Dream cars have seen some hard times in recent years, but according to a recent article in The Lansing State Journal, times may be changing.
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Crashing financial markets, surging unemployment, and record drops in the real estate market all combined to make 2008 and 2009 some of the hardest years for car consumers. When you add in the high fuel prices and credit crunch, it’s no wonder than many automakers posted losses.
By many accounts, exotic and luxury car manufacturers may have been among the hardest hit. In a rocky economic situation, consumers simply couldn’t see spending hundreds of thousands of dollars for these high-end vehicles.
However, the top six luxury car brands are posting moderate gains for the first part of 2010. Those top six exotic carmakers are Bentley, ferrari, Rolls-Royce, lamborghini, Maybach, and maserati. Collectively, the sector has seen a 16% jump in sales over the same period last year.
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The president of Ferrari-maserati of Fort Lauderdale, Florida, Garret Hayim is cautiously optimistic. He says Ferrari sales slowed for a time, but there is now a waiting list for new models.
“Sales are definitely stronger this year,” Hayim said.
It’s a trend that may be holding true nationwide. Ron Sturgeon, owner of an exotic car storage facility in Fort Worth, Texas, says that he’s also seeing an uptick in interest in exotic vehicles.
“People are gradually seeing their lives go back to normal,” says Sturgeon. “As that happens, they can resume some of the spending habits they used to enjoy. We’re seeing a lot of high-end exotic cars being stored at our facility.”
There are several reasons exotic cars are more expensive than their work-day counterparts. These pricey vehicles are often assembled by hand, using the finest parts and craftsmanship. They are also highly customizable and feature many performance-boosting enhancements.
However, the retail price is only part of the picture when it comes to the cost of owning an exotic car. There’s also the hassle of finding a good deal on discount auto insurance for a high-end vehicle, plus the expense of maintenance and repairs. Consumers are once again becoming confident enough in the economy to take on this kind of financial responsibility.
In fact, some figures indicate that Americans are buying more exotic cars than they did before the recession. According to Edmunds.com, about 4.6 percent of 2001 new vehicle sales were classified as exotic or luxury automobiles. In 2010, it’s estimated that exotic car sales will be about 9 percent.
Kate Miller-Wilson is a professional freelance writer, who specialized in web content, editing, and technical writing.
