Based on information compiled from major car websites around the world such as HotCars, Car and Driver, AAA Foundation or CarEdge, TopSpeed points out issues that users need to consider before deciding to buy a luxury car.
High maintenance costs
Not only are luxury cars expensive, but the maintenance costs are also significantly higher than those of regular cars. The general rule is to only buy a luxury car if you have the financial means to properly maintain it over a long period of time.
For example, in the US, the maintenance cost of a Porsche Panamera is about 22,000 USD for 10 years of use, while for the same period of time, a Toyota Corolla only costs nearly 6,000 USD.
A Mercedes-Benz user in Hanoi said that in Vietnam, the lowest cost for genuine maintenance, such as engine oil change or oil filter change, is about 2 million VND. If it is a popular brand like Toyota, the cost is only from 500 thousand to 1 million VND.
Many owners of this car line have complained many times after taking their car in for maintenance and being quoted repair costs of up to tens of millions, even hundreds of millions of dong.
Lose more value
Luxury cars tend to depreciate more because there is less demand for them in the used car market. The average consumer will choose a new Toyota Camry over a used Mercedes of the same price range. People who are considering buying a luxury car will also usually choose a new car.
On the other hand, high maintenance costs also make used car buyers more cautious in choosing luxury cars.
Referring to some used car sales sites in Vietnam, a 2020 Toyota Camry 2.5Q currently costs from 950-980 million VND, about 23% lower than the new price of 1.235 billion VND.
While the Mercedes-Benz C 180 model of the same 2020 model has a new purchase price of 1.399 billion VND, it is currently being offered for sale for around 910-950 million VND, corresponding to a depreciation of more than 32%.
Get more attention
Super luxury cars like Rolls-Royce, Bentley or Maybach will attract attention whenever they appear on the road. This may be something that many luxury car owners enjoy, but not all, especially in the event of a collision or accident on the road.
"Drink gas like water"
Many luxury car manufacturers have begun electrifying their product lines to protect the environment and save fuel, but there are still many models equipped with large-capacity internal combustion engines that "drink gas like water".
For example, the Rolls-Royce Phantom uses a twin-turbocharged V12 engine that consumes nearly 17 liters of gasoline per 100km, or the Bentley Flying Spur uses a twin-turbocharged W12 engine with a combined fuel consumption of nearly 16 liters/100km.
High insurance costs
Luxury cars often have higher insurance costs than regular cars due to their higher selling price, and the cost of repairs and replacement parts is also more expensive.
In Vietnam, the common insurance premium is around 1-3% of the car value at the time of purchase. For privately imported luxury cars without official presence, the insurance premium may be even higher.
A tasty morsel in the eyes of thieves
With the prices of spare parts and components being much higher than those of regular cars, luxury cars have also become attractive prey for thieves.
For example, a pair of genuine rearview mirrors for a Toyota Camry costs about 6 million VND, not including replacement costs in Vietnam, while for a 2023 Mercedes-Benz C-Class, the purchase price for a set of rearview mirrors is nearly 70 million VND.
Many safety technologies can be downsides
Luxury cars are often equipped with a host of advanced safety and driver assistance systems, making them among the safest cars on the road. However, according to the AAA Foundation for Traffic Safety, this also poses risks.
Specifically, the US-based organization surveyed and found that as drivers increasingly rely on safety and assistance technologies, they are also more likely to lose focus and do more personal things while driving, leading to an increased risk of accidents.
Source: https://xe.baogiaothong.vn/nhung-cam-bay-khi-so-huu-xe-sang-192240307160128884.htm
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