Owning a luxury car makes a statement. Whoever owns one, is saying something to everyone else. Whether it is a financial accomplishment or a sign of status, a lot of people consider buying a luxury car as a life goal.
Everything costs more when it comes to luxury cars. If you’ve decided you want to own one, you should become friends with the idea that some things will cost you more compared to a non-luxury model. Here are some hidden costs you should be familiar with before buying a luxury car:
This is a must-have, so there’s no option for any kind of car. But, yes: for luxury cars, insurance companies charge higher premiums. This makes sense if you consider that repair costs for a shiny new luxury car are higher than for any other model. So, if you plan to ride in style, you will pay a considerably more expensive insurance policy.
This is an ongoing expense that is also more costly for luxury cars. These cars have huge engines, built for performance and not for the economy. So they require premium fuel. The national average for regular gas prices is $2.48 a gallon, while premium gas is around $3.01 a gallon.
Some states, like Illinois for example, pay even more for gas. Premium gas is currently around $3.37 per gallon and regular gas is $2.62.
Repairs are also more expensive for luxury cars than regular cars. Spare parts are more expensive and technicians have to be specially trained to work on those cars, so these things result in a bigger bill.
Toyotas are famous for their ToyotaCare program, which covers factory maintenance costs for the first two years or 25,000 miles, whichever happens first.
Mercedes, on the other hand, offers a prepaid maintenance package starting at $769 that is good for three years or 30,000 miles.
Once these protection programs expire, car maintenance becomes more and more expensive.