Luxury cars generally have high maintenance costs. You can spend thousands of dollars maintaining an Audi, BMW, Jaguar, Lexus, Mercedes-Benz, or any other luxury car brand. Consumers can use cash, credit cards, debit cards, or personal loans to pay for vehicle maintenance costs.
Below we highlight the average maintenance cost for a luxury vehicle and highlight which makes and models have the cheapest and most expensive maintenance costs.
Related: Can I pay off a personal loan early?
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What Is the Average Maintenance Cost for a Luxury Car?
The average 10-year maintenance cost for a luxury car is about $12,000, according to an analysis of data on CarEdge.com, an automotive research and vehicle listings marketplace.
CarEdge documented 10-year maintenance costs for 101 unique models and found the Tesla Model 3 had the cheapest maintenance cost at $3,587. The Porsche Cayenne, meanwhile, had the most expensive maintenance cost at $20,552.
Although the average 10-year maintenance cost is about $12,000, some of the 101 luxury models in the CarEdge rankings have maintenance costs far below or above that figure.
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Which Luxury Car Has the Cheapest Maintenance Costs?
These five luxury car brands have the lowest maintenance expenses, according to CarEdge’s rankings and data as of April 2022.
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1. Tesla
Tesla’s fully electric vehicle models have an average $5,867 maintenance and repair cost during their first 10 years of service. Tesla is classified as a luxury brand in CarEdge’s rankings.
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2. Lexus
Lexus car models share an average $7,786 maintenance and repair cost during their first 10 years of service. Lexus is a luxury brand division of Toyota Motor Corporation.
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3. Acura
Acura car models share an average $10,730 maintenance and repair cost during their first 10 years of service. Acura is a luxury brand of Honda Motor Co.
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4. INFINITI
INFINITI car models share an average $11,830 maintenance and repair cost during their first 10 years of service. INFINITI is a luxury brand of Nissan Motor Co.
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5. Lincoln
Lincoln car models share an average $12,099 maintenance and repair cost during their first 10 years of service. Lincoln is a luxury brand of Ford Motor Company.
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Which Luxury Car Is Most Expensive to Maintain?
These five luxury car brands have the highest maintenance costs, according to CarEdge’s rankings and data as of April 2022.
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1. Porsche
Porsche car models share an average $22,075 maintenance and repair cost during their first 10 years of service, according to CarEdge’s findings. Porsche makes premium sports cars and other luxury vehicles.
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2. BMW
BMW car models share an average $19,312 maintenance and repair cost during their first 10 years of service. BMW is the flagship brand of BMW Group, a manufacturer of premium vehicles.
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3. Land Rover
Land Rover car models share an average $18,569 maintenance and repair cost during their first 10 years of service. Land Rover is a brand of Jaguar Land Rover Automotive PLC, a manufacturer of luxury vehicles.
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4. Jaguar
Jaguar car models share an average $17,636 maintenance and repair cost during their first 10 years of service. Jaguar is a brand of Jaguar Land Rover Automotive PLC.
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5. Mercedes-Benz
Mercedes-Benz car models share an average $15,986 maintenance and repair cost during their first 10 years of service. Mercedes-Benz is a brand of the Mercedes-Benz Group, a luxury automaker.
You can find out the maintenance costs of other luxury cars here.
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Paying for Maintenance
Below we highlight several ways to pay for luxury car maintenance.
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1. Cash or Debit
You may use cash or a debit card to pay for luxury car maintenance if you have enough cash in hand or sufficient funds in your bank account. Bankrolling the maintenance costs can deplete your savings, but the upside to using cash is it completes a transaction without relying on a creditor.
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2. Credit Cards
Consumers may use credit cards to pay for luxury car maintenance. Some credit cards may offer a rewards program that provides cardholders with at least 1% cash back on all purchases. Credit cards may carry high interest rates, but borrowers can pay off their credit card debt on a flexible timeline with minimum monthly payments or greater.
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3. Personal Loans
Borrowers may take out personal loans to help cover luxury car maintenance expenses. These consumer lending products could be unsecured as a no collateral loan or secured as collateralized loans. Personal loans provide borrowers with a lump sum of money and payment schedule for repaying the loan.
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Refinancing Your Luxury Car
Luxury cars can be expensive to finance and maintain. Car owners with an auto loan may consider refinancing to potentially lower their monthly payment or lock in a lower interest rate.
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When to Refinance a Car
If you carry an auto loan debt burden, whether and when to refinance a car depends on your personal circumstances. Refinancing may make sense if your credit has improved, because you may qualify for lower rates of interest.
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Pros and Cons of Auto Refinancing
There are some pros and cons of auto refinancing. Refinancing may reduce your interest charges, but refinancing could also cause your credit score to drop several points. Banks, credit unions, and nonbank financial institutions may conduct a hard pull inquiry into your credit report if you apply for refinancing, which can impact your credit scores.
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3. Refinancing Your Luxury Car
You may refinance your luxury car by shopping around, checking your rate, and applying with the refinancing company of your choice. There is a cost to refinance a car, so you have to explore whether refinancing is right for you.
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Compare Auto Loan Refinancing Rates Today
Luxury cars are generally expensive to buy and maintain. The maintenance expenses can cost you thousands of dollars over a 10-year period. Check your rate today and see if you prequalify for auto loan refinance.
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This article originally appeared on LanternCredit.com and was syndicated by MediaFeed.org.
The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.Third-Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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