Investors 'going for prestige cars'

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31 December 2010 at 09:15

High-value luxury cars are becoming a more popular investment option for Britain's rich than the stock market, a new study suggests.

Porsche is the most sought after prestige car among the wealthy, with Bentley, Aston Martin and Ferrari following in the popularity rankings.

A growing number of people now own four or more luxury cars, with some of the ultra-rich having collected as many as 30 of the top-end models, including Jaguar and Rolls-Royce.

According to Aviva, a majority (85%) of the owners are male and the value of the prestige car collections insured with the firm is around £350,000.

But most of these expensive cars are used sparingly, with their owners clocking just around 5,000 miles every year, a third less than the national average.

Almost two-thirds of these cars are less than two years old, and half have personalised number plates.

Scott Leonard, high net worth underwriting manager at Aviva, said: "The popularity of owning a collection of high-value cars is growing among the wealthy of the population generally. It is not simply the preserve of A-list footballers and pop stars.

"It seems that people with money to spend and invest are now as likely to add a new prestige car to their possessions as a work of art, so perhaps Porsches are the new Picassos."

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