How to Make Luxury Cars Affordable

Shop the second-hand market

One of the secrets to affordable luxury cars is to buy second-hand. This strategy doesn’t just apply to luxury cars. It can be used to bring down the manufacturer’s suggested retail price (MSRP) for any model.

Why does buying used save you so much? The second a new car is driven out of the showroom, it begins to depreciate. Sometimes by as much as 20% in the first year alone. When you buy used you avoid this instant depreciation and get more bang for your buck.

Take the Range Rover, a luxury car favoured by the likes of Victoria Beckham, Daniel Craig and even Queen Elizabeth II. A brand-new model can easily set you back upwards of £100,000. Enough to give the average Brit sticker shock, that’s for sure. A second-hand Range Rover, on the other hand, has already experienced its steepest depreciation curve and can be a fraction of the price.

Consider financing

Short on cash? Don’t throw out your luxury car dreams just yet. Financing is an excellent way to enjoy affordable luxury cars. Instead of paying a lump sum upfront, financing allows you to spread the cost of the car over several years. It’s a strategy that can make high-end models like the Mercedes-Benz S-Class and Audi Q7 more manageable for your budget.

Personal contract purchase (PCP) and hire purchase (HP) are two of the most popular finance options in the UK.

Here’s how they work:

PCP

1. Pay an initial deposit (usually 10% of the total value of the car).
2. Make monthly payments for the duration of your contract (the average contract spans for 36-60 months).
3. Option to buy the car outright at the end of the term. Alternatively, hand the car back or trade it in for a new one providing the car is in good working order and in line with the annual contracted mileage.

HP

1. Make an initial down payment (usually 10% of the car’s value).
2. Pay the remaining balance plus interest in monthly instalments.
3. Enjoy full ownership once all payments are complete.

The beauty of financing is that it gives you access to models you may not have considered. Spreading out payments means cars that seemed out of reach are now within your budget.

Skip fancy trim levels and extras

Luxury cars are often marketed with swanky trim levels and a dizzying number of optional extras. From heated seats and high-end sound systems to panoramic sunroofs and tinted windows, these add-ons can quickly inflate the price of your car. But here’s the thing – do you really need all those extras?

Choosing the lowest trim level and skipping optional extras can drastically reduce the cost of your luxury car. For example, a base model BMW 3 Series offers the quality, performance and prestige the brand is known for, without the hefty price tag of upgraded trims like the M Sport and M340i.

Keep in mind that while extras are nice, they’re not essential. The secret to affordable luxury cars is to focus on what really matters to you. This way you can enjoy without overspending.

Look for Certified Pre-Owned (CPO) vehicles

If you’re set on luxury but want the peace of mind that comes with a new vehicle, consider a Certified Pre-Owned (CPO) car. Vehicles with CPO accreditation have been thoroughly inspected and refurbished by the manufacturer or dealer. Plus, they come with an extended warranty. Luxury brands like Audi, Mercedes-Benz and Jaguar offer excellent CPO programmes in the UK.

Affordable luxury with My Car Credit

Of all the affordable luxury cars strategies mentioned, financing is one of the best. At My Car Credit, our tailored finance solutions are designed to get you behind the wheel of your dream car, whether it’s a gleaming BMW or a pre-owned Range Rover with plenty of gas left in the tank.

Try our Car Finance Calculator to start the journey towards your dream car.