In a survey of 2,000 motorists by YesAuto UK, only one in six have purchased their dream car. The study also found that sleek black luxury cars are what most of the respondents desired, such as the Aston Martin DBS.
No matter which car you dream of driving, the sale of luxury cars in the UK has been steady, not including an expected dip in purchases in 2020. However, it’s forecasted that between 2022 and 2025, sales of luxury cars will average between 7,500 and 8,100.
In this article, we’ll examine the psychology behind purchasing a luxury car and how it continues to help the market grow.
Living life to the fullest
Research from YouGov shows that 42% of the population doesn’t believe in an afterlife. This could be seen as a contributing factor to the appeal of luxuries, including that “dream” car. Beyond the psychological, you could view this through a philosophical lens. Friedrich Nietzsche, who worked on developing concepts of nihilism and existentialism. Existentialism includes the concept of absurdism, which states existence in general is absurd and that we should embrace it as a positive. We could apply this to why many may consider buying their dream car, as though life is short, why shouldn’t we enjoy it while we have it, and celebrate what we can enjoy.
Perceptions – value, social status, and sense of self
Whenever you see a luxury car, or even the rare occasions you hear a supercar rev its engine on the road, you can’t help but turn your head and wonder what that person does for work. Cars have been seen as a status symbol since they were first brought to the road, and over time, that perspective evolved into brands like Bentley and Rolls Royce being seen as more valuable and unique than the more readily available brands.
In fact, a survey conducted by InsuretheGap.com found that nearly one in five drivers consider themselves a ‘brand snob’ and would be happy to pay more for what are considered prestigious car brands. Having a car that is seen as expensive and valuable in the eyes of others can be a boost to your self-esteem.
For the love of cars
Besides the more scientific analyses as to why people would make these large purchases, it does stand to reason that people are putting the money into luxury vehicles simply because they’re car enthusiasts. When people have a love for something then money isn’t an object – as long as they’re happy with their purchase.
The buyers of these vehicles don’t just see the aesthetics of the cars that these brands offer, they’re more educated on the build quality and the driving experiences they’ll likely offer. Cars aren’t just vehicles to get from point A to point B, as every car offers its own unique driving experience. Enthusiasts and lovers of motoring want to experience these in their essences.
The decision to part with your money for something as expensive as a luxury or supercar isn’t going to be the same for everyone. It could be as complex as self-esteem or as simple as sheer enjoyment.
Sources
https://www.mirror.co.uk/news/uk-news/cars-you-each-decade-your-23558126
https://www.statista.com/outlook/mmo/passenger-cars/luxury-cars/united-kingdom?currency=GBP#unit-sales
https://yougov.co.uk/topics/lifestyle/articles-reports/2021/10/06/yougov-death-study
https://plato.stanford.edu/entries/nietzsche/
https://owlcation.com/humanities/The-Philosophy-of-Absurdism
https://knowyourmeme.com/memes/the-indomitable-human-spirit
https://www.autoexpress.co.uk/car-reviews/65967/midlife-crisis-cars