Many of the best new cars on the market fall under the luxury category. This is mainly because even this prestigious group of vehicles has varying price points these days. However, there are still things buyers should know before taking the leap to buy a luxury vehicle, as owning one is a different experience. Much of this may be common sense to some, but it’s not for everyone. These differences go beyond the type of gas luxury cars use.

Many of the best luxury cars have lower resale values

There are many reasons why some buyers may be on the market for the best luxury cars. This is the case for both new and used models. However, resale value is one thing people should consider before buying a luxury car. Specifically, many luxury vehicles depreciate faster than their lower-priced counterparts. Of course, there are exceptions, but people who plan to sell their vehicles down the road may get less for it than they assume. 

There are quite a few reasons why even some of the best luxury cars have the potential to depreciate so fast. According to Investopedia, this often happens because many luxury features aren’t options that most buyers want when people try to sell these expensive cars as used models. Additionally, the market is often oversaturated with luxury cars because of high lease rates. 

The higher-than-normal depreciation rate may not concern every luxury car buyer. However, it’s still something to consider. 

They can be more expensive to own

Of course, the best luxury cars have higher initial costs than their less expensive counterparts. However, the cost of ownership can also be higher. This is the case because the various types of services for luxury vehicles typically cost more. This additional cost includes things like oil changes and tune-ups. 

However, luxury vehicles don’t tend to need to be serviced as frequently as other vehicles, so that offsets the cost a bit. Readers should consult their owner’s manuals, but these cars usually need oil changes between 10,000 to 15,000 years. Still, people should also know that most luxury cars use a different type of gas. Specifically, they usually use premium gas instead of gas. Of course, car insurance is also more expensive for luxury vehicles.

Car theft is a big problem

Of course, car theft is a problem worldwide for all types of vehicles. However, luxury cars can be more of a target for bad actors because of their perceived value. This may not always be the case because car theft often happens in the heat of the moment, but it is something many people who own luxury cars consider. Luckily, many of the best options will have advanced security features to combat car theft. 

Owning a luxury vehicle can be an excellent investment for any driver with the proper means. Still, as with any car, potential buyers should do their research. People in the market for a new vehicle should check out the MotorBiscuit Car Buying Tool.