Cars were invented for speedy and safe transportation from one place to another. They were perceived as a status symbol in the good old days but now they have become a necessity. With the different types of cars available in the market, anyone with sufficient funds can purchase a car of their choice. Banks, Non-Banking Financial Companies (NBFC), and other lending institutions provide easy access to funding through car loans or auto finance.
In India, car loans are available for new as well as used or pre-owned vehicles. From Sports Utility Vehicles (SUV) and Multi-Utility Vehicles (MUV) to passenger and commercial vehicles, there are numerous types of vehicles on the market to meet the varying needs of consumers. Most makes and models of cars can be purchased using a car loan from a bank.
Expensive cars are more than just transportation for car enthusiasts. They are considered as pieces of art by the super-wealthy who prefer flamboyance and luxury over practicality. From the fastest car to the finest classic car in the world, car enthusiasts look for modern as well as vintage cars. Here is a list of the most expensive models of cars of 2018 in India:
It has a powerful engine that delivers lightning fast speed. The super sports car also has inimitable exteriors and high-tech interiors. The instrument cluster is projected on an interactive TFT LCD display. There is also another display that takes care of navigation and multimedia functionality.
|Lamborghini Aventador Technical Specifications|
|Engine||6498 cc petrol engine|
|Maximum power||730 bhp at 8400 rpm|
|Price||Rs.4.76 crore to Rs.5.62 crore, ex-showroom|
It is an iconic car that is also the quietest Rolls-Royce ever. The car has advanced technological features including the Phantom Suite. The car has an unmistakable Pantheon grille and luxurious exteriors. The interiors also ooze luxury and the car delivers exceptional performance.
|Rolls-Royce Phantom Technical Specifications|
|Engine||6749 cc petrol engine|
|Maximum power||460 bhp at 5350 rpm|
|Transmission||6-speed automatic, RWD|
|Price||Rs.7.06 crore, ex-showroom|
It is a highly sought-after convertible that has exceptionally attractive exteriors and luxurious interiors. The car is available in a wide range of interesting shades, some of which include Madeira Red, Darkest Tungsten, and Midnight Blue.
|Rolls-Royce Drophead Coupe Technical Specifications|
|Engine||6749 cc petrol engine|
|Transmission||6-speed automatic, RWD|
|Maximum power||460 bhp at 5350 rpm|
|Price||Rs.7.6 crore, ex-showroom|
It has excellent performance specifications. The car has a transparent roof that enables the occupants to enjoy a drive with the roof up or down.
|Bugatti Veyron 16.4 Grand Sport Technical Specifications|
|Engine||4.7 litre aluminium V8 engine|
|Fuel tank capacity||100 l|
|Maximum speed in enclosed condition||407 km/h|
|Maximum power||736 kW at 6000 rpm|
|Peak torque||1250 Nm at 2200-5500 rpm|
|Price||Rs.12 crore, ex-showroom Delhi|
It has several technological innovations that were developed during the Koenigsegg One:1 program. The car has a hardtop that is detachable and luggage space that is usable.
|Koenigsegg Agera RS Technical Specifications|
|Engine||Koenigsegg twin turbo aluminium 5 L V8 engine|
|Maximum power||1160 hp at 7800 rpm|
|Maximum torque||1280 Nm at 4100 rpm|
|Transmission||7-speed paddle-shift transmission with auto-shift mode|
|Price||Rs.12 crore, ex-showroom New Delhi|
One may wonder what makes these cars the most expensive in the world. The cost of the most expensive cars keeps changing depending on the customer's requests to custom-build the cars to suit their liking. Here is a list of the most expensive modern makes and models of cars in the world:
Manufactured by the Swedish auto manufacturing company, the car has a carbon weave bodywork that is known around the world for its perfection. The car has a unique coated fiber solution that renders the fibers silvery white, hence making the vehicle glitter like a million diamonds on exposure to sunlight. The exhaust system, carbon ceramic brakes equipped with Anti-lock Braking System, paddle shift and a hydraulic lifting system are noteworthy features of the vehicle.
|Koenigsegg Trevita Technical Specifications|
|Engine||Koenigsegg aluminum V8, 4.8 litre engine with double overhead camshafts and 4 valves per cylinder|
|Maximum power||1018 bhp at 7,000 rpm|
|Maximum torque||1080 Nm at 5,600 rpm|
|Transmission||Transversal paddle-shift gearbox|
With great aerodynamic efficiency, this super sports car offers stability when turning curves and acts like a racing prototype. The car has an arrow-shaped front and sleek surfaces.
|Lamborghini Veneno Technical Specifications|
|Engine||6.5 litre aspirated V12 engine with multi-point injection|
|Maximum power||552 kW at 8,400 rpm|
|Maximum torque||690 Nm at 5,500 rpm|
The first Arab supercar is a definition of luxury in a new lineage. The car is inspired by a werewolf and is designed in a way that it stands out from the competition. There are only 7 units of the car, and each one is customized in a unique manner. Hence, this is also one of the rarest cars in the world. Every headlight of the car is studded with 220 diamonds or a set of any other precious stone chosen by the customer. The car has a futuristic holographic mid-air display console that enables interactive motion for the first time in history. The carbon-fiber body of the vehicle and incredible aerodynamics are other noteworthy features.
|W Motors Lykan Hypersport Technical Specifications|
|Engine||Boxer type, 228.6 in3, 3746 cc Flat 6|
|Maximum power||780 hp at 7,100 rpm|
|Maximum torque||960 Nm at 4,000 rpm|
|Transmission||7-speed dual clutch PDK|
The most powerful and fastest car produced by the car manufacturer, the Chiron is characterized by its sophisticated design and innovative technological features. The car has a signature horseshoe on the front grille and a glass roof that provides an awe-inspiring experience to passengers. An eye-catching mechanical speedometer and a built-in LED illumination system to provide a stunning interior. The car is available in multiple materials and colour combinations to suit the preferences of the client.
|Bugatti Chiron Technical Specifications|
|Engine||Quad-turbocharged 8 l W16 engine|
|Maximum power||1,500 hp at 2,000 rpm|
|Maximum torque||1,600 Nm at 6,000 rpm|
The Valkyrie is an epitome of power and good looks, and there are only 150 units being manufactured. This is also the first hypercar from the auto manufacturer with aerodynamic exteriors and open underfloor. The car has carbon fiber bodywork with the trademark upper grille. The technology used in the vehicle is that utilized in racing cars; so it offers exceptional acceleration.
|Aston Martin Valkyrie Technical Specifications|
|Engine||6.5 litre V12 engine|
|Maximum power||1000 hp|
As the country sees an economic boost, more people are gearing up to invest in luxury vehicles. Moreover, there are several financial institutions offering auto loans for luxury cars. However, before applying for a car loan for a luxury car of your dreams, there are certain things to keep in mind:
|Top Banks providing Car Loan for Luxury Cars in India 2018|
|Name of the Bank||Interest Rate||Processing Fee||Loan Tenure||Loan Amount|
|HDFC Bank||9% to 10.25% rack interest rate on the basis of the vehicle segment||0.4% of the loan amount, provided that minimum is Rs.3,000 and maximum is Rs.10,000||12 months to 84 months||Up to Rs.3 crore|
|Oriental Bank of Commerce||For male borrowers - 9.15% For female borrowers - 9.05% *For loyal and captive customers, 0.25% concession in interest rate is applicable||0.5% of the loan amount, provided that minimum is Rs.500 (plus tax) and the maximum is Rs.7,000 (plus tax)||When loan amount is Rs.25 lakh or lesser - 100 EMIs When loan amount is more than Rs.25 lakh - 120 EMIs||When the monthly take-home gross income or pension of the borrower is Rs.50,000 or below, then eligible loan amount is 40% When the monthly take-home gross income or pension of the borrower is more than Rs.50,000, then eligible loan amount is 30%|
||Between Rs.3,500 and Rs.8,500||Up to 84 months||Up to 100% of the ex-showroom price of the car|
|Dena Bank||9.15% for women 9.25% for other borrowers||Nil for loans disbursed between 16 November 2017 and 28 February 2018||Term loan||Up to Rs.2 crore|
|Indian Bank||9.50%||0.229% of the loan amount subject to a maximum of Rs.10,191||Up to 84 EMIs with no holiday period||Up to Rs.2 crore|
|Bank of India||9.4%||Rs.500 per application||Up to 7 years||For Indian resident individuals:
Apart from a passion for the fastest car or the finest car, consumers desire to own a luxury car with a heavy price tag to account for their success. With the economic boost in the country, the buying power of consumers has risen as well. This has set off the desire to improve the quality of one's lifestyle habits and choices. In a forward moving nation, people are swept away by the glamour and flamboyance of all-things-branded. When you are in the market for a high-end car then it is important to do sufficient research to obtain financing for luxury cars. Here are some tips when one is looking for luxury car financing:
Luxury car makers have tie-ups with leading financial institutions to provide easy access to funding to potential customers which will increase the demand and sales of luxury cars.
There are numerous benefits to owning a luxury vehicle when not taking practicality into account. Luxury vehicles may tick the boxes when it comes to glamour, flamboyance, top speed, and status. However, when you get down to the nitty-gritty of owning and maintaining a luxury vehicle, you are in for a shock.
While you are looking for adding expensive cars to your collection, it is important to keep the environment in mind. The automotive industry is on the verge of fully transitioning to vehicles such as hybrid, electric, and hydrogen fuel cell cars to protect the environment. The government of India is planning to make all cars electric by 2030. Subsidies are offered to electric vehicle customers as an incentive to make the transition sooner. With an exorbitant rise in the cost of petrol and diesel in the country, consumers prefer hybrid cars not only for fuel efficiency but also for reduced fuel consumption costs. Some popular hybrid and electric cars in India include:
Currently, the automotive industry is moving towards hybrid and electric cars to protect the environment from harmful greenhouse gases like carbon monoxide that are emitted from the conventional vehicles that run on petrol and diesel. Some automakers are focused on designing and manufacturing hydrogen fuel cell vehicles as an alternative to hybrid and electric cars. Hybrid cars operate on a combination of gasoline engines and electric motors while electric cars run on rechargeable batteries.