20/05/2024 8:57 PM

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How to Choose a Luxury Car You Can Afford

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Like any large expenditure buying a luxury car requires some thought. This is especially true if you are new to the luxury car market. Let us say for example you live in Queens, NY. Finding a dealership is a simple matter of looking for a luxury car dealership queens ny. Finding and affording the right luxury vehicle is a little more involved. 

Make a Want List

Think about what matters most to you in a car i.e.; performance or interior space. This is a good time to ponder the class of vehicle you will buy. Do you want the practicality of a sedan or SUV or would you rather have a sports car? Research the options on models you are considering. Put pen to paper and list all the options that best suit your needs and wants. 

Figure Out Your Finances

On the low end, a luxury car can cost around $30,000. On the high end, the sticker could sport six figures. As a rule of thumb figure on devoting 20% of your income to the purchase of the car. A more scientific approach would be to go online and find an affordability calculator. This brings us to another monetary consideration the total cost of ownership. 

Insurance Premiums

Luxury cars are more attractive to thieves and more expensive to repair or replace. So naturally, they cost more to insure. All the factors that go into calculating auto insurance premiums can add up to $500 more per year to keep insurance on a luxury car. 

Preventative Maintenance

Not surprisingly oil changes, tire rotations, and other standard maintenance cost more at a luxury vehicle dealership. Without mentioning any names up until the odometer reads 50,000 miles a brand built in Bavaria offers free maintenance. Keep this up.


There is an old joke about a car so fast it can pass everything but a gas station. The high-performance engines in luxury cars require premium gasoline. Depending on where you live premium can cost $.53 more a gallon than regular. 

Routine Repairs

Even the parts on luxury care wear out. As with preventative maintenance, the cost of routine repairs is higher at a luxury car dealership. You can get off a little cheaper going to a private shop that specializes in your brand of car. Just make sure going to a non-dealership mechanic doesn’t void any warranties.


Depreciation is the one cost of automobile ownership that probably no one considers. Luxury cars do not retain their value better than ordinary cars. Luxury cars continue to depreciate after the depreciation of ordinary cars has plateaued. An informed buyer considering a previously enjoyed luxury car will know luxury cars cost more to maintain. This knowledge adversely affects the resale value of luxury cars. 

Research Performance

Before taking on the expense of a luxury car make sure the model you choose truly outperforms a cheaper non-luxury vehicle. Read performance reviews. Don’t’ skip this step.