How to Buy a Luxury Car on a Budget

Being a lover of luxury cars can be pricey. From the sprawling leather interiors to the polished paint jobs that fill your wildest dreams with high-speed adrenaline, high-end cars are earthly treasures. Luxury cars are all about pleasing the senses; that new car smell, that elite engine purr, the cushy seats, the entire package! However, with all of those luxurious perks comes a hefty price tag that few can actually afford.

If you are like most other people, buying a luxury car is a big decision (but one well worth making!) that requires plenty of financial planning and budgeting to make sure your overall quality of life doesn’t slip under. If you’re working with a tight budget and still trying to make your luxury car dreams work for you, use these 6 tips and tricks to buying a top tier car on a budget.

6. Search public police auctions

Getting your car confiscated is probably last on your to-do list, but it happens more often than you may think! People caught in illegal street racing, narcotic deals, or DUIs all face the risk of having their cars impounded. In the event that they are unable to remove their car form impound in the allotted time, their cars go up for auction.

It’s not incredibly uncommon for luxury cars to end up in impound lots. You could find a car worth $70,000 being auctioned off for less than $10,000. The catch is that you’re not allowed to test drive the car or even pop open the hood. What you see is what you get.

5. Open up your location window

Car shopping while living in a small town can be a completely different experience than shopping for a car in a big city. One of the best ways to widen the net for a good deal on a luxury car is by opening up your location circle. For example, a Boca Raton native looking to get their hands on a Mercedes-Benz AMG GT S should consider looking into Mercedes Benz dealers in Coconut Creek. Who knows, the car of your dreams for the price of your dreams could be a town over!

4. Opt for a popular model

Popular cars may feel less unique than rarer, more expensive luxury cars, but if your budget is tight, a popular model might be your best bet. Though buying a popular model doesn’t mean you’ll automatically get a deal on a car, it does mean that you’ll be able to shop around for more attractive prices.

3. Buy salvaged

Buying a salvaged car can be a scary experience, but if you’re an experienced car mechanic (or know one) it could be a fun project that lets you spend time with your new metal baby. A salvaged car is one that has been declared totaled by an insurance company. Damage could range anywhere from water damage to engine damage

For sellers, salvaged titles are tough to sell—so as a buyer, be sure to know exactly what kind of car project you’re getting yourself into before putting money down.

2. Look into affordable luxury

If you’re a car enthusiast, you probably know that there are many “affordable” luxury cars that look and sound the part of a high-end label, but carry far better price tags. To keep your budget in check, consider these surprisingly affordable luxury cars:

  • Mercedes-Benz GLA250 — $34,945
  • Tesla Model 3 — $36,200
  • Land Rover Range Rover Evoque – $42,650
  • Toyota Supra – $50,000
  • Jaguar F-Type – 61,000

1. Buy used

The beauty (and downside) of luxury cars is that they depreciate quickly. A quick Google search will give you a good idea of what you can expect from older luxury models on the used market today. You may find that a 2016 model of your dream car is several thousand dollars cheaper than the 2019 model!

Used cars may not have the most up-to-date tech or the newest looking interiors, but the sheer amount of money you could save on a used luxury car versus a new one is reason enough to look into past models.

Your budget doesn’t have to hold you back from luxury car ownership. Careful planning, strategic spending, and smart searching is all that stands between your and your high-end vehicle!

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