Luxury automakers rely heavily on the luxury market as it drives growth through increased customization options for consumers. According to our research, approximately 80 percent of premium consumers desire an effortless omnichannel buying experience when purchasing their car - they expect brands to respond instantly when contacting them and expect fast shipping as part of an overall customer experience.
BMW was still the top luxury brand in 2023, although its reign was less secure as Tesla surged ahead with sales. Mercedes-Benz finished second overall and reached No. 3 among all-electric sales due to a surge in all-electric offerings from this German OEM.
Porsche completed the top five, followed by Jaguar and Lexus respectively in sixth and seventh positions. BMW led all manufacturers in sales growth over 2022; their top-selling model being their X5, which saw a 69 percent surge. Their SUVs and crossovers also fared very well; with both their X7 and Mercedes-Benz GLC seeing strong sales numbers.
Used luxury cars have experienced increased interest as consumers strive for greater affordability. Pre-owned vehicles provide advantages such as reduced pricing and the chance to test drive vehicles that might not be readily available in showrooms; however, when researching used luxury cars it's vital that thorough research be performed; check title history reports as well as Car Fax reports which compile reports of accidents, stolen cars and vandalisms to make an informed decision.
