Supercars remain a symbol of prestige. Yet, there are many aspects that people often overlook, such as the hidden costs that this lifestyle demands and the compromises of adjusting to the UK’s limitations. Supercar ownership can be challenging, but understanding these realities is key before turning that dream into a driveway reality.
How Many People Own a Supercar in the UK?
The number of people who own a supercar in the UK has been increasing. The 2024 hit the highest record of UK supercar owners with 23,320. This number has a 4% increase from the number recorded in 2022/23, which was 22,410. This came as a surprise, as there was a lingering concern about tax rises.
Ferrari came out as the brand that was sold the most. 14,714 cars had been reported to have hit the road. Despite this number, Lamborghini ownership had shown the quickest growth among other brands. There’s an 8% increase in Lamborghini ownership, with 5,421 more sold in 2023/24.
These numbers may change soon due to the UK Government’s plans to end the non-dom tax rules. This change leads to high-net-worth individuals choosing to instead leave the UK to avoid the aftereffects of this change. Over 9,500 millionaires have already chosen to leave the UK, so this number is expected to grow. With that being said, the number of supercars bought in the UK might decrease soon.
That’s not all that supercar owners must face in the UK. Other tax increases will affect high-net-worth individuals, especially the higher rate capital gains tax, which has increased from 18% to 24%. There’s also an increase in stamp duty, which has gone from 3% to 5% for every additional property bought.
Higher interest rates would affect supercar ownership, as many owners are financing their purchases through debt. With a higher interest rate, the cost they must pay would be greater going forward.
Still, there’s no certainty that supercar sales would drop because of these changes. This is because many high-net-worth individuals see supercars as an alternative asset class. That way, there’s still some expectation that these cars’ rarity value will crank their prices up and won’t be affected by depreciation as much as normal luxury vehicles.
The Motives Behind This Surging Number
There are a few reasons why there are many more people buying supercars in the UK. One of them is the “you only live once” mindset that many high-net-worth individuals have adopted. Thus, they’re more motivated to spend on luxury items, including finding the best supercars to purchase. However, many people who currently own a supercar have also been saving, as they weren’t able to spend too much during lockdown.
Another big driving factor that drives more people to spend on a supercar is a cryptocurrency windfall. Crypto users seem big fans of Lamborghinis to the point of birthing a new ‘where Lambo?’ meme that featured an ape associated with crypto profits that led to a Lamborghini purchase.
With the economy slowly recovering post-pandemic, low interest rates made supercars more accessible in the previous years. However, some individuals have also been assumed of fraudulently spending money from BBLS and CBILS loans to buy their supercars.
The Reality of Owning a Supercar in the UK
Before you even own a supercar, there are various concerns that you must consider.
Security
Car theft has been an ongoing problem in the UK. Demands for car parts are increasing, and with various supply chain problems, prices for parts have been increasing. Some areas within the country had experienced a rise (25% or over) in car thefts. People saw their cars stripped and sold for parts. In this case, supercars would be a really attractive target for thieves.
Although supercars often come with high-quality security systems, criminals now know how to bypass these measures. When you own a supercar, you’ll have to invest in additional security systems, such as immobilisers or trackers that can keep the car safer.
Immobilisers can help prevent forced entry, making the thieves unable to drive away with your car. Meanwhile, trackers can help you increase your chances of recovering your car in case it’s stolen.
Although additional security measures are optional, your insurance provider would like to require them due to the car’s high value as a part of their policy. There are insurance-approved immobilisers that would be the most recommended choice on the market. They’re largely undetectable and allow owners to disarm using control buttons inside the car.
This goes the same for trackers. UK police forces can help search for stolen vehicles using VHF-broadcasting trackers, so your insurance provider would recommend a specific tracker to buy. In addition, the tracker you use must be operational and active, which requires a paid subscription, as without it, the policy would be void and your claim would be declined.
Storage
Owning a supercar means you must understand how to properly store it when it’s not used. Storage spaces should be your first consideration when buying. Consider the security of your storage space. Are they equipped with good security measures? Some owners build an alarmed garage with high-security gated and also install multiple CCTV’s.
This is another requirement included by insurance companies. Some specify at what times your supercars should be inside, such as between 10 PM and 6 AM.
If you don’t have the space to store your car, there are several facilities offering a secure location built for high-value vehicles. The facility would provide everything, including an air-conditioned environment. They’ll also offer services, such as maintenance and regular checks for tires and batteries, while you keep your car in their facilities.
Running Costs
The cost of owning a supercar is different from that of regular cars. These include servicing, repairs, tax, and fuel, which you should calculate before purchasing. This is because different models may cost different amounts to run. In addition, new technology in supercars makes their spare parts hard to find or replace.
You should also consider the difference in cost between an electric and a petrol-powered supercar. Some types require less servicing, but would need specialists to run replacements or have some more expensive parts. On average, the cost of maintenance can go over £10,000/year, with insurance being a big part of that expense.
Supercars are performance-based vehicles. As an owner, you must put importance on expert servicing and genuine parts. Choosing the right suppliers, like Scuderia Car Parts, would help you keep your supercar’s performance and value.
Insurance
We’ve briefly mentioned above that supercar insurance can be costly. This is due to the specialist cover they need to provide that’s beyond a standard motor policy. Supercar or performance car insurances come with an extra policy that reflects the higher value and the higher risk that comes with the car.
Owners would usually start by setting an agreed value for the protection. The insurance will then consider all the details of the car. Depending on the model, the coverage may change, like if you’re insuring a classic car because you’re a collector. The insurance company will also consider your reason for owning the car, for example, if you’re treating it as an asset you invest in.
For owners, thoroughly understanding what’s contained in the policy would be highly beneficial to understand how it can cover the car’s risks. This will be related to the additional security measures we’ve talked about above. If you’re a first-time owner, your broker will be able to assist you.
Driving Habits
Regular cars are made for daily use, and driving them regularly helps keep the vehicle in its top shape. However, supercar owners must think about how often and where they’d drive their car.
Many supercar owners keep their high-performance vehicles in their garages and would only take them out on the weekends. Some had never even exceeded 50 miles per year. Some areas in the UK aren’t suitable for supercar driving despite being one of the top countries known for its supercars. Some roads can be too narrow, the speed bumps are too high, or the road isn’t smooth enough to ensure the car survives the drive unscathed.
As the highest ownership is pooled in high-end hubs, such as Surrey, London, and Cheshire, it can be hard to pull out the supercar as often for a good driving experience. London, for one, contributes to around 20% of all traffic accidents in the UK. However, these owners usually have a second home in the countryside or take a long trip to the countryside for a safer, leisurely driving experience.
The thing about cars, including supercars and hypercars, is that regular driving can help keep their components from deteriorating. Owners who can’t drive them as often, or choose to keep them inside for a long time, must always do an extra check. These include the battery (if the car is electric), tires (especially for EVs, which have heavier bodies), and other components to ensure their cars remain in the best shape.
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