When it comes to retirement, financial decisions matter more than ever, especially big-ticket purchases like a new vehicle. While luxury SUVs may offer style, comfort and cutting-edge features, not all of them are practical for retirees. On top of the purchase price, there are surprise costs that can eat into a retiree’s budget.
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Here are six new luxury SUVs that may look appealing for retirees but could end up being a bad investment over the long run.
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Range Rover Sport and Range Rover Velar
Alan Gelfand, German car expert and owner at German Car Depot in Hollywood, Florida, noted that these vehicles look great, but they’ll eat into your retirement savings. He explained that the air suspension system will likely start to fail, and the repairs can get pricey, especially when the warranty expires.
“The electrical systems are nightmarishly complex,” Gelfand said. “A door handle malfunction requires the replacement of a control module that costs $800. The repair costs for infotainment system failures amount between $2,500 and $3,500.”
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Maserati Levante
The Maserati Levante, a luxury crossover SUV with sleek coupe-like design and a powerful engine, certainly turns heads. However, its sharp depreciation means you’re unlikely to recoup much of your investment when it comes time to sell.
“The Levante experiences such rapid depreciation that it surpasses most luxury SUVs with a 60% to 70% value drop in three years,” Gelfand explained.
Maintenance costs are also pricey, especially brake jobs. Gelfand also pointed out that customers often experience lengthy delays for basic components, as supplies are often limited to main urban areas.
BMW X7
The BMW X7 may appeal to luxury SUV enthusiasts, but it’s far from retiree-friendly. According to Gelfand, the twin-turbo V8 engine requires premium fuel, which can get costly.
It’s also known to have electrical issues. “Each minor issue in the complex electronic systems results in costly diagnostic fees from the beginning,” Gelfand explained.
Mercedes-AMG GLS 63
The Mercedes-AMG GLS 63 is a powerful SUV, but it’s overkill — and expensive — for retirees.
“The maintenance requirements of the AMG vehicle are strict since brake fluid needs to be changed every two years,” Gelfand said.
It’s also a gas guzzler and demands high-grade fuel. “Retirement drivers who stay near home need to bear supercar maintenance expenses because they will never benefit from these features,” he said.
Cadillac Escalade-V
According to Gelfand, the supercharged V8 Escalade-V is a maintenance disaster.
“The GM electronics in these vehicles experience reliability problems and supercharger rebuilds demand prices ranging between $6,000 and $8,000,” Gelfand explained. “Older passengers will find the driving experience of this vehicle to be too much like a truck.”
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This article originally appeared on GOBankingRates.com: 6 New Luxury SUVs That Are Bad Investments for Retirees
