Last year, the ownership of luxury cars in the UK increased by a massive 9.2%. Analysis by national accounting group UHY Hacker Young calculates that the number of luxury cars in the UK will jump from 221,124 in 2020 to 241,391 in 2021.
Over the same period, the number of supercars increased by almost a fifth (19%).
Exotic cars from brands such as Bugatti, Ferrari, Lamborghini, Koenigsegg and McLaren now number 18,186 on UK roads.
Porsche leads the luxury car charts
UHY Hacker Young includes cars made by Aston Martin, Bentley, Maserati, Porsche and Rolls-Royce in its definition of a luxury car.
In this group, Porsche leads the pack with 173,523 cars in the UK in 2021. This is a 10% increase from the 157,916 vehicles recorded in 2020.
However, Maserati ownership is growing fastest from this luxury collective. The Italian brand will see a 10.3% increase in the number of cars on the road in 2021, with the UK now home to 11,113 vehicles.
future market slowdown
David Kendrick, a partner at UHY Hacker Young, believes that the surge in the value of cryptocurrencies may be driving increased demand for luxury cars and supercars. Cryptocurrency investors are facing a windfall before it falls in value, converting some of it into high-end car sales.
Kendrick pointed out: “The surge in luxury car ownership is a feature of the final stage of the post-coronavirus economic recovery. Ultra-low interest rates mean that luxury cars are affordable for a wider group of motorists.
“We’ve also seen how the cryptocurrency boom has led to ‘instant riches’ who find themselves suddenly able to afford expensive luxury cars – a process made easier thanks to very low interest rates on financing purchases.”
However, Kendrick warned that the cost-of-living crisis could lead to a slowdown in the luxury market: “With interest rates soaring and the cryptocurrency bubble bursting, it’s unlikely people will be interested in spending that much money on a luxury vehicle.” Before, the luxury car market should have faced huge challenges.”
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