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Are luxury cars worth the money?
"My husband really wants to buy a Jaguar, but I don’t think it’s worth it, especially when you factor in depreciation. Are luxury vehicles worth the splurge?
"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A Jaguar is a splurge that’s worth the price tag for some people. It can help boost your social status or provide you with a more comfortable ride from Point A to Point B. But like with any big-money purchase, it has its drawbacks.
Luxury cars notoriously depreciate faster than more budget models. Typically, a luxury car will lose about 15% of its value when you drive it off the lot, and as much as 50% of its value in three to five years. Why? Simply because the market for used luxury cars is far less robust than for other models. Who wants a used luxury car when they can buy a new one?
If you have the budget, a Jaguar might fit your wants and desires. But it’s not a financially savvy move. As an alternative, you might want to check out a certified pre-owned luxury car or a lease to offset the loss from depreciation.
“
View full answer
- Gregory R.
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