Are you in the market for a new luxury car?
As you head into retirement, you might be trying to balance luxury and affordability. Here are five luxury cars that’ll cost you thousands of dollars in retirement.
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Land Rover Range Rover
- Average price: $115,450+
The Land Rover Range Rover is one of the most expensive luxury cars to maintain over time. For one, repairs can cost thousands of dollars due to frequent air suspension failures, electrical system issues and transmission repairs. Regular maintenance can also run a high price tag, with the engine taking premium oil and specialized parts.
“The Range Rover depreciates rapidly, partly because it is prone to numerous expensive issues,” said Melanie Musson, auto industry expert with AutoInsurance.org. “Upkeep can cost you hundreds of dollars every month if you try to stick with a Range Rover long term.”
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Mercedes-Benz S-Class
- Average price: $120,600+
The Mercedes-Benz S-Class car can cost you thousands of dollars in retirement due to the high insurance rates. An average insurance package for the S-580 is $5,118 per year, per CarEdge, which is double the average luxury sedan amount of $1,985.
“You’ll have a hard time denying how comfortable and enjoyable it is to drive an S-Class, but when it loses over 50% of its value over the first five years, that means if you buy a new model, you’ll lose over $60,000 thanks to depreciation,” Musson said.
Tesla Model X
- Average price: $91,630+
Electric luxury cars, like the Tesla Model X, can help you save on gas; however, they come with other hidden fees. Repairing the battery, which is the vehicle’s main component, can cost nearly $20,000. Depending on the car’s age and mileage, making this repair might not be worthwhile, costing you thousands.
“The Model X costs less to maintain than similar vehicles, but those savings are quickly overshadowed by the rapid depreciation,” Musson said. “After five years, it’s likely to be worth less than half of the new purchase price.”
Audi A6
- Average price: $65,395+
A souped-up Audi A6 can run you a high monthly bill. With monthly payments of over $1,000, purchasing an Audi A6 might not make sense for your retirement lifestyle.
Maserati Levante
- Average price: $60,000+
The Maserati Levante is no stranger to expensive maintenance. While maintenance costs over the 10 years might be reasonable, ranging between $596 to $1,825 annually (per CarEdge), major service repairs can add up. For example, replacing front brakes and rotors often exceeds $3,000.
Editor’s note: Each vehicle’s average price was sourced from Kelley Blue Book.
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This article originally appeared on GOBankingRates.com: 5 Luxury Cars That’ll Lose You Thousands of Dollars in Retirement
