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.
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.
1. Jaguar
Jaguar faces two significant issues: 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 repairs can detract from the ownership experience.
Blake Shaw, an automotive expert and author of the blog All About Wheels, highlighted the Jaguar XJ’s frequent power problems and expensive air suspension failures, which can make ownership less enjoyable overall.
“Jaguars also tend to depreciate faster than some of their luxury competitors, meaning consumers might see a significant drop in value over a short period,” Goronga added.
2. Maserati
The biggest reason to avoid purchasing a Maserati is its cost and maintenance.
“It takes a lot of work to maintain a Maserati, and they lose value quickly due to the necessary upkeep,” explained Shaw. For example, the Maserati Ghibli, despite its stunning looks and strong engine, loses value faster than its competitors. Concerns have also been raised about the quality of its interior and entertainment system.
“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.
3. Alfa Romeo
While Alfa Romeo is luxurious, it has notable safety and reliability problems.
“Many people have particularly complained about the Alfa Romeo Giulia. While it’s got stunning looks and quick handling, its main criticism revolves around electronic reliability. Owners have reported that the power and electronics systems often fail, leading to high repair costs,” Shaw said.
“While 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,” Goronga explained.
4. Land Rover
Land Rover struggles with resale value and reliability.
“Depreciation rates for Land Rovers can be steep, affecting the investment value for owners,” Goronga stated.
“While Land Rover makes high-end cars that can go off-road, this makes them very expensive to own,” Shaw agreed. The Land Rover Discovery, for instance, faces reliability issues with its air suspension, electronics, and build quality, making the total cost of ownership high.
5. Aston Martin
Affordability and maintenance costs are significant deterrents to buying an Aston Martin.
“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.
6. Cadillac
Despite its reputation, Cadillac has its issues.
“Although Cadillac has been trying to change its image, some of its models lose value quickly and haven’t always lived up to the high standards of luxury and performance set by its European and Asian rivals,” Shaw said.
Joe Giranda, director of sales and marketing at CFR Classic, noted that while Cadillac has made strides in technology and design, 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. Shaw added that the Cadillac CT6, for example, loses value quickly, posing issues for both buyers and sellers.
7. Lincoln
Lincoln, once a symbol of luxury and practicality, has struggled to keep up with the times.
“Despite its efforts to rebrand and modernize, Lincoln 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,” Giranda said.
When considering a luxury car purchase in 2024, it’s essential to look beyond the brand’s prestige and evaluate its overall value, reliability, and long-term costs. Doing so can help you avoid buyer’s remorse and ensure that your investment is worth every penny.
