Tough times may be clouding the middle and lower income groups but supercars and luxuru automobiles are still flying off the shelves for the well-to-do.
According to finance provider, JBR Capital in the UK, there have been “record volumes of lending” on models from the Aston Martin, Ferrari, McLaren, Porsche and Rolls-Royce brand in recent weeks.
Last month, Porsche was again the company’s most financed brand. While the all-electric Taycan generated the highest loan applications in March, it was the 911 that was most popular overall, alongside the Macan and Cayenne.
Interestingly, it’s the 991-generation models of the 911, not the latest 992-generation that’s been flying out of the dealerships. As for Lamborghinis, the Huracan has been preferred over the Aventador, making up more than 50% of all Lamborghinis financed by JBR Capital, followed by the Urus.
As for the Prancing Horse, JBR Capital reported that the 458 Italia is the most in-demand Ferrari at the moment, making up more than half of all the loans by JBR Capital for Ferraris.
Over the course of 2020, UK households have accumulated a total of £200billion with savings coming from reduced commuting and restrictions on leisure activities.
The company said since the lockdown, there’s been a stark increase in demand for high-end cars with buyers having more funds allocated, following a permanent work-from-home regime.
Over the course of May, JBR Capital experienced the largest number of loan applications since the business was launched in 2015.
JBR Capital, Founder and CMO, Darren Selig said, “Demand for sports cars, supercars, and prestige vehicles continues to be incredibly strong. We experienced a record March and April – and May has now eclipsed those months. Without doubt there has been pent-up demand, and as restrictions have eased, this has been unleashed onto the market with our dealer introducers reporting luxury cars being snapped up quickly and a lack of stock.
“With customers unable to take expensive overseas holidays, many are looking to treat themselves. Plus, many are fortunate enough to have more money in their pockets through lockdown savings too.”
There are the top 10 most-in-demand vehicles with the most loan applications in May according to JBR Capital:
Aston Martin V8 Vantage
Ferrari 458 Italia
Land Rover Defender
Porsche 911 (991)
Range Rover Sport
JBR Capital is the only independent finance lender in the UK dedicated to high-end vehicle financing. To date they’ve loaned over £500m (approx. RM2.9 billion).