- Cars have grown less affordable for average Americans, but that hasn’t slowed the sales growth of six-figure cars.
- A new study says sales of the priciest cars will surge in the coming years.
With the price of the average new car growing ever closer to $50,000, everyday Americans are struggling to afford a new car. The wealthiest shoppers, however, can easily car shop.
Last month, cars priced over $75,000 outsold those priced under $30,000.
A new study suggests that trend isn’t going away anytime soon. Researchers from the Boston Consulting Group and the DuPont Registry surveyed more than 400 current and former car collectors, as well as prospective buyers of high-end cars, and “leading stakeholders” in the luxury car industry.
Related: Is Now the Time to Buy, Sell, or Trade-In a Car?
They found that window shopping for high-end cars is a common pastime for the group, and sales of vehicles priced over $100,000 are likely to increase in the coming years.
More than 80% of the group said they “browsed the internet at least weekly for luxury vehicles.”
The researchers concluded that “the U.S. total addressable market for vehicles priced at or above $100,000 is projected to rise by a compound annual growth rate of 5% to 7% through 2035.”
Collectors are often interested in discontinued models. The researchers found that “Sales of used luxury and exotic automobiles are projected to grow by up to 1.5 times faster than those of new vehicles over the next decade.”
