Most of us are fascinated by the YouTube videos showing that you can own a luxury car at a price for which you can get probably a Swift or a Jeep Compass if you go in the new car market. We are not claiming that the deal is fake. The deals are 100% true but are those deals really worth it? In today’s featured, we answer the most ranked question in the used car market. Used luxury car vs new economy car – the sensible choice! We know you have your own opinions but who knows, it might change once you are done reading this article.
Pros of buying a used luxury car
Suppose you buy a 5-6-year-old luxury vehicle and compare it to a brand new economy vehicle, the used luxury car will obviously deliver a more premium experience. Provided the car comes from a luxury carmaker, it is meant to deliver the luxury anyhow. The new economy car, on the other hand, might lack luxury.
No matter how refined today’s engines might be, if you compare a luxury carmaker’s engine to an economy carmaker, the used luxury engine will provide an equivalent or better performance provided the engine has not been abused by the previous user of the car. Not only the engine but the braking and suspension will also make your driving experience a better one!
So the previous owner has already experienced the biggest bump in the cost depreciation. You, being the second owner might not experience that much cost depreciation in the further years which might make you cherish your choice between used luxury car vs new economy car.
The High-Class Status
India is a country where cars are often taken into consideration as a status symbol. You often see celebrities roaming around in expensive luxury cars. You can have the same status on the road too if you decide to go for a used luxury car rather than buying a new economy car.
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Cons of buying a used luxury car
Short or No Warranty
If you are buying a used luxury car, that means that the previous owner of the car has availed the warranty period partially or fully. In most cases, the used cars don’t come with a warranty therefore, if anything goes wrong, you will have to pay for it which might not have happened in the case of an economy car in the same range.
Each and every service on a luxury car would cost you more than a normal economy car. Even if you get a used luxury car at throwaway prices, you can’t maintain it for cheap. Obviously, a new air filter would cost much more for a BMW than it would do for a Skoda. In the discussion of used luxury car vs new economy car, the service and maintenance costs can make you doubt your decision later on.
Low Fuel efficiency
Mileage is one of the least considered aspects while making a luxury car. They are providing you with the luxury and performance so you have to compromise on the efficiency. If you are considering buying a used luxury car for your daily office commutes, its a big NO! You won’t like to get a tank full every week, would you?
Pros of buying a New Economy Car
The New Car Feeling
If you buy a new car, you can enjoy that feeling of being a valued customer and ask the dealerships for goodies and favours. Also, that new car fragrance can make you feel happy about spending each and every penny that you just did! You are the first owner and the first user of the car you’ve bought!
Free Services and Warranty
When you buy a new car, the manufacturer provides you with a warranty. The warranty period may differ from the manufacturer but you will definitely get some warranty with your new car which you can even extend if you want to. Also, car manufacturers offer you at least 3 free services whenever you buy a new vehicle. Even if you have a decent running, you won’t need to spend much on the service part for at least 1 year. Warranty, on the other hand, can cover up for major damages if there are any.
Get the Latest Features
It’s 2020 and we get many features in the new cars which the old cars lacked. Even if it’s a luxury car from the past, it would have features according to the technological developments at that time only. For instance, if you go for a super-old Range Rover Autobiography, you will surely get the brand name but it would carry a cassette player rather than touchscreen infotainment! Worthy enough? You decide!
Well, you simply don’t get much variety in the used car market. Finding a car that matches your colour preference and has a good engine and suspension at the same time is as difficult as finding a needle in a haystack. If you are planning to buy a new economy car, you can get for the colour you want, the trim you want and so on.
Easy Finance Options
When you decide to buy a new car, the brand usually has tie-ups with the finance providers. Also, in a general scenario, the interest rates on the new car are generally lower than those on the used cars. Additionally, you also get offers like assured buyback and maybe buy now pay later kind of schemes which are not available in the used car market.
Cons of Buying a New Economy Car
Lacks the Luxury
No matter how luxurious the carmaker might claim its car to be, it can’t match the proven luxury that the premium carmakers provide. You will get all the features, no doubt, but the luxurious experience would be missing for sure! Also, as mentioned above, you don’t get that status of being a luxury car owner.
Used Luxury Car vs New Economy Car | Verdict
What you should buy completely depends upon your needs and your purpose of buying that car. Everyone has a personal choice and both the used luxury cars and the new economy cars have their own downsides. Concluding, we would like to mention that if you want to buy a car for your daily commute and want to own it for long, you should buy a new car but if you already have a decent car which you can use for your daily commutes, you can go for a used luxury car to have that experience!12