Living in Luxury: Financial Reasons to Buy a Previously-Owned Luxury Automobile

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( — March 28, 2016) — With nearly 55,000 people retiring to Florida each year, it is easy to see why this state is the most popular retirement destination in the U.S. Due to the lower cost of living and warm temperatures, many retirees find themselves settling down in Florida for the long haul. As these people retire, they find themselves seeking comforts they have not enjoyed previously.

One of the primary assets retirees may be seeking, is to find a new car, preferably of the luxury variety. While luxury automotives like the Lincoln MKZ are desirable to car buyers, they may find the new cars for sale to be out of their budget. For those in South Florida, a certified pre-owned automotive may be just the ticket to luxury driving.

More Bang For Your Buck

Imagine you have $30,000 to spend on a vehicle. For this price you could feasibly get a brand-new camry, that is fairly well equipped. Alternatively, you could buy a Lincoln MKX that is only 3-4 years old for the same price. Anyone who has driven both vehicles, will tell you the experience of driving a Lincoln is far superior.

Buying a Lincoln certified pre-owned luxury car that is only a couple of years old can be the wisest financial decision. You will get a luxury car with all of the best amenities, for a significant price cut than buying brand-new. If you attempted to buy a brand-new luxury vehicle with the same budget, you may be going for the most basic model.

Warranty Programs

One of the biggest deterrents for car buyers when they see “cheap used cars” is they imagine they are getting a car that is a lemon. Many car buyers are concerned that cars bought used will have issues that will cost so much it will negate the savings. Fortunately, many used car dealerships have done much to alleviate this concern.

By creating pre-owned certification programs, used car dealers are able to provide a warranty of sorts for used vehicles. Now, the warranty and guarantees may differ from what comes with a brand-new vehicle, but they can still be advantageous in a lot of ways. As long as you read the fine print, there should be no concerns over a 5- or 10-year warranty offered with a pre-owned vehicle.

Less Depreciation

Perhaps the worst element of buying a new car is the drastic depreciation the vehicle experiences. Some people estimate your car loses at least half its value just by driving it off the lot! Your brand new car could have just gone from being worth $30,000 to only $15,000!

A way to ward off depreciation is in buying a car used. Chances are, in the time that you own your “new to you” luxury vehicle, it will depreciate very little. Typically the first four years of a new car’s life are when it loses the most value. Buying a car after the first four years are up could result in you saving a large amount of money and avoiding depreciation losses.

Buy Domestic

To save even more on your certified pre-owned car purchase, consider buying a domestic vehicle. One reason this will save you money is due to the cost of maintenance. Replacement parts on fancy European luxury models can cost you a pretty penny. However, the cost of maintaining a Lincoln can be significantly reduced.

The key to keeping your car in good working order is in finding a good mechanic. Ford mechanics are able to work on your luxury Lincoln MKT so you don’t have to find a specialized garage. Additionally, you should establish a relationship with your mechanic before purchasing the car so they can do a pre-purchase inspection.