Cutting Back: Wealthy Car Buyers Trading Down
By Phil LeBeau, CNBC Correspondent
NEW YORK (CNBC) -- Call it a sign of the wealthy in America being a little more cautious. Or call it a case where high-end car buyers are trading down so they don't spend as much for luxury cars and SUVs. Whatever you call it, it is clear sales of new models costing more than $75,000 have slowed down.
J.D. Power's Power Information Network has tracked sales for the first half of this year and broke them down based on the transaction prices. In other words, what did customers actually pay before they drove off the lot.
According to J.D. power, here's the data:Under $25,000 (up) 8.3% $25,000-$49,999 (up) 14.5% $50,000-$74,999 (up) 19.1% Above $75,000 (down) 3.7% Industry: (up) 11.5%
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