Why Prices on Luxury Cars are Plummeting in 2018
Luxury cars are in a class of their own. Most drivers only dream of purchasing a luxury vehicle, of enjoying the exclusive features and prestige that come with such a car. Yet if you visit a luxury car dealership today, you’ll discover something shocking:
Luxury cars are no longer unattainable and beyond your budget.
You can get a luxury car if you act now. But you need to know how to take advantage of these unusually low prices – before they climb back up.
Though luxury was once synonymous with higher class and a bigger bank account, today’s luxury vehicles sit unwanted on dealership lots. Automakers that once enjoyed huge demand are losing money and sales, and it’s happening fast. In 2017, The New York Times reports that BMW saw its sales decline 3% every month. Mercedes-Benz saw its sales drop off, and Lexus, too saw new vehicle sales slashed by 5% month after month. Even Porsche saw a drastic drop, with sales falling more than 11%.
Luxury Is Less Exclusive Than Before
Why are luxury cars suddenly undesirable? Today, anyone can drive a luxury vehicle, and they don’t need to pay extra.
As TIME Magazine reports, every average economy car now comes with the same high-tech and fancy features that luxury cars invented. A brand-new Toyota Corolla or Honda Civic, priced at about $18,000, comes with pre-collision brake assist, pedestrian detection, steering assist, and blind spot monitoring. Oh, and don’t forget about the included heated seats and sunroof.
Now, anyone can own a luxury car – and, as a result, new car buyers don’t want one. The appeal of a luxury car is exclusivity. You pay extra so you’re a member of a select club, one few can join. With luxury cars now priced as affordably as $30,000, that posh privilege is no longer anything special.
Big-Name Luxury Brands Missed The Mark
Now that features once luxury-exclusive can be found in any car, from nav systems to driver and passenger temperature control to cameras to power front seats, luxury automakers are at a loss.
Luxury no longer means you have something others cannot have or afford. They’ve tried to win back drivers, introducing new models. Some have tried introducing bigger sedans, while others have created new crossovers.
Yet the more luxury car brands bring new models to market, the fewer cars they can sell. Americans have turned their backs on sedans in favor of large SUVs, something luxury names like BMW and Audi haven’t excelled in. And now, luxury automakers are left with excess inventory. Vehicles sit on their lots for months, unsold and unwanted.
Auto Manufacturers Need To Sell Luxury Cars Now
Luxury car brands are running out of options. They can’t lure buyers in, and they’ve lost car shoppers’ attention. They’ve tried absolutely everything: introduced new models, ramped up production, released increasingly new features. But drivers don’t care. Luxury automakers have only one choice left.
For the first time, luxury car brands need to offer deep discounts. And, as a result, the prices of luxury cars is falling.
Discounts and deals like cash back offers, rebates, and thousands of dollars off the MSRP are the new norm at luxury car dealerships. As Business Insider reports, Cadillac dealerships are offering upwards of $17,500 off the price of the new ATS. Lexus, according to The New York Times, is kicking off discounts and promotions that include special financing and subsidized pricing.
How You Can Take Advantage of These Low Luxury Prices
Now is the time to act. Although sales have plummeted with driver demand, you won’t want to wait. The prices and available deals change every month, every week depending on your local area. You don’t want to run the risk of missing what are possibly the best luxury car deals the industry has ever seen.
Before you visit the dealership, do your research. Compare local offers and deals. Even as prices continue to fall, you want to be confident and certain there is no better deal available. And with the rapid, constant change in the car industry, it’s imperative to consider your options.
Interested in the latest luxury car offers? Start a search today.