Luxury Cars Making a Comeback?
More than 200 dealerships responding to a credit union auto buying company’s survey said that the 45- to 54-year old group are buying more luxury vehicles.
The Hauppauge, N.Y.-based GrooveCar Inc. said it canvassed more than 200 auto dealerships in the metro New York region to determine how the economy was impacting car buying and leasing.
Those who shop economy tended to be in the 35-44 age bracket over all other ages asked, according to GrooveCar. The 45- to 54 year-olds were the demographic that stood highest in purchasing vehicles for luxury and technology features.
Getting all the bells and whistles meant more to those surveyed, along with the brand, price and reliability, the survey showed. Safety and warranty were secondary concerns. The respondents said buyers also showed a preference for used rather than new vehicles.
“You could argue that the results found here may be atypical of the rest of the country,” said Frank Rinaudo, senior vice president at GrooveCar. “We too were surprised since the economy has not left Long Island or the metro New York area unscathed.”
GrooveCar facilitates the sale, lease, purchase and financing of cars and motorcycles for Long Island credit unions.