A used luxury car can give retirees the chance to drive a high-quality vehicle and enjoy its premium features without paying the brand-new price tag.
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“Cars depreciate most rapidly when they’re new. It’s not uncommon for a new car to depreciate by 50% over the first five years,” said Melanie Musson, auto industry expert with CarInsurance.org. “If you can find a vehicle that is four or five years old, you can take advantage of a vehicle that has already gone through the bulk of its depreciation. You’ll pay less, and your car will lose value more slowly.”
According to experts, here are five used luxury cars that are a good investment for retirees.
Cadillac CT5
“The CT5 is one of the most reliable vehicles, so when you invest in one, you shouldn’t have to worry about frequent, expensive repairs,” Musson explained. The vehicle also comes with a six-year, 70,000-mile powertrain warranty. If something should happen to the engine, transmission or powertrain during that time, Cadillac will take care of it, she added.
“The CT5 delivers a smooth ride that’s hard to beat,” Musson wrote. “It is equipped with excellent safety features that will help drivers avoid accidents and stay safe if an accident occurs.”
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Lexus RX 350
The Lexus RX 350 is best known for its comfort, reliability and premium interior. It also has lower maintenance costs than similar luxury vehicles.
“Lexus vehicles, especially the RX models, tend to hold their value well, and have lower maintenance costs compared to other luxury brands,” explained Joe Giranda, a car expert and director of sales and marketing at CFR Classic. “Plus, they come with advanced safety features, making it a great option for retirees who prioritize comfort and peace of mind.”
Mercedes-Benz E-Class
The Mercedes-Benz E-Class combines high-tech features with luxury. In addition, if you buy certified pre-owned, it comes with warranty coverage, according to Giranda.
“Used models, particularly those from recent years, are packed with comfort features and advanced technology,” Giranda pointed out. “Mercedes-Benz vehicles are engineered for longevity, and when properly maintained, they can offer years of reliable service.”
Lexus LS 400
If you want a full-size luxury sedan, then the Lexus LS 400 is a must. The 400 offers ergonomic seating and an intuitive infotainment system.
“The 400 is an excellent investment for retirees,” Musson stated. “If you can afford to be comfortable in your retirement, you should prioritize your driving experience.”
It’s also one of the most reliable. According to Musson, the 400 often reaches 300,000 miles of dependable service.
Acura MDX
The Acura MDX, a mid-size crossover SUV, is a solid investment for retirees. Musson noted that the MDX is a good investment for retirees, and most owners love their MDX and would recommend it to others.
“It’s a good size for seniors and is one of the more easy cars to climb into and out of,” she added. “The roomy interior is comfortable for the driver and passengers. It’s a great car for road-tripping and hanging out with friends or grandchildren.”
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This article originally appeared on GOBankingRates.com: 5 Used Luxury Cars That Are a Good Investment for Retirees
