Premium cars avoid petrol backlash

19/04/2011

The market for high-priced vehicles has managed to avoid any negative impact associated with the recent petrol price hikes in the UK, according to industry experts Glass's.

Buyers have continued to flock towards luxury cars, large prestige SUVs and supercars despite pump prices reaching record highs. 

Average values for family cars have increased by around 2 per cent since January, while large 4x4s have increased by double this amount.

Despite the premium car market resulting in higher fuel and car insurance costs, Glass's managing editor Adrian Rushmore said the sector had proved resilient.

"In fact, the sector that could be described as the most fuel inefficient appears to be thriving, namely the prestige 4x4 sector that has recorded price resilience not seen in any other area of the market," he said.

"Fuel is the second largest cost of vehicle ownership, so there is a strong argument that all used-car buyers should give more consideration to pump prices.

"A used-car purchase only takes place every three or more years so it is important to consider not only fuel prices today, but also the extent to which they are likely to increase over the entire period of ownership."