Pandemic high-income group saving americansmore than ever luxury vehicle prefers to buy. data analysis company JD Power‘according to BMW, Mercedes-Benz and Tesla The share of new vehicles purchased from luxury brands such as US car marketIt broke the record of 17.3 percent. According to industry data, this rate was 14.1 percent in 2019 and its upward trend continues for years.
According to data from JD Power Lamborghini, Bentley and Ferrari sold by brands such as super premium Sales of luxury cars are still low. However, in July this year, the number of vehicles sold in this category also rose to 6,700. This rate shows an increase of 35.6 percent compared to the same period five years ago.
“Wealth Increases”
Volkswagen AGsubsidiary of Bentley MotorsMember of the board of directors responsible for sales and marketing in Alain favey“Wealth is increasing. That’s why the luxury market is also growing,” he said. Pavey said the wealthier people who have grown over the past few years have given brands like Bentley a larger customer base.
Buyers are young
In addition, Pavey noted that many of these affluent buyers in the US are younger and technology with fun industryof the fortune gave the information they obtained. Analysts and executives during the pandemic exchangeconstantly playing and rising house prices He says the luxury car market has seen an extra boost as many American households increase their spending power in the shadow of it.
“Would be higher if supply were not limited”
Premium vehicle sales have seen record levels in the last few years. A research firm specializing in vehicle pricing and valuation. Kelley BlueBookThey reached 2.48 million in 2021, an increase of 13.2 percent from the previous year, surpassing the 1.7 percent increase recorded by mass-market manufacturers. JD Power analyst Tyson Jominy“Records could have been higher had supply not been tight,” he said, referring to manufacturers.
a car dealer jack HananiaDeciding that there is a very strong demand for high-priced cars, decided to open a business in the summer of 2020, focusing only on models priced at more than $100k. Hanania said it sold 10 Lamborghinis that cost $250,000 in a normal year, while selling about 30 in 2021. “I knew there was some demand,” Hannania said. But I didn’t know we had so many buyers coming from everywhere to buy these cars.”
Analysts say there is no single definition of what a luxury vehicle is. Typically, the category includes brands that are established to target more affluent customers and offer a higher level of experience in both the types of models they sell and at dealers. Often times these vehicles cost higher than their mass-market counterparts. priceIt is sold in the US, but in recent years the line has begun to blur more in certain types of vehicles. Super premium refers to models whose price has increased significantly in the more general luxury category.
As prices increased, they turned to luxury.
According to the dealers Ford, Toyota and Hyundai Many buyers chose to go to the upmarket as mainstream models, such as those made by In some categories, the price gap between luxury and non-luxury models narrowed significantly.
The difference has decreased
For example, the car buying site EdmundsAccording to data from a Kia Telluride SUV and a luxury SUV of similar size. Lexus RX 350 The median price difference for July was $6,875. According to the company’s data, before the pandemic, the price difference between the two models was about $ 9,000.
Executives say auto companies are leaning toward prioritizing factory production and offering more expensive options. for example Cadillacplans to launch its most expensive model ever. According to the news of The Wall Street Journal Celestiq The price of the electric vehicle will be 300 thousand dollars.
CEO of Mercedes-Benz USA Dimitris Psillakis, said that as the supply of cars and trucks is limited, buyers will flock to showrooms due to suppressed demand and massive growth could be seen. “The market has not shown its full potential,” Psillakis said.
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