Yahoo Finance 7 Luxury Car Brands You May Regret Buying in 2024
A luxury car might have been on your wish list or a New Year’s resolution for 2024. If you have been saving up or secured the financing you have been looking for, it might be time to hit the dealerships and start to peruse some options for the vehicle you have been excited to buy.
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Unfortunately, not all luxury cars are going to be good buys. Some brands need to be steered clear entirely.
“When considering luxury automobile brands, it’s crucial to look beyond the allure of prestige and performance to evaluate their practicality in terms of reliability, safety, resale value, customer service and affordability,” advised Tariro Goronga, the CEO of DriveSafe Driving Schools.
If you are in the market for a high-end vehicle, here are the seven luxury car brands you may regret buying in 2024.
7. Jaguar
Two problems face the Jaguar brand: reliability and resale value.
“Jaguar has historically struggled with reliability issues, as evidenced by lower-than-average rankings in major consumer reliability surveys,” Goronga said. “Frequent visits to the dealership for repairs can detract from the ownership experience.”
Blake Shaw, an automotive expert, car enthusiast and author of the blog All About Wheels, gives an example of how the Jaguar XJ has struggled in this category. “Power problems and expensive air suspension failures are some of the most common problems with it, which can make owning it less enjoyable overall,” Shaw explained.
“Jaguars also tend to depreciate faster than some of their luxury competitors, which means consumers might see a significant drop in value over a short period,” added Goronga.
6. Maserati
The biggest reason to avoid purchasing a Maserati might become evident when you look at the price tag and compare it with that of your bank account.
To put it simply: they just aren’t that affordable, particularly when you drive it off the lot and have to start taking care of it.
It takes a lot of work to make a Maserati, but they lose value quickly because of a lot of necessary upkeep,” explained Shaw, who gave the example of the Maserati Ghibli. The vehicle is “…stunning and has a strong engine, but it loses value faster than its competitors. Concerns have also been raised about the quality of the interior and entertainment system, which may not be up to the standards expected for the price.”
“High maintenance and repair costs, combined with initial purchase prices, can make Maserati a less appealing option for those conscious of long-term spending,” Goronga noted.
5. Alfa Romeo
Alfa Romeo is certainly luxurious, but the same cannot be said of its safety problems. Sure, you want to ensure your high-end ride is all decked out, but not at the cost of putting you or others in harm’s way.
According to Shaw, “Many people have particularly complained about the sporty Alfa Romeo Giulia. While it’s got some stunning looks and quick handling, its main criticism revolves around electronic reliability. Owners have said that the power and electronics systems don’t work right, which often means high upfront repair costs.”
Goronga explained, “[w]hile Alfa Romeo designs are eye-catching, there have been issues and recalls related to safety features and build quality in the past, potentially affecting future models.”
4. Land Rover
Resale value with the Land Rover is hard to find, according to Goronga, who went on to say that “[d]epreciation rates for Land Rovers can be steep, affecting the investment value for owners.”
“While Land Rover makes high-end cars that can go off-road, this makes them very expensive to own,” Shaw agreed. “Low dependability and pricey repairs can make them less appealing over time.”
Shaw pointed to the Land Rover Discovery to illustrate this point. “Despite being known for its off-road capabilities, [it] faces reliability issues with its air suspension, electronics and build quality. These things make the total cost of ownership high and might be a deal-breaker for people who want an easy-to-use luxury SUV.”
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3. Aston Martin
Affordability and maintenance costs are the two biggest reasons not to buy an Aston Martin, no matter how much you think you are James Bond.
“Aston Martin sits at the pinnacle of luxury and performance, which comes with high maintenance and ownership costs,” Goronga said. “These factors make it a challenging choice for those prioritizing financial sensibility.”
2. Cadillac
If there’s a brand synonymous with the luxury car market, it’s Cadillac. But you can check it off your list as an option to buy this year.
“Although Cadillac has been trying to change its image, some of its models lose value quickly and have not always lived up to the high standards of luxury and performance set by its European and Asian rivals,” Shaw said.
Joe Giranda, the director of sales and marketing at CFR Classic, mentioned that Cadillac “has made tremendous strides in technology and design, but it still faces challenges in overcoming previous perceptions of brand prestige and quality.
“While newer models have improved, past models have struggled with electronic issues and engine reliability, which might give new buyers pause,” Giranda said.
In Shaw’s opinion, a vehicle like the Cadillac CT6 “…is a bold attempt at luxury that fails in the market because it loses value quickly and the brand isn’t sure how committed it is to sedans. Its resale value plummets fast, which poses issues for both buyers and sellers.”
1. Lincoln
In its heyday, owning a Lincoln was a sensible option for when a driver wanted a luxury car that was also practical, but the band has not kept up with the times.
According to Grianda, “Despite its efforts to rebrand and modernize, [it] still struggles to hold its ground in the competitive luxury market. While they offer a smooth ride and spacious interiors, the resale value doesn’t hold up as well as other luxury vehicles, making it a less attractive option for those looking to preserve capital.”
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