Skip to content

Topic: luxury

Who are today’s in-market new luxury car buyers?

Posted by Meg Bernazzani on March 1, 2022

Luxury vehicles accounted for a record 14.7% of total US light-vehicle sales in 2021, and the market is expected to continue to grow. For dealers, the key to meeting these consumers’ expectations and increasing luxury sales is understanding who this high-value audience is and what drives them. CarGurus recently conducted a study to learn more about this segment and how they compare to new car buyers overall.

Our study found that new luxury car buyers are more likely to be Gen Z (under 25 years old) and older millennials (34 to 40 years old), and to identify as male and Hispanic or Latinx. Additionally, they tend to be high-income earners, parents, and live in cities. Beyond demographics, we analyzed how shopping behaviors vary between luxury buyers and non-luxury buyers. Here are the trends that emerged.

Read more
Topics: industry insights, luxury, trends

Navigate sneak peek: Luxury buyers are 2.6x more likely to be buying their first vehicle ever

Posted by Madison Gross on September 27, 2019

Our Director of Consumer Insights, Madison Gross, provides a sneak peek into her research on today’s car-buying audience, which she’ll be sharing in-depth at Navigate in October.

Luxury vehicle sales have been consistently posting strong growth, and it turns out much of that growth may be attributed to first-time buyers, according to findings from the 2019 CarGurus Buyer Insights Report. About three in ten luxury car buyers said that before their most recent purchase, they had never bought a car.

Remember the headlines a few years back that Millennials were delaying buying a car? It seems that now that they’re ready to buy, they don’t want just any car, but rather an aspirational one. Our research found that first-time buyers in luxury are, on average, 29 years old. Additionally, among first-time buyers in luxury:

Read more
Topics: CarGurus events, data, industry insights, luxury, Navigate, trends