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Is buying a luxury car worth the expense? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and analyze data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be open to you. SHARE Peter Cade/Getty images

4 min read Published March 02, 2023.

Authored by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan covered loans as well as home equity and managing debts in his work. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing concise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises

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In 1976, Bankrate was founded. Bankrate has a long history of helping people make smart financial choices.

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They ensure that what we write will ensure that our content is reliable, honest and trustworthy. We have loans journalists and editors are focused on the things that consumers care about most — the different types of lending options, the best rates, the best lenders, the best ways to pay off debt and many more — so you’ll be able to feel secure when making your decision to invest your money. Editorial integrity

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You have money questions. Bankrate can help. Our experts have been helping you master your finances for over four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to make it through life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. Our content produced by our editorial team is objective, truthful, and not influenced through our sponsors. We’re honest regarding how we’re able to bring quality content, competitive rates, and useful tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services, or when you click on certain hyperlinks on our website. So, this compensation can affect the way, location and in what order products appear within listing categories, except where prohibited by law for our credit, mortgage, and other home lending products. Other factors, such as our own rules for our website and whether a product is offered in the area you reside in or is within your personal credit score may also influence the manner in which products are featured on this site. While we strive to provide an array of offers, Bankrate does not include details about each financial or credit item or service. If you’re shopping for a brand new or used car , you might be wondering if purchasing a luxurious car is worth the investment. Since there isn’t necessarily a minimum cost or list of features that make a car”luxury car, “luxury car,” you will have many options =. How to determine the if a luxurious car is right for you There are a couple of aspects you’ll need to think about when choosing a car the right car for your needs. Does the performance improve? If the car’s performance is important to you, then you must pay close attention to the performance ratings of the vehicle. With them, you will be able to evaluate factors such as speed, handling, and the power of braking. Though not always the case some luxury brands boast better performance. Bankrate tip

Look up ratings from third-party sources such as J.D. Power as well as Kelley Blue Book to see if the handling is worth the price. Less-pricy cars can still be a pleasure to drive.

Do safety ratings perform better than those of other brands? Another factor to consider when looking at a luxury car is the manufacturer’s safety ratings. These cars are known for being made of better parts and high-quality manufacturing standards. That can often translate into higher safety ratings for side or frontal impact, roof strength , and crash avoidance features like headlight brightness or collision prevention devices, as well as other ratings factors. It is the Insurance Institute for Highway Safety (IIHS) is an independent third-party entity that aims to reduce deaths, injuries and property damage caused by collisions with motor vehicles. The IIHS gives ratings to most new vehicles in a variety of categories of safety each year. When comparing luxury car models or models vehicle’s IIHS security rating can be a different standard to compare against non-luxury brands. Bankrate tip

Before you decide to purchase an expensive vehicle, think which options are the most secure under $25,500.

Are the features available in a non-luxury brand? From sunroofs to leather seats Comparing different brands or models is that you are comparing the features of many different brands. What is important to you may not match up with the standard options for a particular model of vehicle. You might consider listing out precisely what features matter most to you — that will help you as you search for the perfect car . Certain features of higher quality that consumers are looking for when considering a luxury car include an entertainment system of the highest quality and heated or massaged seats, or smartphone integration. It is crucial to determine what is important to you can help maintain your calm when you are going on a car shopping. Bankrate tip

Remember that vehicle advancements continue to advance. In addition the latest features in luxury cars tend to become the standard features of tomorrow.

Does the investment justify the investment? There isn’t a fixed price that defines what constitutes a luxurious car, a luxurious car will command a price premium when compared to other automobiles. Cars are typically depreciating assets, meaning that their value diminishes over time. Consider that it’s normal for the maintenance of luxury cars to be higher than the maintenance of cars that aren’t as luxurious. Repairs, parts, labour and similar items will typically be more expensive. Plan for the higher cost of ongoing expenses and the higher cost of purchase. Tips for a better bank rate

Make use of this opportunity to understand how much your luxury car will cost monthly.

What is the difference between a fully loaded vehicle differs from one that is a luxury brand ? A luxury car doesn’t have a defined definition. What is thought of as a luxury car depends on the manufacturer of the vehicle. Manufacturers like Lexus, BMW, Mercedes or Jaguar are considered “luxury” in the majority of minds. Although it’s true that the cars of these companies come with top-of-the-line options, you’re paying for the prestige associated with the name. Instead of a luxury brand, consider purchasing a basic vehicle. Even a basic car such as the Honda Civic has many different trim options. Although the base package comes with basic features, the more expensive trim packages offer many higher-end options that are only available in luxury cars. Think about what types of things you’re looking for and make your decision based on this. Luxury cars appreciate at a higher rate. All vehicles depreciate the moment that you leave the dealership. Luxury vehicles, however, appreciate at a much faster rate than those in middle-tier competition. Depreciation that is faster means you’re probably not going to make the amount you paid on the vehicle when it is time to sell it. Be aware of the factors which can cause faster depreciation. More on the market. Luxury drivers typically purchase new vehicles every few years. This means that the amount of available cars sometimes outweighs the number of buyers. Some models are outdated. The people who shell out extra cash to buy a luxury vehicle are likely to desire all the bells and bells. Therefore, a model that is older will not get the premium price tag that you originally purchased it for, as models become outdated much faster. Maintenance of your vehicle. Visits to the auto body shop tend to cost more for newer or foreign-made models, thereby impacting the value of the vehicle’s resale. If you’re looking for luxury with no massive depreciation, you should consider buying a car that is instead of new. This way, you will be able to move into the luxury market without the burden of the loss of money. Finance a luxury vehicle based on the type of luxury car you buy, you may be able to finance it the same way as you finance any other new car. However, if the price of your new car ends up being more than traditional auto lenders would loan, you may have to get creative. Talk to the dealer. Some luxury car dealers might have you can take advantage of. You might want to consider placing more money down. If you’re having difficulty finding a car loan for the full amount of the purchase, you might need to . Arrange your own financing. It is possible to finance your luxury car with a personal or home equity loan. Explore a luxury vehicle lease. If you are itching for a luxury car but you aren’t sure if you want to make a commitment to purchase then you could consider leasing a new one. The main point is that a full-loaded standard car as well as an expensive car are both viable options and no one solution will be right for everyone. Look at the different choices that are available in the cars you’re interested in and ask yourself if you’re only paying extra for the name on the vehicle. That can help you decide what’s best for your situation.

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Authored by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan covered loans, home equity , and the management of debt in his writing. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-studied content that breaks down complicated topics into digestible chunks.

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