Who wouldn’t want to buy a new BMW car to have a brand spanking new model that hasn’t been driven by anyone but yourself? A lot of people would jump at the chance to own one of these high luxury vehicles to make their neighbors drool with awe.
While it’s certainly a dream for many to own a BMW 7 Series, it’s also a very bad idea. The iSeeCars report analyzes different new and used vehicles and shows just what cars or trucks we’d be better off buying used instead of new.
Why buying a new BMW 7 series is a bad idea
A BMW 7 Series is a top-of-the-line sedan known for its luxury, performance, and technology. Buying brand-new can be appealing if you want something that you don’t have to worry about repairing anytime soon. The price for one of these new, however, is very high. A new one, at this time, could cost you around $90,000 and up depending on what options you decide to add to the vehicle. Paying that amount is no small feat, and you should avoid doing it at all costs.
According to the iSeeCars report, buying a slightly used BMW 7 Series would cost you 43.4% less than the price of a new one. That means that you could be paying an estimated amount of $47,000 less than you would if you decided to purchase new. They’re not even talking about a 10-year-old vehicle either. They’re basing the information on a car that’s only about a year old. That’s how much depreciation the BMW 7 Series would have for one year of ownership. Imagine overpaying that amount by buying a brand-new model.
Why is there such a huge difference in price?
The reason why the BMW 7 Series is significantly less than a slightly older model is simple. It’s classified as a luxury vehicle. Car owners aren’t going to pay top dollar for technology that’s essentially outdated in a used car, even one that’s only a year old. Every year, newer versions of devices are introduced with each of these high-luxury vehicles. Once the new model rolls out, the previous year becomes the old maid, so to speak, of luxury cars.
So, when those older models roll out onto the used car market, they’re not as desirable to those who typically buy these kinds of cars. To sell them, the price has to be much lower to catch a potential buyer’s eye. Having a steep discount of $47,000 or so draws in more buyers, despite having last year’s equipment.
Why first-time BMW buyers should avoid buying new at all cost
Owning a BMW 7 Series is a dream for many people. Having a luxury car like that would provide years of fun driving and performance for any owner. However, it can also prove to be a nightmare if you happen to be a first-time buyer of a BMW vehicle. Owning one will take up a lot of your time and especially money. These vehicles are not cheap to maintain at all. They’re also very expensive to repair if they’re not taken care of properly.
If you’re planning on getting your first BMW, consider going used. Not only because a used one would save you money on the price tag, but it will prepare you for the work owning one will bring. You’ll learn how to best take care of the vehicle you buy as well as when to maintain certain facets of your car. You’ll find the best places to get parts that won’t cost you an arm and a leg either. After owning one for a few years, you’ll have enough experience under your belt to start looking for a new one should you decide to go that route.
Buying a BMW 7 Series, or any BMW for that matter, used is the smart way to go. Avoid paying way too much for a luxury car like this by going straight for a used version. You can get one that’s a year or two old and pay tons less than what you would if it were a brand-new vehicle.