Million-dollar cars are the new must-have

April 28, 2015 06:58 AM

Not everyone is constrained by a budget when shopping around for a new car. In fact, there's a small sect of drivers who may want to spend as much money as possible on their rides. Whether this is to ensure high quality or impress their equally wealthy friends, these high rollers aren't afraid to spend money on cars.

Their willingness to go big or go home has encouraged many automakers to create vehicles that meet those high standards. As cars continue to be tricked out with the latest technology and features, the price tag goes up, and some may even total millions of dollars. 

Rich people want rich cars
According to Bloomberg, most of the major manufacturers have created at least one model that sells for millions. They're often referred to as "halo cars," which are unique super vehicles that are produced specifically to make waves among the world's elite. 

"The fact of the matter is there are a lot of rich people around the world, and I mean super rich - hundreds of millions of dollars to billions of dollars of net worth," Jack Nerad, executive market analyst for Kelley Blue Book, told Bloomberg. "When you're talking about these types of people, a million-dollar car isn't really much of a stretch at all."

What makes a car so expensive? Much of the cost goes toward customization. The source reported that even something like special wood or leather used for the interior can add hundreds of thousands of dollars to the bottom line. Should the buyer want armor on the outside, diamond-rimmed headlights or any other special feature, the cost will continue to rise. 

Classic cars can often sell for high price tags as well. According to Gizmag, six Mercedes-Benz vehicles were recently auctioned for more than $1 million at a Bonhams' sale in Germany. This includes a 1938 540 K Cabriolet A that ran up a price tag of over $3 million and a $2.5 million 770 Cabriolet D from 1931. There's a slim chance these vehicles will ever see the road, and any unique restoration or auto repair work has already been completed, but some collectors were willing to fork over seven figures just to add them to a well-stocked garage. 

Appealing to high rollers
Many are attracted to these expensive cars thanks to big names that are often associated with them. Bloomberg noted that the recent blockbuster "Furious 7" featured a Lykan Hypersport, which retails for as much as $3.4 million. The average driver probably won't ever even see the Hypersport on the road, let alone get behind the wheel of a similar vehicle that can go up to 240 miles per hour, but they may get a glimpse of celebrities in multimillion-dollar vehicles. In fact, that's usually the goal of halo cars. 

"Halo cars like these serve to really capitalize the brand," Kelsey Mays, senior consumer affairs editor at, explained to Bloomberg. "You look at Bugatti, which is owned by Volkswagen, and the only car everyone knows from Bugatti is the Veyron. But they know it's the one that Beyoncé buys for Jay-Z. The real value is in the association."

While the average driver may have to wait for car tune up specials and use oil change coupons to stay within a budget, others are spending millions on the most high-end vehicles available. You don't have to empty your bank account to be satisfied with your ride, however. Sticking with the recommended maintenance plan and being proactive about repairs will help your car perform well for years to come. 

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