All cars serve the same purpose of taking someone from one point to another. So, the question arises, why do people like to buy cars from premium brands that are 4-5 times more expensive than the mass-marketed ones?
That is what we will be discussing in this article and gain some understanding of the key features that attract potential buyers to the luxury car market.
There are multiple reasons why people would want to buy a luxury car, but before that, there are a few things one needs to consider before deciding whether it is worth it or not.
The first thing to consider would be the necessity according to the buyer’s lifestyle. Not everybody needs a luxury car just to commute between two points on a day-to-day basis. In such a case, a common economic car would be the most efficient option.
Price depreciation plays a major role, as we have most likely heard that a car loses its value as soon as it is taken out of the lot. Less-expensive cars, such as a Honda or a Toyota, can be expected to have a worth of 60 per cent after a couple of years while luxury cars can be expected to be available at around 50 per cent of their original value. This is due to economical cars having a larger market compared to luxury cars.
Another important point would be the maintenance cost. Luxury car repairs and maintenance, and part replacement can easily create a bill of double the amount than other typical mass-marketed vehicles.
However, these cons can seem insignificant in front of the advantages one can have with the purchase of luxury cars.
Benefits of Luxury Cars
Statement and Impression
Some brands, such as Ferrari and Porsche, among others, are inherently more attractive than other car brands. People like to buy them for the prestige that comes with them and these expensive machines are automatic attention grabbers. Owning such a car can make people feel good about themselves.
Performance
These expensive cars mostly have better performance and higher power than your average commercial vehicles. Some people dream of owning such luxury cars and the passionate bunch place their priority on the looks, performance, and overall quality, instead of the price.
Customisation
With a higher price tag, comes higher customisation options for the design, colour, interior, and other equipment. With network and technological advancements, the connected car market has developed to provide both drivers and passengers with voice and high-speed data services to enhance the experience.
Quality and Worth
Luxury cars are generally worth more and have a steady rate of value depreciation compared to average vehicles. This is because of the trust companies like BMW, Mercedes, Volvo, and Audi, among others, have earned. However, do remember that this condition would not hold true for every luxury model, and it may not be the best option for financial investment.
Customer Service
Premium car companies and dealerships offer better quality and are more likely to treat their customers better as they are paying more. They are more likely to provide customers with exclusive perks and offers. That is why premium brands usually report having better customer satisfaction.
