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."