Most people know that Lexus is the luxury car arm of Japanese automaker Toyota. Lexus has been making luxury cars since 1989 and have millions of satisfied customers. They are all satisfied because Lexus shares Toyota’s vision of building good cars that just seem to last forever!
With that in mind, the company are keen to take on the Germans (Audi, BMW and Mercedes-Benz). With a fresh new lineup, there are plenty of new models to meet everyone’s needs. And there are plenty of used models on the market for those that want to save their cash.
Are you thinking of buying a Lexus soon? If so, and you have never bought one before, make sure you read all of this blog post in full before you do! By the end of it, you will know how to buy the best Lexus for your needs, and without spending more than you need to!
Are you ready? Good! Here is what you need to know:
Can you afford to buy a Lexus right now?
I know that this might sound like a rather rude question. But a lot of people tend to buy prestige cars like Lexus models without thinking of their finances first.
Car dealers often have enticing deals to bring new customers in. And it can be tempting to take them up on one of those deals without thinking about the financial implications.
Regardless of the model you intend to buy, the first thing you need to do is work out whether it is possible for you to afford a Lexus. I know that Lexus cars don’t cost anywhere near the money needed to buy supercars, for example.
But Lexus cars are prestige and luxury vehicles. That means they aren’t cheap! The easiest thing to do is work out how much money you have spare after you have paid your monthly bills. The last thing you want to do is buy a Lexus and not have enough money to buy your groceries or pay your mortgage!
Outstanding finance
I will assume that you already own a car. If that is the case, do you own it outright or does it have finance tied against it? These days it is possible to trade in your financed car for another one and add the outstanding finance onto the new deal.
Of course, that is the worst thing you could do for one obvious reason; you will end up paying a lot of finance! If your car has finance outstanding on it, the common-sense approach would be to pay it off first.
Once you do that, you can then trade it in for your shiny new (or used) Lexus. You might have a lease deal on your car, rather than conventional finance. In those cases, check the paperwork for your lease.
You might be able to hand the car back part-way through the lease deal without having to incur any financial penalties. Otherwise, you will need to pay any outstanding balance before returning your car to the dealership.
New or used?
Once you have worked out that you will have no problem buying a Lexus, the next thing to do is decide whether to buy a brand new or used model. Both options have their benefits and downsides. But it’s up to you to decide which option is right for you and your personal circumstances.
With a brand new model, you have the freedom to customize your Lexus to your exact requirements. You can choose what paint color you’d like, interior trim details, and an array of optional extras.
Buying a car should be an individual thing. There is no reason why you need to buy a car with all the options already chosen for you. The only downside to buying a brand new car is cost. That, and depreciation!
The good thing about Lexus cars is that they don’t lose their value as fast as many other cars in the same market. But, as with all cars, they do lose value at some stage of their lives. One way that new Lexus drivers avoid depreciation and the sometimes high cost of buying the cars is just to lease them.
In a nutshell, leasing a car is akin to renting it on a long-term basis. With leasing, you pay a low deposit, low monthly payments and agree to give the car back after a period of three years or so. At that time, you are free to start the process all over again with another new model.
So what happens if you want to keep your car? In those cases, it is best to buy a used model from somewhere like Inchcape Lexus. You might not have the choice of what color your car is. But you can get many optional extras retrofitted by the dealer or a third party. Sometimes you might be lucky and find a model with the options you wanted!
Used models are much cheaper than brand new ones. You can take out a conventional finance agreement on a used Lexus, and have low payments just like with new models taken out on a lease. Except, in this case, the car is 100% yours once you’ve made the final payment.
Some people tend to get the best of both world by going for a “nearly-new” Lexus. Let’s say that you want a “new” Lexus, but you don’t care about options or colors. What you can do is buy a model that the dealer obtained from the factory.
You will usually save hundreds, if not thousands off the invoice price for a model that’s a few weeks or months old. And you will still benefit from the remaining new car warranty and enjoy that new car smell!
I hope that you have enjoyed reading today’s article on buying a Lexus. And I trust that it has been quite useful to you. Let us know if you have used this article to buy your Lexus recently. Thanks for reading and see you soon!