While record high gas prices and high vehicle prices have had a restricting hold on the American automotive market for the 2022 model year, there has been a rise in car shopping in the 2nd quarter of 2022 according to KBB. Surprisingly, amid surging gas prices, this rise in car shopping was not limited to just economy cars, but luxury cars as well, showing that even though the price of vehicle ownership at every level has increased over the past year, consumers will still pay for luxury features and a quality ride. And BMW luxury models are leading the charge.
In the luxury automotive market, there has been a huge shift with newer brands entering the marketplace that offer features typically only found on expensive established luxury cars, but at a much lower price. However, according to KBB, the best-selling luxury brands for 2022 are some of the oldest and most historic brands on the road. Here is everything you need to know about the best-selling luxury brands for 2022.
BMW is still a top choice
After losing its top spot to Lexus in 2021, it seems that BMW is back on top as the best-selling luxury brand for the 2022 model year. Before losing its spot to Lexus, BMW held the top spot in sales for three consecutive years.
Gas prices are still high, and many consumers with money to spend on an electric vehicle would rather spend some extra money on a luxury EV, rather than a base economy car. The BMW i-series has been an extremely successful lineup of electric vehicles that offer both luxury and performance models that have kept consumers coming through dealership doors despite the increase in vehicle ownership costs.
Cadillac closing in
While the Cadillac brand has had its fair share of struggles over the years, the brand has had a resurgence in recent years with a strong lineup of vehicles that aim to appeal to all walks of life. Cadillac leading other luxury brands in sales can be contributed to the fact that Cadillac has had fewer inventory shortages than some of its competition in the 2nd quarter of 2022, and also because the Cadillac Escalade has been the most-shopped luxury vehicle of the year so far.
With electric vehicles offering plenty of excitement, the Cadillac brand has a renewed sense of interest from the marketplace as well, with the release of the Cadillac Lyriq, the luxury brand’s first EV. Cadillac has more plans on the horizon as well as the upcoming Cadillac Celestiq is aiming to be the flagship vehicle for the luxury brand.
Lexus falls to 3rd place
While Lexus has been a favorite for many consumers since its first jump into the American automotive market, they have fallen decently far since 2021 when they were the most shopped luxury brand in the world. Unfortunately, Lexus is suffering from a continued supply shortage and inventory drought that many other brands have found themselves clawing out of recently.
While inventory issues could be the main reason for slower-than-normal sales, Lexus has also been more cautious than its competition when it comes to entering the EV marketplace. Lexus does offer a wide range of hybrid and PHEV SUVs and cars, but they have yet to jump into the full-electric market. While they do have plans in the near future for an EV crossover, other brands have already made the jump and have had years of market testing already completed on their EVs.