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Are the benefits of a luxury vehicle worth the expense? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators as well as publishing objective and original content. We also allow you to conduct research and analyze data for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be accessible to you. SHARE Peter Cade/Getty Images

4 minutes read Read Published March 02, 2023.

Dan Miller Written Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan covered loans as well as home equity and the management of debt in his writing. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied and well-researched data that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

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Established in 1976, Bankrate has a long track record of helping people make smart financial choices.

We’ve earned this name for more than 40 years by simplifying the process of financial decision-making

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who ensure everything we publish will ensure that our content is reliable, honest and reliable. The loans reporters and editors focus on the things that consumers care about most — the different types of lending options as well as the most favorable rates, the top lenders, the best ways to repay debt, and many more — so you’ll feel safe making your decision to invest your money. Integrity in editing

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You have money questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We strive to continuously give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and precise. Our award-winning editors and reporters produce honest and reliable content that will help you make the right financial decisions. The content we create by our editorial staff is objective, factual, and not influenced from our advertising. We’re honest about the ways we’re able to bring quality content, competitive rates, and useful tools for our customers by describing how we make money. is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services or by you clicking on specific links on our website. So, this compensation can influence the manner, place and in what order products are listed and categories, unless it is prohibited by law. This is the case for our loan products, such as mortgages and home equity and other products for home loans. Other factors, such as our own rules for our website and whether the product is offered in your region or within your self-selected credit score range could also affect how and where products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. If you’re in the market for a brand new or used car , you might be wondering if purchasing a luxurious car is worth the investment. Since there isn’t necessarily a minimum price or set of features that make an automobile a “luxury vehicle,” you will have several options. How to determine whether a luxury vehicle is right for you There are a couple of things you need to think about when choosing a car for your specific situation. Is the performance better? If a car’s performance is crucial to your needs, you will want to be attentive to the performance ratings of the vehicle. Using them, you can assess factors such as acceleration, handling and the power of braking. While this may not be the case all the time that some premium car models boast higher performance. Bankrate tip

Review ratings from third-party rating agencies like J.D. Power or Kelley Blue Book to see if the performance is worth the cost. Less-pricy cars can still be fun to drive.

Do the safety ratings outperform those of other brands? Another factor to consider when looking at a luxury car is the manufacturer’s safety ratings. Luxury cars have a reputation for having higher quality parts and higher standards of manufacturing. That can often translate into higher safety ratings for side or front impact, roof strength , and safety features to prevent crashes, such as headlight brightness or collision prevention devices, among other rating factors. There is an Insurance Institute for Highway Safety (IIHS) is an independent third-party entity that is aimed at reducing accidents, deaths and property damages caused by motor vehicle accidents. The IIHS rates the majority of new cars in various categories of safety each year. When comparing luxury car makes or models car’s IIHS ratings for safety is a different standard to compare against non-luxury brands. Bankrate tip

Before you decide to purchase an expensive vehicle, think which options are the most secure under $25,500.

Are the features offered in a non-luxury brand? From leather seats to sunroofs Comparing different brands and models of cars is the comparison of a myriad of features. What is important to you might not line up completely with the standard package options of a particular type of vehicle. It is worth putting down specific features that matter the most to you — which will aid you when you look for your . Certain features of higher quality that consumers are looking for when looking at a luxury vehicle include a top-end entertainment system as well as heated or massaging seats, or smartphones that integrate. Deciding on what is important to you will allow you to keep your emotions in check while you’re car shopping. Bankrate tip

Keep in mind that advancements in vehicles are constantly evolving. More importantly, today’s luxury car features tend to be tomorrow’s standard features.

Is the investment worth the cost? Although there’s no set minimum price point that determines the definition of a luxury car, a luxury car will command a price premium when compared to other cars. They’re typically assets that depreciate which means that their value declines with time. Consider that it’s normal to find the cost of maintaining expensive cars to be more costly than that of non-luxury cars. Parts, repairs, labor and like will generally be more expensive. Make sure you budget for increased ongoing costs as well as the cost of the purchase. Tips for a better bank rate

Make use of this opportunity to know the amount your luxury vehicle will cost you monthly.

What makes a fully loaded car differs from a luxury brand Luxury car doesn’t have a defined definition. What people consider as a luxury vehicle is contingent on the model of the car. Companies like Lexus, BMW, Mercedes or Jaguar are considered “luxury” in many people’s minds. Although it’s true that cars from these manufacturers come with high-end features, you are also paying a bit for the prestige that comes with the company’s name. Instead of buying a brand with a luxurious name, consider buying a fully loaded standard car. Even a car as basic as a Honda Civic has many different trim options. Although the base package comes with standard features, higher-end trim packages offer many higher-end features you might think are only available to luxury vehicles. Consider the types of features you are interested in and make your decision based on this. Luxury vehicles depreciate at a higher rate. All vehicles depreciate the moment that you exit the dealership lot. But luxury vehicles depreciate more quickly than their competitors in the middle. Quicker depreciation means that you’re likely to not get back the money you spent on the car when it is time to sell. Be aware of the factors which can cause quicker depreciation. There are more options on the market. Luxury car owners tend to purchase new cars every few years. It means that number of cars available sometimes exceeds the amount of buyers. Some models are outdated. People who pay cash to buy a luxury vehicle tend to be looking for to have all of the bells and whistles. Therefore, a model that is older will not receive the high price tag that you originally purchased it for, as models become outdated much faster. Maintenance of your vehicle. Trips to the body shop tend to be more expensive for newer or foreign models, negatively affecting the car’s resale value. If you’re looking for luxury with no excessive depreciation, think about buying a car that is rather than brand new. So, you can get into the luxury segment without having to worry about cash that has been lost. Finance a luxury vehicle based on the kind of luxury car you buy You may be able to finance it the same way you finance any other brand new car. However, if the price of your new vehicle is more than conventional auto lenders can loan the amount, you might have to think outside the box. Talk to the dealer. Car dealers with luxury cars may offer the opportunity to benefit from. You might want to consider making a bigger deposit. If you’re having difficulty finding a car loan for the total amount of the purchase, you may have to . Arrange your own financing. You might be able to finance your luxury car with a personal or home equity loan. Explore a luxury vehicle lease. If you’re looking to buy a luxurious car, but aren’t sure you want to buy, you might a new one. The main point is that a fully loaded car or a luxury car are both valid options, and no single answer is the best for every person. Take a look at the various options that come with the vehicles you’re interested in , and then ask yourself if you’re only paying extra to get the name of the car. That will help you decide what’s best for your situation.


Authored by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan was a writer for Bankrate who covered loans as well as home equity and the management of debt in his work. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-studied content that breaks down otherwise complex topics into digestible chunks.

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