Luxurious automobile possession in UK grew by 9% final 12 months

Increased UK luxury car ownership

Possession of luxurious vehicles elevated by a considerable 9.2 p.c within the UK final 12 months. Evaluation by nationwide accountancy group UHY Hacker Younger calculates the variety of luxurious vehicles within the UK leapt from 221,124 in 2020, to 241,391 in 2021. 

Throughout the identical interval, the variety of supercars elevated by nearly one fifth (19 p.c).

Unique vehicles from manufacturers akin to Bugatti, Ferrari, Lamborghini, Koenigsegg and McLaren now quantity 18,186 on British roads.

Porsche leads luxurious league desk

Increased UK luxury car ownership

UHY Hacker Younger contains vehicles made by Aston Martin, Bentley, Maserati, Porsche and Rolls-Royce in its definition of luxurious autos. 

Of this group, Porsche leads the best way, accounting for 173,523 vehicles in UK possession throughout 2021. This made for a ten p.c improve from the 157,916 vehicles recorded in 2020. 

Nonetheless, possession of Maseratis is rising on the quickest charge from this luxurious collective. The Italian model had 10.3 p.c extra vehicles on the highway throughout 2021, with a complete of 11,113 now owned within the UK.

Market slowdown forward

Increased UK luxury car ownership

David Kendrick, associate at UHY Hacker Younger, believes a surge within the worth of cryptocurrency could have fuelled the elevated demand for luxurious autos and supercars. Cryptocurrency buyers had been confronted with a windfall earlier than values dropped, translating a few of this into high-end automobile gross sales. 

Kendrick notes that: “The surge in luxurious automobile possession was a function of the final levels of the post-Covid financial restoration. Extremely-low rates of interest meant luxurious vehicles had been inexpensive to a a lot wider group of motorists.

“We additionally noticed how the crypto-currency increase created ‘in a single day millionaires’ who discovered they may abruptly afford costly luxurious autos – a course of made a lot simpler by very low rates of interest on financed purchases.”

Nonetheless, Kendrick cautions that the cost-of-living disaster might trigger a slowdown within the luxurious market: “With rates of interest hovering and the crypto bubble bursting, it’s unlikely that individuals could have the urge for food to spend so closely on luxurious autos. The luxurious automobile market ought to count on a giant problem till among the clouds raise from the economic system.”

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