Known for having all the bells and whistles that you could ask for, high safety ratings, and a certain impression of status, luxury vehicles are prized in the eyes of some car owners. However, buying and owning a luxury vehicle always comes along with some common concerns, especially about financing, repairs, and general maintenance. Here are a few of the things you may want to know if you are planning to invest in a luxury vehicle.
Is it true luxury cars offer free maintenance services when purchased new?
Some luxury cars do come along with maintenance cost coverage for a while after purchase when they are purchased as brand new. This coverage, which is paired with the warranty, will typically cover things like tire rotation costs and the costs of oil changes for the first several thousand miles or something similar. Because getting the new car off to a good start with regular maintenance is important to the overall lifespan of the vehicle, many companies offer this coverage because it helps customers get the most out of their new luxury vehicle.
Are maintenance costs for luxury vehicles more expensive than with standard vehicles?
Repairs and maintenance for a luxury vehicle can sometimes be more expensive, but this is not always the case. For example, if you own a Lexus, the average cost of annual maintenance according to RepairPal is $589. This is a pretty respectable number for a luxury car and falls in line with maintenance costs of a lot of other vehicles. A lot of vehicles with a luxury designation are more expensive because it is harder to find mechanics with the experience necessary to work on them, but Lexus auto shop services are fairly easy to come by.
How difficult is it to get financing for a luxury vehicle?
Getting financing for a luxury vehicle really should not be any harder than getting financing for any other vehicle. The primary difference is the price that will come along with buying one of these vehicles, which can be substantially higher than the average car or truck. Therefore, if you are borrowing money to buy a brand-new luxury vehicle, your credit rating and income level will have to be at a level that lenders will approve so you can get the loan. Most car buyers seeking a luxury vehicle loan will need a sizable down payment amount and decent credit.