“I am emotional about engines, if you hurt my car, you hurt my heart.”
One of the most revered names in luxury cars, Bentley. Harmon Okinyo once said, "In today's life, Luxury is Time and Space.” A luxury car provides for that on the road - a moment of self-indulgence on wheels. In your space, in your own time.
Going from one place to another, or without a reason at all, just hitting the peddle for the sake of it.
Bentley Monaco was one of the first to attend the Myth vs Reality Circle events. Laura, who has attended the inaugural event as well as the Maybourne Riviera Ceto event kindly agreed to answer some myths surrounding luxury cars.
Why not also share your take on the questions too.
Asking someone else to drive your sports car is like asking someone else to kiss your girlfriend.
1 - Luxury cars need regular and high maintenance
Do luxury cars need regular and high maintenance?
Yes
No, not if you treat them as they should
Not sure, I guess like any car
According to Laura, it is rather true! And maintenance is much more expensive than on "classic" cars.
2 - There are no financing options for luxury cars
There are no financing options for luxury cars
True
False
Don't know
According to Laura, that's not true. On the contrary, we do a lot of financing at Bentley.
3 - Luxury cars do not have lucrative resale value
Luxury cars do not have lucrative resale value
True
False
Not sure
It depends a lot on the market and the situation. At Bentley we don't really have any "speculation" because we meet production deadlines (between 6 and 8 months) unlike Rolls Royce or Ferrari, for example, where the cars sell for a lot more because of the waiting times... Customers prefer to pay more for a car and have it right away even if it is officially "used" or has very few kms.
4 - Luxury car owners are often status seekers and more prone to driving longer distances
Luxury car owners are often status seekers and more prone to driving longer distances.
Not true
Yes!
Unsure
It's really random! We have everything in clientele! Very discreet, big fortunes, new rich, in search of status or on the contrary not at all... Passionate or just collectors...
5 - The engineering of a luxury car is of a way higher standard than a regular car
The engineering of a luxury car is of a way higher standard than a regular car
Yes
Not at all
Bit of both
Unsure
Yes rather true but with us it concerns more the work of leather, the sense of detail... the "craftsmanship" as the saying goes. Engine level etc as we are part of a group, we find the same engines and chassis as in other brands!
Take care of your car in the garage, and the car will take care of you on the road.
The Psychology Of Luxury Car Buyers: 7 Considerations
Perceived Value - luxury brands have a higher perceived value compared to other companies.
Status Symbol - a luxury car can act as a status symbol for the buyer.
Self-esteem.
Passion.
Consumer Experience.
Build Quality.
Exclusivity.
Share below what you think is the most relevant one.
Why UHNWI consider a luxury car
Perceived Value
Status Symbol
Self esteem
Passion
If you wish to develop the topic further, share your thoughts below to start the discussion.