New research from confused.com has looked at the luxury car density in 59 countries around the world, by comparing the last four years of car sales data in each nation with its overall population. From this, the research has revealed the countries with the highest amount of luxury cars per person, with Luxembourg topping the list.
The study also looked at the recommended retail price of three luxury vehicles to reveal the average cost of a luxury car in each of the different countries, and compared this to each nation’s average salary, to see how the cost of owning a luxury vehicle stacks up in different destinations around the world.
Luxembourg tops the list of countries with the highest luxury car density
If you want to visit the world’s luxury car capital, head to Luxembourg. Luxembourg has a population of 625,978 people. With 48,584 luxury cars having been sold in the country between the years of 2016 and 2020, this is the equivalent of 13 people to every luxury car – the highest density of all the countries analysed.
The UK ranked in seventh position with over 1.7 million luxury cars having been sold between 2016 and 2020. This equates to 40 people for every luxury car in the UK.
Europe dominated the top 20 list, with 13 of the top 20 luxury car capitals being located in the continent. Outside of the continent, Oceania ranked highly with Australia placing in 6th position and New Zealand in 13th place with 68 people per one luxury car. The US ranked in 12th position and Asian countries Japan, Singapore and Israel rank in 16th, 19th and 20th places respectively.
Switzerland, USA and Ireland make up the top five countries where it’s the most affordable to buy a luxury car, based on average salaries. Switzerland has the highest annual salary of all countries analysed, with a luxury car costing only €187,717.30 on average which works out at around 2.9 years’ worth of annual salary to buy a luxury vehicle. Salaries in the USA and Ireland are around €30,000 lower than in Switzerland. However, with luxury cars also costing around €75,000 less, the two countries rank in with similar affordability percentages (33.02% for the US and 28.57% for Ireland).
The UK places as the 9th most affordable country for buying a luxury vehicle, with a luxury car in the UK costing £129,254.74 on average. Compared to the average salary of £27,693.26, the annual salary is equal to 21.43% of the cost of a luxury car, meaning it would take around 4.7 years of a UK average salary to afford a luxury vehicle.
Vietnam is the country where buying a luxury car is least affordable, costing a whopping €614,180.50. With annual salaries in the country equalling only €4,594.59, this equates to just 0.75% of the cost of a luxury car.
All Research and Data Sourced From https://www.confused.com/car-insurance/luxury-cars-report
