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    Most Expensive Cars 2018

    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 on 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 Sport 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 the consumers. Most makes and models of cars can be purchased using a car loan from the bank.

    Most expensive cars in India

    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 modern makes and models of cars of 2018 in India:

    • Ferrari 599 GTB Fiorano priced at Rs.3.57 crore was launched in 2007. The car is named after its 5,999 cc V12 engine, with a top speed of 330 km/h, going from 0 to 100 in 3.7 seconds.
    • Lamborghini Aventador is named after Spain's most fearsome bull. This edition is limited to 4,000 cars. The top speed of Aventador is 349 km/h, going from 0 to 100 in 2.9 seconds. It is priced at Rs.3.69 crore.
    • Bentley Brookland was relaunched in 2008 after its original launch in 1992. It is priced at Rs.3.80 crore.
    • Rolls-Royce Phantom Coupe is one of the most sought after cars in the Indian market. This elegant car is priced at Rs.4 crore.
    • Rolls-Royce Drophead convertible costs Rs.4.20 crore and comes without a roof in a highly classic design that also manages to look casual.
    • Maybach 57 S is a high-end luxury car costing Rs.4.85 crore, partly for its 6-litre V12 engine.
    • Maybach 62 S priced at Rs.5.10 crore is a special edition car. Who says size doesn't matter? Known for its 6.2-metre length, Maybach 62 S is one of the most luxurious cars to grace Indian roads.
    • Bugatti Veyron considered to be world's fastest production car with a top speed of 431 km/h and 1,001 hp W16 engine is a car enthusiast's ultimate dream come true. It is priced at Rs.12 crore.
    • Koenigsegg Agera priced at Rs.12.50 crore not only burns the tarmac at 390 km/h but also your pocket.
    • Aston Martin One 77 is made of carbon fibre chassis and aluminum body and is a one-of-a-kind limited edition series with only 77 of these cars produced so far. This popular yet exclusive James Bond ride can be purchased at Rs.20 crore.

    Most expensive cars in the world

    One may wonder what makes these cars the most expensive in the world. The cost of the most expensive cars keep 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:

    • Koenigsegg CCXR Trevita manufactured by the Swedish auto manufacturing company, priced at $4.8 million enters the list with its most expensive street production car in the world because the bodywork of the car is coated in diamond dust. Koenigsegg Proprietary Diamond Weave is an exterior finish which consists of carbon fibres coated with resin that is impregnated with diamond dust. Moving on from the exterior finish, the car runs on a dual-supercharged V8, 4.8 litre engine offering a total power of 1,004 hp and 797 pound-feet of torque. Only 3 Koenigsegg CCXR Trevita were made given the specifications, performance and price of the car.
    • Lamborghini Veneno priced at $4.5 million is a modified Aventador roadster. Veneno means poison in Spanish. This car was built to celebrate the 50th birthday of the automaker. That this car is really fast shouldn't surprise anyone as it runs on a 6.5 litre V12 engine that gives 740 horsepower and 507 pound-feet of torque. The engine spins to 8,400 rpm, taking the car from 0 to 60 mph in 2.9 seconds.
    • W Motors Lykan Hypersport starred in the Hollywood blockbuster series, Fast and Furious 7th installment. The car priced at $3.4 million has an interior that looks straight out of a science fiction movie, scissor doors, and jewel-encrusted headlights. It runs on a 3.7 litre twin-turbo flat-six giving a total output of 770 horsepower and 708 pound-feet of torque. The car speed goes from 0 to 62 mph in flat 2.8 seconds and has a top speed of 240 mph. Abu Dhabi police force drive Lykan Hypersport for patrol duty, marketing and public relations.
    • Bugatti Veyron by Mansory Vivere is one of the fastest cars in the world. Priced at $3.4 million, it is also one of the most expensive cars in the world. The car has a carbon fibre body, LED lights, and historic race events are etched into the interior and exterior of the car using laser technology. The car has a top speed of 254 mph and a total output of 1,200 horsepower.
    • Ferrari Sergio is one of the most coveted cars in the world. It is priced at $3 million and only 6 cars were made. Pininfarina, the legendary Italian design house crafted the Ferrari Sergio. It has a 45.5-litre V8 engine giving 562 horsepower output on the rear wheels. The car boasts aerodynamic headrests. Ferrari Sergio was purchased on invite-only basis and the list of buyers was chosen by the automaker.
    • Pagani Huayra BC priced at $2.6 million runs on an AMG-sourced V12, is named after the Incan God of winds. Due to the extensive use of carbon fiber, Huayra BC weighs only 2,654 pounds. Only 20 of these were made in total.
    • Ferrari F60 America priced at $2.5 million was built to celebrate 60 years of Ferrari in the US. Only 10 of these were made in total. The lightweight fabric top of the car can be used at 75 mph speed. It has a 6.2 litre V12 engine that gives 740 horsepower. The car speed can go from 0 to 60 mph in 3.1 seconds. The bodywork has patriotic stars and stripes of the US flag. This is in line with the various region-specific sports cars that Ferrari had built in the 1950s and 1960s.
    • Bugatti Chiron priced at $2.5 million has a quad-turbocharged 8-litre W16 engine that produces 1,500 horsepower and 1,180 pound-feet of torque. The car can go from 0 to 60 mph in just 2.5 seconds and has a top speed of 261 mph.
    • Koenigsegg One:1 priced at $2 million is a limited edition car. This car produces 1,340 horsepower and has a top speed of 237 mph. It is one of the fastest cars ever made and is made of carbon fibre bodywork, F1-inspired honeycomb core, and ventilated ceramic braked. Only 6 of these cars were made in total.
    • Koenigsegg Regera priced at $2 million is a hybrid car, powered by 4.5 kWh battery pack and a twin-turbo 5-litre V8 engine. It produces 1,500 horsepower in total output and weighs 3,240 pounds. The car can go from 0 to 186 mph in just 10.9 seconds and has a top speed of 248 mph in just 20 seconds.
    • Aston Martin Valkyrie priced at an estimated $3 million will be on the market by 2019. Red Bull Racing Formula one partnered with Aston Martin to produce the Valkyrie. The car is built using lightweight carbon fibre chassis. It runs on a 6.5-litre V12 hybrid engine. Only 150 of these will be made in total.
    • McLaren P1 GTR priced at $2 million was named after the 1990s' McLaren F1 GTR racer. It runs on a 3.8-litre twin turbocharged V8 hybrid engine. It produces 986 horsepower in total output.
    • Ferrari LaFerrari Aperta priced at $1.4 million was launched in 2013. Only 499 of these were made in total. Now it's back in production with an open-top. It runs on a 6.3-litre 12-cylinder engine. It produces 949 horsepower in total output and 663 pound-feet of torque. The car can go from 0 to 60 mph in flat 3 seconds. It has a top speed of 217 mph.
    • Mercedes-Benz Maybach Exelero priced at $8 million was launched in 2004. The total output of the twin-turbo V12 engine is 700 horsepower. It is one of the most expensive cars in the world. It may cost around $10.1 million in the US today.

    Auto loans for luxury cars

    As the country sees an economic boost, more people are gearing up to invest 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 a 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. 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

    Name of the Bank Interest Rate Processing Fee Loan Tenure Loan Amount
    HDFC Bank 8.5-10% Up to Rs.4,720 1 to 7 years Minimum Rs.1 lakh
    Oriental Bank of Commerce 8.90% - 7 years Maximum Rs.1 crore
    ICICI Bank 8.40-13.25% Up to Rs.5,000 1 to 7 years Minimum Rs.1 lakh
    Dena Bank 9.15% Rs.575 1 to 7 years Maximum Rs.2 crore
    Indian Bank 9.95% Up to Rs.10,191 7 years Maximum Rs.2 crore
    Bank of India 9.25% Rs.500 + GST 7 years Maximum Rs.1 Crore

    Tips for arranging luxury car financing

    Apart from a passion of the fastest car or the finest car, consumers desire to own a luxury car with a heavy price tag to account for their success in the modern age. 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 rebate. 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 institution 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 of your choice.
    • 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 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 for more than 15,000 miles per year or else you will have to pay heavy service charges and fees.
    • 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 vehicles

    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 glamor, 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 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 an 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

    While you are looking to adding expensive cars to your collection, it is important to keep the environment in mind. The automotive industry is in the verge of fully transitioning to energy fuel vehicles such as hybrid, electric and hydrogen fuel cell cars to protect the environment. The government of India is planning to make all cars electrical 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 economical in terms of fuel consumption costs. Some popular hybrid and electric cars in India include:

    • Honda Accord which costs Rs.47.17 lakh
    • Maruti Suzuki Ciaz at Rs.10.75 lakh
    • Maruti Suzuki Ertiga at Rs.8.94 lakh
    • Mahindra Scorpio at Rs.10-16 lakh
    • Mahindra XUV 500 at Rs.12-16 lakh
    • Mahindra TUV 300 at Rs.9-12 lakh
    • Toyota Camry Hybrid priced at Rs.37.2 lakh
    • Lexus RX 450h priced at Rs.1.26 crore
    • Mahindra e2o Plus priced at Rs.8.3 lakh
    • Volvo XC90 4 Excellence priced at Rs.1.2 crore
    • BMW i8 priced at Rs.2.6 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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