Great, now the Kardashians can even affect (luxury) car prices
A new Black Book report shows social media can influence a car’s price at auction.
When Kylie Jenner posts a picture of one of her luxury cars on Instagram, she’s doing more than just inspiring envy. She’s boosting the car’s value.
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According to a new analysis by market research company Black Book, Bloomberg Business reports that classic and modern luxury cars with social media presence have better resale value, with models like the Aston Martin DB5 coupe, Ferrari 250 GTL, and Mercedes-Benz 300SL Gullwing appreciating in value by 60 percent every year since 2008.
Social media, Bloomberg explains, allows wealthy exotic car collectors to take note of what celebrities are driving and follow suit. With the improving economy, there are more billionaires with more money to spend on fancy homes, clothes, and cars. From 2013 to 2014, 155 new billionaires were made.
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10 of the most expensive cars ever sold:
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However, not every affluent person has a social media account, and those prone to the “Instagram effect’’ are typically the newly rich, McKeel Hagerty, founder of Hagerty Insurance told Bloomberg. The most Instagram-worthy cars? Ultra-expensive and ultra-exotic ones like Astons, Ferraris, and Lamborghinis. (The sticker price of a 2015 Lamborghini Huracan is $240,745.)
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“Lamborghini has sold more cars in the last 10 years than they sold in the past 40 combined,’’ Hagerty told Bloomberg. “They went from making a few hundred a year in the ’70s to making thousands last year.’’
Though celebs undoubtedly make these cars seem more desirable, can too much exposure take away a model’s rarity?
Maybe, but in the mean time, it doesn’t seem to be deterring the exotic car market, and it certainly isn’t stopping stars from posting pictures of their whips.
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