UK supercar ownership hits record high due to crypto boom: ‘You only live once’ culture drives Lamborghinis sales
Supercar ownership in the UK has jumped by nearly a fifth, from 15,229 vehicles in 2020 to a record 18,186 in 2021, according to new research shared with Morning Wire this morning.
Many wealthy individuals have adopted a ‘you only live once’ mindset and have been more keen to spend on luxury items like supercars, accountants at UHY Hacker Young told this paper today.
Some high net worth individuals bought supercars with the increased savings they had from being unable to spend on travel and leisure during lockdown.
Cryptocurrency windfalls have also boosted supercar ownership, particularly Lamborghinis. This trend even spawned the meme ‘where Lambo?’, featuring an ape that associated the profits of cryptocurrency trading with purchasing a Lamborghini.
The combination of a sharply recovering economy post-Pandemic and low interest rates had made supercars a more accessible purchase for some.
There have even been suggestions that a few individuals may have fraudulently spent money from Government-backed CBILS and BBLS loans on supercars for themselves.
Supercars are known for their speed and cost, with the average price tag in the UK at over £770,000. Household-name brands such as Ferrari, McLaren and Lamborghini are instantly recognisable as high performance vehicles and symbols of prestige.
With interest rates on the rise and a recession expected, supercar sales are expected to be challenged.
David Kendrick, partner at UHY Hacker Young, said: “After a very difficult pandemic period, a lot of wealthy individuals treated themselves to a supercar last year.“
“The wash of money from the government and central banks into the economy has inadvertently helped supercar sales in unexpected ways such as ‘overnight’ cryptocurrency millionaires and extremely low cost finance for supercars.”
“Ferrari remains the biggest selling supercar, but Lamborghini is quickly becoming the supercar of choice among crypto investors,” he added.
Ferrari
The most popular supercar brand in the UK is Ferrari, with 11,954 cars currently on the road.
However, Lamborghini ownership has grown the quickest of any supercar, with a 59 per cent increase to 2,419 in 2021.
McLaren has grown in popularity, likely the result of the success of the Formula 1 team that competes with Ferrari, with a 13 per cent increase to 2,367 vehicles on UK roads.
Bugatti and Koenigsegg remain the most exclusive supercars, with 16 Bugattis and under five Koenigseggs currently on UK roads.
Westminster, home to a significant number of billionaires in areas like Mayfair and Belgravia, tops the supercar table with 553 cars.
Kensington and Chelsea come second with 507 and Buckinghamshire, home to wealthy towns such as Beaconsfield and Gerrards Cross, came third with 453. Woking grew the fastest in the top 10, with a 40 per cent increase from 155 in 2020 to 217 in 2021.
Out of the top ten areas for supercars, only two are not in the South East of England.
East Cheshire, known for its ‘Golden Triangle’ of wealthy villages is home to some of the most famous Manchester and Liverpool-based footballers and 321 supercars. The other is Birmingham with 175 supercars.