Western Australia’s economic boom is fuelling unprecedented demand for luxury cars, with dealers of some marques having sold out of their top-line vehicles for the next two years.
Western Australia’s economic boom is fuelling unprecedented demand for luxury cars, with dealers of some marques having sold out of their top-line vehicles for the next two years.
Dealers also say that, while demand is increasing, the average age of buyers has been falling, highlighting the wealth being generated by a youthful band of entrepreneurs across a range of business sectors.
The demand for late model luxury cars comes at the same time as men in their 50s and 60s take a nostalgic journey back 20, 30 or even 40 years by pouring thousands of dollars into cars they had always wanted to buy when they were growing up.
Fremantle Motor Museum chief executive Graeme Cocks says cars made in the 1970s are becoming popular all over again.
“For someone between 50 years or 60 years of age, then something like the Jaguar E-type is popular because it was the ultimate car when they were a teenager,” Mr Cocks said.
“Now that they have the money to afford them, they’re going out and getting them.”
That goes some way to explaining why the cost of 1980s muscle cars is starting to climb.
For instance, the Torana L34, the model that Bob Morris raced at Bathurst in the late 1970s, is now selling for between $300,000 and $400,000, Mr Cocks said.
“GT Falcons are approaching $1 million,” Mr Cocks added.
As the older generation swoops on Rolls Royces and Bentleys from the 1930s through to the 1970s, a younger breed is buying their dream cars right now, due to the fortunes being generated from WA’s minerals boom.
Chellingworth head of marketing Paul Perich said the average age of a Bentley buyer had been falling across the globe, however it was lower in Perth.
“Internationally, the average age of a Bentley driver is 45 to 50 years old, whereas it used to be 55 years and up,” Mr Perich told Business Class.
“Over the past two years the average age of a Perth buyer has been lower again.”
Thirteen Bentleys were sold in WA in the nine months to the end of September, double the number sold for the same period last year, according to the Federal Chamber of Automotive Industries’ latest VFACTS sales bulletin.
Bentley’s sales performance joins impressive growth from other marques, including Lotus, with eight sold so far this year compared with one last year. Sales of Ferrari increased from four to 15, while there have been seven Lamborghinis sold so far this year, up from two last year.
The Aston Martin has continued its strong performance with 15 sold so far this year, up from nine during the same period last year.
Demand for Aston Martins remains strong.
Business Class understands the WA quota of Aston Martin DBS cars, the model used in the James Bond movie, Casino Royale, is sold out until 2010. It doesn’t even arrive in WA until the first quarter of next year.
Only 500 are expected to be made worldwide, with the four cars expected to come to WA in the next two years already pre-sold.
Business Class also understands that Ferraris are becoming hard to source, with new purchasers unlikely to get a new vehicle for about three years.
Mr Perich said Chellingworth was selling more top-end models than dealers on the east coast.
“We sell a disproportionate amount of Porsche Cayenne Turbos compared to the other states,” he said.
Mr Perich said the demand for higher quality vehicles was a result of the resources boom, but also the size of Perth.
“It is also a smaller town so everyone knows everyone and everyone wants to know they have something that is better or faster,” Mr Perich said.
“People are happier to spend more money to make it special, quite often adding another 5 per cent to 10 per cent on accessories.”
