Bentley sales slipped because of wealthy customers' 'emotional sensitivity,' CEO says

[Passages]

The British luxury car maker saw sales fall 11% in 2023
By
William Gavin
UpdatedMarch 23, 2024


Life is pretty rough out there for some us.

Bentley Motor’s sales are down because even its base of ultra-wealthy customers is worried about paying off a new car, according to its chief executive officer.

“Even though our customers can still afford our cars, there was a level of emotional sensitivity that slowed down demand,” CEO Adrian Hallmark told reporters on Thursday, according to CNN. Specifically, Bentley’s customers are sensitive about high interest rates, a spokesperson later elaborated to CNN.

About 30% of customers leased Bentleys last year, rather than purchased, indicating that even wealthy consumers are worried about being roped into monthly payments on a pricey new vehicle. The average monthly payment on a new vehicle in the U.S. was $739 on a 68-month loan, according to Edmunds.com.
https://qz.com/bentley-motors-luxury-car-suv-sales-decline-1851361022#:~:text=The%20British%20luxury%20car%20maker%20saw%20sales%20fall%2011%25%20in%202023&text=%E2%80%9CEven%20though%20our%20customers%20can,on%20Thursday%2C%20according%20to%20CNN.

[JT45242]

1. Or...they lease it as a corporate expense

If you are rich enough for a Bentley, you can use your LLC or company account to lease it as a tax dodge of income.

Seems like a much simpler explanation.

[Passages]

3. I imagine they certainly could although the concentration of concern from

Bentleys' CEO doesn't refer to it. I posted this due to the "sensitivity" issue he seems to believe is the problem.

These people live in a whole other universe.

[FakeNoose]

8. And you pay the salary for a full-time driver

[Srkdqltr]

2. I feel so sorry for poor Bentley people.

[getagrip_already]

4. Emotional sensitivity? Fear of overpaying for a pile of parts?

That someone else will use to drive them from point a to point b?

That kind of sensitivity?

[marble falls]

5. Where does all this pity and worry about the wealthy being able to conserve their wealth even come from ...

... it's obscene.

[brush]

6. WTF, they're not that wealthy if they contemplate a car note.

Please cut the BS.

[BobTheSubgenius]

7. That was my take, too,

How "ultra-wealthy" can one be if they are afraid of taking on a monthly payment slightly higher than what they had contemplated? As a consequence of where we lived (literally "across the tracks" from the truly high-rent district) and went to school, I knew many wealthy-to-very wealthy families, but none that would be considered "ultra." Mostly, if they wanted something, they just bought it

If you are giving teenagers brand new Aston Martins and Harleys as gifts, you aren't that worried about an uptick in consumer finance rates.

[Aristus]

9. Leasing is stupid.

When you buy a car, you are paying to own it.

When you lease a car, you are paying for someone else to own it.