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Are you in the market for a new luxury car?
As you approach retirement, you may be trying to strike a balance between luxury and affordability. Here are five luxury cars that will cost you thousands of dollars in retirement.
land rover range rover
The Land Rover Range Rover is one of the most expensive luxury cars to maintain over time. For example, frequent air suspension failures, electrical system problems, and transmission repairs can cost thousands of dollars in repairs. Regular maintenance can also come at a high cost, with the engine requiring premium oil and specialized parts.
“The value of a Range Rover depreciates rapidly, partly because it is prone to so many costly problems,” said auto industry expert Melanie Musson. AutoInsurance.org. “If you try to stick with a Range Rover for a long time it could cost you hundreds of dollars every month in maintenance.”
Mercedes-Benz S-Class
Retiring a Mercedes-Benz S-Class car could cost you thousands of dollars due to high insurance rates. The average insurance package for the S-580 is $5,118 per year CarEdgeThat’s double the average luxury sedan amount of $1,985.
“You’d be hard-pressed to deny how comfortable and enjoyable the S-Class is to drive, but when it loses more than 50% of its value in the first five years, that means if you buy a new model, you’ll lose more than $60,000 due to depreciation,” Musson said.
tesla model x
Electric luxury cars like the Tesla Model However, they come with other hidden fees. Repairing the battery, which is a key component of the vehicle, can cost around $20,000. Depending on the age and mileage of the car, this repair may not be worthwhile, it will cost you thousands.
“The model “After five years, it is likely to be worth less than half the new purchase price.”
Audi A6
A great Audi A6 can increase your monthly bills. With monthly payments over $1,000, purchasing an Audi A6 may not be a good fit for your retirement lifestyle.
Maserati Levante
The Maserati Levante is no stranger to expensive maintenance. While maintenance costs over 10 years can be reasonable, between $596 to $1,825 annually (per CarEdge), major service repairs may increase. For example, replacing front brakes and rotors often costs more than $3,000.
Editor’s Note: The average price of each vehicle was taken from Kelley Blue Book.