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Supercars prices are dropping, Demand for luxury used cars is rising

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Supercars prices are dropping, Demand for luxury used cars is rising

Market for used luxury and supercars went rocketing as window shopping proceeded well into June during lockdown.

Web searches for used McLarens have skyrocketed 249 per cent this month relative to last year’s same month, with several other premium brands still dramatically rising.

Data from Auto Trader, which was disclosed exclusively to Car Dealer Magazine, suggests a pattern of increasing interest in premium products amid the economic downturn.

The data back up a Car Dealer study which showed many small business managers used cash from their Bounce Back Loans to finance new acquisitions of supercars.

New supercars prices

Based on the number of ad requests and ad impressions on the UK’s biggest classified advertisement platform. Data from Auto Trader reveals that competition in June was up compared with last year:

  • McLaren – up 249.4%
  • Lotus – up 100.7%
  • Ferrari – up 79.0%
  • Tesla – up 78.8%
  • Aston Martin – up 61.9%
  • Porsche – up 58.7%

The McLaren rise may be linked to the fact that one two-year – old 720S sold in an online auction at the end of April for half its original worth.

The supercar sells for £124,500 in a Collecting Cars auction – £120,000 less than just two years ago that the collector paid for it. Which is sure to have sparked inquisitive car enthusiasts’ searches in the company.

However, Auto Trader believes that it could be more related to browsers looking for car porn to wipe the lockdown away.

Richard Walker, Director of Information and Insights, Auto Trader said: ‘During the holiday season. We also see an increase during views and reviews of luxury vehicles. As customers want to spend their spare leisure time admiring their dream cars.

‘It’s not shocking to see a similar pattern as a result of the lockout era. With so many workers on furlough.

‘However, it’s important to notice that demand has increased much more in June. Rather than slowing down with the reopening of showrooms in England and Northern Ireland.

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