles
These vehicles are typically not being utilized to travel to work regularly. Chances are, they’ve been obtained for dinners out or going golfing. Look for vehicles that have an annual average mileage rate of less than 10,000 miles per year.
Real-life example: Rick’s wife initially had her heart set on a white vehicle, but when Rick found an eight-year-old Bentley Continental GT with 13,000 miles on it in black, it was hard to pass up. As it turned out, the car had been owned by a basketball player and he had it garaged in his second home in Florida and it was rarely driven. This turned out to be a great opportunity. While the car’s original sticker price had been close to $200,000, he picked up that car for $62,000. Because the body style hadn’t changed much over the years, it really still looks like a $200,000 car driving down the road. Best of all, it is in it’s slower depreciation phase at this point. Instead of depreciating $20,000 a year, it is only depreciating about $2,000 a year!
#7 = Buying Your Car Site Unseen
For some, this could sound bizarre, but by boosting your vehicle hunt to the entire United States, you are opening yourself up to even more opportunity of identifying that low mileage gem of a ride. Sites such as EBAY can serve as an excellent source for finding automobiles as well as for discovering what similar vehicles are selling for in the market.
Putting in the time to study what cars are selling for is going to enable you to establish a standard so that when you locate a car that measures up to your standards, you will know if the asking price is reasonable or not.
— Dealerships who market vehicles on EBAY rest their credibility on favorable feedback. When you are looking at a seller’s vehicle listing, be sure to see how many deals they’ve carried out and if they have a very superior percentage of positive feedback. Someone with four transactions is going to be a riskier seller to work with, especially if they hundreds of miles away. Do not place yourself at risk. Keep in mind that there are crooked people on EBAY too.
— As soon as you have reached an agreeable sales price with the dealership, get an independent mechanic in the area and get them to go and view the vehicle. Request that the auto mechanic take a look at the vehicle for any initial obvious issues.
Words of advice: If the mechanic finds the vehicle with obvious body alignment issues or paint mismatches from one part of the car to the other, instruct him to stop the inspection at that point so you aren’t paying for a thorough inspection of a vehicle that you know you aren’t interested in.
But, if the automobile looks clean, then have him perform a comprehensive examination to determine any possible mechanical or cosmetic troubles. Even if it costs you a couple hundred dollars to have this assessment carried out, you’ll come away having a better idea of what sort of car you are purchasing. In the case that issues are discovered, you can additionally use the assessments for repair work furnished from the mechanic to negotiate the sales price down further. Specific cost estimates for necessary repairs present you yet one more bargaining chip.
#8 = Don’t Get In A Hurry
Snagging the ideal vehicle usually takes some time. If you have your heart set on locating the perfect low-mileage vehicle right out of the gate, you may be setting yourself up for despair. Remember that car dealerships profit from the impatience that numerous people often have the minute they decide they desire to buy a vehicle. If you can be persistent, you can locate a primo car that is currently in the slow depreciation period of its life that seems like it is really worth so much more money than you paid.