It should come as absolutely no surprise that we like luxury cars here. Of course, some people may define ‘luxury car’ in a different way to others; some will say that the term should only apply to sports cars, whereas others will say that the luxuriousness comes from sheer comfort, expense, and beauty. In any case, most people know a luxury ride when they see one. Cadillacs, Lexuses, Ferraris, Mercedes-Benzes, Jaguars, top-tier Audis and BMWs… the sorts of cars that make passers-by turn their heads and think “damn”. Or, rather, “dayyyyum!”.
A lot of people don’t like to consider many of the less desirable realities of owning a luxury vehicle, however. If you’re thinking about getting your hands on one – and, by all means, don’t us stop you! – then it’s probably better that you cool your expectations by taking in these uncomfortable truths first.
So here’s where you say “well, duh”. Luxury cars have higher upfront costs; if you didn’t know this by now, then I’d have to assume you’re from another planet. But it’s not just the upfront costs you have to consider; you also have to think about long-term maintenance costs. This is why a lot of people who don’t need high-quality cars in the long-term choose to rent cars through AAA, for example. Finding compatible upgrades for that car is going to cost a lot more. Insurance costs more. Depreciation occurs at a more significant relative rate when compared with other cars. The fuel economy on a lot of themis often not that great, too. Of course, that particular problem may not affect certain models that put focus on fuel economy.
Most people worry about car theft. While there are indeed many thieves out there who will steal pretty much anything except someone’s car (that would be taking it too far; it’s a sort of twisted set of principles), not everyone has that particular restriction. It’s definitely worth considering that luxury cars tend to come with more security features. But these are often used to justify higher costs, despite such added security technology being almost a necessity with a car that’s basically a massive target for thieves. This is another reason that there are additional hidden costs; after all, you’ll need to invest in safer parking, out of the public eye. Make sure you invest in the best insurance you can get, even if it is uncomfortable expensive.
The accident and insurance problem
Which raises an interesting question: why are luxury cars more expensive to insure? Well, that’s because insurance companies are protecting themselves, and justifiably so: people who drive luxury cars are more likely to have a car accident. Not only do you have to consider this should you find yourself in an accident with one, but you may also have to deal with a bit of prejudice on the part of everyone involved. People tend to assume that the blame rests squarely with the driver with the luxury vehicle! Unfortunately, a lot of insurance settlements rest on this assumption when there’s not much evidence to assist them with blame allocation.