10 Secrets You Didn’t Know About Buying Used Luxury Car

secret points buying pre-owned luxury car
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Secret-1: Not doing any analysis and heading straight to the dealer

When buying a new car or a used luxury car, always research the dealership and select one or more car dealerships that you plan to visit to purchase a car. Almost every car dealership has its website, where you can familiarize yourself with the description of the second-hand premium car you are interested in, choose the vehicle configuration you need, and find out its cost.

Thus, you will be able to collect the necessary information about the car since the seller is obliged to provide the consumer with the necessary and reliable information about the product promptly, ensuring the possibility of their correct choice.

Secret-2: You don’t know how much you can afford

To realize the dream of buying the first car, it is necessary to do good financial planning. Many people make the mistake of just buying the vehicle without thinking that they will have to pay taxes, fees, maintenance, and fuel, such as increasing the monthly expenses with the car.

Therefore, it is necessary to plan how to adjust costs perfectly within the budget for buying a pre-owned luxury car without having to go into debt at the end of the month to keep the vehicle in the garage. In this sense, thinking about the vehicle’s cost and the fixed expenses it requires monthly is the biggest challenge.

Secret-3: Not putting money aside for a car

It is one of the common mistakes people make, making them spend everything for the cost of a car. Once you’ve defined your budget, it’s time to plan a savings strategy, and believe it or not; it can be addictive. Start analyzing how much money you spend on the phone and bills. Only in this way will you be able to understand if you are using the rate that best suits your needs.

Then define the goals to be achieved. Whether it’s buying a home or a second-hand luxury car, knowing why you’ve decided to save can motivate you more than anything else.

Secret-4: Not seeking loan information from your local bank

Usually, you should take into account the number of installments, repayment time, and your contribution. Always pay attention to additional security less frequently.

When buying a new car, customers most often choose car loans, where dealers work closely with banks. On the other hand, when buying a used car like a used Porsche, a cash loan is more popular. The choice of a specific solution is also associated with formalities and the applied security.

In the case of a car loan, you have to take into account the requirement to assign an insurance policy, share the ownership of the vehicle with the bank, and the need to deposit the vehicle card in a deposit.

When buying a second-hand premium car, we most often choose a cash loan without the need for our contribution and security. The greatest attention should be paid to the level of installments and what distinguishes individual banks’ offers.

Secret-5: A loan for more than five years

When considering the decision to take advantage of possible financing under a car loan, you should also take into account the fact that, unfortunately, not all cars will be subject to it. In addition to the maximum loan period, banks also set a limit age for the cars to obtain financing.

When choosing a car and the car loan that belongs to it, keep in mind the relationship between the loan conditions and the car’s age. When taking a new car loan, let’s check where the financing offer will be the most favorable for us in terms of the interest rate. When buying a used car, say a BMW 3 series second hand, let’s also check the loan’s total cost. It may turn out that we will be able to buy not a six-year-old but two years younger copy of the dream model at the same price.

Secret-6: Not checking the TMV at “Kelly blue book” of the used luxury car

Before choosing a used car agency, you must check the online reviews of that particular agency. Thanks to the internet and the many portals specialized in car sales where you can find used luxury cars for sale and make car reviews available, one click is enough to view proposals from every corner of the world. Finding your dream car on the monitor is highly likely, and a low price can make your fingers and credit card tingle.

Obviously, given the particularity of the purchase, it is strongly not recommended to proceed instinctively; it is necessary to start a well-defined path and start a series of checks and essential requirements.

Secret-7: Purchase a brand new car

One of the biggest problems for anyone looking to buy a new car is the budget. To face a similar expense and for a middle-class vehicle, it would take about 20 thousand euros aside. A not indifferent sum and clearly, not within everyone’s reach.

But in addition to this money, you must consider expenses such as maintenance (ordinary and extraordinary), road tax, insurance, gasoline, and above all the options to add to the list price to have your convenience.

However, in many cases, it is very convenient to opt for a pre-owned luxury car for individuals if you do not have a certain budget requirement for your dream car. Buying a used car is a very convenient solution for both savings and payments.

Secret-8: Refusing to rely on mechanics as advisers

The list of items to check is long. However, it turns out that even automotive laymen can check the condition of a used car on their own. All you need is a bit of willingness and a trained eye. However, it’s best to take someone with you and share the tasks. You can also use an expert’s help because the advice of a friend mechanic is sometimes not enough. If you don’t feel up to your strength, use the help of an expert.

A test drive of a used car like 2nd hand BMW will allow you to find only minor defects in the chassis, check the brakes, gearbox, and steering. It is best to have the car checked in a specialized workshop or diagnostic center, where they will check the geometry and condition of the chassis, the condition of the engine, and the correct dimensions of the floor plate.

Secret-9: Buying an extended warranty

Don’t fall into this trap of buying the extended warranty. The Consumer Code provides that the seller is responsible for defects that occur within the following two years from the used car’s delivery. If it is a high-end model like BMW 3 series second hand, you are required to report the damage to the dealer within two months of discovering it.

It means that you still have two months from the warranty’s expiry to file a complaint with the seller if the defect can be traced back to the guaranteed period.

The law allows, for used goods, to reduce the legal warranty period to a period of not less than one year, but the parties must approve this limitation. You don’t need to buy an extended warranty and extra offers like undercoating; avoid these scams just by pre-inspecting the car properly.

Secret-10: Having a bid that isn’t less than the dealer’s asking price

Buying a car is a considerable expense, which is usually tens of thousands of zlotys in the case of new vehicles. Therefore, even a small discount or freebies are worth negotiating. First of all, it is worth pointing out that we can gain the most when deciding to buy a vehicle already standing on the showroom square than when we want to order it from the catalog. Therefore, it is worth seeing a pre-owned luxury car that we will be able to pick up immediately and paying prices below the dealership’s asking price without having to wait for them to be made at the factory.

secret points buying pre-owned luxury car

Myths about used luxury car auto insurance

It makes no difference what color the car is

According to statistics, the most prudent and least harmful drivers were driving blue cars. Although these data indicate a greater loss ratio for red car drivers, it does not mean that they will pay the most for liability. The color of the pre-owned luxury car can affect the amount of insurance only in a small percentage. However, the final shape of the policy price will be determined by classic factors such as the technical data of the car or the driver’s profile.

Automobile insurance for sports car drivers is often higher

Not correct, First of all, you have to differentiate between comprehensive insurance and motor vehicle liability insurance. Since liability insurance only covers damage to the other party involved in the accident, the insured vehicle’s purchase price does not influence the premium.

The decisive factor is how often the model is responsible for accidents and how high the average (third-party) damage is. This accident record is reflected in the type class of motor vehicle liability insurance.

And if your buddy is driving, you are liable

It is a common misconception that confuses many people; if any of your friends or family members is driving, you will still claim your insurance if you’re not on the driving seat of your pre-owned Audi. 

But in some cases, it can also be the case that the driver in front is partly to blame if, for example, the brakes hard despite a green traffic light or brakes abruptly in front of a speed camera. Then the driver must expect not to be reimbursed for the full damage by the vehicle liability insurance of the driver.

all about used luxury car insurance

If my car is totaled, I am insured

It’s a complete myth; if your 10-year-old car got totaled or damaged, don’t assume that you are going to have the latest model for your used Porsche by the reimbursement. This is only applied in the case of a new vehicle some of the insurance company covers to protect your investment.

My rental car is covered by my car insurance

No, your car insurance will not cover your rental car. Insurance for rental cars is quite different from insurance for private vehicles. In most countries, rental cars must have a basic insurance package with three types of coverage, which can change as needed. All rental cars have three basic types of coverage: damage protection, theft protection, and liability protection.

Using automobile insurance for corporate purposes

Your car insurance may not cover your business uses as the insurance company sees business drivers at more risk than personal use. Although there is special auto insurance you need for your business, it covers all your business purposes.

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