RE: Luxury Car Market Remains Buoyant
Monday 7th February 2011
In a pleasing example of the good ol' 'recession, what recession?' spirit, it seems that the luxury and sports car market remained strong in 2010, despite those ever-present 'challenging economic conditions'.
Reflecting Land Rover's strong overall sales in 2010, Range Rover was the best-performing brand for Oracle, accounting for almost 18 per cent of the total finance deals they agreed (more than half of which was for the Range Rover Sport model). Audi was the second most popular car, accounting for 14 per cent of deals, with BMW (12 per cent), Porsche (9 per cent) and Aston Martin (9 per cent) in close attendance.
"Although the challenging economic climate has generally slowed spending on luxuries, we have continued to see a high demand for prestige vehicles," says Peter Brook, Managing Director at Oracle. "We have formulated arrangements and partnerships with the leading lenders in the UK and internationally, which allows us to provide the finance packages to meet our customers' needs. As we aren't affiliated to one car brand we tend to have a very savvy clientele who view finance as a separate transaction to purchasing a vehicle, thereby sourcing the best quotes available."
Luxury Car Market Remains Buoyant
Finance company's findings show prestige car market is bucking economic trend
In fact, prestige car finance specialist Oracle Finance has revealed that it saw an increase in the number of prestige and sports cars being financed over the course of 2010. This amounts to an increase of 11 per cent in comparison with the figures for 2009.
This upturn, says Oracle, is a strong indicator that buyers in the luxury car bracket have been keen to take advantage of low interest rates and strong finance deals without the burden of paying for a vehicle outright.
Part of the reason for the increase in activity at the top end of the prestige market, reckons Oracle, is the relatively low depreciation rates that luxury cars enjoy in comparison with lower-value and lower-spec models. By purchasing a higher-spec model and paying the balance over two, three or four years, buyers aren't taking the hit of laying down large amounts of cash on an outright purchase.
Discussion
Why is a story like this on PH?
I always thought that to be on PH you had to buy your car outright with cash?
We all know that in PH land if you finance a car then you're clearly an idiot, or you're a hopelessy leveraged, re-mortgaged to the hilt BTL chav landlord who can't afford it in the first place.
I always thought that to be on PH you had to buy your car outright with cash?
We all know that in PH land if you finance a car then you're clearly an idiot, or you're a hopelessy leveraged, re-mortgaged to the hilt BTL chav landlord who can't afford it in the first place.
dvs_dave said:
Why is a story like this on PH?
I always thought that to be on PH you had to buy your car outright with cash?
We all know that in PH land if you finance a car then you're clearly an idiot, or you're a hopelessy leveraged, re-mortgaged to the hilt BTL chav landlord who can't afford it in the first place.
I think it depends how you do the finance - we're not talking about going into A N Other car supermarket and getting credit for a 55-plate Corsa... I always thought that to be on PH you had to buy your car outright with cash?
We all know that in PH land if you finance a car then you're clearly an idiot, or you're a hopelessy leveraged, re-mortgaged to the hilt BTL chav landlord who can't afford it in the first place.
yellowbentines said:
How much did Oracle pay for this advert to be today's top news story?!!
Agree... this article is nonsense, buying a top end high spec car does depreciate loads regardless of if you pay for it over 2,3,4 years. This article has no place on PH because it's an advertorial and it's about finance. Urgghhh how dull. You could look at this another (more cynical) way : People have less money, but in order to maintain the lifestyle they now expect for themselves, they are having to turn to finance where before they had the money to buy outright...
To put it another way - people are having to finance the lifestyles that they could once afford without borrowing.
Just a though...
To put it another way - people are having to finance the lifestyles that they could once afford without borrowing.
Just a though...
If nobody bought nice cars on finance there'd be none for us to buy as used cars in the future...
On another note: I worked in estate agency in the early nineties (ie through the property slump) and there was never a shortage of punters for the million pound properties, even if you couldn't give a £50,000 house away.
On another note: I worked in estate agency in the early nineties (ie through the property slump) and there was never a shortage of punters for the million pound properties, even if you couldn't give a £50,000 house away.
dS!" phase they went through about 2 years ago.dvs_dave said:
Why is a story like this on PH?
I always thought that to be on PH you had to buy your car outright with cash?
We all know that in PH land if you finance a car then you're clearly an idiot, or you're a hopelessy leveraged, re-mortgaged to the hilt BTL chav landlord who can't afford it in the first place.
I reasonably sure it is acceptable to remortgage the house, max out the credit cards and sell your wife/husband and children if the car is nice enough.I always thought that to be on PH you had to buy your car outright with cash?
We all know that in PH land if you finance a car then you're clearly an idiot, or you're a hopelessy leveraged, re-mortgaged to the hilt BTL chav landlord who can't afford it in the first place.
PhantomPH said:
You could look at this another (more cynical) way : People have less money, but in order to maintain the lifestyle they now expect for themselves, they are having to turn to finance where before they had the money to buy outright...
To put it another way - people are having to finance the lifestyles that they could once afford without borrowing.
Just a though...
You are being narrow minded... Just hypothetically speaking.... I make more than 50% interest in my funds, even more on the Russian one (about 100% a year)... why should I take my money away to buy a expensive car when the interest rate on my 300k super sport car is less than 10% a year...To put it another way - people are having to finance the lifestyles that they could once afford without borrowing.
Just a though...
Make the math....
I think I first noticed these ads in The Sunday Times motoring section about 4 or 5 years ago, advertising Audi RS4s for about £499 pm IIRC.
So come on, humour me, those "in the know" what are the "final payments" and APRs like on these deals then?
I've never used any sort of lease but, unlike the rest of PH, am happy to admit that I have used the odd 'straight' HP deal in the past.
So come on, humour me, those "in the know" what are the "final payments" and APRs like on these deals then?
I've never used any sort of lease but, unlike the rest of PH, am happy to admit that I have used the odd 'straight' HP deal in the past.
Digga said:
I think I first noticed these ads in The Sunday Times motoring section about 4 or 5 years ago, advertising Audi RS4s for about £499 pm IIRC.
So come on, humour me, those "in the know" what are the "final payments" and APRs like on these deals then?
I've never used any sort of lease but, unlike the rest of PH, am happy to admit that I have used the odd 'straight' HP deal in the past.
There are lots of deals to be done - Lambo offer 3.5% APR and Mercedes anything from 3.5% top 6% depending on model. So come on, humour me, those "in the know" what are the "final payments" and APRs like on these deals then?
I've never used any sort of lease but, unlike the rest of PH, am happy to admit that I have used the odd 'straight' HP deal in the past.
Despite what the article says, I've always found depreciation is still a major deterrent for me from buying new... financing it won't change that, you still need to pay a good deposit.
PhantomPH said:
You could look at this another (more cynical) way : People have less money, but in order to maintain the lifestyle they now expect for themselves, they are having to turn to finance where before they had the money to buy outright...
To put it another way - people are having to finance the lifestyles that they could once afford without borrowing.
Just a though...
WHICH IS VERY LIKELY TO BE THE TRUTH behind all that, IMO.To put it another way - people are having to finance the lifestyles that they could once afford without borrowing.
Just a though...
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