How to save money when buying a luxury car

Whether you’re a fan of German engineering, Japanese precision or British sophistication, a luxury car is one of the best ways to experience the finer things in life. High-tech features, unrivaled comfort, stunning exterior design and explosive exhaust notes provide all the more reason to invest in a luxury car.

The only downside, of course, is the price you pay for that experience. It can often rival that of an average house, especially if you’re buying a new model. But don’t let this dishearten you, we’ve put together a list of tips that’ll help you save some hard-earned money and buy the luxury car of your dreams.

If you are buying pre-owned

Since most top-of-the-line models tend to lose a significant amount of value within a few years after release, many buyers opt for the pre-owned route when buying their first luxury car. While doing so can save you thousands or even tens of thousands of pounds, there are some hidden costs that can be avoided.

Run a Scan: Luxury cars are loaded with controllers, sensors and computers that keep everything ticking. When they inevitably fail, they can be costly to repair. A simple diagnostics scan is a cheap and reliable way to reveal any hidden problems before you buy.

Avoid the Air: Many luxury sedans and SUVs feature air suspension. Do some research and you’ll be lucky to find a model that doesn’t have a group of owners complaining about suspension fails, leakages and other costly issues. Try avoiding air suspension if you can or at the very least, consider an extended warranty. 

Stick to Stock: Luxury car owners often enjoy modifying their vehicles with aftermarket parts and tuning equipment. While these parts can make a car look or perform better, chances are they’ll lead to a plethora of issues that make it better to stick with a car that hasn’t been messed with. 

Consider leasing

Leasing is a popular way to get your hands on a luxury car as it allows you to benefit from little to no down payments and lower monthly expenses. Since you typically keep the car for 2-3 years, you can always move on to something new afterwards and not worry about falling resale prices. 

For example, these range rover sport lease deals from Vantage Leasing provide a good idea of what you can expect. You can see exactly what you’ll be paying per month and how it differs between contract types. You also have the option of choosing your contract length and annual mileage to get a quote that’s tailored to your needs. 

Brush up on your negotiation skills 

If you’re buying from a dealership, there are a few tactics you can use to avoid overpaying. Keep some price quotes from other dealers on you and avoid going when it’s busy. Dealerships are more desperate to meet their numbers at the end of the month, so try heading there at that time. Don’t hesitate to walk away if you keep receiving inflated prices. 

At the end of the day, it all comes down to doing your homework. With enough diligence, you can buy a luxury car for a fraction of the price. 

Keep up with the top stories from Reader’s Digest by subscribing to our weekly newsletter.