Buying a used luxury vehicle to make your dream car now might be something you can afford. Especially when you can buy a used luxury vehicle for the same price as, or even less than a new economy car. Taking that into consideration, here comes a big question: How to make the right choice between a used luxury car or a new economy car?
Here we will tackle used luxury cars vs new economy cars in this blog! It can help you to make the right choice for your lifestyle!
Pros & Cons for used luxury car
A premium experience
Most luxury vehicles come equipped with premium materials like leather seats, walnut wood trim, soft-touch plastics and aluminum inserts. The design is the easiest way to distinguish between luxury vs economy vehicles, as luxury design tends to be bolder and more premium looking to make it seem like you paid more than you really did.
Luxury vehicles are engineered to drive smoother and quieter than economy models.
A late-model used luxury vehicle could accelerate, steer and brake better than a new economy vehicle at the same price point. Luxury vehicles make less noise when you are on the road, which also enhances your overall enjoyment of driving.
Luxury cars usually depreciate less in value than economy vehicles in general. When you buy a used luxury car, the big depreciation hit has already been taken by the first owner. Therefore, the value of the vehicle won’t continue to plummet on a used luxury car.
Less fuel efficient
An exhilarating drive doesn’t always mean higher gas prices, but most luxury vehicles come with more powerful engines that are less fuel-efficient compared to economy vehicles. In addition, many luxury car engines require premium fuel that adds to the cost of fuel.
More expensive maintenances and repairs
Because the cost of the parts is higher, repairs and maintenance can be more costly on luxury vehicles. Furthermore, some luxury vehicles can only be repaired by certified mechanics who are familiar with the brand. That’s another factor that raises the cost of repairs.
Used luxury vehicles that have high mileage are often more complex, since they will usually need more maintenance than new cars.
If you bought a used luxury vehicle, you may not be covered by the new-car warranty. You may purchase an extended warranty to give you the coverage but that’s an added cost to the ownership.
Higher insurance cost
Since luxury vehicles come at a steeper price, the insurance cost on a luxury vehicle outweighs that of non-luxury cars is not a surprise. Other factors such as your driving history, address, and the insurance company can also cause different results on your insurance payments.
Pros & Cons for economy car
More fuel efficient
Although luxury cars are not always having a higher gas consumption and cost. However, fuel economy will most likely be better on many economy cars.
It depends on the manufacturer, for new vehicles a typical auto warranty coverage is at least a three-year limited warranty/50,000 km – meaning a warranty that covers needed repairs in the first three years you own the car, or for the first 50,000 km you drive it, whichever comes first.
It could be easier to find a new car that’s right for you. Since you can go to any franchise dealership and shop around for the new vehicle that fits your needs. While used vehicles are sold by dealerships or owners, and have a greater degree of variation on mileage and condition level.
Less maintenances and repairs
A new vehicle in perfect condition will only have a few miles on it. Therefore, a new car should only need oil changes and tire rotations as regular maintenance. Any repairs within the warranty period are also covered under the new-car warranty.
As the first owner of a new car, you will be hit by the highest depreciation in value in the first few years. In general, the residual and resale value of economy cars are most likely to be lower compared to luxury cars
Less premium tech features
While many luxury automakers include premium tech features in their standard package, only high-end model economy cars will come with similar features. Therefore, if tech features are what you’re looking for, instead of only looking for a high-end economy model, it may be worth it to take a look at its luxury competitors.
A brand-new economy car will get you where you need to go, but it will look less upscale to a luxury car. There are positives and negatives to owning a used luxury vehicle or a brand-new economy car. Paying extras to enjoy some luxury features or making a practical choice, it all depends on your needs.
Visiting Carnex website, you will have a large selection of luxury or economy cars. No matter what’s at your choice, we can help you to find the perfect vehicle for you at an affordable price!
Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at Carnex.ca, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.