Luxury cars are designed to do more than just get you from A to B. They make you feel special on the way. That’s why they come with a premium price tag. But just because luxury cars are expensive, you can still save money when you’re buying one. Here’s how to save money on a luxury car.
Don’t just buy a luxury car from the first dealership you walk into. You’re spending a lot of money, so they should have to fight for your business a little. Because luxury cars are more expensive, dealerships make more money on each sale. That means there is room for negotiation. Sure, you’ll get turned down a few times, but it will be worth it when you save enough for a holiday.
Look for financial incentives
Luxury cars often come with financial incentives. If you’re looking to lease the car or pay for it in installments, you could save thousands by looking for the best financial incentives. Since you’re spending a large amount of money, it might be wise to spread the cost over a couple of years and keep more money in your bank.
Finance the car
Sometimes, it’s best to pay for a luxury car in installments. Leasing vs owning is one of the biggest debates in luxury car ownership. If you’re only planning to have the car for a couple of years before swapping it in, you should consider an HP or PCP finance deal. That way, you can recoup some of your initial investment the next time you buy a car.
Check the prices online
Don’t just believe what the dealership tells you. The prices of luxury can vary pretty dramatically between dealerships, so you need to research the prices online before you buy. The dealership needs to make money on the sale, but you might be able to negotiate a better deal.
Consider a nearly new second-hand car
There’s no feeling like driving a new luxury car out of the showroom. But is that feeling worth $10,000 or more? You can save a lot of money by buying a ‘nearly new’ luxury car. As soon as the vehicle drives out of the showroom, it loses a significant amount of its value. If you don’t feel like you need a new car, you could save a lot of money.
Hire a broker
If you don’t have time to test-drive every make and model or negotiate a deal for yourself, why not hire a broker? Luxury car brokers don’t come cheap, but they will ensure that you’re getting the best car for your money. Save yourself the time and stress of car shopping and get a professional to do it for you.
Buy at the end of the month
Pretty much all car dealerships have monthly sales targets. That means salespeople can get a bit desperate for a sale at the end of the month. Make the most of this and negotiate hard for a lower price. Be prepared to walk away if they aren’t budging on price; they might just chase you out of the store with an offer.