The Hidden Costs of Luxury Car Ownership
Luxury cars are known for their sleek designs and advanced features, but their maintenance costs can be shocking. Before you fall in love with that luxury car in the showroom, let’s talk about the reality of owning one. The monthly payment is just the beginning – the maintenance bills can be staggering.
We spoke with Chris Pyle, an auto expert at JustAnswer, to get the real numbers on what it costs to keep these premium vehicles running. The figures are eye-opening, to say the least.
Annual Costs for Popular Luxury Cars
Genesis G90
- Annual Insurance: $1,200
- Annual Maintenance: $780-$2,200
- Annual Repairs: $380-$760
- Annual Fuel: $3,000
- Total Annual Cost: $5,360-$7,160
The Genesis G90 is perhaps the most affordable option on this list, but ‘affordable’ is relative when discussing luxury cars. Even at the lower end, owners can expect to pay over $5,000 annually.
BMW 7 Series
- Annual Insurance: $1,200
- Annual Maintenance: $590-$4,300
- Annual Repairs: $380-$1,600
- Annual Fuel: $2,200
- Total Annual Cost: $4,370-$9,300
The wide maintenance cost range for the BMW 7 Series is alarming, with nearly a $4,000 difference between a good year and a bad one. BMW’s precision engineering comes with a price.
Mercedes S-Class
- Annual Insurance: $1,500
- Annual Maintenance: $1,700-$4,400
- Annual Repairs: $900-$1,700
- Annual Fuel: $3,000
- Total Annual Cost: $7,100-$11,600
The Mercedes S-Class doesn’t hold back – even the minimum annual cost exceeds $7,000. The baseline maintenance starts at $1,700, more than some cars’ maximum maintenance costs.
Audi A8
- Annual Insurance: $1,200
- Annual Maintenance: $1,100-$3,300
- Annual Repairs: $890-$1,600
- Annual Fuel: $2,500
- Total Annual Cost: $5,690-$8,600
The Audi A8 falls in the middle of our luxury lineup in terms of costs, but the figures are still substantial. Audi’s sophisticated all-wheel-drive system means more complex repairs.
Maserati Quattroporte
- Annual Insurance: $5,100
- Annual Maintenance: $3,200
- Annual Repairs: $2,100
- Annual Fuel: $2,300
- Total Annual Cost: $12,700
The Maserati Quattroporte is in a league of its own when it comes to expenses. The insurance alone costs more than many people’s entire car budgets.
Why Luxury Cars Cost More to Maintain
According to Pyle, luxury cars have larger or specially tuned engines, which means parts are made to higher standards and often include superchargers or turbochargers. These parts are expensive to repair or replace. Additionally, luxury cars use top-of-the-line parts that are rarely available aftermarket, forcing owners to buy pricier OEM parts.
Pyle pointed out that maintenance costs are further complicated by the need to visit dealerships, as many regular shops won’t touch luxury vehicles. For example, a Genesis oil change at a dealership costs $109, compared to $50 for a Ford Mustang at a quick lube shop.
