| Submit Your Article | |
| Contact Us | |
| Our RSS Feed | |
| Our Blog | |
|
|
Luxury buyers holding-off on new car purchases |
America’s worsening economy and rising fuel prices has seen new car sales drop to their worst levels in 15 years and the situation is getting so bad that even luxury buyers, usually the last bastion of hope for car dealers, have put the brakes on their spending. Luxury vehicle sales are off almost 13% this year and analysts are predicting things to slow even further before the turnaround.
Earlier this week reports emerged revealing American automaker sales were down almost 20% on levels just one year ago, but latest data from Autodata shows that luxury brands like Mercedes-Benz and BMW and also losing sales. Mercedes-Benz softened 3.7% compared with March last year, the source claims, while BMW fell 8.7% and Lexus plummeted 13.6%.
According to a study by Unity Marketing, 40% of buyers with an average income of $155,700 plan to spend less on luxury goods this year, and when it comes to cars many plan to hold-off switching to a new model rather trade down.
“They just want to see that the worst is over, the bottom is there and everything is going to be OK,” CEO of car dealer AutoNation, Mike Jackson, told USA Today. “People are a little cautious right now.”
[source]
Add your comment:
Vehicle monitoring system determines driver aggression
A new system has been developed that measures driver inputs and determines if they are ‘aggressive’ or not. The system, developed by US company GreenRoad Technologies, works by measuring g-forces acting on a car and compares them to... More »
M5-powered Wiesmann MF5 enters production
After debuting a concept version of its M5-powered MF5 roadster at last year’s Frankfurt Motor Show, Germany’s Wiesmann has finally released new high-res images and full specifications for the production version of the car. Production will... More »
Nation's bad news alters public's car-buying habits
I've always wanted to lean in close during an interview with a muckity-muck in the auto industry and ask him or her, "Do you really believe what you're saying?" The question would be especially pertinent today to anyone trying to downplay the impact... More »
Big families get extended ride
We've all seen those hideously stretched sport utility limousines. And while Stretch Truck Co. stretches pickup trucks and SUVs, adding a row of doors and two or three seats, the idea is different. The Denver company is looking to meet the needs of... More »
A 'pet-safe' antifreeze is excellent idea
Dear Tom and Ray, What are your thoughts on the "pet-safe" antifreeze propylene glycol versus the more commonly used, more deadly, ethylene glycol? I am a veterinarian, and I have seen far too many animals die of kidney failure due to ingestion of... More »
More...
