There are some amazing opportunities right now in the car market. New stats show that luxury car sales are down 32% in the most recent monthly reporting period. Similar troubles have hit the market for regular cars too. This is, after all, an equal opportunity recession for people of all income levels.
Luxury cars makers are really getting it from all sides. Their products have fallen out of favor because they feel too ostentatious in our new no-frills era. In addition, much of the high-end market depends on corporate clients buying their cars as perks for employees. But employers have dialed back on making those purchases too.
So this could be a perfect storm of opportunity to sail through and benefit from should you want a fancy car.
If you’re looking for hard numbers, J.D. Power estimates that Mercedes’ sales will fall more than 40%. BMW is expected to slip 20%. The sales of Bentleys — which still cost $250,000 each — are down 66%, while Porsche is down 50%.
The real deals, of course, can be had on used luxury cars. Just remember to get a potential purchase carefully vetted by a mechanic before you take the plunge.
Finally, when it comes to regular cars, Edmunds says the discounts off MSRP are 25% to 30% these days. In fact, it’s even possible to find new economy cars for just under $10,000.