Buying a used luxury car is a tempting idea as the prices of these luxury cars are usually quite cheap. The idea of owning and driving a large sedan at the price of a premium hatchback, would seem great to many buyers, or so we thought.
When we ran a CarToq community poll asking our members if they would buy a used luxury car at the price of a premium hatchback, the answer was a strict no. The reason, as cited, was that the maintenance cost of a used luxury car would be too high – and although the purchase cost would be low, it wouldn’t make sense in the long run to buy a used luxury car. Also read: Run your luxury car as cheap as a hatchback
In a CarToq community snap poll, 39% (149 votes) said they would probably buy a used luxury car for the pride and performance of it – as a larger car is seen as a status symbol, and of course, enthusiasts would love the performance from such cars (even though some may be fuel guzzlers). However, the majority of votes was against this, with nearly 61% (224 votes out of 373) saying that they wouldn’t buy a used luxury car as the maintenance costs would be too high.
CarToq poll results
Would you buy a used luxury car?
Yes, for pride and performance: 149
No, maintenance cost is high: 224
Total votes: 373
If you look at the used car market in India, you would find some expensive luxury cars such as the Honda Accord, Toyota Camry and Maruti Vitara selling for attractive prices in the second-hand market. These cars tend to depreciate really fast and one can pick up a four-year old Honda Accord for about Rs. 6 lakh, while a new one costs over Rs. 24 lakh.
While the purchase cost may be low, regular maintenance would be average, but cost of spares – especially for those that are imported as CBUs (completely built units) or CKD (completely knocked down) units are high. In the long term, maintenance costs would be higher. Also these cars aren’t fuel efficient and running costs on petrol would work out much higher than an equivalent premium hatchback. Also read: Should you buy a used imported car?
Share your thoughts on buying a used luxury car with the CarToq community.