Luxury vehicles are known for their advanced technology, premium materials, and exceptional performance. However, these features come at a cost. The price of luxury vehicles can range from the mid-$40,000s to over $100,000. Moreover, the cost of maintaining and repairing these vehicles is significantly higher than that of mainstream models.
According to Renee Stephens, vice president of We Predict, owners of luxury vehicles can expect to pay twice as much for maintenance and repairs as owners of non-premium vehicles. The cost of repairs for luxury vehicles has increased by 8% between 2016 and 2021, with safety campaign spending rising by 38% during the same period.
The Costs of Luxury Vehicle Ownership
- Maintenance and Repairs: Luxury vehicles require more expensive parts and labor, leading to higher maintenance and repair costs.
- Fuel: Luxury vehicles are often equipped with larger, more powerful engines, resulting in lower fuel efficiency and higher fuel costs.
- Insurance: Luxury vehicles are more expensive to insure due to their higher value and repair costs.
Extended Auto Warranties: A Solution for Luxury Vehicle Owners
An extended auto warranty can provide peace of mind for luxury vehicle owners by covering unexpected repair costs. Endurance is recommended as a top warranty provider, offering comprehensive coverage plans, including:
- Factory-level bumper-to-bumper plan
- Powertrain and mid-level coverage options
- Scheduled maintenance coverage
- Tire repair or replacement
- 24/7 emergency roadside assistance
Luxury Vehicles With the Lowest Cost of Ownership
While luxury vehicles are generally more expensive to own, some models stand out for their relatively lower costs. According to Kelley Blue Book, the 2020 Volvo V90 wagon has a predicted five-year cost of ownership of $62,116, including the purchase price and maintenance costs. Other luxury brands that routinely appear on lists for lowest cost of ownership include Acura, BMW, Lexus, and Volvo.
Choosing the Right Extended Auto Warranty
When selecting an extended auto warranty provider, consider factors such as industry standing, coverage options, affordability, transparency, and customer service. Our research team has vetted dozens of providers, and we recommend Endurance as a top choice.
By understanding the true cost of luxury vehicle ownership and exploring extended auto warranty options, you can make informed decisions and enjoy your luxury vehicle with confidence.
