Porsches are the new Picassos for the super rich

It’s not just the likes of Jay-Z, Wayne Rooney and David Beckham who are building up their car collections, according to Aviva.

Statistics from Aviva show the number of people with four or more top-end cars is on the increase, with some clients owning more than 30.

But like a treasured piece of art, some of the car collections are often more cared for than a mere form of transport, with staff employed to look after them for their owners, and the average vehicle mileage is 5000 miles a year, two thirds of the national average.

Some of the rising popularity of prestige car collections is thought to relate to investors looking to new ways to invest their money in the current economic climate – unique and collectable cars hold their resale value, and some vehicles have changed hands for millions.

The typical value of the prestige car portfolios is a cool £350,000, which though somewhat less than the reported £1.3m Beyonce paid for her husband Jay-Z’s 253mph Bugatti Veyron birthday present, is just over 69 times the value of the average new family car.

Aviva’s records show that Porsche topped the list as this year’s most popular prestige car for insurance quotes on their Distinct contract (see table 1 below), with Bentley, Aston Martin, Ferrari and Jaguar making up the top 5.

Table 1: Top 10 prestige cars quoted for in 2010

Source : Aviva Press Release

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