7 Luxury Cars To Stay Away From If You’re Approaching Retirement
If work is about to be in your rearview mirror and retirement is on the horizon, you most likely have some big plans for how you want to spend your money. While you are switching from earning an income based upon your job to a fixed income based upon your retirement plan, you will still likely want to splurge on a few items in your golden years, such as a car.
Setting your sights on purchasing a luxury vehicle is not necessarily a bad thing, but as you get closer to retirement, not every high-end auto will fit the bill. GOBankingRates connected with a few automotive experts to get their takes on seven luxury cars to stay away from if you are approaching retirement. The vehicles below made the list.
In contrast, here are nine budget-friendly cars wealthy retirees love to drive.
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Tesla Model S
“An impressive electric car with cutting-edge technology, the Tesla Model S starts at about $90,000,” said Blake Shaw, automotive expert, enthusiast and blog writer at All About Wheels Blog.
“While the Tesla Model S offers innovative electric technology, its limited repair network can be a drawback,” said Emil Sultanov, founder of Long Term Car. “In case of issues, finding a qualified service center can be challenging and time-consuming.”
“Over time, electric vehicle batteries degrade, leading to reduced range and potential costly replacements,” Sultanov said. “This can be a concern for retirees who need a reliable and long-lasting vehicle.”
“It can be expensive to fix and maintain, though — and retirees who are not tech-savvy might find it hard to learn how to use its technological features,” Shaw said. “Additionally, the low seating can make it hard to get in and out of.”
Read Next: 8 Best Luxury Cars for Wealthy Retirees
Maserati Ghibli
“The Maserati Ghibli is undoubtedly a head-turner, but its reliability issues and expensive parts can lead to frequent and costly trips to the mechanic,” said Shawn Miller, senior writer at Modified Rides. “Retirees might prefer a more dependable vehicle to avoid unexpected expenses and stress.”
Maseratis are synonymous with luxury and performance, but they also come with high maintenance and repair costs in Sultanov’s professional experience.
“Finding replacement parts for Maseratis can be challenging and costly, making long-term ownership more difficult for retirees,” Sultanov said.
BMW 7 Series
The BMW 7 Series is a high-end sedan with a lot of high-tech features that starts at about $87,000, Shaw said.
“The BMW 7 Series is renowned for its performance and luxury features,” Sultanov said. “However, these vehicles come with high maintenance costs and potential reliability issues, which can be financially burdensome for retirees on a fixed income.”
“These features are great, but they can be too much for some people and the price might not be worth it for those who want to downsize when they retire,” Shaw said. “Another big downside is the high cost of ownership, which includes repairs and insurance.”
Sultanov said luxury cars like the 7 Series tend to depreciate quickly, leading to a significant loss in value over a short period.
“This can be a poor investment for those looking to preserve their savings,” Sultanov said.
Mercedes-Benz S-Class
“The base price of a Mercedes-Benz S-Class is around $110,000 and it is famous for being luxurious and high-tech,” Shaw said.
“While the S-Class offers cutting-edge technology and comfort, the complexity of its systems can be overwhelming and costly to repair,” Sultanov said, adding that retirees may find these high-tech features more of a hassle than a benefit.
Shaw thought the same thing and explained that like the BMW 7 Series, “…it can be hard to use because of how complicated its features are. More problems for retirees on a fixed income are the high rate of depreciation and the high cost of upkeep.”
“The S-Class is known for its powerful engines, which often come at the expense of fuel efficiency,” Sultanov said. “Higher fuel costs can add up, making it a less economical choice for those on a retirement budget.”
Audi A8
“The Audi A8 is a high-end luxury car that starts at about $86,000,” Shaw said.
“However, just like the previous two cars, its high-tech features may be too hard to understand for some and the repairs and upkeep costs may be too high for people who are getting close to retirement,” he said.
“The Audi A8 is a flagship luxury sedan with sophisticated features,” Sultanov said, while also explaining that these features can lead to expensive repairs, especially as the vehicle ages.
“Retirees may find the cost of ownership prohibitive,” he said.
Range Rover
“Starting at about $92,000, the Range Rover is a high-end SUV that can go off-road,” Shaw said.
“The Range Rover offers luxury and off-road capability, but its reputation for reliability issues and high maintenance costs make it a risky choice for retirees,” Miller said, explaining that a more dependable SUV might be a better option for those looking for peace of mind.
“It is known for having high maintenance costs and possible reliability issues, though,” Shaw said. “Because of its size and fuel use, it is not as good for retirees who want to save money.”
Jaguar XJ
“The Jaguar XJ is a stylish sedan with a sporty feel that starts at about $86,000. However, its low ratings for dependability and high costs of ownership make it a less-than-ideal choice for people who are getting close to retirement,” Shaw said.
The sleek design also makes it less useful in terms of space and ease of use, in Shaw’s professional opinion.
“Jaguars, including the XJ, have historically struggled with reliability,” Sultanov said. “Frequent repairs and the associated costs can be a significant downside for retirees who prefer peace of mind and dependability in their vehicles.
The resale value of Jaguars tends to be lower compared to other luxury brands, which can result in a substantial financial loss if the vehicle needs to be sold, Sultanov said.
“These high-end cars are not the best choices for people who are getting close to retirement because they are hard to maintain and have features that are not always useful,” Shaw summarized. “As people get older, they usually want cars that are reliable, easy to use and do not cost much to maintain.”
Miller closed out by stating that “…approaching retirement is a time to prioritize reliability, cost-effectiveness and practicality over sheer luxury and performance.
“Opting for a vehicle that requires less maintenance and offers better value retention can ensure a smoother, more enjoyable retirement experience,” he said.
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This article originally appeared on GOBankingRates.com: 7 Luxury Cars To Stay Away From If You’re Approaching Retirement