Hello everyone! My name is Matthew Shtaynberg and I’ve been attending Basis Independent Brooklyn since 8th grade. Ever since I was a child, I’ve been amazed by supercars and the economy! That’s why I decided combine these interests and pursue the economics of supercars and secured an onsite-placement at Manhattan Motorcars, a premier luxury car dealership in Manhattan. I look forward to studying economics and political science next year at Columbia University while also studying Jewish history at List College through a double degree program! For fun I enjoy playing basketball with my friends, playing xbox, and reading up on economic and political current events. I look forward to sharing my experience and research with you all on my blog!
The average price of a new car in America is $40,000 while the cost of a Rolls Royce Phantom is $450,000. The discrepancy is hard to even visualize as many don’t understand how a luxury vehicle can have the same value as a dozen average vehicles. Thats why I’ll be researching, “What Factors Make up the Value of Luxury Automobiles?” This is a question that is hard to answer as there are ranges of luxury automobiles that make the Phantom’s Price look the same as a Toyota Camry’s such as the Bugatti Chiron which costs upwards of $3 million.
My on-site placement, where I’ll be analyzing what factors could account for such price discrepancies, is Manhattan Motorcars, a premier Luxury car dealership with two locations in the city. These locations contain the car brands Porsche, Bentley, Lamborghini, Bugatti, Rolls-Royce, and many more. I plan to analyze the vehicles to formulate questions for clientele, employees at the dealership, and the car manufacturers themselves. In addition to communicating, I will be performing work assignments to eventually understand the many aspects of the industry and the answer to my question.
Even though there will be legitimate reasons for the value of some luxury vehicles, I expect that the number one factor a consumer would purchase a car for such prices will be personal fascination. No matter what advances features and customization a car can be offered with, if a buyer isn’t ‘in love’ with it, they won’t buy it. The other way around though, and it is very possible for a buyer to spend absurd amounts of money on a vehicle just because of their fascination, even if such features and customization aren’t offered. The things that buyers look for in these cars is different than how the average person determines what vehicle to buy. These different standards are a huge reason for the different prices.
I look forward to conducting and sharing my research with you all!