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​Is a good idea to buying a used luxury car?

By Storat Marketplace, posted on 02-04-2018
​Is a good idea to buying a used luxury car?

If you have been living in UAE for some time, chances are that you have seen plenty of people use luxury cars for their daily commutation needs. Most people in UAE are pretty used to seeing modified and embellished luxury cars. However, the truth is that buying a luxury car, let along embellishing or modifying it can be extremely expensive for most individuals. Therefore, if you want a luxury car for yourself, the best thing that you can do is get a used luxury car. A used luxury vehicle can not only fulfill your desire of owning a high end car like this but it is also practical in UAE cities like Abu Dhabi and Dubai where most people spend only a few transitional years of their lives.

However, there are many things that you need to consider before buying a used luxury car in UAE. If you are wondering whether it is a good idea to buy a used luxury car in UAE, getting to know what it involves might help you to make your decision.

Used luxury cars can be afforded easily

Typically, new vehicles lose about 20% of their valuations by the end of first year of their ownership and then approximately 15% every year after that. By the time a car has been used for 10 years, its valuation is only 10% of what it originally used to be. Luxury cars have an even greater depreciation value than standard vehicles. Even with the first owner of the car, it has already gone through a major depreciation hit. This means that you can easily afford a luxury vehicle when it is second hand. Keep this in mind as you try to negotiate a fair deal for yourself when you buy a luxury car.

Driving a luxury car can be a much costlier affair

Make sure that you consider the additional costs that are involved with using a luxury car on a regular basis. Used luxury cars often cost a lot when it comes to car insurance, since insurance companies generally have to pay much higher claims for these cars if there is an accident. Additionally, fuel charges for luxury cars are often higher since they come with bigger engines under the hood. The replacement costs for various auto parts like tires, brakes, lighting provisions and suspension components make using luxury vehicles quite expensive. Moreover, the spare parts might not always be available which can make them rather expensive.

Keep away from modified cars

Do not go for modified cars even if the changes are as simple as the exterior shades, added turbo engines or large sized wheels. While these changes may look rather great, they can have an adverse effect on the inner wiring of the car. Moreover, the car issues may not be detectable at the beginning and may become apparent only much later.

Your car is not an investment

Never consider buying a car as a form of investment. This is particularly true with used luxury cars. Cars are depreciating assets which mean that they lose their value over time. You may not obtain a significant return when you choose to sell it.

Check the warranty period of a used luxury car

The warranty period is extremely important when you are looking to buy a used luxury car. The luxury vehicles that are older by less than 5 years may still have warranty coverage. Some car manufacturers offer extended warranty coverage for the car’s rust protection, powertrain, as well as other aspects for a specific mileage or period. This can prove to be advantageous for managing extended maintenance and repair costs.

Run a thorough diagnostic checkup for the used vehicle

If you are looking to buy a used luxury vehicle that comes with numerous high tech features like controllers, sensors, modules and computer systems, make sure that you run a complete computer diagnostic scan at a garage. You can get such a diagnostic scan done without spending a lot. It is also a fast and easy way to learn about numerous potentially hidden issues associated with the vehicle.

Make sure to compare prices

Do not forget to compare prices of a used luxury car that you intend to buy from different online portals that specialize in selling used vehicles. You can also do the same by checking the posts in classifieds and e-commerce websites. This can help you to learn about the current market rates for similar vehicles and provide you with the knowledge that you would need for managing negotiations.

Pre-Purchase Inspection

It is always advisable to run a thorough Pre-Purchase Inspection (PPI) before you buy a vehicle. This is even more so when you are considering a used luxury car. While running a PPI, trained vehicle technicians can inspect the car in details to see if there are any potential issues with it. You should never get a used luxury car without running a PPI. It is better to take the used luxury car to a garage for a complete inspection. Any honest car dealer would be willing to offer such a vehicle for a checkup before going forward with the actual purchasing process.

While it is entirely on you whether or not you want to buy a used luxury car in UAE, considering the tips presented above is always a good idea since it can help you to make a well informed decision.

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