Mercedes-Benz introduces their vision for the EQXX
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The luxury car market has been on a steady incline over the past few years with many older models doubling or even trebling in value. New research by Fast Private Jet has predicted the estimated worth of the luxury car market. The organisation spoke to motoring expert, Lawrence Allan, editor at CarSite, to explain the cars people should consider investing in.
The global luxury car market doubled over the last decade from £200billion to £480billion according to Statista, and experts think there is still value in investing.
Although many manufacturers struggled through the COVID-19 pandemic due to parts shortages, luxury brands mostly posted all-time record sales.
That included Rolls Royce, Mercedes Benz and Ferrari as affluent buyers took advantage of having extra money to spend.
In the US, in extreme examples, dealers are charging 20 or 30 percent on top of the recommended retail price for high-end luxury cars.
Mr Allan said: “Many old luxury cars hold their value well – the 1980s and early 1990s Mercedes S-Class, Jaguar XJs and BMW 5/7 Series of the same age, and also older Range Rovers and Audi A8s are starting to appreciate the most.”
“The key luxury car brands that are sought after (depending on models/age) are: Audi, BMW, Jaguar, Mercedes, Lexus (less so), Cadillac (older ones), Range Rovers.”
He added: “Luxury cars are pretty much the fastest depreciating cars you can buy in the first 10/15 years of their life.
“They then go through a period when they are almost worthless as nobody wants them due to massive ownership costs, then many become sought after again as classics later in life.”
Driver fined after spending 11 minutes trying to pay in car park [SHOCKING]
Drivers could be fined thousands for wearing too baggy jeans [WARNING]
Driver branded ‘entitled t**t’ after staying over two parking spaces [OUTRAGEOUS]
Mr Allan explained that generally after about a 30 year period, cars will reach a classic status. It is at this point they become rarer, and could start to rise in price again.
He added: “The high-end Porsche 911s have exploded in value in recent years and people should hold onto them.
“Also limited-run supercars (only a certain number are built to keep them exclusive) from Ferrari, McLaren, Aston Martin, Bugatti and Pagani.”
Porsche is one brand that has seen values across all models, old and new sky rocket in the past five years.
As 911 models have become more and more expensive and therefore less attainable, other models have seen values rise including the Cayman and old 944s and 928s.
Top of the line supercars are now changing hands for staggering prices as manufacturers make the most of demand.
A Bugatti Chiron Pur Sport costs £3,000,000 while the Aston Martin Valkyrie will set buyers back £2.3million.
And Lotus’ latest supercar, the all-electric Evija has a price tag of £1.5million.
Other investments to watch out for suggested by the research included Bitcoin, NFTs and Artificial Intelligence.
The Fast Private Jet site conducted new research that predicted the potential growth of various investments, including luxury items and new technologies, by assessing previous trends to reveal where people should consider putting their money if they want to see profitable returns.
It was Cryptocurrency that came out on top overall with the site saying: “Whilst AI intelligence and NFTs are expected to have the biggest market increase by 2035, the market that is expected to be worth the most by this time is Bitcoin.
“The predicted worth of this market by this time is £72billion.”
Source: Read Full Article