Carbuyers Guide: From lower insurance cost to zero waiting period — discovering the financial benefits of pre-owned luxury cars

The allure of luxury cars, with their captivating design, cutting-edge technology, and exhilarating performance, is undeniable. As the prices of new cars rise with every passing month and buyer preferences continue to shift, pre-owned luxury vehicles have become a strategic investment option for discerning buyers. 

Sumit Garg, Co-founder & MD of Luxury Ride explains the financial advantages associated with pre-owned luxury cars, as they empower buyers to achieve their automotive aspirations, and says, "Pre-owned luxury cars offer a compelling value proposition for buyers seeking to upgrade their vehicles. These cars align with evolving consumer preferences for premium features and technological advancements. When coupled with the financial benefits of lower depreciation rates and lower insurance costs, it makes pre-owned luxury cars a smart choice for those interested in value-driven investing."

The Co-founder & MD of Luxury Ride raises 5 pertinent points below to show that pre-owned luxury cars are great value for money — 

1. Lower Insurance Cost: Compared to a new car, the insurance cost for pre-owned cars is much lower than that of a new vehicle. Garg says, "It is a major factor because the premium amount significantly reduces with the age of the car. The premium is also determined by the depreciation rate of the car at the time of buying or selling the vehicle." All the factors together result in a reduction in the insurance cost of the pre-owned luxury car.  

2. Slower Depreciation: Once a new car is out of the showroom, its value depreciates significantly. He explains, "In a span of six months to a year, the car loses purchase value by 15 per cent. Likewise, the depreciation rate keeps magnifying with each passing year. Contrary to this, pre-owned luxury cars depreciate much slower than new cars. It resides well with the shrinking ownership period, arising from the changing consumer behavior of constantly upgrading themselves with the premium and the latest car model in the market."

3. Advanced safety features: Besides standard safety features such as airbags, ABS, reverse parking sensors, etc., the luxury cars come with advanced safety features. It integrates the latest features such as 6/7 airbags, hill-hold assist, ABS with EBS, etc. "The cars also have automatic and advanced sensors for adaptive cruise control, blind spot monitoring, and forward collision warning. The inclusion of anti-theft features such as GPS tracking and a 360-degree camera system elevates its desirability among consumers. Adding to it, the magnificence of design and the opulent interiors elevate the car's presence on the roads. As a result, pre-owned luxury cars make for a plausible choice, allowing buyers to avail features that are as good as that of a new car," the Co-founder & MD of Luxury Ride informs.

4. Reduced waiting period: One important benefit of buying a pre-owned luxury car is the fast delivery. He talks about the waiting period for brand-new luxury cars that can be long and taxing and even extending for more than a year. "As a result, buyers can go for a pre-owned model with the same level of opulence, feel, and performance as that of a new car. Purchasing from an authorized dealer would make the buying process seamless, as the experienced executives would comply with official formalities and ensure that the car is delivered in the shortest time possible," he adds.

5. After-sales support from trusted car dealers: The after-sales support from an authorized dealer can help the buyer maintain the pre-owned luxury car well. "Their 24/7 support, service guidance, and assurance help ensure they get the best deal on the pre-owned luxury car. The tests and inspections examine flaws, technical anomalies, and defects. Their services, like inspection, repair, and refurbishment, ensure the car is as good as the new one," he sums up saying.