Luxury cars are attractive, built for high performance and ultimate comfort. Buying a luxury car, whether new or used, is a delicate decision. While a brand new luxury car comes with a hefty price tag, a used luxury car can look good but might not be in perfect condition internally. There are a lot of factors that dictate the decision-making process, and the pros and cons have to be carefully weighed before buying these exotic machines.
Generally, the real joy of owning a luxury car is only when it is bought right out of an exclusive company showroom. While this might hold for some brands, in general, there is a high probability that you land a pre-owned luxury car in pristine condition and almost at half the price of a new one.
A brand new luxury car depreciates immediately as it is purchased from the showroom. The initial depreciation can be as high as 23%, depending upon the taxes and duties the buyer has to pay over the vehicle’s actual selling price. For a 3 to 5 year usage period, any luxury car can depreciate by up to 48%, which is almost half the vehicle’s original price.
Considering this factor, it is easy to find a used luxury car that retains nearly 85% of its original charm at a much cheaper rate than a brand new one. Moreover, many recognized and verified companies and dealerships scout for selectively used luxury cars in their region and run thorough diagnostics on the cars before putting them up for sale.
With the increase in demand for pre-owned luxury cars in India’s Tier II and Tier III cities, these dealerships have started expanding their operations. These dealerships have made it easier for buyers to get the best deal without much effort. The whole buying experience is similar to buying a brand new luxury car. However, we recommend the buyers conduct personal inspections with the help of a mechanic or technician of their choice. This step can be omitted for branded dealerships as they provide an extended warranty on the car of your choice (in some cases).
The general perspective of the luxury car market in India post-2010 has changed a lot. People are willing to try their hands on used luxury cars before committing to a brand new car. Today, the buyer is well informed, and more often than not, they have already done online research before deciding which car to buy. Social media connectivity, online forums, expert opinions, and the like are helping people understand the intricacies of the trade. It is another very important factor in buying either a used or a brand new luxury car.
Our verdict- no, buying a used luxury car will not defeat the purpose, especially in modern times.