2 Golden rules for buying second-hand luxury cars...
Good investment or money bleeder?
Motoring Expert, Warren Tucker explains the pros and cons of buying second-hand luxury cars.
With car prices revving up over the years, is it worth it to buy a pre-owned luxury car?
Tucker says it might be worth it but the maintenance costs for pre-owned luxury cars can bleed your bank account dry, setting you back hundreds and thousands of rands.
He adds that typically the cost of second-hand car parts for luxury cars do not depreciate as quickly as the car - so when something breaks and you need to fix or replace it, you're out of a service plan, a motor plan and a warranty which means you'll have to pay cash for it.
Car parts for luxury vehicles come at a "serious cost" so make sure you're prepared for it financially, says Tucker.
"Parts are notoriously expensive. You'll have to pay cash for it. Nothing lasts forever. You'll need to have maintenance for it and it comes at a serious cost for luxury vehicles."
Warren Tucker, Motoring Expert
"A lot of the time second-hand vehicles are maintained and looked after so it's not a bad proposition but you need to go into it understanding what you're getting yourself into."
Warren Tucker, Motoring Expert
Before buying luxury second-hand vehicles, Tucker recommends:
- Making sure the vehicle has a service history as evidence of maintenance.
- Looking at what the vehicles needs and what the systems require - understand how costly they can be should they need repairing.
- Checking the tyres and the overall condition of the car to see if its been abused.
- Booking a vehicle for a Dekra test to ensure the car is working.
- Research insurance costs.
Overall, the golden rules when buying a second-hand car is knowing what you're buying and being prepared to pay when things break.
"Arm yourself with all of the knowledge before purchasing second-hand luxury cars."
Warren Tucker, Motoring Expert