In the last few years, almost every major automobile manufacturer has introduced a luxury car with a million-dollar price tag. Often, these million dollars car are stylized with a little changes, like diamond rims, titanium coats, specific headlights and some other minor features. There hasn’t been any major breakthrough in the automotive industry which can justify the million-dollar car trend but still there is an increasing demand.
The only reason these cars are manufactured is because of popular demand and regardless of the price tag, people are ready to pay for it and many include it on their wish lists. Brands like Aston Martin, Ford, Ferrari, and Lamborghini, are continuously experimenting with different vehicles, which so far have successfully impressed the masses and convinced the tycoons to jump on the million-dollar car bandwagon.
These million-dollar cars are built for a highly specific audience, that is to say only people with billions of dollars in their accounts can afford cars like these. The real deal here is the exclusivity and not the price tag itself. It’s quite lucrative for the automobile manufacturers to introduce newer models from time to time. Although, it takes extra time and attention to be manufactured but the profits justify the extra effort on each unit.
Generally, these cars are built on a separate assembly line, which costs a lot to the manufacturer, but with a price tag of a million dollars, it’s still profitable for the company and so it’s considered worth investing in. These luxury cars fall in a number of categories. Some are completely unique, such as the Bugatti Veyron, while some are sold as a special edition of the famous models.
Contrary to the special edition of brands like Lamborghini and Ferrari, car manufacturers like Rolls-Royce spend a significant amount on each vehicle. This is why the prices are said to be worth the price tag. The starting price for the Phantom is more than $4 million but that’s not all. Besides the price of car, buyers spend another million on customization to maintain the royalty. The charges for these custom treatments, that include the change in paint, metal coating and leather preferences, increases the price a lot.
Such customization and styling is an evident that these cars are worth spending money on but even then they are not for all consumers. Some of these million-dollar cars are built to provide ultimate luxury as most of the vehicles have gems and pearls, handmade casings and seat covers, theatre system and engine customization. All these are extra services that take the driving experience to a whole new level.
Other than these luxury cars, the same brands also introduce halo cars with almost the same price tag of a million dollars. These vehicles fall in the category of concept cars, which means these cars not only look fancy but also are unparalleled when it comes to performance. The real value of these cars lie in the association, they are sold as a status symbol. With association, a car is not just a car, but it becomes a commodity that reflects your identity.
For instance, the most famous Bugatti car is Veyron, other than that nobody can name another model, except car enthusiasts, but everyone is familiar that it is the same car which Beyonce gifted to Jay-Z. This simple association convinced the public to go crazy for it hence their prices shoot the sky.
When you buy these cars, it’s not for convenience but rather it justifies that you are a part of an exclusive club that can afford this specific luxury car. This is the same reason why car manufacturers are running over changes in style rather than focusing on performance. The prices are also kept high so no one else can purchase it. Raising prices is the easiest way to sustain exclusivity. These cars are made for uber-rich millionaire class and so the speed, performance, or strength is compromised at the cost of comfort and luxury.