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The Rich Keep Spending (BMW.DE, VLKAY)

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Bloomberg is reporting this morning that both Bugatti and Ferrari have sold out of all of their most expensive vehicles as luxury demand continues to elevate. Bugatti, which is owned by Volkswagon AG (OTC: VLKAY), said that all five of its $2.7 million Veyron's, which have a top speed of 258 miles per hour, have been sold. The Veyron is the fastest production car in the world.

Ferrari, which is owned by Fiat SpA, also noted that their 400,000 Euro SA Apertas supercar has sold out as well; the company only made 80 of them and were built to honor car designers Sergio and Andrea Pininfarina.

Bloomberg also noted that, Bayerische Motoren Werke AG (DE: BMW) and Daimler AG's Mercedes-Benz, the world's two biggest luxury-car makers, are both targeting 10 percent sales increases this year as the economic recovery sparks a return of flashy purchases.

“The reports of luxury's death have been greatly exaggerated,” said Rebecca Lindland, an analyst at IHS Automotive in Lexington, Massachusetts. “People still want those luxury vehicles. Once you're in luxury, it's awfully hard to get out of it.”

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Posted-In: Bloomberg Bugatti daimler ag Ferrari Mercedes-BenzEconomics General