Are Luxury Cars Worth Your Money?Last Updated February 5, 2020
We've all had that dream at least once in our lives: roaring around the neighborhood in a flashy new sports car, making everyone jealous of your new Porsche or Lexus. Maybe you've even saved up specifically in order to buy a luxury make. But is that shiny new set of wheels really worth the thousands more you’ll be spending on it than a reliable mass-market brand like Ford or Honda?
We compared luxury brands to mass-market brands on six different pain points: safety, resale value, initial quality, customer service satisfaction, cost of ownership, and cost to insure. Although the luxury car manufacturers are leading the pack in initial quality and customer satisfaction, they are lagging behind in some other areas that might make you think twice before you buy.
For example, if you think your luxury model is going to hold onto its value better than other makes, you may be disappointed – Kelley Blue Book’s 2014 ranking of the top ten cars for resale value only includes one luxury car, the Corvette.
On the bright side, you can’t beat the customer service satisfaction of luxury brands, the top five of which all have higher scores than non-luxury brands. In addition, your car might save a little money on maintenance visits at independent service stations, where visits average $14 cheaper than for mass-market brands.
Do you assume that higher-priced cars are more expensive because they’re actually superior products, or do you concede that luxury, like beauty, is in the eye of the beholder? With a little bit of help from the likes of Consumer Reports and J.D. Power we can, at last, identify the ways that luxury cars are – and aren't – worth your hard-earned cash.
[click the infographic below]
Considering purchasing a luxury car and unsure as to how they compare to mass-marketed brands? Then check out this infographic from CJs that compares luxury cars to regular cars in six different areas: safety, resale value, initial quality, customer service, cost of ownership, cost to insure.
If you see a police car behind you, hear a siren or see a flashing red light that seems to be aimed at getting you to pull over…do pull over immediately. Failure to do so could be seen as attempting to flee or resisting lawful authority.
The car industry is quite simply in a different place today. More specifically, it was already in a different place in the early 2000s than it was during the time baby boomers were purchasing their first cars.
Men and women tend to approach buying a car differently. Men prefer luxury and style and will make a quicker purchase. They also get the added perk of a lower starting price, simply due to being male. Women prefer reliability and safety, and get the benefit of cheaper insurance throughout their lives, but they might find themselves paying more if they’re not careful.