In former times, luxury cars were only available for millionaires who had a significant amount of extra cash to spend.
Today, luxury cars have become much more affordable due to the emergence of modern technology. Car companies have found ways to automate manufacturing processes and the savings from these improvements are eventually passed on to buyers. The technology found in cars has also advanced exponentially in recent years to make formerly exclusive features available for only a small premium.
Why Luxury Cars Are Beneficial for Seniors
As luxury cars become more affordable, people of all ages are turning to higher-end models for a more enjoyable experience on the road. Seniors who are in their golden years are in the best position to benefit from recent advancements because they often have extra money to spend.
If you have already paid off your house and have a comfortable retirement, buying a luxury car could be a great way to get more out of your life.
Many seniors have spent decades saving everything they can, but they never took the time to spend anything on themselves. Staying within your means is something that you should strive for but leaving this world with millions of dollars in the bank will not do you any good. In fact, even if you plan to give your money to your children, the truth is that the federal government alone will take up to 40 percent of your estate while state and local governments will take even more.
If you can afford to spend more, you might as well enjoy what you have now rather than let your hard-earned savings be taxed away.
The best part about purchasing a luxury car at an advanced age is that you are more likely to have the time to drive as often as you want.
If retired, you can spend your days maintaining an active lifestyle by taking your car to the park, driving to the golf course, or going to visit one of your grandchildren. Moreover, you can share your special car with the friends who you have accumulated over a lifetime. You can even take your family on car trips across the country or just hit the open road to start an adventure on any day of the week.
The bottom line is that there is no better time to get a luxury car than when you are a senior. Whether retired or still working, having a luxury car during your golden years can truly give you a sense of fulfillment.
All of the hard work that you did throughout your career certainly pays off when you finally get to live your dreams and the success that you show the world may help to inspire your grandchildren to work hard and achieve as you did. Best of all, as long as you know how to shop around for a great deal, you can often start driving in luxury without breaking your budget.
How Seniors Can Find Luxury Car Deals
Once you’ve decided to buy a luxury car, you will need to make sure that you get your new vehicle at the right price. Finding deals on luxury cars is important since some dealers will try to take advantage of seniors.
To avoid getting ripped off, you need to first know the MSRP of the car you are looking for. Almost all car manufacturers let you configure the exact vehicle you want on their website so you can get a rough starting price by going online. However, you should expect the final sale price to be less than the MSRP before adding in sales taxes.
Consider Used Vehicles
Pricing is straightforward on new cars because they come straight from manufacturers. With used cars, on the other hand, prices can vary widely since there are fewer buyers and sellers. You can often find the car you want with less than 20,000 miles on its odometer for a fraction of its ordinary MSRP by truly shopping around.
Plus, the used market is three times bigger than the new market. This means there are more options to choose from.
Factor in the Total Cost of Ownership
Some luxury vehicles are difficult to service because parts must be imported, and certain electronics can only be modified at the dealership.
The best way to discover the difficulty of maintaining a certain vehicle is to talk to an independent mechanic. Most mechanics have experience with all types of cars so they can give you an accurate estimate.
When you know what a car really costs over its useful life, you can save a lot of money.
Start a Bidding War
You can easily look up the inventory of almost any dealer with a simple online search through dozens of websites, such as NewCars or TrueCar.
If you find a few dealers that are selling the exact car that you want, you can call them on the phone to make them bid for your business. In a matter of hours, you can usually get a car for just a few hundred dollars more than a dealer’s cost point by making dealers compete against each other.
Avoid Getting Upsold
Car salesmen are experts at getting buyers to purchase a more expensive vehicle than they originally planned on getting. Seniors who are not firm about their spending limits can often leave a dealership with a car costing as much as twice their original budget.
If you have had challenges in the past when trying to hold to your budget, try opening a separate bank account for your car purchase. When you walk in the door with only a check that cannot exceed your limit, your odds of getting upsold are very low.