Car Experts Say Don’t Buy These Luxury Cars That Will Drain Your Bank Account Quick

The definition of a luxury car has changed over the years. A Statista report estimated that luxury vehicles cost $75,000 on average. However, the manufacturer’s suggested retail price (MSRP) can be significantly lower or higher than that.

According to Kelley Blue Book , there are certain brands that have long been considered luxury. These include Acura, Aston Martin, Audi, Bentley, Ferrari, Jaguar, Lamborghini, Lexus, Lincoln, Mercedes-Benz, Porsche, Tesla and Volvo — to name a few.

Read Next: 8 Best Luxury Cars for Wealthy Retirees

Find Out: 6 Unusual Ways To Make Extra Money (That Actually Work)

As the line between luxury and nonluxury brands blurs, you may be wondering what luxury vehicles might look and feel great to drive but aren’t actually worth the price. GOBankingRates reached out to a few automotive experts to get the answer.

These are the top luxury cars that will drain your bank account , along with some price estimates, according to experts.

Bugatti Veyron

• Starting MSRP: Upward of $1 million
• Cost estimates (annual maintenance and repairs): $20,000 to $30,000
• Special service costs: $100,000
• Estimated three- to five-year depreciation: 43%

“Owning certain luxury cars can indeed lead to significant financial drain, primarily due to high maintenance costs, rapid depreciation and expensive insurance premiums,” said Joe Giranda, director of sales and marketing for CFR Classic . “For example, the Bugatti Veyron is incredibly expensive to maintain.”

This vehicle is renowned for its unparalleled engineering and speed, but the high price tag can quickly drain all but the highest-net-worth individuals’ bank accounts. This is largely due to the specialty parts, which are expensive to replace.

“Routine annual servicing costs can exceed $20,000, with tire replacements alone running upward of $30,000,” Giranda said. “Additionally, every few years, a special service is required that can cost around $100,000.”

Discover More: 4 Affordable Car Brands You Won’t Regret Buying in 2024

Rolls-Royce Phantom

• Starting MSRP (2024 model): $505,750
• Cost estimates (annual maintenance and repairs): $5,000
• Estimated three- to five-year depreciation: 40%

“The Rolls-Royce Phantom is synonymous with luxury but comes with substantial costs,” Giranda said. “Maintenance for the Phantom can easily reach $5,000 annually.”

But that’s not all. According to Giranda, this luxury vehicle requires very specific parts that are hard to find and expensive. There’s also insurance to consider.

Generally, car insurance is more expensive on higher-end or pricier vehicles like the Rolls-Royce Phantom. Annual insurance premiums can exceed $10,000 a year, Giranda said.

Range Rover

• Starting MSRP (2024 model): $109,025
• Cost estimates (annual maintenance and repairs): $3,000 to $5,000
• Estimated three- to five-year depreciation: 60%

Range Rovers are known for having fairly frequent and expensive mechanical failures, particularly with their air suspension, electrical systems and engines.

“While it’s an icon of luxury and off-road capability, Range Rovers are notorious for their high maintenance and repair costs,” said Geoff Cudd, consumer advocate and automotive expert at FindTheBestCarPrice .

Kelley Blue Book estimated that the five-year cost of owning a 2024 Range Rover is $169,621. This includes $60,604 in estimated out-of-pocket expenses.

BMW 7 Series

• Starting MSRP (2024 model): $97,395
• Cost estimates (annual maintenance and repairs): $2,500 to $4,500
• Estimated three- to five-year depreciation: 55%

Another luxury vehicle that’s likely to drain your bank account is the BMW 7 Series sedan, according to Cudd.

“This flagship sedan offers a high level of luxury and performance but comes with substantial depreciation and expensive maintenance,” he said.

From routine services like oil changes to parts replacements, BMW 7 owners can expect to spend thousands of dollars a years in repairs and maintenance. Getting major work done, like replacing an electronic control unit, can be even more expensive.

The five-year cost to own a new BMW 7 Series vehicle is more than $128,000, according to Kelley Blue Book .

Maserati Quattroporte

• Starting MSRP (2024 model): $140,995
• Cost estimates (annual maintenance and repairs): $2,000 (up to $6,000 for major repairs)
• Estimated three- to five-year depreciation: 70%

“The Maserati Quattroporte, while slightly more accessible in price compared to the Bugatti and Rolls-Royce, still presents significant financial challenges,” Giranda said. “Owners can expect to spend around $2,000 annually on maintenance, with additional costs for repairs that frequently arise due to the car’s complex systems. The depreciation rate of Maseratis is also quite steep, which can lead to a significant loss in value over a short period.”

Audi A8

• Starting MSRP (2024 model): $91,995
• Cost estimates (annual maintenance and repairs): $4,000
• Estimated three- to five-year depreciation: 52%

“The A8 is a technologically advanced and comfortable sedan, but it demands frequent and costly maintenance,” Cudd said. “Its complex systems often lead to expensive repairs.”

According to Kelley Blue Book , the five-year cost to own a 2024 Audi A8 is about $124,000. This includes nearly $61,000 in out-of-pocket expenses.

Mercedes-Benz S-Class

• Starting MSRP (2024 model): $118,450
• Cost estimates (annual maintenance and repairs): $3,000 to $5,000
• Estimated three- to five-year depreciation: 46%

For many car enthusiasts, the Mercedes-Benz S-Class is considered the peak of indulgence. It’s a sophisticated ride equipped with plenty of technology and intricate systems. But this all leads to potentially expensive repairs and maintenance, which, alongside the high starting price and depreciation, can quickly become a money pit.

“The S-Class also suffers from rapid depreciation and high maintenance costs,” Cudd said. Annual maintenance and minor repairs can easily cost thousands of dollars. Major repairs can, of course, be much higher than that.

Understanding Luxury Vehicles’ Five-Year Cost to Own

The five-year cost to own a vehicle, as defined by Kelley Blue Book, is the total amount you’re going to have to spend on that vehicle in the first five years of ownership. This includes any upfront or out-of-pocket expenses, like car insurance and fuel, as well as vehicle depreciation, repairs, state fees and financing fees.

Knowing the five-year cost to own a vehicle can give you a much better idea of how much it’s going to affect you financially. And, perhaps just as importantly, it can make it easier to decide between two or more vehicles — luxury or otherwise. This can help you save money and choose the right vehicle for you (and your wallet).

All starting MSRPs, with the exception of the Bugatti Veyron’s, were sourced from Car and Driver .

This article originally appeared on GOBankingRates.com : Car Experts Say Don’t Buy These Luxury Cars That Will Drain Your Bank Account Quick