3:53 pm, October 5, 2022
American supercar buyers swooped ‘in for the kill’ and snapped up ‘bargain’ luxury cars as the exchange rate plummeted last week.
Luxury supercar seller Tom Hartley told Car Dealer his phone has been ‘ringing off the hook’ in the last week as the pound crashed against the dollar.
Hartley said he did three deals with American buyers as the exchange rate plummeted and has two pending for this week.
He suspects many more will flock to these shores to snap up the ‘bargain supercars’.
He said: ‘These collectors don’t really look too closely at the car prices, they look at the exchange rates and when there’s a big drop like there was last week, they go in for the kill.
‘My phone didn’t stop ringing last week with buyers from America wanting to snap up cars here because the drop in the value of the pound meant some cars were £50,000 cheaper to them.
‘These fluctuations in the exchange rate have a huge impact on these buyers and I suspect they’ll be more. The pound may have recovered a little but it’s still not where it should be and there are still deals to be had.’
Hartley said the American buyers were looking for classic Ferrari models as well as Porsche and Lamborghinis.
He said one deal on a Mercedes G650 Maybach (main image) was done with an American buyer.
‘When the economy catches a cold, these rich buyers snap up assets,’ Hartley explained.
‘There’s not a lot of trust in banks and with a classic car they can buy something that will appreciate and be something they enjoy.
‘There was a time when these buyer would go for gold, but not any more – they’re going for classic cars now.’
Last week, the pound fell to a record low of $1.03 following the government’s mini budget.
It has recovered since but is still down by more than 17 per cent against the dollar since the start of the year when it was trading above $1.37.
Market commentators predicted the weakened pound could also lead to businesses abroad making a sweep for UK listed firms.
‘It’s not just companies that look cheap,’ said Hartley.
‘Cars do too. I’ve seen it before and am not surprised.
‘But the market for these high-end luxury cars, that are often one of a kind, is global and we sell them to a global customer base.’
Main image: Tom Hartley
