Press release featured in Car Dealer Magazine, AM-Online, Motoring Research and The Sunday Times.
The number of supercars in the UK has hit a new record high of 23,320 in the past year (year end June 30 2024), this up 4% on the 22,410 supercars in 2022/23, shows new research.
Supercar sales have hit their highest level despite concerns that high-net-worths could be pushed out the country by a raft of tax rises.
The most popular supercar brand in the UK is Ferrari, with 14,714 cars currently on the road. However, Lamborghini ownership has grown the quickest of any supercar, with an 8% increase to 5,421 cars in 2023/24.
The Government’s long heralded plans to scrap the non-dom tax regime is expected to see a long number of high-net-worths leave the UK and depress the number of supercars owned in the UK. Data from Henley and Partners shows that more than 9,500 millionaires left the UK in 2024.*
Other tax increases that will hit UK resident high-net-worths include an increase in the higher rate capital gains tax from 18% to 24% and an increase in stamp duty from 3% to 5% for additional property purchases.
Brian Carey, partner in our Sittingbourne office, says higher interest rates should also have dented supercar sales as many supercars are bought using debt finance, with higher interest rates pushing up the cost of this finance.
Brian Carey commented:
“Higher taxes for wealthy people might lead to supercar sales peaking. However, the UK has such a good track record in creating wealth and in attracting high-net-worth individuals that we wouldn’t be surprised if sales growth resists these headwinds.”
“Supercars are now seen as an alternative asset class amongst the ultra-high-net-worths. The expectation is that their rarity value will push their prices up as opposed to suffering rapid depreciation like a normal luxury car."
Global profits for Ferrari reached €1.5bn in 2024, up 21% on the €1.2bn in profits it recorded in 2023.
*Source: Henly and Partners, June 2024
