The wealthy are filling garages in overcrowded neighborhoods early to escape the effects of the impending ban. Interest in more expensive cars is also supported by the weakness of the Japanese yen.
Japanese purchasing power has long managed to finance the most expensive cars on the market, luxury and fast cars are historically bought in certain waves. There have been at least two spikes in Japanese buyer interest in the past for flagship offerings, and now we may be on the verge of a third wave, thanks to an unprecedented perfect storm of factors.
The peak of Japan’s third supercar buying boom is indicated by Bloomberg reports that sales of cars priced above 20 million yen (3.4 million Czech crowns) are up 64% this year compared to 2021. Last year, the same sales in Japan even increased by 75% over the previous year.
Japan’s first wave was largely due to the traditional Circuit Wolf comics, which debuted in December 1974. The manga cartoon stories were completed by many foreign models who were later rooted in the local culture. The parties have become for example Lotus Europe, Cast Layer, Lamborghini CountachFerarri 512BB or Porsche 911. The boom started with teenage readers, who were subsequently targeted by toys, stickers, school supplies and other fairy tales with automotive hero motifs.
Successful marketing has attracted new guests to expensive dealerships. The famous Yokohama importer of Lamborghinis and Maseratis recalls the daily presence of schoolchildren equipped with cameras. The craze reached its peak in 1977 with two auto shows held in Tokyo. The metropolis recorded an influx of 460,000 visitors in four days. The trend of frenzied interest in supercars has grown at a dramatic rate, while the decline in interest has perhaps been even faster. As is customary in Japan, the craze began to wane and Circuit Wolf closed in 1979, the premium dealership going bankrupt a year later.
Ten years passed and the Japanese standard of living allowed wave number two to arrive. At the time, the economy was hitting an all-time high and investors were flocking to expensive shops. For example, new Ferrari F40 it came standard at 45 million yen, selling for more than five times that price during the second boom. Demand forced developers to come up with expensive models and only took on bigger projects for the wealthy Honda NSX.
Now that another financial merry-go-round has begun, successful Japanese people are once again entering the brightly lit showrooms, this time for very different reasons. Bloomberg reporter Nao Sano attributes the restlessness of businessmen to the weak yen and the easing of measures against the coronavirus. Wealthy people have been unable to shop during the pandemic, which has increased the desire to save well or simply spend spare funds. The value of the local currency is declining, so investing in a supercar seems like reasonable bank account management.
Sano cites electric cars as another factor. Increasing interest in charging units is pushing internal combustion technology out of available capabilities. Buyers of expensive petrol or diesel versions are responding to the last chance at free choice as Tokyo plans to ban sales of the damned versions globally by 2030, according to the president of the Japan Supercar Association. of the smoking cars from the brand portfolio, enough mobile customers are looking to fill air-conditioned garages in overcrowded neighborhoods.
