Luxury on a Budget: 7 Tips to Buy a Used Luxury Car in India

The used car market is a great place to be if you’re looking for a new set of wheels. Not only do you save a lot of money compared to when buying new, you might also find luxury cars if you stretch your budget a bit. And who doesn’t like a bit of oomph when rolling around town? Pre-owned luxury cars depreciate in value faster than your mass-market brands–wonder why? Here's the secret: while most premium cars are imported at jaw-dropping import duties, it’s the consumer that shoulders these massive costs, leading to an obvious decline on the actual price tag over time. 

Now, we’ve all taken a second to drool at a shiny new luxury car, wishing we could get behind its wheels. If you’re in the same boat as us and are planning to purchase a used luxury car that does not burn a hole in your pocket, here’s a guide to get it right! 

Where to begin? Browse!

The first step to buying a pre-owned luxury car is knowing exactly what you want. If you’re confused, you might end up settling for a car that doesn’t meet your expectations or requirements. Look up the brand, model, variant, features, and reviews of the car you’d like to buy. Do your research.

Head to a reliable online used car marketplace and browse through the available pre-owned luxury cars and explore the ones that match your needs. Used car marketplaces give you specific details of the car such as the model, actual price, kilometres driven, present condition, and available features.

Check out our collection of Used Luxury SUVs and Used Luxury Sedan cars in India

Fix a budget before you buy a used luxury car

We’ll make this one short and sweet. Always decide your budget before you decide to splurge on a pre-owned luxury car. Remember, used luxury cars might seem inexpensive compared to what they cost new, but are quite expensive to maintain in the long run. Overhead costs like frequent maintenance, costly parts, tech updates, and modifications can end up costing you a pretty penny if you’re not cautious.

Bring out your magnifying glasses and inspect!

Luxury cars are beautiful, both inside and out, but can come with several complicated fixtures. High-tech elements like sensors, controllers, driving modes, multiple digital displays, etc. can be challenging to maintain if any existing issue remains undetected.  

In addition to the car’s physical condition, ensure that you also verify the vehicle’s history including service records, insurance documents, any available maintenance history, previous ownership, and outstanding loans. 

Here’s a three-point checklist for you to consider:

1. Connect your phone to the car via Bluetooth. Once done, check all the tech features to ensure seamless connectivity and performance.
2. Check the battery and other electronic components. If any of the features malfunction, ensure that you bring it to the dealer/seller’s immediate attention.
3. Check for modifications, authenticity of tyres, engine sound, exhaust sound, and the exhaust pipe. 

CARS24 Expert Tip: Always inspect your car in broad daylight. This allows you to observe the car properly and check for visible flaws.

Test drive the beauty!

What better way to check the working of a luxury car than to test drive it! Leave no stone unturned and no feature unchecked on your test drive. You can even take your friends or family members along (preferably someone who understands cars) to have an extra set of eyes ready to catch a flaw you might miss.

Brand new or pre-owned? What should I choose?

Deciding whether to buy a brand new luxury car or a used luxury car is a decision that depends on various factors. Both options come with their pros and cons, and ultimately, the decision should align with your budget and specific needs. 

To help you make an informed choice, here are the benefits of both:

Brand New Luxury Car

Latest features and technology: Buying a brand new luxury car allows you to enjoy the latest advancements in automotive technology, including safety features, infotainment systems, and driver-assistance technologies.

Customisation: With a new luxury car, you have the freedom to choose the exact specifications, colours, and features according to your preferences.

Warranty and post-sales service: New luxury cars often come with comprehensive warranties and post-sales service packages, ensuring peace of mind and potential savings on maintenance and repairs.

Used Luxury Car:

Savings: The most crucial advantage of buying a used luxury car is the potential savings. Used cars have a lower purchase price compared to their brand new counterparts, allowing you to own a luxury cars at an affordable price.

Depreciation: Luxury cars often experience significant depreciation in their early years. By purchasing a used luxury car, you let the former owner absorb the depreciation, resulting in a lower purchase price for you.

More options: Buying used luxury cars opens up a wider range of luxury car models and features within your budget. You may be able to afford a higher-end model or a car with more features compared to buying a new at a similar price.

Insurance and registration costs: Insurance premiums and registration costs are generally lower for used luxury cars compared to new ones. This lets you save more in the long run.

Which luxury car brand to choose? 

Choosing a luxury car from drool worthy brands like Mercedes-Benz, BMW, Audi, Jaguar, Lexus, Porsche, Aston Martin, Ferrari, etc. can be a daunting task. However, this choice depends on factors like design, performance, reliability, and brand reputation. 

Research different luxury car brands, compare their models, and read reviews to understand their strengths and weaknesses. We’d also recommend considering factors like brand heritage, technological innovations, safety features, and post-sales service quality before making your decision.

Here’s a glance at the top 20 luxury car brands that you can consider:

Source: Team-bhp

What type of car should I buy?

When choosing a luxury car, it is important to consider your personal preferences, needs, and budget. Here are some factors to consider when deciding on the type of luxury car to pick:

1. Sedan: Sedans are a popular choice for luxury cars as they offer comfort, elegance, and ample space for passengers. Suitable for individuals or families looking for a well-rounded luxury experience, sedans offer a balance of performance and luxury.
2. SUV: SUVs offer a higher seating position, enhanced cargo space, and advanced safety features, making them ideal for those who enjoy off-road adventures or require extra space for family and luggage.
3. Coupe: For a more sporty and stylish luxury car experience, a coupe might be the right fit. Coupes typically have a sleek design, two doors, and are designed to offer high performance and handling. They are perfect for driving enthusiasts who prioritise speed and agility.
4. Convertible: If you enjoy open-top driving and the thrill of wind in your hair, a convertible luxury car can be a great choice. Convertibles provide the freedom to experience the joy of driving while enjoying the open sky. However, they usually have limited seating and reduced cargo space compared to other luxury car types.
5. Electric/Hybrid: With the rise of electric and hybrid vehicles, luxury car brands have also introduced eco-friendly options. If you are conscious about the environment and prefer a luxury car with low emissions and advanced technology, an electric or hybrid luxury car can be a great choice.

Source: Team-bhp

Why should you buy from a used car dealership?

Buying from a used car dealership offers several advantages. Dealerships provide a wide selection of used luxury cars, allowing you to explore different models and find one that suits your preferences. 

They often offer certified pre-owned programs that include thorough inspections and extended warranties, providing peace of mind. Dealerships also facilitate the necessary paperwork, making the purchasing process more convenient. Additionally, they may offer financing options, making it easier to afford a luxury car.

What are the pros of buying a used luxury car?

Buying a used luxury car offers several benefits, such as:

• Savings are significant, as used luxury cars are generally priced lower than brand new ones
• You can get a high-end luxury car with advanced features at a more affordable price.
• The initial depreciation has already occurred, minimising the rate of value loss 
• Insurance premiums and registration costs are typically lower for used luxury cars 
• Buying used allows you to choose from a broader range of models and features within your budget

What are the cons of buying a used luxury car?

While buying a used luxury car has its advantages, there are cons to consider: 

• There is significant potential for higher maintenance and repair costs compared to a new luxury car 
• As the vehicle has been previously owned, there may be wear and tear issues that require attention 
• You may not have access to the latest features and technology available in newer models 

FAQs

Q. Does the price of a luxury car depreciate more than a regular car? 

Yes, luxury cars tend to depreciate at a higher rate compared to regular cars. This is mainly due to factors such as higher initial cost, rapid advancements in technology, and the introduction of new models in the luxury car segment. However, the rate of depreciation can vary depending on the brand, model, condition, and demand in the used car market.

Q. How can I know the actual cost of a second-hand luxury car? 

To determine the actual cost of a second-hand luxury car, you can consider the brand, model, year of manufacturing, mileage, overall condition, maintenance history, and market demand. Researching similar models and comparing prices in the used car market can also give you an idea of the average price range for the specific luxury car you are interested in buying.

Q. Which premium brands in India have their own used car programs? 

Several premium car brands in India have their own used car segments or certified pre-owned programs. Some notable examples include Mercedes-Benz Certified, BMW Premium Selection, Audi Approved Plus, Volvo Selekt, and Jaguar Land Rover Approved. These programs offer pre-owned luxury cars that have undergone thorough inspections, come with warranty, and often include additional benefits and services.

Q. Can an uncertified used luxury car be trusted? 

While uncertified used luxury cars may offer lower prices, they come with certain risks. Uncertified cars have not gone through manufacturer or dealer inspections and may have an unknown maintenance history. It is crucial to conduct a thorough inspection, obtain vehicle history reports, and consider professional evaluations before purchasing an uncertified used luxury car. 

Q. What is the warranty period on certified used luxury cars? 

The warranty period on certified used luxury cars can vary depending on the manufacturer and the specific certified pre-owned program. Typically, luxury car brands offer warranty coverage on certified used cars for a certain duration or mileage limit. It is advisable to check with the manufacturer or the authorised dealer regarding the specific warranty terms and conditions for their certified used luxury cars.