How Much Should You Make to Afford a Luxury Vehicle?
Many people feel that luxury vehicles are solely for people who make an annual six-figure salary. Fortunately, this is not the case. Depending on what you are looking to get out of a luxury vehicle, there are many affordable options that can fit into most people's budget. Buying a pre-owned luxury vehicle is an option that more and more people are starting to consider.
When you are looking to buy any type of vehicle, the first thing that you must consider is your budget. While financing is the most popular way to purchase a car, you still need to be sure that you can afford the monthly payments.
Giving the high price tag that is usually associated with luxury cars, even people that are planning on financing a new vehicle tend to steer clear of luxury cars when they are on a budget. However, when purchasing a used luxury car, you are actually able to get all of the conveniences and comforts that make these high-end cars so sought-after, while paying a fraction of the cost.
Luxury Cars Affordability VS Your Annual Income
In order to better help you better understand if your budget would allow you to purchase a luxury car, we have compiled a list of the different income levels that are more common in Ontario and picked out a few cars that would be affordable in each of those levels.
1.) Average Income - $35,000 to $45,000
The average person in Canada can make anywhere between $35,000 to $45,000 per person. This annual income may not seem like enough to afford a luxury vehicle, however, with a lot of our pre-owned inventory costing around the same price as any other non-luxury vehicle, buying a luxury car is well-within you reach if you are at this income level.
Whether you are looking for something that is unique yet spacious, like the BMW i3, or you are wanting something more sporty and fast, that is sure to make your friends jealous, like the 2003 Porsche Boxter S, we have the perfect luxury car that is sure to fit into your budget.
2.) Slightly Higher Than Average Income - $50,000 to $75,000
If your income level is slightly higher than the national average, but still think that a luxury car is not in your budget, then think again. For this level, we have a large range of high-end vehicles that won't break the bank.
Some of our more sought-after vehicles include:
- 2007 Aston Martin V8 Vantage
- 2013 BMW X5
- 2013 Jaguar XF
3.) Slightly Lower Than Average Income - $20,000 to $30,000
When we said that we have luxury vehicles to fit a wide range of budgets, we meant it. Even if your income is slightly lower than the national average, we still have a wide range of vehicles that are sure to fit into your budget.
The 2012 BMW 750 LI is a sporty and luxurious sedan that offers several high-end features, including a navigation system, reverse camera, and rear reclining seats. If you are looking for something more compact, we also have the adorably elegant 2013 Fiat 500 ABARTH.
Our inventory is constantly changing. If you have a specific budget that you must stay within, then see what we have to offer at Faraz Auto Sales. In addition to our great prices on luxury vehicles, we also have a knowledgeable financing department that would be glad to help you find a monthly payment that you are comfortable with.