According to data from the Autodata Corp., buyers of luxury cars in the U.S. are thinking twice before cashing out for luxury cars like the $76,000 BMW 750i. Bloomberg says that U.S. sales in the luxury auto segment this year have declined more steeply than the auto industry as a whole.
Of course like everything these days gas-prices are to blame. U.S. sales industry wide were down 8.4 percent through May 31; however, luxury auto sales were down nearly 100,000 units, or 14 percent.
“This gas panic has extended even to luxury buyers who are deciding they’d rather step down to a Ford with all the amenities rather than get a new Mercedes,” said David Healy, an equity analyst with Burnham Securities Inc.
Automakers like BMW, Daimler, Lexus and Porsche, who depend on the U.S. for 40 percent of their global sales, are expected to take a big hit. According to AAA, gas-prices have jumped 31 percent this year reaching an average of $4 on June 7.