HPI, the leading independent vehicle information provider, has reported that the types of high-end luxury cars favoured by people with Premier League footballers’ wage packets are depreciating quickly.
One such example given by HPI is the Bentley GT Coupe (which isn’t named after Tottenham Hotspur player David Bentley). This vehicle is reducing in price by £500 more per week than it did a year ago – bad news for both cash-conscious footballers and used Bentley dealers.
A Bentley can be bought for £120,000 but will lose £67,000 of its value after 12 months elapses. This time last year it was likely to only lose £41,000 of its value.
HPI Valuations authority Martin Keighley said: "The used-car market offers a reflection of the state of the economy. When the good times roll, the luxury models get snapped up. However, in lean times prestige models flood the market and values begin to plummet."
Mr Keighley believes that the rocketing rate of depreciation means that richer consumers will be forced to change their shopping behaviour. It could even mean that the likes of Robbie Savage, who was criticised for his expensive choice of car while he starred for Derby County in a recent relegation battle, might be tempted to buy a used-luxury saloon whose rate of depreciation might be lower.
"Buyers are going to be looking at how well a vehicle holds its value before splashing out," Mr Keighley warned, adding that even Ferraris and Porsches no longer have "bullet-proof residuals".
Written by Roxy Moran