, passenger car sales sank 10% in 2020, compared to the year before. But luxury car sales (defined as a car costing more than $80,000), doubled year over year.
Just about every luxury automaker finished the year strong enough to make up for a flimsy previous six months.
Bentley, the British manufacturer of luxury cars, reported its best sales in over 100 years. Lamborghini, too, declared 2020 to be its most profitable year to date. This was due to a record-breaking final quarter, which based on the pre-orders, looks set to continue well into 2021.
Even Rolls Royce, who announced their sales were down 26% last year, has just declared Q1 2021 to be the best in its history. According to
Record-breaking sales of luxury cars is a sign that the world’s wealthy have cash to burn!
It has been widely reported that the ultra-rich have added trillions of dollars to their portfolios since COVID-19 began. Largely thanks to rising stock markets, the world got 412 new billionaires in 2020, per
Due to the pandemic, the things that wealthy people usually spend their money on, including trips, expensive restaurants and so on, have been unavailable. As a result, they are turning to expensive goods like luxury cars to fill the void.
Surprisingly, these luxury car buyers may not be from the demographic you are imagining. In speaking to CNN about the sales boom, data analyst Tyson Jominy said, "the rich Millennial tech employee in Austin is now the archetype."
"Alex Healey is an insurance writer specializing in car insurance and personal finance. Alex’s mission is to create informative, just-in-time content for car owners and buyers. Alex has written articles for Jerry on topics ranging from hybrid vehicle rankings to used car costs. Before joining Jerry, Alex worked as a digital content specialist and editor for brands including InsuranceHotline.com, Rates.ca, and Booking.com. When not writing for Jerry, Alex continues to build his freelance digital content portfolio in the insurance and automotive industries. "