Crypto millionaires buy Lambos as supercar ownership hits record high

Supercar ownership in the UK reached a record high in 2021 as millionaires stuck in lockdowns used pent-up savings to treat themselves to a new Ferrari or Lambo.

Over 18,000 supercars were added to the UK’s roads in 2021, an increase of 19% on the previous year, with Ferraris being the most popular vehicles after almost 12,000 were sold, according to data from accountancy firm Hacker Young.

Lamborghini sales jumped almost 60% to 3,849 vehicles. It’s believed the hike in sales is down to the supercar’s popularity with crypto investors, with the “Where Lambo?” meme of an ape being regularly shared among Bitcoin enthusiasts.

UHY Hacker Young partner David Kendrick said: “The wash of money from the government and central banks into the economy has inadvertently helped supercar sales in unexpected ways such as ‘overnight’ cryptocurrency millionaires and extremely low cost finance for supercars.”

“Ferrari remains the biggest selling supercar, but Lamborghini is quickly becoming the supercar of choice among crypto investors.”

London’s swanky districts of Mayfair and Belgravia came top in the UK for supercar ownership with a combined 553 cars, closely followed by Kensington and Chelsea with 507 of the luxury vehicles.

The average supercar sold for £770,000 in the UK, while prices for a new Bugatti start at a staggering £1.4 million. The average price for a new car is £42,054, according to What Car? data, while prices start at £18,385 for the UK’s most popular car, the Ford Fiesta.

The UK’s supercar market is poised for a downturn in the coming months, however, as rising inflation and interest rate rises make investing in the luxury vehicles less attractive. Crypto investors may be less keen – or indeed able – to purchase a new Lambo more recently, as the price of Bitcoin has fallen almost 50% since the start of the year.