OFF-TOPIC Thinking about buying a Used Luxury Car

[Calgary]

Im thinking of using cars as goal markers. At least initially.

My first goal is a Kia Optima EX or SX. This will generate laughs I am sure but it is a pretty damn nice car for the money. Beats the other offerings in its class like Accords, Camry etc... IMO. By the end of next year I want to have a used 2011 version of this car.

The next goal, as of now, will then be a Cadillac CTS or ATS sedan.

After than im not really sure. I cant see myself ever buying a car thats higher than the $30k range. But thats just speaking from the point im at in my life right now I guess. It gets to a point where a car is nice enough where its hard to justify spending any more. Not to mention the only local luxury dealers are Cadillac and BMW. The inconvenience of driving far to get the car serviced would keep me away from other makers. So ill have to think of different goal markers at that point.

Bad Idea.

First of all, why would it generate laughs? I can guarantee you that 99% of the people who LAUGH at your car probably don't own one (parent's cars don't count). If they do own a much nicer car (the 1%), they don't NEED to laugh at you because they KNOW that they're better than you because the car they drive is nicer (this is just one aspect).

Oh another thing I forgot to mention in my other post was that you DON'T need to go to STEALERSHIPS for work unless the vehicle is under warranty. If it's money that you'll have to fork over for a job, then go to an independent mechanic. I'm sure there's an independent cadillac specialist or a german auto specialist who targets Audis, BMWs, Volkswagens, etc.

You're going to be forking over a lot of money as milestones then you're going to end up paying for it because you're going to get hit with depreciation HARD especially if you go with newer cars.

Like my Range Rover. Brand new starts from 94k in Canada for a 2012. I can get an '09 for HALF. or even a 2010 for HALF in the states.

 

[Shades]

I wouldnt be buying new. The Optima will be my 3rd car, well 3rd that Ive bought myself. Ive had a few junkers before that when I was younger.

I buy former rental or fleet vehicles. Prices are usually good. Good enough where the value of the car is not less than what I can get when I sell it. First car I kept 3 years and sold it for more than I owed on it. My current car will be the same way. So its basically like leasing a car since I will always have a car payment, I dont keep the car long enough to pay it off, but it works out better financially then leasing.

 

[Calgary]

Even though you're not buying new. A 2011 will take a much bigger hit in terms of depreciation compared to say an '07/'08 which are probably the first years of the latest generation.

 

[Shades]

I see what you're saying. But it doesnt matter to me. I unload the car well before its paid off for at least what I owe on it. Just gotta buy it for a good price to begin with. Im basically renting cars for a few years. I get rid of them before they are out of original factory warranty, before they are too old with too many miles and before costly problems could arise. Its better than leasing to me.

 

[Calgary]

I see what you're saying. But it doesnt matter to me. I unload the car well before its paid off for at least what I owe on it. Just gotta buy it for a good price to begin with. Im basically renting cars for a few years. I get rid of them before they are out of original factory warranty, before they are too old with too many miles and before costly problems could arise. Its better than leasing to me.

That's exactly what a lease is......

A lease = essentially signing a contract to convey something (cars, buildings, etc) for a specified period of time.
You're mostly paying for the depreciation on the lease. That's why there's a residual value at the end.
Another thing though, there may be tax benefits through leasing because it can be deducted as an expense. In Canada, you can write off the lease, fuel and I believe maintenance (to a certain extent). You'll have to talk to your account regarding this.

 

[Kak]

Im tossing around the idea of buying a 2007 or 2008 s550. Its hilarious that I can get one for about 35 to 40 with low miles and the car has not changed since then. They are mid 90ks new.

that'a a hell of a car for a few hundred a month..... Screw new cars.

 

[Calgary]

Im tossing around the idea of buying a 2007 or 2008 s550. Its hilarious that I can get one for about 35 to 40 with low miles and the car has not changed since then. They are mid 90ks new.

that'a a hell of a car for a few hundred a month..... Screw new cars.

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'09 Jaguar XF $30k (VERY TEMPTING)
'07-08 Audi S8 = $40k Lambo engine in a sedan? Yes please.
'06 Range Rover Supercharged $25k
Heck even '04-'04 Bentleys go for $60k. However, I would recommend you to get at least the '06 because of soft close doors, push start and the much much better looking keyfob.

 

[awesom-o]

'09 Jaguar XF $30k (VERY TEMPTING)
'

The XF is a wonderful car. Excellent motorway/high way cruiser very refined features and styling :hl:

For 30k its a steal

 

[Kak]

'09 Jaguar XF $30k (VERY TEMPTING)
'07-08 Audi S8 = $40k Lambo engine in a sedan? Yes please.
'06 Range Rover Supercharged $25k
Heck even '04-'04 Bentleys go for $60k. However, I would recommend you to get at least the '06 because of soft close doors, push start and the much much better looking keyfob.

Family had an xf supercharger when they first came out. Nice car indeed. Pricy lease new, (screw that when i can BUY an S550 for half as much.

 

[Kak]

Honestly one of the best deals going is a CPO infiniti M45. Very fast and nimble sedan that is a little more discreet than an xf. These can be had with less than 40k miles on them for around 30k. These have extended warranties up to 100k miles. Who would of thought, for the price of a loaded camry you can have a much better and cooler car with more warranty.

I drive and beat my cars to hell, i could never justify buying a new car.

 

[Shades]

That's exactly what a lease is......

A lease = essentially signing a contract to convey something (cars, buildings, etc) for a specified period of time.
You're mostly paying for the depreciation on the lease. That's why there's a residual value at the end.
Another thing though, there may be tax benefits through leasing because it can be deducted as an expense. In Canada, you can write off the lease, fuel and I believe maintenance (to a certain extent). You'll have to talk to your account regarding this.

No. When you lease a car you have to bring a few thousand to the table before you drive it off the lot. Then you have to deal with certain limitations in the contract. Plus your talking about a new car. I dont buy new cars.

 

[Calgary]

No. When you lease a car you have to bring a few thousand to the table before you drive it off the lot. Then you have to deal with certain limitations in the contract. Plus your talking about a new car. I dont buy new cars.

The majority of places I can go to is okay with me putting 0 down and extended my km restrictions. There are always ways around everything

 

[Kak]

I leased a car once, i paid almost 5 grand to return it. I will never do it again.

 

[Loup_Noir]

I leased a car once, i paid almost 5 grand to return it. I will never do it again.

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Damn, i didnt know you had to pay at the end of a lease. Why did they make you pay if you dont mind me asking.

Sent from my Abacus

 

[Red]

You have to read the fine print. If you go over your agreed upon miles, you typically pay a pre-determined amount per mile (like $0.35). You will also be held accountable for any body/frame damage on the vehicle, whether you did it or not. (BTW, if you have a tow hitch installed, most manufacturers count that as Frame Damage & it comes with a hefty price tag). Make sure you negotiate on the "actual (original) value" placed on the car in the contract as well, as they won't even mention this -it's the price your payments will be subtracted from to determine your "payoff" if you trade it in. And they WILL inflate this number if left unchecked. Manufacturer's Suggested Retail Price? My a$$, it is.

Ask me how I know all these thing! Or don't because it pisses me off. Don't pretend for a second that anyone at a car dealership is "on your side" or "there to help you." Because they are not. They legally don't have to be & they brag about taking people to the cleaners who don't know any better. Yes, I've sold cars, I've seen it first hand. It pisses me off.

Take someone with you who knows the game & can help you cover your a$$. The end of a lease can suck if you don't set the terms properly up front. Just read everything carefully & mentally prepare yourself to walk away if it doesn't sit well with you, even if you like the car. When they see you get up to leave, they WILL change terms to make the deal happen.

 

[socaldude]

I had a bmw 540 with murdered out tinted windows. that thing was a money pit!! it was nothing but a huge expense. if it wasn't a pump it was a sensor if it wasnt this now it was that! then synthetic oil changes! blegh!

pretty much all luxury sedans are european and those things cost good money to maintain.

buy a damn 4 cylinder honda or toyota and save some money and gas money too. use that extra cash to start a venture.

then in 5 or 6 years when you are balling you can buy the lambo or the s class benz or 7 series bmw.

 

[Sabs]

My opinion is that if you have to purchase a *used* luxury sedan to be able to afford the upfront cost, it's not a wise financial decision. You're going to be spending more money on repairs than non-luxury autos, and often much, much more.

The one used luxury car I had cost me more in repairs than all other cars I've owned combined. Since then I've stuck with mid-level Asian autos and enjoy the cheaper maintenance and repairs.

I would look at more reliable and affordable to maintain cars for now. If you're looking for motivation, set a goal to get a luxury sedan later on - but I would make your goal to be able to afford one new or leased, rather than used.

 

[hatterasguy]

A German car is going to cost a lot more to maintain than say a Honda or Ford. Unless you are mechanically inclined and can do a lot of the work yourself. In that case they are not to bad, go for it.

FYI the best buy of that vintage in the used car market right now is a 2000-02 E class. Those were the last years of the W210 chassis and it was well sorted by that point. A well taken car of E430 is a bargain right now, and I have even seen pretty good E55 AMG's in that price bracket.

 

[klix]

Why don't you buy a recent car instead? I bet the fuel mileage would be double whatever you get on that car.
You're just trying to indulge IMO, and it's not worth it. Buy a BMW when you can pay stickerprice upfront.

 

[Kak]

My opinion is that if you have to purchase a *used* luxury sedan to be able to afford the upfront cost, it's not a wise financial decision. You're going to be spending more money on repairs than non-luxury autos, and often much, much more.

The one used luxury car I had cost me more in repairs than all other cars I've owned combined. Since then I've stuck with mid-level Asian autos and enjoy the cheaper maintenance and repairs.

I would look at more reliable and affordable to maintain cars for now. If you're looking for motivation, set a goal to get a luxury sedan later on - but I would make your goal to be able to afford one new or leased, rather than used.

I "have" to buy used cars because they make more sense to me from a financial standpoint. I will continue to buy used cars as long as I live.

I do not think of an S class costing 100k I think 40k automatically. Cars are only new once, every car on the road is used. Think 60k would be enough to cover maintence? Try maintence, any and all repairs, tires, gas and insurance.

I would even buy my dream rolls used.

 

[Mike39]

I "have" to buy used cars because they make more sense to me from a financial standpoint. I will continue to buy used cars as long as I live.

I do not think of an S class costing 100k I think 40k automatically. Cars are only new once, every car on the road is used. Think 60k would be enough to cover maintence? Try maintence, any and all repairs, tires, gas and insurance.

I would even buy my dream rolls used.

Agreed! There is no reason to buy a new car when you can get even a 1 year used one for FAR cheaper, unless you have so much money you just don't care

 

[Kak]

Are 2 CPO cars less reliable than one new car? Because I can get a CPO ML550 and an S550 for less than a new S550

 

[campbellronald7]

Mostly, expensive cars needs a heavy maintenance cost and as of now you are thinking about to buy used car, make sure that you will be having sufficient money in the future for its repairs and all other maintenance.

 

[Kak]

CPOs have factory warranties that sometimes beat new.

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[JasonR]

With my experience with used luxury cars, I'd say its almost better to lease new ones. I have seen several Mercedes with low miles have plenty of issues (mostly electronic) after a few years. That might be a better option in the long run (assuming you're already rich) or getting by with a used (or new) Japanese car. I drive a Toyota Tacoma because they are dead reliable. I'll wait to buy a nice car when I'm in the fastlane.

 

[Amail]

If you want a good, used luxury car that will give you years of trouble-free miles, look no further than Lexus. These things were built to answer exactly this need. LS430 will ensconse you in plush leather, quiet cabin, good audio, good driveability, lots o' room, classy, has that cachet. Many good reasons to get into one of these.

If you want a fun used luxury car, I think you need to worry less about the years of trouble-free miles. Personally, Porsche hits all the right buttons for me. They're light, nimble, you can make them dance, and they go like stink. You can get into a reasonable Cayman for ~$30k. Not really luxury, but what the heck.

Mercedes doesn't do it for me. I don't have any experience with them, all my info is second and third hand, but I'm not left with a good impression.

 

[hatterasguy]

CPO can be a very good deal. I was about an inch away from making a poor financial move and buying a CPO mint 2009 S550 with 20k on it for $52k. Lots of warranty, and a very good one.

Must resist temptation...

 

[Mike39]

If you want a fun used luxury car, I think you need to worry less about the years of trouble-free miles. Personally, Porsche hits all the right buttons for me. They're light, nimble, you can make them dance, and they go like stink. You can get into a reasonable Cayman for ~$30k. Not really luxury, but what the heck.

Alright, I have to share this joke I heard from TopGear forever ago, no offence to you Porsche people/owners I don't have anything against you, its just a joke.... "A Porsche is just like a Porcupine except for a Porsche, the pricks are on the inside" :smilielol:

mint 2009 S550 with 20k on it for $52k. Must resist temptation...

:heartbeat: :heartbeat: :heartbeat:

 

[Amail]

Alright, I have to share this joke I heard from TopGear forever ago, no offence to you Porsche people/owners I don't have anything against you, its just a joke.... "A Porsche is just like a Porcupine except for a Porsche, the pricks are on the inside" :smilielol:



:heartbeat: :heartbeat: :heartbeat:

Yeah, Clarkson is a renown Porsche hater. It's pretty funny.

 

[Kak]

That guy is hilarious, he hates on "flappy paddles" too. LOL