Surge in used supercars on the market as ‘wealthier drivers feel the pinch’

Ferrari chief discusses shifting gear into electric motoring

The number of used supercars listed for sale on Auto Trader has jumped more than 40 percent in the last 12 months as drivers look to sell high-end models.

Research from the online marketplace showed 3,194 cars listed for sale for £150,000 or more during April, compared to just 2,252 in April last year.

Despite the growing number of supercars up for sale, there has been a four percent drop in the number of enquiries for cars priced above £150,000.

This could be signalling a waning appetite and changing attitudes for buyers when buying a luxury model.

The most expensive models are now taking an average time of 80 days to sell – an extra 24 days when compared to April 2022.

Ferraris, Lamborghinis, Porsches, Land Rovers and Bentleys account for the majority of newly added £150,000-plus vehicles for sale.

McLaren was the only manufacturer to show a drop in listings compared to the same time last year.

The luxury Italian brand, Ferrari, accounts for one in five of all vehicles listed for more than £150,000 with 627 cars for sale.

This is followed by 462 Lamborghinis and 460 Porsches, with motorists looking to offload their high-ticket items.

Don’t miss…
Little-known Highway Code rule can see drivers fined £80 for picking someone up[WARNING]
‘Running costs’ of electric cars are a ‘big barrier’ for used EV market[COMMENT]
Car maintenance costs forcing motorists to use dangerous vehicles[SHOCKING]

The most popular model has consistently been the Lamborghini Urus SUV, making up 11 percent of all enquiries to retailers.

Richard Walker, Auto Trader’s data and insights director, commented on the trend of people looking to sell their expensive vehicles.

He said: “The wider used car market remains robust, but judging by the big jump in £150,000-plus cars for sale in the past 12 months the same can’t be said for the very top of the market.

“The figures signal that some wealthier drivers are feeling the pinch and are now more willing to part company with their supercars.”

Get FREE MOT with Halfords Premium Motoring

£100 £4.99 a month View Deal

Halfords is offering an incredible deal where you can join the Premium Halfords Motoring Club and get FREE MOT from just £4.99 a month. With benefits worth over £100, don’t miss the chance to join now.

You can get also get a FREE membership when you join the Halfords Motoring Club, which includes a FREE 10 point car check, £10 off MOT and more. 

The two most expensive models on the Auto Trader website are two Ferrari models, with the most expensive, a Ferrari Laferrari, having an asking price of £4,684,950.

The 2016 model has 2,350 miles on the clock and is over £1million more expensive than the Ferrari Enzo in second place with a price of £3.3million.

Generally, the used car market has been healthy in the last year, with motorists looking for cheaper, used cars than paying more for new models.

The current average price of a used car is £17,946, which is up 3.6 percent compared to 12 months ago.

Source: Read Full Article