Purchasing a New Luxury Car: 5 Essential Money-Saving Tips

Just because you’re in the market for a new luxury vehicle doesn’t necessarily mean you’re made of money. Perhaps you’ve been saving up for a while in order to treat yourself to the superior comfort, performance, and amenities offered by a luxury car. And even if you have plenty of dough to go around, savvy shoppers are always looking for the best deal they can get. The point is, with some careful planning you can definitely get the luxury car you crave without spending more than is absolutely necessary. Here are a few tips and tricks that can help to ensure you get the best possible price when you purchase a luxury car.

  1. Use AAA. Many automotive dealerships have partnered with the Automobile Association of America to offer special discounts to members who purchase their vehicles. It works like this: when you head to the dealership to buy a new car, simply inform them that you’re an AAA member and ask if they offer a discount. Or check with AAA to find nearby dealerships in their approved network. In most cases you will pay only a small percentage over actual dealer costs. With no haggling whatsoever you could end up saving several thousand dollars off the sticker price. This is one instance where it definitely pays to be an AAA member.
  2. Compare foreign and domestic. All things being equal, a domestic car is almost always going to cost you less in the long run. Even if you’re looking at two cars, one foreign and one domestic, that offer the same specs, amenities, and sticker price up-front, the domestic car will save you money. The reason is the cost of upkeep. Whereas a foreign car may require parts to be ordered from overseas and labor to be specially trained, domestic cars are nearly certain to entail less expense when it comes to maintenance and repairs.
  3. Consider a lease. There are a couple of good reasons to go with a lease instead of ownership right off the bat. For one thing, you want to make sure you like any car that you’re going to spend that much money on, so consider your lease an extended trial run. Further, you’re probably going to enjoy lower monthly payments with a lease. And finally, if you do decide to buy, you will already have paid off several thousand dollars from the initial sticker price, which means a smaller loan, lower monthly payments, and less interest overall, saving you a ton of money over time.
  4. Don’t be afraid to haggle. So many people lack the will to negotiate, and if you’re one of them, don’t be surprised to find you paid more than your friend for the exact same car. The sticker price is only a suggestion and it’s ALWAYS negotiable. So don’t hesitate to haggle if you want to get the best possible price.
  5. Buy a certified pre-owned vehicle. Okay, so technically it’s not brand-spanking new. But most certified pre-owned cars are only 1-3 years old (often coming off a lease), they have undergone exhaustive inspection and repairs in order to get them in ship shape for a new owner, and they come with a warranty (sometimes a full 5 years). This provides frugal shoppers with an excellent option for buying a luxury car. Not only will you pay a lot less for a practically new vehicle, making your luxury choice a lot more affordable, but you’ll also lose less value. And you can still haggle like you would for a brand new car from Warren Toyota or another reputable dealer in your area.

One Response to Purchasing a New Luxury Car: 5 Essential Money-Saving Tips

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