How to Buy a Luxury Vehicle in Dallas With Air Force FCU
With the economy on the rise and gas prices on the decline, the auto industry is seeing an increase in car sales, including luxury car sales. Luxury cars, which tend to sell for more than $40,000, account for 11 percent of total new car sales and 18 percent of all car sales revenue, reports Fortune. Still, it’s no secret that the price of a luxury car can be quite expensive, making it hard for many people to afford to purchase one.
While buying a luxury car or truck in Dallas is not going to be cheap, there are ways you can save money and still purchase the car of your dreams with Air Force Federal Credit Union.
5 Ways to Save Money on a Luxury Car in Dallas
A low-interest auto loan from Air Force FCU could help you save money on your next luxury car as long as you keep the following five tips in mind.
1. Be willing to negotiate.
There is always room for negotiation when buying a luxury vehicle. After researching the luxury car or truck of your choice, determine how much you’re willing to spend and do not go above that number. Sometimes, the best way to negotiate is by simply walking away from the dealership. More than likely, you will receive a phone call from the dealer later that day.
2. Choose the right auto loan.
Different lenders might offer different rates on your auto loan. Air Force FCU offers auto loan rates as low as 1.49% APR for 48-, 60- and 72-month terms. The credit union also offers up to 100 percent financing and gives you the option to apply online, over the phone or in a branch at no cost to you. Lower rates typically mean lower monthly car payments, which can help you save money.
3. Save on the cost of maintenance.
Luxury cars are one of the most expensive vehicles to maintain and own. Consumer Reports found that luxury SUVs have the highest ownership costs, requiring more than $13,000 per year on average. You can save money on maintenance and ownership expenses by having the proper insurance and warranties in place. Air Force FCU’s Major Mechanical Protection (MMP) can protect your vehicle’s maintenance costs above and beyond a manufacturer’s standard warranty. For example, without MMP you could pay more than $2,000 for a transmission repair. With MMP, you could pay only $50.
4. Choose a model with a high resale value.
Certain makes and models have a higher resale value than others. If you plan on upgrading within a few years, you’ll want to choose a model that will get you the most money back when you go to sell. Some of the luxury cars with the best resale values include the 2015 Lexus GS 350, Audi A5 and Porsche Panamera, according to Kelly Blue Book.
5. Look for vehicles with the best gas mileage.
Perhaps almost as important as the purchase price of the car is how good of gas mileage the vehicle gets. If your commute time is lengthy, choose a luxury car or truck with good gas mileage in order to save up to hundreds of dollars per month. Autobytel’s top three best gas mileage luxury cars are the 2014 Cadillac ELR, the 2015 Tesla Model S and the 2015 BMW i3. Also, choosing the right auto loan from Air Force FCU can help you save money that can go toward gas and other auto expenses.
Air Force Federal Credit Union is a GOBankingRates client.