You Only Live Once – The Psychology Behind Luxury Car Buying

In a survey of 2,000 motorists by YesAuto UK, only
one in six have purchased their dream car. The study also found that sleek
black luxury cars are what most of the respondents desired, such as the Aston Martin DBS.

No matter which car you dream of driving, the sale of luxury
cars in the UK has been steady, not including an expected dip in purchases in
2020. However, it’s forecasted that between
2022 and 2025, sales of luxury cars will average between 7,500 and 8,100.

In this article, we’ll examine the psychology behind
purchasing a luxury car and how it continues to help the market grow.

Living life to the fullest

Research from YouGov shows that 42%
of the population doesn’t believe in an afterlife. This could be seen as a
contributing factor to the appeal of luxuries, including that “dream” car. Beyond
the psychological, you could view this through a philosophical lens. Friedrich
Nietzsche, who worked on developing concepts of nihilism and existentialism. Existentialism includes the concept of absurdism,
which states existence in general is absurd and that we should embrace it as a
positive. We could apply this to why many may consider buying their dream
car, as though life is short, why shouldn’t we enjoy it while we have it, and
celebrate what we can enjoy.

Perceptions – value, social status, and sense of self

Whenever you see a luxury car, or even the rare occasions
you hear a supercar rev its engine on the road, you can’t help but turn your
head and wonder what that person does for work. Cars have been seen as a status
symbol since they were first brought to the road, and over time, that
perspective evolved into brands like Bentley and Rolls Royce being seen as more
valuable and unique than the more readily available brands.

In fact, a survey conducted by InsuretheGap.com found that nearly
one in five drivers consider themselves a ‘brand snob’ and would be happy to
pay more for what are considered prestigious car brands. Having a car that
is seen as expensive and valuable in the eyes of others can be a boost to your
self-esteem.

For the love of cars

Besides the more scientific analyses as to why people would
make these large purchases, it does stand to reason that people are putting the
money into luxury vehicles simply because they’re car enthusiasts. When people
have a love for something then money isn’t an object – as long as they’re happy
with their purchase.

The buyers of these vehicles don’t just see the aesthetics of
the cars that these brands offer, they’re more educated on the build quality
and the driving experiences they’ll likely offer. Cars aren’t just vehicles to
get from point A to point B, as every car offers its own unique driving
experience. Enthusiasts and lovers of motoring want to experience these in
their essences.

The decision to part with your money for something as
expensive as a luxury or supercar isn’t going to be the same for everyone. It
could be as complex as self-esteem or as simple as sheer enjoyment.