If you’re into luxury cars and either drive one, want to drive one, or just enjoy following the sector, then the following trendsare well worth knowing. The premise is that luxury has become more accessible, and yet there are still levels of luxury that allow us all something to aspire to.
There are changes afoot internationally in the luxury car market that will affect the American market, and it is worth knowing what some of these are if you are in the market for a luxury car or have one that you are selling.
Lower prices for luxury cars
It’s currently a buyer’s market, and the prices of luxury cars have dropped considerably in comparison to other vehicles. There are a number of reasons for this, including increased availability, a move to electric cars by current owners, an increasing number of used vehicles available, and an increase in demand. Brands like BMW, Lexus, and Cadillac have had to drop their prices as the other less luxury brands start to include features that were once only found at the top end of the luxury car market. There are thus more luxury models available at an affordable price than ever before.
There is an increasingtrend towards Europeancars
The early American luxury car market was based predominantly on the Japanese and American makers as this was seen as more practical and cost-effective, with the higher purchase price and costly maintenance of the European variants. Americans generally bought American brands, and the Lincolns, Teslas, and Chevrolets were the mainstay of the luxury car market. They could be fixed locally, and all parts were available easily. There has now been a move towards local maintenance and specialized European car dealers. This makes the option of a European luxury car brand an increasingly appealing option. Yes, Americans like the V8 models, and these are now actually regarded as made for America cars, with a grand following stateside.
Marked difference between exotic and luxury and classic
Understanding the terminology is key to getting a grip on this car sector. Some cars will overlap all of the sector and be considered luxury exotic classic cars, while others may only meet the brief to fit one of these categories.
Luxury is now more mainstream; an everyday BMW, Volvo, or Mercedes can now be as luxury as a cheaper brand that has some of the same features. The argument is that the level of luxury and the appreciation of the features that define the car as luxury are all dependent on the buyer and their level of affordability and need for the specific features in question. Luxury is in the eye of the buyer and will thus be very dependent on personal needs and perceptions of what’s important in a luxury car.
This article provides some baseline knowledge as to the changes in the luxury car market; it’s vital information if you’re about to get into the luxury car sector or want to upgrade.