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Is buying a luxury car worth the price? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering financial calculators and interactive tools as well as publishing objective and original content. This allows users to conduct research and compare data for no cost - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and where products appear on this site, including, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial deals that might be available to you. SHARE Peter Cade/Getty Images
4 min read . Published March 02, 2023.
Written by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan covered loans, home equity and debt management in his work. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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At Bankrate we aim to help you make better financial decisions. While we adhere to strict editorial integrity ,
This post could contain references to products from our partners. Here's an explanation for how we earn money . The Bankrate promise
Established in 1976, Bankrate has a long history of helping people make smart financial choices.
We've earned this name for more than 40 years by making financial decisions easy to understand
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so you can trust you can trust us to put your needs first. Our content is authored in the hands of and edited by ,
They ensure that what we write is objective, accurate and trustworthy. The loans reporter and editor are focused on the things that consumers care about most -- the different kinds of loans available and the most competitive rates, the top lenders, ways to pay off debt and more -- so you'll be able to feel secure when investing your money. Integrity in editing
Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we'll put your needs first. Our award-winning editors, reporters and editors produce honest and reliable content to assist you in making the right financial choices. The key principles We respect your confidence. Our aim is to provide our readers with reliable and honest information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that what you read is true. We have a strict separation between our advertisers and our editorial team. Our editorial team does not receive direct compensation through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to provide you the most accurate advice to assist you in making smart personal financial decisions. We follow strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial team is not paid any compensation directly from advertisers and our content is thoroughly checked for accuracy to ensure its truthfulness. So, whether you're reading an article or a review you can be sure that you're receiving reliable and dependable information. How we make money
There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to give our customers the right guidance and tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial choices. Our content produced by our editorial staff is factual, objective, and not influenced from our advertising. We're open about how we are in a position to provide quality content, competitive rates, and useful tools to you , 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 by you clicking on certain hyperlinks on our website. This compensation could affect the way, location and when products appear within listing categories and categories, unless it is prohibited by law. We also offer credit, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range may also influence the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include the details of every financial or credit product or service. If you're shopping to buy a new car or you may be thinking about whether purchasing a luxury vehicle is worth the cost. There isn't a minimum price or list of features that make the car"luxury "luxury vehicle," you will have several options. What are the best ways to decide whether a luxury vehicle is right for you There are several factors that you will want to consider when shopping for the right car for your needs. Are the features better? If the car's performance is significant to you, you must be attentive to the car's performance ratings. Using them, you can evaluate factors such as speed, handling, and braking power. Though not always the case, many luxury car brands boast better performance. Bankrate tip
Review ratings from third-party rating agencies like J.D. Power and Kelley Blue Book to see whether the performance is worth the price. Cars that aren't as expensive can be fun to drive.
Do the safety ratings surpass non-luxury brands? Another aspect to take into account when looking at a luxury vehicle is the manufacturer's safety ratings. Luxury cars have a reputation as having better quality components and higher standards of manufacturing. This often leads to more safety ratings for front or frontal collision, roof strength and safety features to prevent crashes, such as headlight brightness and collision prevention devices, among other ratings factors. The Insurance Institute for Highway Safety (IIHS) is an independent third-party organization which aims to decrease deaths, injuries and property damage from motor vehicle crashes. The IIHS gives ratings to most new cars in various safety-related categories each year. When comparing luxury car models as well as models car's IIHS security rating can be a different standard to evaluate against other brands. Bankrate tip
Before you sign off on a luxury vehicle, consider which options are the most secure less than $25,500.
Are there features that are available in a non-luxury brand? From sunroofs to leather seats Comparing various makes as well as models means comparing a plethora of features. What is important to you may not be in line with the standard package options of a particular type of car. Consider putting in writing specific features that matter the most to you -- which will aid you when you look for the right car . A few high-end features that buyers are seeking when looking at a luxury vehicle include a top-end entertainment system, heated or massaging seats, or smartphone integration. Deciding what is most important to you will allow you to keep your emotions in check when you are going on a car shopping. Bankrate tip
Remember that vehicle advancements are constantly evolving. More importantly the latest features in luxury cars tend to be the norm in the near future.
Is the investment worth the price? There isn't a fixed price that defines the definition of a luxury vehicle, a luxury vehicle will command a price premium when compared to other cars. They are generally depreciating assets and their value decreases over time. Additionally, it's common for the maintenance of luxury cars to be higher than that of non-luxury cars. Repairs, parts, labor and the like are generally more expensive. Make sure you budget for higher ongoing costs and the increased purchase price. Tips for a better bank rate
Take advantage of an to know how much your luxury car will cost monthly.
How a fully loaded standard car differs from a luxury brand ? A luxury car doesn't have a precise definition. What people consider as a luxury vehicle is contingent on the model of the car. Manufacturers like Lexus, BMW, Mercedes or Jaguar are thought of as "luxury" in many people's minds. While it is true that cars from these manufacturers come with high-end options, you're paying a bit to get the prestige of the brand name. Instead of choosing a high-end brand, consider buying a fully loaded standard car. Even a car as basic as the Honda Civic has many different trim options. While the basic package has standard features, higher-end trim packages offer many higher-end options that are only available in luxury cars. Take note of the features you are interested in and then make a decision based on that. Luxury vehicles 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 likely to not get the amount you paid on the car when it's time to sell it. Consider the following influences that can lead to a faster depreciation. More information on the market. Luxury drivers tend to buy new vehicles every couple of years. That means the amount of cars available sometimes exceeds the number of buyers. The models become outdated. The people who shell out extra cash to buy a luxury vehicle are likely to desire everything that bells and whistles. Therefore, a model that is older will not receive the high price tag that you originally purchased it for, as models age much more quickly. Maintenance of your vehicle. Trips for a body repair tend to be more expensive for the latest or foreign models, adversely affects the value of the car's sale. If you're looking to have luxury without massive depreciation, you should consider purchasing a vehicle that is instead of new. This way, you will be able to move into the luxury market without being stuck with cash that has been lost. Financing a luxury car Depending on the kind of luxury car you buy it is possible to finance it in much the same way you finance every other new vehicle. If however, your brand new luxury vehicle is greater than what traditional auto lenders would loan to you, you may need to get creative. Contact the dealer. Luxury car dealers may have the opportunity to benefit from. Think about making a bigger deposit. If you're having difficulty getting an auto loan for the full amount of the purchase, you may need to . Find financing. You might be able to finance your luxury vehicle with a personal or home equity loan. Consider a luxury car lease. If you are itching for a new car, but aren't certain to make a commitment to purchase then you could consider leasing a new one. The main point is that a fully loaded standard car and the luxury vehicle are both valid options, and no single answer will be right for everyone. Consider the different options that come with the cars you're interested in and ask yourself whether you're paying for the name on the car. This will help you determine the best option for you.
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Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan wrote about loans as well as home equity and debt management in his writing. 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 the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
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