Luxury cars are always a hot topic online. Some people love them – even live for them – while some disagree with the concept of spending that much money on a car.
Whether you’re for or against them, there’s no denying that they have their pros and their cons, and it just depends on each person, their needs, values and lifestyle.
If you’re considering buying a luxury car, here are some of the pros and cons to think about.
First of all, there’s no denying that luxury cars are beautiful. They’re designed to be eye-catching and glamorous, but also comfortable. They perform like beasts on the road with incredible power that also makes for a safer (and more fun) trip. You’ll find comfortable leather, heated seating, great temperature control, an amazing sound system, touchscreen infotainment systems and more in luxury cars.
The service you’ll receive from a luxury brand is also second to none. A Mercedes extended warranty will save you from paying costly repairs for damage or breakdowns. Most premium brands treat their customers like royalty, and any issues after your sale will always be handled quickly and professionally.
Finally, the automotive technology in luxury cars is unbeaten. This means that these vehicles are also amongst the safest in the world – the safety technology is one of the companies’ top priorities, which is a huge benefit for luxury car drivers and a big part of why they’re so popular.
The hard and fast reality is that a luxury car is not a need. Choosing a car that fits your needs will depend on many factors, and your budget is definitely one of them. Because of this, luxury cars do have quite a few drawbacks, most of which are related to how expensive they are.
Buying a luxury can often become an ego-driven decision, which is why many people across the world get themselves into serious financial trouble by purchasing a car they cannot realistically afford. This is a big part of why many people judge or criticise those who purchase premium.
This is especially true since the repairs and maintenance on luxury cars are also typically more expensive, as well as your car insurance.
At the end of the day, choosing whether or not to buy a luxury car comes down to whether or not you can afford it and whether or not you find value in the points that were listed as cons.
People who spend a lot of time in their cars, on long commutes or travelling very often, typically find more reason to invest in something more high-end which is a very reasonable way to rationalise the expense.
The problem comes in when people overspend for the sake of their image. Buying a car is a major expense even when it comes to non-premium brands, so careful budgeting and sound reasoning for your purchase are important.
Before making any major purchases, talk the decision through with a partner or loved one, as well as with a financial advisor.