How Costly Can Maintenance Actually Get for Expensive Cars?

For many Americans, owning an expensive car is an ultimate dream. There’s simply something about the craftsmanship that comes with high-end vehicles that leaves you in awe. We seem to love the fact that steel can be shaped into beautiful curves around an engine, like a body guarding its soul. 

Some might argue that the design that goes into luxury cars is another testament to what the best minds can achieve. Despite being ‘luxury,’ it’s one of the biggest markets out there. Data from Grand View Research shows that this is a market worth over $695 billion in 2024. By 2030, it’s set to grow at a 7.2% CAGR to be valued at over $1.04 trillion.

That said, is it worth saving up for an expensive car at some point in your life? How costly does maintenance actually get? Let’s find out in this article.

Let’s Talk Money

It’s always useful to start with a baseline so that we understand just how big the difference is between luxury and non-luxury vehicles. For perspective, maintaining an average car costs about $900 per year. Of course, this can vary widely between brands. Some, like Honda, can be as affordable as $583 per year.

Meanwhile, the Bugatti Chiron, one of the most iconic names when it comes to luxury cars, would charge over $25,000 for an oil change. In addition, if you want to change out your tires, you’re looking at over $49,904. When you add up other expenses like brake fluid, brake pads, and more, you’re looking at an average annual maintenance of $100,000.

Besides the premium pricing for each part and service, the major reason for high maintenance is stricter tolerances. A luxury car manufacturer will want you to bring in your ride for servicing much more frequently than your trusty Honda. 

Even Tiny Tweaks Cost

Car upgrades and tweaking are something that many people enjoy as a hobby. Let us say you own a European car. According to RevTech Performance, high-performance European car tuning allows owners to enhance their vehicles and optimize them for modifications. However, as you can imagine, these acts can get pretty expensive for luxury vehicles. 

Even for regular cars, the cost of ownership is already increasing. According to Investopedia, the average monthly payment for new cars has grown by over 26% over the last six years. Even for used cars, the average monthly bill increased by 30%. 

People who think that the costs end with the purchase are often shocked when they see that even a simple clutch can cost thousands of dollars. Everyone knows they shouldn’t be that expensive, but since the markup is so high, you simply have to pay up. 

Then, if you do wish to add your own aftermarket components, you’re often met with higher insurance premiums and frequent inspections. Of course, many owners accept this as part of the luxury car experience, but it’s something to keep in mind. 

Is the Maintenance Worth it for You?

Virtually every financial expert will tell you that cars are a depreciating asset. The moment you sign the papers, they start losing value, and that law applies to luxury vehicles as well (for the most part). 

That said, there are some circumstances where the high maintenance of luxury cars can still be worth it. For instance, if you’re a social media influencer and your lifestyle is a part of your brand, your car is more of a business asset.

On the other hand, if it’s just to fulfill a childhood dream, but you rarely ride it after the first six months, is it really worth it? Perhaps. It really depends on your financial situation as well. If you’re at a stage in life where spending six figures on a car isn’t a problem, then have fun. 

However, if the purchase is already stretching your budget, then the maintenance fees might feel suffocating quickly. As Dave Ramsey, a popular financial guru, recommends, you want to avoid buying a brand-new car until your net worth is $500,000. Ramsey also notes that driveways with Audis and Porsches in front of a middle-class home are a huge indicator that they’re going to stay middle class. Make of that what you will.

All things considered, luxury cars are going to be expensive to maintain. There’s no getting around that reality. Each person will have to decide for themselves if those costs are worth it in the long run. At the same time, this doesn’t mean you have to get stuck in decision fatigue. Do your research and make a choice. As long as the consequences are not life-altering, it’ll be a learning experience for you.