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The Psychology of luxury car buyers: Top considerations

Although Luxury cars account for less than 10% of total car sales in the US, it can be argued that almost everyone who owns cars aspires to upgrade to a luxury car sooner or later. So why do people flock to luxury cars despite the high price and depreciation? Let’s break down some considerations for why people buy luxury cars and the psychology behind them.

While luxury cars are usually considered to be very expensive, if you shop around in the used car market, you can find plenty of used luxury cars for sale because of the high depreciation hit on luxury brands for their complexity and high maintenance costs. 

They are seen as a status symbol

In many ways, owning a luxury car is seen as a status symbol, a clear way to convey your success

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