Now is the time to buy a supercar if you've been on the fence about it.
The high barrier of entry into the realm of supercar ownership has made it so that when it comes to price, if you have to ask, then it isn’t meant for you. However, the world’s tides are changing and given the UK’s recent decision to leave the European Union, the pound’s value has plunged to record lows this month. As a result, Auto Express is reporting that the UK’s array of supercar dealerships are now getting an interesting influx of interested buyers from afar. This January, the pound fell to a 31 year low against the dollar.
This spurred a 20 percent increase in inquiries from abroad at Surrey-based dealership Romans International. To buyers, the increase in the value of the dollar relative to the pound is the light push they needed to get them off the fence and go out and buy a supercar. “Buyers of cars like this tend to be shrewd collectors or investors,” said Paul Jaconelli, owner of Romans International. One thing we can say about that is that we certainly hope not, because it’s hard to imagine cars like these becoming garage queens. On the other hand, it makes sense that investors would be the type of buyer to take advantage of a situation where prices drop in order to make a purchase because they expect that the car will be more valuable sooner or later.
Interestingly, the majority of demand for these cars is for left hand drive models, especially those that are VAT qualified since VAT-qualifying cars (where the UK seller pays VAT to Customs and Excise) can be exported tax-free. Prior to Brexit, there was a huge influx of supercars into Britain as the pound was strong and UK buyers found that they could buy cars for relatively cheap prices. However, the trend has been reversing as the pound has fallen, and it seems that the UK’s supply of supercars is slowly being drained by these eager collectors hoping for a return at resale. So there you have it, now is the time to buy a cheap supercar if you want one. Just make sure to drive the damn thing rather than sentence it to a life under a car cover.