With the recent tough economic climate its true to say the volume players in this segment (Aston Martin, Bentley and Porsche) have had a tough time of late. It's been accentuated by the fact that these manufacturers had strong volume growth in the past decade with models such as V8 Vantage, GT Continental Coupe and Cayman, Cayenne etc. However with the recession has come a more difficult landscape for new cars and late used and the past volume increases has perhaps meant too much choice for the customer which has now given them better bargaining power. Bonuses on new cars have been higher to combat this and finance deals attractive which has helped the cause, however with another period of uncertainty ahead, the pressure will remain. It's not very often that new car discount and bonnet bonuses on Porsche are commonplace and when they are you know the market is a tough one...
Talking of Porsche they have a year of new products which will see most of their range refreshed by the end of 2011. This will put some pressure on old model late used values but most already represent value and are unlikely to be impacted too much. At present Panamera (disappearing to the Far East at £10-15k more than UK trade values) and Cayenne (especially the thin on the ground diesel and hybrid) are in demand, with Cayman for once slightly off the boil. Boxster has spring around the corner and values are expected to be mildly on the rise over the next month. 997 remain good news at 18 months and over (as do most models), however caution should be used at the late plate due to bonuses and new product refresh.
Ferrari values remain strong and as many late vat qualifying used examples and a good percentage of new cars are exporting this has meant cars are thin on the ground in the UK. As usual it's the V8s that remain most in demand with 360 looking value. This trend for exporting has been evident in the prestige market for some time and the exotic market has seen this action increase in the past 12 months. The exchange rate works well for Australasia, (the list price is much higher in these regions) so the cars represent value for the end customer and the UK seller sees a greater margin via the VAT element. New product wise California has now settled down, the car is still in demand but the overs prices that were being fetched have subsided, leaving the 458 to take up the reigns as the latest "must have" toy for the wealthy.
Lamborghini remain a tricky manufacturer to value and research, with 2 similar cars being worth tens of thousands of pounds less or more than a near identical one and with larger differences between franchised and specialist asking prices than any other brand I know. However volume is minute and it's a brand with a passionate following, even if according to one of my leasing contacts, many end up being repossessed...If you can help it, it's best to avoid one of these examples, whatever the price!
Aston Martin have resorted to large bonuses on new product to shift old stock and this has impacted on late used values, DBS suffering most as it's no longer the new kid on the block. At almost double the cost new price of the excellent V8 Vantage, I'd suggest it's a tough sell now it's a few years old. Rapide is also having some difficulty, perhaps suffering from something of an identity crisis. Its not as sleek as other Aston offerings and is not as spacious as other offerings in this sector (Panamera for example). However Vantage V8 and DB9 price range are performing better and as for Cygnet, in the words of several of their dealers, it's perhaps best we don't go there...
Bentley also suffered some residual value pain in the past few years, volume again being the main contributing factor. However lately values have plateaued on the Continental range with the right GT coupe, Flying Spur and GTC looking value for money and attracting strong bids in the right spec.
Going forward I imagine the next 12 months will see similar fortunes for the above brands, it's clear that for the volume players the market will remain hard work for the foreseeable. For the likes of Ferrari and Lamborghini the lower volume levels involved are likely to stand them in good stead, in this scenario less really is more.
by Richard Crosthwaitem Prestige Car Editor, Glass's Guide
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