Reaching the point in your life where you can start to look at investing in a luxury vehicle is one many of us can be proud of. Luxury vehicles are a joy to drive in, and though they aren’t an investment the same way a home or art is, they are an investment in your joy. That being said, there is no reason to stretch yourself thin at attempting to pay for a luxury vehicle off all at once. There are many ways to cut down the costs and make it more affordable (and therefore more enjoyable):
You Can Finance Luxury Vehicles
Luxury vehicles are definitely marketed to the upper middle class and upper classes, but that doesn’t mean that dealerships expect you to pay for them entirely out of your own pocket. You can finance your own vehicle with as little as a 10% down deposit and drive away with your own Ferrari in no time, for example. That being said, there is more to financing a luxury vehicle than that, so you will want to learn about financing a Ferrari. Typically financing leases range from a year to five years, so chances are once you can pay that down deposit you have a lot more flexibility to afford it comfortably from there.
Remember Sometimes it’s Better to Lease
If you have the money to lease, and more importantly you want to always enjoy the best and latest model on the market, then there is no better option. Leasing frees you of a long-term commitment and makes it simple and fun to trade up your vehicle for another model again and again. Always ask yourself if that is what you want, or if you have your heart set on actually owning your own Ferrari. The answer needs to be honest, because both options are ideal in a different set of circumstances.
Luxury Vehicles Have the Highest Depreciation Value
Luxury vehicles experience the highest depreciation value out of all types of vehicles. You get what you pay for with a stellar warranty and the latest top end luxury features of course, but if you wanted to save a good way to do it is to find a luxury vehicle in the model you want just a year or so old and used. This is tricky. If you are lucky you can benefit from someone’s mid-life crisis after they sell back a car they barely had time to drive. More often than not however luxury vehicles are kept for long periods of time and are driven around a lot.
It’s not a perfect solution, but if you do come across a barely used, and relatively young model then you should take advantage of the gift that it is.
Take Full Advantage of the Warranty
One of the biggest reasons to buy your luxury vehicle is the very attractive warranties. You don’t just buy the vehicle when you buy a Ferrari, you buy a full service alongside it. It’s the same reason why people tend to like Apple more because of their Genius bar service. Just remember before you buy, negotiate hard on the services offered and even the length of that warranty. You want ongoing support, maintenance, and repairs for as long as possible. Sometimes there is wiggle room, other times it is the manufacturer’s set in stone rule. Always ask.