In the recession, mounting concern over stock portfolios and feelings of guilt about extravagant buys caused some wealthy consumers to rein in conspicuous sending.
It didn't feel right buying a $300,000 Rolls-Royce when people were being foreclosed out of their homes or were losing jobs, said Jesse Toprak, vice president of industry trends at TrueCar.com, a Santa Monica, Calif.-based car-pricing website.
With the economy improving " albeit haltingly " the well-heeled are splurging again.
Nationwide, combined new car sales for the top six exotic luxury brands have grown 16 percent in the first seven months of 2010, compared with the same period last year, Toprak said. That's 3,065 exotic autos sold by Bentley, Ferrari, Lamborghini, Maserati, Maybach and Rolls-Royce through July versus 2,650 in 2009.
"It's not a full recovery, but certainly things are improving," he said.
Exotic car dealers are reaping the benefits of the trend.
"Sales are definitely stronger this year," said Garrett Hayim, president of Ferrari-Maserati of Fort Lauderdale.
Ferraris are produced in such limited quantities that sales of these "upper echelon" vehicles are less "swayed by the changes in the economy," Hayim said.
The average selling price for some pre-owned Ferraris did take a dive in late 2008 " as much as 40 percent for some models " but has since rebounded. The price drop lured new customers to the brand who seized the opportunity to snag a Ferrari at relatively "cheaper" prices, Hayim said.
Hayim said most of his pre-owned exotic cars in stock sell within 30 days, but there's a waiting list for new Ferraris. It's about five years for the 458 Italia, Ferrari's "latest and greatest," Hayim said.
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