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Low Car Supply Forces The Wealthy To Buy Used Rolls-Royces, Bentleys
Low car supply due to waiting time and chip shortages forces the wealthy to buy used Rolls-Royces and Bentleys.
Nearly 75 percent of Rolls-Royce North American sales lately came from its used car program.
Bentley pre-owned sales also increased by 150 percent from January to May of this year.
Wealthy customers are reportedly buying used luxury cars from brands like Rolls-Royce and Bentley as fewer new vehicles are arriving at dealership due to the shortage of semiconductor chip.
According to Automotive News, both brands are seeing significant increases in their certified pre-owned programs. The outlet said nearly 75 percent of Rolls-Royce North American sales lately came from its Provenance used car program.
Bentley certified pre-owned sales also increased by 150 percent from January to May of this year. Those in the market for SUV reportedly preferred pre-owned Rolls-Royce Cullinan or Bentley Bentayga despite having the wealth for a brand new one.
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A brand new Rolls-Royce Wraith, which starts at around $345,000, depreciates by 20 percent (or by $69,000) the moment the ultimate grand tourer is driven off from the dealership.
Another 40 percent ($138,000) is lost after five years of owning the Wraith while the Rolls-Royce Ghost sedan will depreciate by 45 percent after five years.
Despite the obvious depreciation in value of the British made luxury cars, wealthy customers, who are not prepared to wait (Rolls-Royce order books already full for the next six months) now settle for cars that are not totally brand-new.
This exclusive pre-owned programs have multiple levels of inspection and warranty options along with maintenance that makes buying a low-mileage two- or three-year-old vehicle a smarter deal.
But Rolls-Royce and Bentley are not the only high-end luxury car brand that are experiencing a boom in the used-car business.
Nic Brown, acting president of McLaren North America, is noted that a used 765LT now sell for 40 percent its starting price.
“McLaren 765LT coupes are trading on the pre-owned market up to 40 percent over MSRP, which is staggering”
Source : Automotive News
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