• Most Expensive Cars in India and the World

    Expensive Cars - overview

    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.

    Most Expensive Cars in India 2020

    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:

    1. Lamborghini Aventador:

      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.
    2. Lamborghini Aventador Technical Specifications
      Engine 6498 cc petrol engine
      Seating capacity 2
      Maximum power 730 bhp at 8400 rpm
      Price Rs.4.76 crore to Rs.5.62 crore, ex-showroom
    3. Rolls-Royce Phantom:

      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.
    4. Rolls-Royce Phantom Technical Specifications
      Engine 6749 cc petrol engine
      Seating capacity 4
      Mileage 6.75 kmpl
      Maximum power 460 bhp at 5350 rpm
      Transmission 6-speed automatic, RWD
      Price Rs.7.06 crore, ex-showroom
    5. Rolls-Royce Drophead Coupe:

      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.
    6. Rolls-Royce Drophead Coupe Technical Specifications
      Engine 6749 cc petrol engine
      Seating capacity 4
      Mileage 6.75 kmpl
      Transmission 6-speed automatic, RWD
      Maximum power 460 bhp at 5350 rpm
      Price Rs.7.6 crore, ex-showroom
    7. Bugatti Veyron 16.4 Grand Sport:

      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.
    8. Bugatti Veyron 16.4 Grand Sport Technical Specifications
      Engine 4.7 litre aluminium V8 engine
      Fuel tank capacity 100 l
      Displacement 7993 cc
      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
    9. Koenigsegg Agera RS:

      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.
    10. 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

    Most Expensive Cars in the World 2020

    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:

    1. Koenigsegg Trevita:

      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.
    2. 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
      Price $4.8 million
    3. Lamborghini Veneno:

      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.
    4. 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
      Displacement 6.498 cc
      Price $4.5 million
    5. W Motors Lykan Hypersport:

      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.
    6. 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
      Price $3.4 million
    7. Bugatti Chiron:

      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.
    8. 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
      Displacement 8,0 L
      Price $2.9 million
    9. Aston Martin Valkyrie:

      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.
    10. Aston Martin Valkyrie Technical Specifications
      Engine 6.5 litre V12 engine
      Maximum power 1000 hp
      Price $2.6 million

    Auto Loans for Luxury Cars

    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:

    • Car loan interest rate: A high-interest rate can result in high overall interest payment and eventually, the total cost of your car loan will be higher than anticipated. That is why it is important to compare several car loan offers from reliable lenders. Compare car loans online through a third-party comparison website for free. Choose a car loan with a low interest rate. If you choose loans with a long tenure, opt for fixed interest rates and for loans with short tenure, go for floating interest.
    • Loan tenure: Car loan tenure usually ranges from 1 to 7 years. Use the car loan EMI calculator to find out how much you will be paying in overall interest when you choose a short or long loan tenure. Shorter loan tenure means higher EMI payments but lower interest payments.
    • Processing fee: Most banks charge a processing fee which is a percentage of the principal loan amount. Some banks waive off the processing fee as a special offer or discount for their customers. Zero processing fee helps you avoid having to make a sizeable payment at the time of loan processing.
    • Prepayment charges: Banks levy a prepayment charge when the borrower decides to prepay a part or whole of the loan before the end of the loan tenure. The prepayment charge is again a certain percentage of the outstanding principal amount. Car loan prepayment is allowed only after 12 EMI payments from the time of obtaining the loan. Customers prefer to prepay a part of the loan amount to reduce the loan tenure and interest payment.
    • Down payment: Some banks offer up to 100% of the car price as the loan. Customers have to make a down payment which is up to 20% of the total loan amount. A lower down payment means higher EMIs and interest payments. The loan repayment will definitely eat into your monthly income. For luxury cars, the loan EMI shouldn't exceed 25% of your monthly income.

    List of top banks offering auto loan for luxury cars

    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%
    ICICI Bank
    • 23 months or below - 12.85%
    • 24 months to 35 months - 12.85%
    • 36 months to 84 months - 9.30%
    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:
    • Up to Rs.50 lakh (for Indian make cars)
    • Up to Rs.100 lakh (for corporates and companies)

    Tips for arranging luxury car financing

    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:

    • Choose cars with financing incentives such as a low-interest rate or the option of the rebate. The low-interest rate will save you large sums of money in the overall cost of the car loan.
    • Pay a higher down payment so that if you default on the car loan, the banks or lending institutions will have less control over the car. Not only that, the cost of your total car loan will be significantly lower if you make a higher down payment on the car loan.
    • Make arrangements for funding before visiting a car dealership. Obtain car loan from a bank that you have prior dealings with so as to get better loan offers.
    • Choose a shorter loan tenure for your car loan EMI payments to avoid a higher interest payment over the loan tenure. With a short loan tenure, not only will you pay off the car loan sooner but also pay less in interest comparatively.
    • Why not choose a luxury car lease if you are in the habit of changing your ride every few years? Lease payment is lesser that car loan EMI payments. Keep in mind, car lease works only if the vehicle is driven a lot each year, or else you will have to pay heavy service charges and fees.
    • The used or pre-owned car loan is another option for those who wish to possess a luxury car but can’t afford to purchase it fresh out of the manufacturing line.

    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.

    Challenges of owning 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.

    • The car insurance premium is higher for a luxury vehicle when compared to your standard multi-utility vehicles, passenger cars, and SUVs.
    • Obtaining auto financing for luxury cars is difficult if you can’t make a sizeable down payment on the car of your dreams.
    • If your luxury vehicle were to be a part of a road accident, the damages caused to the car and resultant repair costs will be pretty high. What’s more? Getting spare parts for your luxury car can take time and a lot of money.
    • Luxury vehicles can’t be driven on Indian roads with its innumerous potholes and unstable infrastructure. Most expensive cars are designed exclusively as track-only cars.
    • Although banks, NBFCs, and other lending institutions may offer car loans at a low-interest rate, the cost of your luxury car will remain high unless you go for a used or pre-owned car. Even in that case, the interest rate of used car loans is high.

    Best Hybrid and Electric Cars in India 2020

    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:

    • Honda Accord which costs around Rs.44 lakh
    • Maruti Suzuki Ciaz priced around Rs.8.19 lakh
    • Maruti Suzuki Ertiga priced around Rs.6.76 lakh
    • Mahindra Scorpio which costs close to Rs.10.08 lakh
    • Mahindra XUV 500 priced around Rs.12.49 lakh
    • Mahindra TUV 300 which costs close to Rs.8.31 lakh
    • Toyota Camry Hybrid priced around Rs.37.46 lakh
    • Lexus RX 450h priced close to the Rs.1.28 crore
    • Mahindra e2o Plus priced around Rs.8 lakh
    • Volvo XC90 Excellence priced around Rs.1.31 crore
    • BMW i8 priced around Rs.2.62 crore

    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.

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