Prices of iconic luxury brand cars such as Rolls Royce, Lamborghini and Aston Martin are dropping significantly. This can be attributed to being a result of the largely expanding market for luxury cars. Luxury car makers have now flooded the market with new cars as their overall sales flourishes, their exclusivity factor minimizes and general prices are driven down. Value has now become inflated and the luxury car market is crowded.
List prices of Aston Martin used cars has fallen by about 54%
1. Which luxury car models are most affected?
If you’ve ever been one to dream of owning Lamborghini, a Rolls-Royce or an Aston-Martin, now might just be the right time to own one. You will still need a lot of money, but you surely would not be spending as much as you would have. According to information from the Haggerty Price guide, a verified classic car value book, key examples of ultra-luxury car models which have depreciated sharply in price value in recent years are;
- Rolls-Royce Phantom 2003 - 2017
- Aston Martin DB9 2004 - 2016
- Bentley Continental GT 2003 - 2011
Naijauto gathers that there are three major luxury car brands which have been largely affected are Rolls-Royce, Aston Martin and Lamborghini. Prices of these brands have plummeted down by over 50%. Even the average prices of these three luxury brands used vehicles have also plummeted.
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According to Thinknum, the average list prices of Aston Martin used cars has fallen by about 54% to $103,000 (~N37.1 million).
The average list prices for used Rolls-Royce have fallen by about 48% to $198,000 (~N71.3 million).
The 2013-2017 Rolls-Royce Phantom has depreciated sharply in average value in recent years. Of course, there are exceptions to these cases. For instance, the Rolls-Royce Black Badge Wraith, with a starting price of around $332,000 (~N119.6 million), has been holding up well. A brand-new Lamborghini ranges in price from as cheap as $200,000 (~N72 million) for a Huracan, to as much as $5 million (~N1.8 billion) or more for limited edition models.
The average list prices for used Rolls-Royce have fallen by about 48%
Drop in prices has made this luxury cars more accessible to most people, whether they purchase it new or used.
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2. Causes and effects of luxury car price reduction
Car companies have been working really hard to increase sales, with Rolls-Royce’s sales increasing by 22%, Aston Martin’s by 26% and Lamborghini’s sales by 51%. Karl Brauer, executive publisher of Kelley Blue Book commented.
He said that there has been a rinse-and-repeat attitude from a lot of the specialty car makers. He also went ahead to say that hey have absolutely been playing that angle more aggressively than he had ever seen them do and that that obviously would have a saturation point.
The push by all three luxury car brands, Lamborghini, Aston-Martin & Rolls-Royce, to increase sales has led to a very significant increase in the amount of ultra-luxury vehicles around the world. Each company is constantly introducing new models that get progressively better all the time and possessing much more attractive and advanced features. New safety features, such as collision avoidance and lane departure warnings, are now easily made available in new luxury cars.
Some models of Lamborghini suffered from 50% decrease in value
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These luxury cars brands make so many advancements and changes on their new car models that used or older models begin to look less appealing. The brands are even beginning to take advantage of the market’s new urge for bigger vehicles by introducing their own SUVs. peoples love for SUVs is one of the major reasons for these price plunges in older luxury cars.
Within the first three quarters of 2018, the luxury industry sold over 1.3 million new vehicles in the United States. SUV accounted for 63% of these car sales. Car buyers are now considering SUVs in pretty much any form they can have them.
Due to the harsh competition, even luxury car brands release new models constantly
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In the midst of this whole SUV saga, the true meaning of luxury is lost to car buyers as SUVs flood the market and become the new cool. In a profit and relevance driven aim, Lamborghini, Rolls-Royce and Aston-Martin have joined the trend as they all introduce their own SUV models. Now, Lamborghini has the Urus, while Aston-Martin has the DBX, and Rolls-Royce has the Cullinan. As car buyers start to jump on the luxury SUV band wagon, older cars are now beginning to be undesirable, even to ultra-luxury car buyers.
Speaking of new releases, Bentley has released the 2020 Continental GT. The 2020 Continental GT comes in two body styles, the coupe and the convertible. The Coupe version will make use of a 6.0 liter W12 engine type that delivers 626 hp while the Convertible will be fitted with a 4.0 liter V8 engine that will also deliver 542 hp. Both cars will be as luxurious as you would expect and will just as fast. The Coupe will clock the 0-60 mph lap in just 3.6 seconds, a good 0.3 seconds faster than the conviertible running on a V8 engine.