Buyers return to sports cars and petrol power

Why might EVs be out of favour? Perhaps the novelty of the new has worn off; maybe buyers have tried electric and found it doesn’t suit their lifestyle; or has the rapid depreciation of models like the Porsche Taycan and Audi e-tron GT put them off for now? Or maybe for good.

While EVs and SUVs have fallen back, sports cars, supercars and grand tourers – the sort of thing you’re more likely to read about on The Intercooler, essentially – have enjoyed a resurgence. Such vehicles made up 40 per cent of JBR’s agreements two years ago, but today it’s just over half (51 per cent).

JBR Capital founder Darren Selig has one theory as to why – the rise of community around luxury car ownership, which means people increasingly want something special in their garage, not just a car that makes the commute more bearable. ‘There is now so much more you can get involved with and do with your supercar, thanks in no small part to players such as our long-term partners Supercar Driver and The Intercooler. From coffee meets and track days to regional and long-distance European tours, there are now so many more opportunities to meet up with likeminded enthusiasts,’ he says.

Incidentally, the report defines a luxury car as ‘a vehicle positioned within the upper segment of the automotive market, typically valued above £50,000, and recognised for delivering superior levels of performance, quality, equipment and refinement.’ Not just rare six- or seven-figure exotica, in other words.

The report is centered around used cars rather than brand new ones, but there is a common trend – used luxury cars, just like new ones, are getting more expensive. Five years ago, the average price of a used luxury car was £97,000, according to JBR’s data. Today it is £127,000, a sharp 31 per cent increase. Meanwhile, classic cars have registered an even greater increase over the same period (39 per cent).

The most popular manufacturers? Porsche, inevitably, followed by Land Rover, Mercedes, Lamborghini, Ferrari, BMW, Bentley, McLaren and Aston Martin.

The most popular models? Yup, the Porsche 911, then the Range Rover Sport, Lamborghini Urus, Audi R8, Land Rover Defender, Mercedes G-Class, Bentley Continental GT, Lamborghini Huracan, Ferrari 488 GTB and Porsche Cayenne.

In terms of used values, certain marques have performed very well in the last few years. Ferraris, for instance, are worth 35 per cent more today than they were in 2021 (up from £155,000 to £210,000), while Land Rovers have increased in value by almost 30 per cent (from £67,000 to £86,000). McLarens, on the other hand, have flatlined at around £132,000, which equates to a drop in value in real terms.

The average age of a supercar owner is just 42 (which gives those of us who turn 40 next year something to aim for…). Interestingly, buyers are now choosing to upgrade their cars far more often than they used to. Whereas a typical JBR Capital customer once settled a finance agreement after around two years, today it’s just 13 months. And by the time they’re on their fifth luxury car, they’ll keep it for only eight months before upgrading. It seems buyers can’t resist the pull of the new.

The key takeaway? No matter what might be going on in the new car world, the sort of machines you and I get excited about are proving to be more popular than ever.

For more information on the report’s methodology or to read it in full, click here.