SANTA MONICA, California — Luxury brands and buyers are having an increasingly powerful influence on new-car sales, according to a Key Insights Report released by Edmunds.com.
Those 12 brands account for 11 percent of new-car sales volume, but 18 percent of dollars spent on new vehicles — more than $90 billion in 2013, according to the report.
Not surprisingly, luxury buyers put more money down than non-luxury buyers — an average $8,668 versus $3,132. Their average monthly payments are higher, too: $710 versus $462. Luxury buyers on average finance $40,476, while the average for non-luxury buyers is $27,078.
Leasing is more popular with luxury buyers than non-luxury, although both sectors continue to grow, according to Edmunds.com. In 2014, 46 percent of all luxury vehicle sales were leases, up from 35 percent in 2009. The comparable figures for non-luxury leases were 23 percent in 2014, up from just 9 percent in 2009.
The average monthly lease payment for luxury owners is $659, compared with $339 for non-luxury owners.
Luxury-cars owners often — but not always — trade for another luxury vehicle. Porsche owners stick with luxury on 78 percent of their trades, while Lincoln owners tend to go non-luxury 68 percent of the time.
Edmunds says: Some interesting insights for car shoppers to consider, especially as they head out to luxury showrooms.