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Is it worth it to buy a luxury car? For many drivers, the answer is simple—nothing compares to the thrill of the open road in a premium sports car or sedan.

However, the tradeoff is that buying a luxury car can be very expensive. If you’re new to the luxury car market, how can you work out which type of car is best for you, and whether you should buy or lease?

To get you started, keep reading to find three top considerations when shopping for a new luxury car.

1. Are You Prepared for the Servicing and Insurance Costs?

When budgeting for a luxury car, a common mistake is to only consider the sticker price. Yes, high-end cars can be costly, but it’s not just the price of the car itself that you need to think about.

Luxury cars, especially sports cars with large engines, tend to be more expensive to insure and service. Some insurance companies may also only insure sports cars for older drivers.

Replacement parts, such as tires, can set you back as well. Before deciding on a top brand like Ferrari or Lamborghini, read up on how much servicing and insurance will cost you each year.

To learn more about each brand, check out this guide.

2. Consider Leasing as an Alternative to Buying a Luxury Car

Is it better to buy or lease a luxury car? Although owning is what most drivers tend to think of first, there are actually quite a few advantages to leasing.

Leasing lets you drive an amazing car for a lower monthly payment than it would cost to own. Also, some luxury cars depreciate quickly, meaning you’ve lost money in the long run.

Plus, leasing lets you ‘try before you buy’, so you can see how you like having a luxury car before deciding to invest in one.

3. Work Out Your Needs Versus Wants

Buying a new car can be overwhelming, as there are so many options. If you can’t decide which brands are right for you, we recommended making two lists—what you absolutely need in your new car and what you want.

It helps to be practical—for example, if you have kids, a two-seat coupe may not be for you. Deciding what you have to have compared to what you can live without can make it easier to find the right cars within your budget.

Find the Perfect Luxury Car Today

Ready to drive away with your dream car? Before buying a luxury car, use the tips above to work out which brands are within your budget and will suit you and your family.

Then, do more research online to learn more, then visit dealerships for a few test drives. Before you know it, you’ll be cruising around town in your fabulous new luxury car!

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