It’s true that since the inception of automobiles in 1769, the production has not fully evolved to make it available to everyone but for a selected few. This means automobiles took off as an exclusive and exquisite item only the privileged ones can acquire. All thanks to technological development, automobiles have been served to the generality of human class. In other words, cars are made available for all class of the society.
In contrast to the major aim of cars which is mobility and easy transportation, the desire to own an extremely exquisite and exclusive brand of car which differs from the everyday thing, brought about the birth of luxury vehicles. Talking of luxurious brands in the 21st century, we mean Lamborghini, Bugatti, Ferrari, Mercedes, BMW, Cadillac, and Porsche and so on. A major thing these luxurious brands have in common is the competitive intent to produce a car that provides utmost comfortability, speed, and this nauseating feeling whenever you behind the wheels in which an ordinary car cannot provide. In other words luxury cars give the owner an opportunity to eat your cake and have it.
As we all know that the best things in life doesn’t come cheap, as these cars are made for some selected individuals whose net worth are way above the standard of an average man, in other words, extremely rich individuals who would spend on things reflecting their standard and position in the society.
In 2017 the Forbes list of billionaires shows a record for the richest people on earth which according to the publication there were 2,043 billionaires around the world which means there has been an increase in the numbers of ‘New Money’, as the 2017 list is 13% higher and this could only mean one thing, more money, more demand for luxurious items which includes exotic cars. The United States in 2016 held the top position as the world largest market for ultra-luxury cars with demands accounting for 30% of the global sales volume to around 8,377 units of vehicles sold.
Who are the luxury cars owners? You may ask, owners of luxurious cars are statistically estimated to be around the ages of 20-65 years with a family income of between $3000 and $30,000. China, who is the third largest market for luxury cars have their owners to be around the ages of 33.5 years which is also the same in the US and UK . This can only mean one thing which is , the choice of exceptionality are made by the New money, and by New Money I mean young, highly educated and wealthy youths. In which we can find musicians, actors, business moguls, oil mafias etc.
It will interest you to know that most musicians today are being qualified by the numbers of exotic cars they have in their garages, in fact it is almost impossible to see an artiste that does not own a luxury car. Funny enough, young successful musicians are spoiling themselves with cars above an average man’s dream. The likes of Cardi B and Offset who gifted themselves a
matching Lamborghini which worth over $200,000 are typical examples of New Music Money, not to also forget an owner of one of the most expensive cars in the world a, Maybach Exelero that is worth $7 million which was bought by the rapper Birdman not also forgetting the $1.2 million Bugatti Veyron lying in his garage. This shows the kind of people and amount these luxury cars attract.
Usually, the luxury car market is broken down into the following segments; premium compact vehicles, mid-size luxury cars, high and luxury cars, ultra luxury cars as well as luxury SUVs and crossover modes. The price is largely defined as the major criterion for classifying luxury vehicles. According to analyst at a data compilation and analyses firm, Vincentric, Audi models rank highest in terms of value to cost of long term ownership, with the sporty Audi TT, the premium large sedan Audi A7 TD1, the prestigious Audi R8 model and the premium mid- size cross over Audi Q5 TD1 receiving excellent scores. As of April 2016, the Koenisegg CCXR Trevita ultra luxury car was ranked as the most expensive automobile worldwide.
The growth in luxury vehicle sales for the past year and half has been in tandem with or faster than the overall passenger vehicle market, with new product launches, expanding dealer networks and 13% growing prosperity among buyers whose profile now includes an increasing number of women driving demand.
As at September 2018, the sales of electric cars has taken the lead in luxury cars especially Tesla, which had a remarkable 35% sale ahead of other luxury brand such as Audi (7,833) 10%, BMW (16,737) 21%, Mercedes Benz (12,163) 15%, Bentley Bentayga (2,700), Lamborghini Huracan (2,000) etc.
Automobiles in today’s world have gone beyond mobility function, as it has incorporated luxury, comfort and speed into its products. Luxury cars may come as a burden, because in the last 3 years it has been disrupted by a series of legal regulatory and taxation challenges, but for an owner of a car worth $500,000 or $1.2 million, taxation shouldn’t be a problem.