City bankers forced to sell, sell, sell

  • Number of luxury car valuations on Parkers rocketed in September
  • Hard-hit drivers of expensive cars felt full force of the credit crunch
  • Ferrari, Aston Martin and Porsche models on the list

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

Ferrari 612 (04 on) 120%
Ferrari 360 Spider (00-04) 74%
Aston Martin Vanquish (01-07) 68%
Aston Martin DBS (08 on) 68%
Porsche 911 Targa (01-05) 67%
BMW 6-Series M6 (05 on) 58%
Maybach 57 (03 on) 54%
BMW Z4M (06 on) 51%
Jaguar XJ Series XJR (03 on) 45%
Ferrari F430 Coupe (05 on) 42%
Percentage increase of luxury car valuations: Aug-Sep 2008