Effects of Social Media on Luxury Car Business
The number of people using social media platforms is increasing by the day. This is a result of the availability of the internet and aggressive improvement in the technology sector. Today, people from all walks of life regardless of their age use one or two social media platforms. It is quite hard to find someone without either a Facebook, Twitter, WhatsApp, or Instagram profile. As a result of these social platforms, the world has become a global village because one can know what is currently happening miles away without being physically present.
Social Media Platforms and Their Target Audience
In simple terms, social media allows users to share what is in their mind and any vital information via virtual networks. Social media platforms are dependent on both computers and an internet connection to enable communication. Different social media platforms may perform additional activities besides those presented by ordinary social media platforms. The operations performed depend on how the platform is designed. However, most social media platforms allow one to share photos and videos, blogs, business ideas, and other activities.
Effect of Social Media on Car Prices
Having discussed broadly about social media, we now shift our concentration to explain how it has increased the value of luxury cars. The cost of any item rises as a result of an increase in demand. That is to say that there is an increase in the number of buyers or demand compared to production or supply lines.
The only moment that the need of any item can increase is when its popularity has increased as a result of advertising. And it is at this moment that luxury car rentals such as https://milanirentals.com come in. When it comes to luxury cars, their demand grows when the celebrities flaunt their posh and luxurious vehicles. They flaunt by posting a photo with their classic and exotic vehicles. As a result of admiration of the unique car, the buyers increase.
Top Five In-Demand Luxury Car Models
Some of the most popular and the most classical and admired cars across the world from 1980 to 2010 are the Mercedes Benz, Aston Martin, Bentley, and Ferrari. One fact about these cars is that today they cost more than five times their price back in 1980. In fact, the price increases by about 5 percent every year. This means that a Bentley bought in 1980 if sold today it would incur a profit of more than 100 percent.
Today’s generation of young stars have become lovers of luxury cars, and they take that opportunity to collect photos and auction cars on social media platforms at higher prices. Social media has granted people the opportunity to flaunt without bragging. For example, a picture of a celebrity playing golf with a Bentley insight will increase its demand and hence increase its value.
Before internet connectivity became widespread, there was no platform for one to showcase their collection of classic rides. Therefore, not everyone had the opportunity to see the photos of the few celebrities with a posh car in the background.