After the Covid-19 epidemic, a new era of economic inequality seems to be starting in the world. While the poor people are getting poorer than before, the wealth of the wealthy is increasing manifold. The biggest example of this is the increase in the sale of luxury cars. In 2021, most of the world's luxury car companies recorded record sales. This trend continued in 2022 as well.
While general automobile companies and buyers grappled with expensive loans, rising component costs and supply chain issues, luxury car companies once again set new sales records.
Britain's luxury car company Bentley sold 4% more 15,174 cars in 2022 than in 2021. This is a record sale for the company. In 2021, Bentley sold a record 14,659 cars with 31% growth. In 2020, this figure was 11,206. Another luxury brand Lamborghini's sales rose 10% last year to 9,233. Porsche sales up 3% and record sales in North America. Rolls-Royce sales rose 8% to 6,021 cars. Customers spend an average of Rs 5 crore per car for Rolls-Royce. Most of them were those who already have Rolls-Royce or any other luxury car.
In the last three years since Covid-19, the use of cash in the purchase of luxury cars has increased rapidly. Jonathan Smoke, chief economist at Cox Automotive, says, “Last year many wealthy people bought luxury cars in cash. This trend is expected to grow more than ever this year. Amidst the volatility in the stock market and economic uncertainties, Dhankuber, who has huge cash reserves, is spending dollars on luxury items. Meanwhile, auto loans have become the costliest in 20 years. This is also a reason for not getting finance.
The worldwide sales figures of luxury cars look less than the cars sold in India in a month. But, if you look at the price, then it can be many times more. Cars like Bentley, Lamborghini, Rolls-Royce have an average price of around Rs 4 crore. That is, in the price of a luxury car like this, 100 entry level cars can come in India.