Four Tips for Getting a Deal on a Used Luxury Vehicle
Are you shopping for high end used cars? It’s easy to assume that buying high end used cars is complicated, since high end used cars cost far more than your standard pre-owned Honda Civic. However, purchasing high end used cars is very similar to buying any used car, just more expensive.
If you’re looking for high end used cars for sale, you’re probably preparing yourself to spend more than $30,000 in one shebang. For that dollar amount, you want to make sure the performance is superior to your run-of-the-mill vehicle. You want it to ride smoother and have more options than their low-end counterparts. And even though your used luxury vehicles are worth more than their economy versions, they don’t have to cost you a vital organ.
If you’re shopping for a high end used vehicle, you should check out our list of tips for getting the best deal possible:
Four Tips for Getting a Good Deal on a Used High End Vehicle
- Know the Dealer Cost for the Vehicle.
The profit margin that a dealership takes home for a used car is fairly low, but steeply increases the fancier the vehicle you’re buying is. The high price tag on a luxury car is often heavily padded with profit for the dealership. Not only do you pay more for your luxury car for all the extras you’re getting, you also give the dealership a higher percentage, which doesn’t benefit you at all.
When you know how much the dealership paid for a used luxury car, you have a baseline that you can negotiate with. The dealer isn’t going to sell you a luxury vehicle for less than they paid for it (since they wouldn’t stay in business long if they were losing money on their sales), but they will likely be willing to sell a car for anything above what their cost is, so this is your “bottom dollar” number. You can find the dealer cost of a luxury vehicle on websites like Kelly Blue Book or Edmunds. Keep that number in mind while you negotiate.
- Keep Off Lease Luxury Vehicles in Mind.
Many times, people who want to drive new luxury vehicles without the price tag opt to lease them. While they drive their leased vehicle, they keep the mileage low, per the terms of the lease agreement, and the leasing company keeps up with the planned maintenance like clockwork, keeping it in pristine shape. At the end of the lease, leased vehicles often go to auction and used car dealerships snag them at incredibly low prices. This offers you the chance to snag a high end used vehicle, in tip-top shape, for thousands of dollar less than you would if you were buying it new. When shopping for high end used cars, pay attention to off leased options, and you might land yourself a great deal.
- Or Just Lease the Vehicle Yourself.
Another great option for getting yourself into a high end car without the price tag that a luxury vehicle comes with is to lease it yourself. When you lease a luxury vehicle, you don’t have to make the sizable down payment that is required if you are purchasing the vehicle, and your monthly payments are only a fraction of what it would be if you were buying it.
Leasing luxury vehicles is such a good deal that almost half of all the high end vehicles on the road today are leased instead of purchased by their drivers. When you lease your high end car, your monthly payment is probably about the same as what you would pay to purchase an economy car, but with so many more luxury features. Most of the time, leasing a luxury car gives you the option of taking it for only two or three years, if that’s all you want to commit to.
- Be a Savvy Shopper.
Just because you want to purchase a luxury car doesn’t mean you can’t be savvy while shopping for it. Check out several dealerships that offer the vehicle you want, so you have options and are familiar with the “going rate” for the car. You can use this to leverage one dealership against another and get a better deal.
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