Motoring
Footballer’s favourite, the Bentley GT Coupe is depreciating at £500 more per week than it did 12 months ago, reveals HPI, the leading independent vehicle information provider.
This means owners will lose over £67,000 in value, which is 56% of its £120,000 new price tag, in the first year. According to HPI’s valuations experts, depreciation on a new Bentley was just £41,000 this time last year, making it a 22% increase and offers consumers a list of cars worst hit by residual value.
Ouch! “The used car market offers a reflection of the state of the economy,†explains HPI Valuations authority Martin Keighley. “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.
Over recent years, many luxury and sports cars such as Bentley, Aston Martin and Lamborghini have been bought on the back of the flourishing economy, by those with huge city bonuses or Premiership wages.
However, there are now large numbers of these 1-3 year old vehicles struggling to find buyers in a difficult market. With consumers lacking confidence or simply unable to get the finance deals that were once open to them, these boom models are around in much higher numbers, thus values are taking a huge hit.
Other cars taking a hammering at the moment are Porsche Boxster, 911, Cayenne, Audi A4 Cabriolet, A8, TT, A6, Q7, Saab Convertibles, BMW Z4, X5, X3, M3, 5 Series, 7 Series, Volvo V70, XC90, Mercedes ML, SL, CLK, SLK, Aston Martins and VW Toureg.
VW Toureg? Since when did that car, nice as it is, become a ‘supercar?’
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