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More people buying prestige cars

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More people are investing in prestige cars such as Porsche, Bentley and Ferrari, a study has found.

Insurance company Aviva found that an increasing number of people now own four or more expensive cars, with some even possessing up to 30 of them.

The models are also not used much, with the study revealing that the owners clocked just around 5,000 miles a year in them, about two-thirds of the national average.

Prestige car collections insured by the company are worth an average of £350,000.

The most popular of the brands is Porsche, with Bentley coming second and Aston Martin and Ferrari following, the survey showed.

Also, nearly two-thirds of these cars are not yet two years old, with 85% of them being owned by men and around half of them having personalised number plates.

Scott Leonard, high net worth underwriting manager at Aviva, said: "The popularity of owning a collection of high-value cars is growing among the wealthy of the population generally. It is not simply the preserve of A-list footballers and pop stars.

"It seems that people with money to spend and invest are now as likely to add a new prestige car to their possessions as a work of art, so perhaps Porsches are the new Picassos."

© Press Association 2010