Global economic uncertainty and crashing stock markets have forced owners of expensive cars – such as Ferrari, Aston Martin, Porsche and Jaguar models – to consider downgrading to something more affordable.
The news comes as thousands of city workers face job cuts and uncertainty over their futures, following the collapse of several major international banks and the merger of some of the UK’s biggest and best-known high-street giants; Halifax, the Royal Bank of Scotland and Lloyds TSB.
Valuations for the £180,000 Ferrari 612 increased by more than double in a month while there was a 68 per cent rise in online pricing enquiries for the £160,000 Aston Martin DBS. There was also a large upturn in valuations for the Ferrari 360 Spider, Aston Martin Vanquish, Porsche 911, BMW 6-Series and Maybach 57 – all up by more than 50 per cent.
The increase in luxury car valuations |
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Percentage increase of luxury car valuations: Aug-Sep 2008 |
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