Most trends are born and bred in the luxury market segment before trickling down to other markets. We have seen this happen in fine dining, couture, and luxury travel, and we are seeing it in the automotive industry. Luxury cars are often the first to receive the latest technological advancements and features. For this reason, they push trends forward, which is already happening in the luxury electric vehicle segment.

Why Luxury Vehicles Are a Prime Choice for Electrification

Apart from companies like Tesla, which had a first-to-market advantage, most other vehicle manufacturers do not have the money to spare in the research and development of electric vehicle tech. The solution many of them have come up with is putting the tech into their most luxurious and thus more expensive car, a similar strategy to what Tesla tried.

If they have enough customers buying higher-end, more expensive vehicles, they can have enough money to develop the technology to put into their other market segments.

Being the First and the Best at Something

If you want to be the quintessential luxury brand, you have to be first, the best, or both at something. Vehicle manufacturers are pushing to be either or both. For example, Lucid Air can boast of creating the first electric car to have a 500-mile range, while BMW can boast of having arguably the best tech in their electric vehicles.

The need to be either or both is pushing luxury vehicle manufacturers to make better electric vehicles, pushing the whole industry forward.

The Future is Upon Us

We are seeing the age of the combustion engine coming to an end, with many countries worldwide having pledged to stop the production or sale of combustion engine vehicles sometime in the next 10 to 20 years. Luxury and exotic vehicle companies are also working towards electric versions of their cars.

Ferrari, for example, says that it will release an electric vehicle in 2025 and that it is already in production. Other companies like Mercedes Benz, Cadillac, Maybach, and BMW already have electric or hybrid cars on the road, showing they have already realized the future is electric and embraced it.

Traditional Vehicles Still Rule the Road

Even with the electrification of many vehicle brands, there is still strong demand for traditional vehicles, with specific makes and models in high demand.

Because of this demand, sellers can still get excellent value for their vehicles right now, and there is speculation their demand will continue to rise as they become rarer.

But what is the best way of selling my Ferrari? That would be through a reputable exotic car dealer who will give you an excellent deal for exactly what your car is worth.

The electric vehicle era is here, and we are seeing more and more luxury and exotic car manufacturers creating electric vehicles. Even with that being the case, we are still a long way from eliminating combustion engine vehicles entirely, so there is still a high demand for these cars, especially specific makes and models from luxury and exotic brands like Ferrari and Lamborghini.

Image credit: Joshua Koblin via Unsplash

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