Everyone dreams of owning their own luxury car but it doesn’t have to be just a dream. Those on a budget still have the means and the right to own a luxury vehicle as well as the elite. Here’s how to buy a luxury vehicle when you’re on a tight budget.
Perhaps the most obvious and best way to afford a luxury vehicle is to buy a used car on a budget instead of buying new. Cars depreciate significantly the second they’re driven out of the dealers so you don’t necessarily need to buy an old used car either. You can still buy this year’s top model at a fraction of the cost when buying used. Of course, that may still cost you a lot of money but it’s nothing close to the cost of buying new, straight from the dealer. The further you go back in models and years the more you will likely save.
Buy a popular model
You’ll likely be able to afford a more popular model than a unique one. Of course, popular models means they’re popular so they have a price tag to match, but popular also means more choice so you can shop around. Purchasing a popular model also means you’ll save more money over the lifetime of the vehicle as there won’t be a lack of spare parts like there is with more unique models.
Get into the buy and sell market
If you’re looking for more than just one luxury vehicle you might consider getting into the buy and sell market. Everyone’s seen house flipping shows, but did you know that you can buy cheap used luxury cars, give them a new fit out and resell them at a profit. Not only does this mean getting your hands on a bunch of different luxury models but you’ll also make extra money and be able to afford even more luxury vehicles in the future.
Buy a cheap luxury car
Cheap and luxury are certainly not synonymous but cheap luxury isn’t an oxymoron either. There are always a bunch of cheaper luxury cars on the market. Some of the best include the 2012 Hyundai Genesis 3.8 for only $34,200 new. All you’ll need to do is forget that it’s a Hyundai. If you’re looking for something a little more prestigious then you can check out the 2012 Lincoln MKS with a price tag of $45,390. Looking for something classic and sleek? Try a 2012 Jaguar XF for $53,000 new. Remember all of these cars will cost just a fraction of these prices on the used car market.
Whether you’re looking for a vintage classic or a new prestigious luxury vehicle, there are ways for everyone to have a luxury car. According to analysts at the National Auto Dealers Association Used Car Guide, there has been huge growth in the entry-level luxury vehicle market. “The data suggest that the growth was due almost exclusively to new buyers entering the market.”