There are more Prestige Luxury cars than ever on Northern Ireland's roads, and experts are predicting a rise in the number of Bentleys and Rolls-Royces that will be able to make a profit from cryptocurrency.
A national accounting group analysed the data and found that there were 221,124 prestige cars on Britain's roads by 2020. This includes brands like Aston Martins or Maseratis. However, numbers have increased by 9.2 percent to 241,391 last year. It was also discovered that supercar ownership has risen by 19% over the same period. This group believes this is due to crypto investors investing newfound wealth in high-status motors, before tokens dropped in value.
The impact of crypto on prestige car sales: UHY Hacker Young, a national accountancy group, says that ownership of prestige cars like Rolls-Royce is at an all-time high due to cryptocurrency investors spending newfound wealth. According to the report, Porsche is the most loved luxury car brand in Northern Ireland and BG, with 173,523 vehicles on the roads last year - a 10% increase over the 157.916 registered in 2020.
Maserati is the most sought-after in recent months. Ownership has increased by 10.3% in the past 12-months. This means that 11,113 Maseratis were driven in the UK in 2017 compared with 10,078 in 2020.
The total number of exotic, high-performance cars that were registered in 2018 was 18,186. This is an increase of 15,299 for 2020.
Northern Ireland has seen a 9.2% increase in luxury cars, with more Bentleys than 12 months ago. Maserati is the most sought-after luxury car brand with 10.3% increase in ownership. This means that 11,113 Maseratis were driven in the UK in 2017 compared with 10,078 in 2020.
According to the report, a crypto-currency boom in 2017 created "overnight millionaires" who could suddenly afford luxury vehicles.
Maurice Hughes, Moy Auto Services, said that luxury car ownership increased in tandem with the recovery of the economy after the pandemic.
Attractive rates were available for prestige cars that could be purchased on finance, with interest rates at historic lows.
According to the accounting company, this made luxury cars affordable for many people who couldn't afford them before.
However, there are some expectations that the luxury car market may slow down as the economy slips into recession. The rising interest rates and the declining value of financed purchases have made them less appealing. Many people are also more cautious about luxury purchases due to the increasing cost of living.
However, brands like <a href="https://www.thisismoney.co.uk/money/cars/article-11081491/No-recession-luxury-car-brands-rich-continue-splash-motors.html">Bentley and Lamborghini reported record-breaking levels of demand and profits in their midyear financial reports</a>. The companies claim to have sold all of the vehicles they can make in 2023.
The report revealed that Porsche is the most beloved luxury car brand in the UK with 173,523 vehicles on the roads last year. This represents a 10% increase over the 157.916 registered in 2020.
Is the Prestige car bubble about ready to burst Rising interest rates and a decrease in the affordability of financed purchases have made it less appealing for many.
Prestige cars were affordably priced for a wider range of drivers because they had ultra-low interest rates.
"We also witnessed how the crypto-currency boom made 'overnight millionaires" who could suddenly afford luxury cars. This was possible due to very low interest rates for financed purchases.
"With interest rates rising and the crypto bubble burst, it is unlikely that people will be able to afford Prestige vehicles so much.
"The Prestige used car marketplace in Northern Ireland should expect a huge challenge until the clouds lift from its economy.