No. Well, maybe for few weeks (in your mind). They’ll actually make you more poor. And here’s why:
2001 BMW 740iL, low miles, only $11,000! Wow, tempting isn’t it? How could that be? You might wonder “didn’t that thing cost like $80,000 back then?” Yes, the keyword is “back then”.
Would you drive a 10-year old BMW 7-Series if you had money?
Same goes for the upper echelon Audi, Mercedes, Range Rover, etc… These once envy-of-everyone luxury cruisers just can’t seem to hold on to their resale value even after only few years. There’s a good reason for that. And why you shouldn’t be tempted into buying one thinking you’ll look rich in it. First of all, you need to know why this class of cars exist in the first place. They are not bought on the basis of quality, performance, durability or their technical advancements. True, there once was a time when luxury meant quality and durability, but not anymore. These cars are mere status symbols for those who have the means.
Now, would you drive a 10-year old BMW 7-Series if you still had money? Hell no. Driving one most likely means one of two things. Either you went broke at some point during the last 10 years or you bought one used. In either case, it doesn’t scream “I am rich”. You’re fooling no one. Think and research carefully about insurance, maintenance, gas consumption before you decide that one of these used are for you.
People with money do not hang onto them once they’re replaced with a new model. Car makers know this. Yes, they know it all too well. They are smart enough not to waste unnecessary effort to make these cars last longer than they need to. Will the power operated seats on a $100,000 Mercedes last five times longer than the one in a Camry? No. I kid you not, they actually have shorter life span then the one in the Camry.
Again, people with money do not hang onto these cars. Because, a. they can afford to upgrade, b. they realize the ridiculous upkeep cost are not worth it. Chances are if you’re considering one used, you probably are not loaded as the people who bought one new. Think about what those upkeep cost will do to your wallet.
Remember, top luxury cars lose their point entirely as soon as the next face-lifted model rolls out. Don’t fool yourself into thinking luxury used cars make you appear rich. They don’t. Save your money, time and sanity and make the right statement.
Honda to Make Electric Desirable
Honda designers are finally coming back to their senses after nasty criticisms and embarrassment for the recent eyesores (Odyssey, Pilot, CrossTour, MDX, TL, RL, RDX, ZDX). This upcoming 2-seater will most likely be full electric. A desirable Honda to come in a long time.