What To Look For When Buying a Used Luxury Car
We all know why buying a used luxury car is great. The quality, performance, luxurious fitment, and prestige are all included at a fraction of the "as-new" cost. Yet used car buying can be daunting because it brings a lot of questions that are not a concern when buying new. Yet most people are more concerned than they need to be. Here is how to buy a used luxury car without the worry.
Prices may vary, but quality does not
Many buyers make the mistake of using the price of the vehicle, compared to similar vehicles for sale, as an indicator of value. The truth is, great vehicles can be had at lower or higher prices than the norm. It's a question of perception and details about the vehicles.
The seller, for example, may undervalue a vehicle in order to move it quickly. This is relatively rare with luxury vehicles, however, as the perceived value of a luxury car is far higher than it is for its standard counterparts in the lower markets. More likely, a car is over-valued rather than under, as sellers are more often attempting to get maximum return on their vehicle.
As most used luxury vehicle buyers will know, depreciation in luxury cars is very high. The first thing to know about how to buy a used luxury car is that its value when new versus its value used are almost always spread far apart. In short, the price of the car matters, but it's not as important as many buyers might think. Prices can be negotiated, quality cannot. It's more important to understand the quality of the vehicle being considered.
Most used vehicles are not apples-to-apples comparisons
It is common to assume that a used make and model on one dealership lot versus the same make and model on another are comparable. With new vehicles, that is definitely the case. With used vehicles, we go again to quality.
For example, a used BMW 5-Series at one dealership may have the same kilometers on its odometer, but might have a far different maintenance history and ownership record than does the same BMW 5-Series at Faraz. We vet our vehicles carefully and price accordingly. If our vehicle seems higher or lower priced than a competitor's similar offering, there's a reason for that. We look for quality in a used vehicle. Others may not.
So, how to buy a used luxury car with quality?
The key is knowing what to look for in a used luxury vehicle. Key indicators of a vehicle's quality are its maintenance history, whether or not any modifications were made to the vehicle, and how much warranty (if any) is available for it.
Vehicles with a clear maintenance history, especially those maintained by a qualified dealership, are more valuable than are used vehicles without a maintenance record. A clear maintenance history will include what work was done, by whom, and when. It will also indicate what parts were used/replaced and where those parts were sourced. Aftermarket parts have a lower value for a used luxury vehicle than do original equipment replacements. Likewise, work done by a qualified mechanic has a higher value than does work done by a do-it-yourself or home mechanic. Modifications made to a luxury vehicle are usually an indication of lower value. Most modifications are customizations or changes made at the previous owner's request. These can void warranties or over-personalize the vehicle, making it tougher to sell.
Finally, a used luxury vehicle may have a manufacturer's warranty still attached. If so, that warranty should be transferable to a new buyer. If not, the dealership may offer a similar warranty that covers the same remaining period (or longer). Any warranty associated with a used luxury car purchase is a raise in the vehicle's value.
Buying a used luxury vehicle from Faraz takes the guesswork out
At Faraz Auto Sales, we pride ourselves for our well-earned reputation for offering only quality vehicles. If you are wondering how to buy a used luxury car and have questions about vehicles being offered on the market, come see us. Our vehicles are fairly priced, well-vetted, and the best you'll find in Toronto.