5 Tips for Making a Buying Decision on a Luxury Car

Buying a new car can be both an exciting and intimidating endeavor, especially if you’re in the market for a luxury car. With all of the options available today and reasons to buy a designer vehicle, even the most informed car connoisseur has to take the time to consider the possible choices.

Plus, shopping with luxury retailers is a different experience than one you would have when shopping with an economy-class one. This is because designer brands offer higher quality components and craftsmanship, which obviously makes them more expensive.

With more factors to consider and more money involved, it’s understandable if you feel a little overwhelmed by the process. Here are five tips to ensure you make a buying decision that works for your lifestyle, your budget, and your timeline.

1. Research and determine your top choices

First and foremost, you need to know your options. Even if you already have a make or model preference, you need to be sure you explore other options to compare it to. Consider making a list of the things your new car has to have, things that would be nice to have but aren’t necessary, and things you absolutely won’t consider.

For example, you may need a car that gets at least 25 MPG, it would be nice to have one that gets 30 MPG, and you absolutely won’t consider a car that gets under 20 MPG. By determining which elements are most and least preferred, you begin narrowing down your list of viable options.

Research customer reviews, articles, and online forums to choose the right luxury car for you. You should then be able to nail down your top three to five choices before it’s time to check them out in person.

2. Visit a dealership

You may already know this, but you should never buy a car on the first dealership visit. No matter what situation or deal arises, your mind needs to be set on walking away. Dealerships see your business as a commodity so by walking away empty-handed from your first visit, you’re actually more likely to get a better deal the second time around.

Besides the fact that you’ll get a better deal later, your goal for the first visit should be to gain as much information as possible and let the salesperson do all the talking. Come prepared with questions for them and a checklist of things to observe.

There are some things you can only learn about a car by seeing it in person. Plus, it doesn’t hurt to take a couple of test drives to further narrow down your top choices.

3. Try renting first

Test drives are an important step in the car buying process. They allow you to get a better idea of what features you need and which ones you can do without. However, they don’t give you the full experience you need to make the most informed decision possible.

Renting a luxury car you’re interested in – or one that’s very similar – allows you to have a trial run of what it would be like to actually own the car, and potentially make or break your decision. By incorporating it into your daily routine, you will be able to determine if the car suits your lifestyle.

Consider factors such as whether or not the car’s gas mileage is compatible with your commute, if it has enough space for your desired storage capacity, how compatible your mobile phone is with Bluetooth or other infotainment features, and overall how intuitive and easy these luxury features are to use.

Not only will renting give you more time to identify which features you will actually use, but it will also help you decide how much you’re willing to pay and make an informed decision without being persuaded by a luxury car salesman.

4. Make a final selection and plan a time to buy

At this point in the buying decision process, you should be ready to choose a car. Take this time to first revisit your initial list of needs, wants, and deal-breakers to ensure the care you’re leaning toward matches that list. If the car you have chosen isn’t a match, you may need to revisit other options you previously considered.

Don’t be afraid to go back to the research stage, either: This is a big decision, think it through so you don’t have any regrets! If you’ve identified the luxury car of your dreams, then all that’s left to do is find the best time to buy. Even if the car is already within your budget, it never hurts to get a good deal.

Research shows that the best time to buy a car is on a weekday because they’re less busy, and toward the end of the month because that’s when salespeople are trying to meet their quotas. If you want to be extra savvy, check the manufacturer’s website to see when the next model is being released, as you can occasionally get an even better deal when the model is outgoing.

5. Prepare to negotiate

Finally, it’s time to visit the dealership again – this time with the intent to buy, but you don’t need to tell them that right away. If you plan to trade-in your current vehicle, come prepared with quotes from other dealerships to ensure you get the most value possible.

Also, be sure you have looked at the market value of the model you plan to buy and determine what your maximum offer price should be. Once you’re looking at the car with a salesperson, be sure to check out every detail of it. This includes everything from checking under the hood to testing out the seat warmers, to examining the seat stitching.

This way, if you identify any imperfections in the interior or exterior, you can be sure the salesperson offers to take care of them for you free of charge. Remember, they want to give you the best possible experience so you won’t have to haggle with them, but it’s always smart to be prepared to.

Buying Your Dream Car

You’ve worked hard to be able to afford a luxury car. Buying your dream car should be an exciting time for you. Whether you know exactly what you’re looking for or need to figure it out along the way, these tips will help you make the right buying decision for you.