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News & Tips

Tips on Buying a Used Luxury Car

September 26, 2019 by Jodie Kinley-Smith

So you decided to act on your dream of purchasing a luxury car. You begin your search and develop sticker shock quickly when you see prices well over the $50,000.00 range. You wanted a new car, but realize the prices may not fit comfortably into your budget. Your dream does not have to go away, and there is no need to wait to have your dream become a reality if you are willing to compromise slightly. You can purchase your dream car as a pre-owned luxury car that fits into your budget.

In today’s world, many pre-owned cars are in excellent shape with low miles, especially in the luxury market. Remember, when this car was new it was purchased by someone that typically does all the maintenance as required, and in many cases has the car detailed frequently by a professional detailer. Typically, a car in this category will have lower miles since the original buyer may trade more frequently. Many cars in this luxury class can be purchased as a certified car which extends the new car warranty after a thorough inspection by the mechanic at the dealership.

Any issues are repaired before the car can be sold as a certified unit. As a certified car, you can then purchase an extended warranty that continues the warranty past the certification time to meet your driving habits. You will pay extra for the warranty and certification; however, this is highly recommended in the luxury market. This should save you money in the long run if you intend to keep the car for more than a few years. Best of all, it will give you peace of mind.

The next question is which cars have the best reputation, resale value, and overall performance. After reviewing several sources including Consumer Reports, the top 5 pre-owned luxury cars are listed below:

• Acura MDX
• Audi A6
• BMW 3 Series
• Infiniti FX35
• Lexus RX

What should you look for in your process of buying
your dream car?

Price would likely be your first consideration since you have a budget. Then look at miles on the car and overall appearance. Is it clean inside and outside? Are there any noticeable defects (Remember, there could be minor imperfections since this is pre-owned.) Is the car a certified car, and what does that offer you? Is there a clean Carfax report? What is the cost of extending the warranty and what does it cover? Remember if the warranty is extremely expensive, that can indicate that there may be consistent repairs with that model or manufacturer.

Moreover, in my opinion, the biggest question is does this car feel comfortable and react as you anticipated after the test drive. Do not purchase a car that you do not feel comfortable driving. Not all cars feel or drive the same and what feels right for you may not feel right for someone else. That is why there are so many different styles of cars.

When you find your dream car and make your deal, be sure to ask for financing with Space Coast Credit Union. We finance with most Franchise Dealers in our markets, however, if your dealer does not offer financing at SCCU, call Express Services for financing options. Either way, you could receive the same low rate. If you finance at the dealership, it provides you the convenience of one-stop shopping. Enjoy your pre-owned luxury car financed by SCCU.
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