The process of buying a luxury vehicle is long and arduous. Buyers are so enamored by the car that they just can’t wait to get it home. As a result, things like the aesthetics and the car’s sex appeal have more of an impact. Sure, these things are an important part of owning an extravagant luxury car. After all, there is no point in splashing the cash if you can’t enjoy the fruits of your labor. Still, that doesn’t mean there is room for complacency because buying a car is an investment. And, if you want your venture to be successful, there are certain things you need to consider before you get the keys to your favorite luxury cars.
Do I Need It?
The question is simple: do you need the car or are you indulging? Let me be the first to say that there is nothing wrong with pampering yourself from time to time. Indeed, it’s an essential part of maintaining morale and keeping spirits high. However, a luxury vehicle is an expensive purchase, and splashing out on something so expensive can wreck havoc on your finances. If you can afford it, then there is no problem whatsoever. But, if you’re unsure about the future, there is no need to spend lots of money. Okay, so you still need a car, yet there are plenty of other options on the market that don’t cost a fortune. High prices are a reality of owning a luxury car and never forget it.
Finance Options
Luxury has a lot of stigma surrounding it which influences the decision-making process. For example, the fact that you’re buying a high-quality car might make you feel quite good. It might even make you feel as if you’re apart of a higher class of people, almost like you’re rich and famous. And, wealthy people don’t pay for cars through a monthly plan. No way, Jose! They pay outright and upfront because money isn’t an option. The problem is that money is an option for yours truly. Buying a luxury model of car doesn’t make you bulletproof from a financial standpoint. With that in mind, it’s imperative to consider all of the financial-related options. Sure, paying for it in cash does reduce the price, but a monthly deal might better suit your needs. Some people even lease cars.
Residual Value Rating
Speaking of a lease, lots of luxury models are rented and then come back to the dealer. As a result, the value of the car isn’t always black and white. In a sense, it is like a second-hand car because it isn’t brand new. Naturally, the seller will never admit to it, which is why so many people end up in a Mexican standoff. Thankfully, the RVR tells anyone that wants to know the current value of the motor. From your point of view, it’s a good sign of high-performance and vehicle retention which both affect the sell on price. Even though the process is slightly different, you can’t afford to take risks. The fact that you’re going to spend more money means you should be extra careful, and that’s where this rating comes in handy.
Safety
Safety is a buzzword in the motor industry today because it’s a very real concern. However, it might not be the first thing on your list. In fact, it might not be on your list at all because safety isn’t cool. Still, no one wants to have a crash and call a bunch of car accident lawyers for help. It’s nothing against attorneys, but an accident is worth avoiding if possible. The good news is that the car can help. Vehicles with a high safety rating are much less likely to cause damage to the driver if there is an accident. The stats are pretty shocking, which is one reason security is becoming more and more popular. Of course, manufacturers don’t try and produce cars that are unsafe, but some are better than others. Although it isn’t sexy, safety is the difference between life and death. With that in mind, it’s well worth considering before you get behind the wheel.
The Value Of Time
Did you know that the average person spends less time buying a car than considering a loan? It’s true – buyers are more concerned about their motor than their bank balance. The reason is down to your brain. On the one hand, there is the creative side which is saying ‘buy it’ because it already pictures you in the car. On the other, there is the practical side that wants to know about mileage and fuel efficiency. As you can guess, the creative side tends to win nine times out of ten. Although time and money are linked, it’s always worth processing the decision a bit longer. The reality is that your decision can affect more than your appearance, so one mistake can be catastrophic. By valuing your time more, there is a higher chance of making a successful decision.
Haggling
In general, a car is one of the few purchases where the average person would try and negotiate a better deal. It’s almost like we know that they will accept less, so we have a free shot. Still, it doesn’t mean that the average person is any good at haggling. Indeed, you’re probably pretty bad because you don’t understand the dynamics. Negotiating a good deal is an art form, so you need to know what makes people tick. For example, is the sales rep just trying to flog a car for the commission or are they concerned about your interests? Or, are they using age old sales tricks to make you think that you are getting a good deal? There are a lot of questions to answer, and doing so will make you a better negotiator.
Oh, and don’t forget to keep your cards close to your chest.
