Beckham's Luxury Cars Lose Value, Survey Shows

Contrary to what you would have probably imagined, some celebs' cars lost value after adding a few miles on the odometer.

A survey of celebrity motorists by British rental company City Car Club showed that David Beckham's luxury cars lost nearly £200,000 ($426,240) last year, reported. In only one year, Beckham's two Bentleys reduced their value by more than £120,000, his Hummer H2 by £54,900 and his Lamborghini by £33,100.

Overall, the football legend lost an estimated £181,322 in 2008, which crowns him as the celeb that lost the most last year. Beckham is followed by Liverpool captain Steven Gerrard who lost more than £160,000, and Manchester United's Rio Ferdinand, who lost £158,000.

Other celebs that were included in the top 10 are American Idol judge Simon Cowell, who lost more than £157,000 and Jamiroquai singer Jay Kay whose 25 luxury cars decreased by £149,000.

Justin Timberlake and 50 Cent are also on the downward list. The reasons for such a decrease in value of luxury vehicles is explained by experts in the light of the financial turmoil. The luxury car market has been hit by the credit crunch so badly that top brands saw a depreciation of their vehicles of about 40 percent.

In fact, the global recession forced some to expand its activity in order to avoid layoffs.

As we have already told you. Bentley has started making furniture. Although Bentley has never made furniture in its 90-year existence, the woodworking team is now using off-cuts from the walnut used for the car's dash board and trim to refurbish the company's reception area at its Crewe factory.
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