Only selected people can purchase luxury cars without thinking twice because of the high cost associated with it. Others need to weigh the pros and cons of taking such a decision. Read ahead to know 7 factors to consider before purchasing a luxury car.
- Cost of the luxury car
Luxury is subjective. Therefore, you must ascertain what luxury means to you with respect to a four-wheeler and the cost associated with it. You need to manage your finances well. For example, it can get extremely difficult to manage your expenses if you have taken a huge loan for the luxury car or paying sky-high monthly installments.
- Mileage
Luxury cars are not known to offer great mileage. This means you will end up spending a lot on fuel. Your fuel bills are certainly going to be on the higher side as compared to an average car considering average usage. If you plan to use your luxury car a lot, it is going to burn a lot of fuel and a hole in your pocket.
- Servicing cost
A luxury car needs to be pampered. Consider servicing as taking your luxury car to a car spa. Everything has to be proper for the car to dazzle. There’s no cutting down the servicing cost if you want heads to turn when you zoom across in your beloved vehicle. You cannot afford to skip servicing sessions or else there might be some hiccups while driving around.
- Spare parts
Exotic cars will have hard-to-find spare parts. They will be expensive and there’s no way a luxury car can function smoothly if a low-end spare is used to replace a damaged part.
- Drivability
Are you residing in a ‘drivable area’? Are the roads suitable enough to drive a luxury car? You need to consider the drivability factor and your location while purchasing a luxury car. A luxury car might be comfortable in traffic on the inside, but if it is heavy traffic then chances of other vehicles damaging your car’s exteriors also increase. This is a minor factor but can be a major one for those who cannot stand even a minor scratch on their vehicle.
- Safety
Newspapers are filled with reports related to car theft. Luxury cars are attractive. Naturally, thieves are going to spot your car amidst other vehicles. This makes parking and anti-theft devices important. Also, analyzing your locality from a ‘car theft’ perspective is also a good idea before paying a hefty amount to purchase a luxury car.
- Insurance
Whether you own a budget car or a super expensive one, it is mandatory to insure your car if you want to drive legally on Indian roads. A basic Third-party Liability policy won’t suffice for high-end cars, you will need a Comprehensive Plan. From the above-mentioned points, you might have guessed that insurance costs are also going to be on the higher side when it comes to insurance.
Car Insurance Comparison
Nowadays, it has become easy to purchase motor insurance online. However, do not forget to spend some time on car insurance comparison. You can end up saving a lot of money with a car insurance comparison. There are several web aggregators that can be of immense help while purchasing motor insurance online. Make sure to compare the coverage and benefits of the policies on offer and don’t be blinded by low insurance premium.
Make a note that merely purchasing car insurance is not enough, it needs to be renewed from time-to-time. You can keep your car insured by opting for online car insurance renewal. Insurance for luxury cars is always going to be expensive. Thus, check out offers while going for online car insurance renewal and get a sizeable discount.