PoorManRichCars.com was created to let buyers be aware of the fact that luxury is closer than you think. The glut of inventory for luxury vehicles from prestige brands has made owning a luxury vehicle more affordable than ever if you consider buying pre-owned. Whether you are buying near new or something older that is a certified pre-owned vehicle there isn’t an argument based in good logic to buy new. Most vehicles are guaranteed to depreciate so let someone else take that initial depreciation hit. You’ll benefit by getting a discount ranging from 15%-30% or higher depending on the age of the slightly used vehicle.
Here are some things that will help you with craft a great strategy when buying pre-owned. This strategy will be based on what the intended use of the vehicle will be. Will it be a daily driver, weekend cruiser or a garage queen driven only in special situations? You need to think about that because it determines what type of pre-owned vehicle you search for. A “Daily Driver” need is much different than that of a “Garage Queen”. It could also be the difference in a joyful ownership experience versus a painful one.
The Daily Driver
The “Daily Driver” is exactly what it says it is. A car that is driven daily! This car is your workhorse as it might be your only car and certainly one that functions as your main source of transportation. If you have the good fortune or flexibility to have a second car or use mass transit to commute to work that’s a good thing as it will reduce wear and tear on your “Daily Driver”. Pre-Owned certified or slightly used can still make a lot of sense here. Buying pre-owned certified can also make a lot of sense if you do too many miles per year to lease.
Here are some of the things you should consider or our formula for success.
Look for an import or domestic vehicle that is two years old and no older than three that came with a new car warranty preferably of four years or 50,000 miles.
Buying a low mileage model that is two years old will likely get you somewhere between 25%-35% off the MSRP new.
Additionally, nowadays dealerships say average miles per year is considered to be 10,000 as opposed to several years ago when the average they quoted was 12,000 miles. Luxury cars tend to be leased more so than non-luxury cars and it is not uncommon to find cars returned off leases with less than 10,000 miles per year.
If you’ve got a two-year car with below average miles and the new car warranty is four years 50,000 miles just do the math. You are buying a used car that still has part of the new car warranty in tact. If the vehicle is manufacturer certified then you benefit from extended coverage that typically adds another two years or 100,000 miles, which ever comes first.
Pre purchase inspection is a must if you are buying a vehicle that is not under warranty or from a dealership that doesn’t sell that brand, i.e. a BMW at a Lexus dealer.
Weekend Cruiser
Let me be clear here. We are not talking about any sort of water going craft, i.e. a boat. The “Weekend Cruiser” is a land going vehicle that can take on a few forms. Is it a sports car from your childhood dreams or a newer sexy convertible? Maybe it’s a luxury sedan that you drive as a relief from your daily driver that is a boring company car or just not sexy. Maybe it’s your getaway from the service or delivery truck that is part of your daily routine that is used for whatever pays the bills.
Regardless of how you classify your “weekend cruiser” it is essentially a vehicle that will likely be driven less than 10,000 miles per year. It might be driven solely on the weekends or it could be driven on select days during the week. The bottom line is it is not your workhorse vehicle that you need and that in itself could be defined as a luxury. The great news is that you have the luxury of time as well to find that weekend cruiser since it isn’t your sole means of transportation.
The points made above for success in choosing your “Daily Driver” aren’t much different and apply to the “Weekend Cruiser” with some exceptions.
If you are going to put less than 10,000 miles per year on this vehicle it might allow you to consider something older than 2-3 years from new.
Maybe it’s a five-year-old vehicle that averaged low miles every year. If you are looking at a sports car it’s not uncommon to find a five-year-old sports car that averaged 5,000 miles per year and only around 25,000 miles on the odometer. Sometimes a five-year-old vehicle might still be eligible for the manufacturer to certify it because of the low mileage.
Low mile sports cars are common finds around every part of the country and you should not restrict your search to your local area.
Smaller markets with less demand might make it easier for you to find what you are looking for and possibly a car in better condition because it wasn’t subjected to the harsh reality of a big city.
If you don’t live in a warm weather climate and are looking for a convertible maybe you may want to look in areas like Florida and California even if they are not near to you as they sell more of those types of cars in those markets. Shipping a car across country will not cost you more than a couple of thousand dollars. Only you can determine the value of doing that but sometimes the dealership might be interested in subsidizing the cost to make a sale.
Garage Queen
Now some of you might be familiar with this term and are obviously “gear heads” but for those who aren’t inflicted with the auto bug illness the term “Garage Queen” refers to any vehicle that spends more time in one’s garage than in the streets being driven. “Garage Queens” are sometimes a person’s third vehicle, a collectible that the owner wants to keep miles low or a specialty car dedicated for say track or off road usage only. Sometimes they aren’t bought with the intention of being a garage queen but when life gets in the way stranger things have happened and the time intended to enjoy the drive just never happens.
If you are buying with the intention of limited use for whatever reason you either have a really narrow focus, i.e. that now collectible British 4x4 jeep that is no longer in production that everyone’s clamoring for or a car who’s sole purpose is to help you hone your driving skills at the local race track. If you are looking for a “Garage Queen” simply because, then you are in luck as the range of cars you can choose from is vast.
You could consider a slightly used vehicle not more than two years old and know that whenever the day comes to sell it will always be worth more than the going rate because it has so few miles. You could also consider buying something like an iconic sports car from the 80s or 90s like the Porsche 911 despite it being more than twenty years old. So as you have probably deduced by now the “Garage Queen” category offers you the widest range of vehicles to choose from ranging from old to new if you don’t have a specific use in mind. Only you can decide but if you are open minded the possibilities are endless.
When deciding on a major purchase like an auto there are always a number of things to consider. The intelligent choice is to buy pre-owned. You save thousands by letting the first owner take the depreciation hit and still get a manufacturer warranty. What’s not to like about that unless you are rich and just like burning money? Purchase a single buying guide or subscribe for multiple months and be enlightened about the possibilities.