The holiday season offers attractive end-of-year sales on luxury cars, and retirement can feel like the perfect time to splurge on the car of your dreams. But before we get into it, there are some important reasons to consider postponing at least until after Christmas.
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First, Social Security benefits are set to increase by 2.5% in January due to the annual cost of living adjustment (COLA), giving retirees a little more financial cushion. Improving your cash flow can help you buy and maintain a luxury car. Additionally, there are many year-end sales happening around Christmas and into early 2025.
Here’s why it makes sense to wait until after Christmas rather than buy now, especially if it’s a high-end model that requires maintenance.
Current trends:
2024 model year starting sticker price: $97,395
2025 model year starting sticker price: $97,575
Packed with high-end features and technology, the BMW 7 Series can be expensive to maintain, even after holiday discounts. By waiting until the new year, retirees can benefit from a COLA increase, making it easier to budget for the 7 Series’ high maintenance costs. It can also ensure you buy a newer model with more novel features, or give you time to weigh more affordable certified pre-owned options.
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2024 model year starting sticker price: $108,875
2025 model year starting sticker price: $109,375
Range Rovers are stylish and luxurious, but they’re also known for reliability issues that can lead to frequent (and expensive) repairs. Year-end discounts may be attractive, but deferring until January will allow retirees to better manage potential maintenance costs with additional income from the COLA. Even if off-road capability isn’t a must, retirees may find a more practical luxury SUV with a good balance of style and reliability in early 2025.
2024 model year starting sticker price: $118,450
2025 model year starting sticker price: $118,900
The Mercedes-Benz S-Class is a luxury vehicle, but thanks to the same sophisticated engineering that provides that luxury, it also comes with higher-than-average maintenance costs. By postponing until after Christmas, retirees avoid a significant loss in value and have the option of considering other upscale but less technology-intensive models that may be better suited in the long run. you might be able to get it.
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