Have you ever dreamed of getting into a luxury car? Luxury cars certainly offer more than their looks. They provide the ultimate in driving and riding comfort.
People who have tried driving a Mercedes or a BMW rave about going on a buttery-smooth ride, regardless of the obstacles on the road. For instance, you can feel the hump as the car passes over it when you’re driving a regular car. On the other hand, when you drive a luxury car, it feels like you’re gliding over it.
There are plenty of other benefits to driving such a majestic machine, other than enjoying the effects of its incredible suspension and shock absorbers. Perhaps it is the sheer power of the engine or the seat options, or it can also be that new car smell.
Whatever the case may be, you may be thinking about purchasing a luxury vehicle yourself. But before you jump the gun, there are a few hidden costs you need to take into account. These are costs that you need to pay for, for the duration of your ownership.
It’s these hidden costs that can affect the actual value of the car. Keep in mind that these factors can still vary between one brand and model to another. So take these into account before you buy one.
Buying insurance may not be at the top of your list when thinking about luxury cars, but it’s a necessity for every mature and responsible driver. It makes practical sense, as well. You wouldn’t want to pay for the repair costs of a fender bender out of pocket.
The parts of a luxury car are understandably more expensive compared to those of a regular car. They are more costly to produce and fix or replace. You wouldn’t want to start penny-pinching now and have substandard parts installed in your prized vehicle; else, it might not function as well as you hope.
Furthermore, you need to send your car to a specialist, and this costs money as well. For example, visiting an Audi service center in Dubai for your Audi will be heavier on the wallet, but more practical in the long run. You wouldn’t want somebody who has never had experience dealing with the brand touching your baby.
Insurance premiums vary widely due to a number of factors. It’s not just about your age, gender, record, or driving experience, but also the brand and model of your car.
For instance, when you compare two cars from the same year, the insurance premiums on the newest Toyota Camry with all the bells and whistles will still be lower than an entry-level Mercedes. You might pay over $30,000 a year in some US states for a Toyota flagship model. On the other hand, the premiums on a C-class standard Mercedes will cost you at least another extra $7,000.
At some point, car manufacturers will stop providing support for vehicles that reach a certain age. This makes practical sense for them as they can focus more on their newest offerings.
If you purchase an older beauty, you will need more time and dedication in keeping it in prime condition than if you buy the newest sedan or coupe. Unlike newer models, you cannot just send your exotic or limited edition vehicle to the local dealer either. Once the car company or the dealership stops providing support, you may need to get creative on where to send your vehicle for repair or maintenance.
When you have an older car, it becomes more difficult to find people who have experience in fixing it. Younger mechanics often only have experience working on vehicles that are in circulation. Unless they’re passionate about vintage cars, they might have never even seen, much less worked on, a car from the 1950s such as a Mercedes-Benz 300SL.
Maybe you can find a specialist for Mercedes repairs in Dubai or in your local area who can do the repairs for your older vehicle. If not, you may need to have your car shipped to a specialist overseas. Either way, you need to wait and have deeper pockets to get your vehicle checked by a professional.
Other than the maintenance, the eventual repair cost is an aspect you have to factor in your decision. Most people are aware that the repair costs of a luxury car are more expensive than that of a regular sedan. But even between different top-of-the-line brands and within the same brand, the price can vary widely.
For instance, the annual repair cost of an Audi A3 Quattro is approximately $868, while an A7 Quattro will cost at least $1,500. The cost of repairs for an A3 Quattro may be cheaper, but given that the model often gets sent twice a year to the shop, the A7 Quattro may seem more practical in the long run.
Some people have sizable collections of luxury cars. Although they may be fun and cool to look at and drive around, at some point, it becomes more challenging to take care of all of them by yourself. There’s more to owning a car than just leaving it in the garage to shield it from the elements.
Like other gadgets that are left unused for a long time, a lot of issues may arise with leaving the car unused for long periods of time. Batteries can die, the tires can go flat, even fuel and braking fluids can rot. Exercise is vital to prevent them from breaking down.
When you have several cars at your disposal, upkeep becomes difficult. It’s not just about starting each vehicle up and leaving them idle for at least five minutes. Each car needs its exercise, meaning you need to take each one out for a drive for at least half an hour.
If you don’t have time or a collection manager to deal with these issues, you will have to find a way to balance taking care of your luxury cars with other responsibilities you may have. Having a luxury vehicle is like having a child. You need to exert some effort in taking care of it if you want it to stay in tip-top condition for a long time.
Ahmad Ramadan is a Managing Partner at Deutsche Technik Service Center, Dubai’s first and largest VW, Audi, Mercedes, Bentley, Porsche, & Lamborghini vehicle specialist and performance tuner. DT has also built an illustrious portfolio in classic car repair, maintenance, and restoration, as well as body work (accident repair, painting, and denting). DT Service Centre offers a full range of services: mechanical repairs, maintenance, servicing, etc.