How Social Media Impacts the Value of Exotic Cars
Social media is great for communicating with friends and family, but brands are also finding that it’s a great way to connect with consumers and influence buying decisions. Deloitte published a report in 2015 that showed how social media influences consumer behavior. This is particularly true among millennials; 47% of that group stated that social media heavily influences their purchases. Other age groups came in around 19%. When it comes to the value of exotic car brands, social media is definitely a major influence on market value.
Marketing Research firm Black Book published a report on how social media influences the value of classic and modern luxury cars. They found that platforms like Instagram, Twitter, and Facebook have a significant impact on the top automobile brands worldwide. When people log onto their accounts and see their favorite celebrities standing alongside their hot, exotic rides, they act accordingly.
This is in part due to a younger generation becoming avid collectors of exotic cars, primarily sports cars. This is driving up the prices, particularly at auctions and marketing firms are crediting social networking with this boom.
There was a time when only the most elite celebrities like Marilyn Monroe and Frank Sinatra could afford high end, exotic cars. Because they had no outlet to “brag without bragging,” they were discreet when it came to their rides. Those days are over though. A celebrity can snap a selfie with their Lamborghini in the background and fans take notice. As a result, interest is raised and values increased.
The proof is in the numbers. When you look at the values of iconic exotics like the Ferrari 250 GTL, Aston Martin DB5 Coupe, and the Mercedes-Benz 300 SL Gullwing from 1977 through 2008, you will see the value appreciation held steady at around 5% a year. However, since 2008 the value appreciation has hit as much as 60% in a single year. And that, kids, is the power of social media.
You follow your favorite exotic brand on social media. You’ve been thinking about taking the plunge and putting one of their cars in your own garage. Now is the time to make it happen and Woodside Credit can get you there. Complete a Quick Quote right on our website and let us help put you behind the wheel of your next great dream car.
