10-29-2009, 08:49 PM
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| Remember how luxury crossovers were "The Next Big Thing?" Yeah, not so much.
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According to Cadillac's general sales manage Ed Peper, mid-size luxury crossovers like the SRX, Audi Q5, and Land Rover LR3 "are like 26 percent of the luxury market." Perhaps he should have phrased that "are still 26%," because an Edmunds chart reveals that the crossover luxury segment has taken a beating over the past two years, dropping 25% in overall volume among major models.
The BMW X3 has fared the worst, with a 77.7 percent sales drop from 2007 to 2009, but the segment rewards freshness and the X3 is due to be replaced late next year. More telling is that only one of the six models listed escaped with less than a 40 percent decline over 24 months: the Lexus RX 350. The crossover that started the luxury CUV trend, or at least popularized it, has been impervious to substantial changes over its life cycle.
The real question is where are sales of the vehicles going? There is no consensus, with various reps citing model mixes, value, the economy, and what's coming as yet-to-be-determined factors in where that market goes. Some even mentioned the fact that the definition of a "luxury crossover" is still being decided -- are an SRX and ZDX the same thing? No matter. We're putting our money on humpbacked wagons. Make the jump to check out the release.
PRESS RELEASE
Luxury Crossovers Sales Decrease 25 Percent According to Edmunds.com
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Luxury crossovers are not living up to the expectation that they would be the new fad among car buyers, according to a new report published on Edmunds' AutoObserver.com today. Sales of the segment have dropped nearly 25 percent since 2007, despite the fact that four new products were introduced into the segment during this period. "The luxury crossover segment has taken a beating in sales because most of today's consumers are concentrating on value," says Jessica Caldwell, Senior Industry Analyst at Edmunds.com. "Big profits were anticipated for new models introduced into this segment, and that is just not proving to be the reality for most."
Below is a chart that shows year-over-year sales decrease in the luxury crossover segment for the sales period of January through September:
*Sales information can be viewed at website below.. | - Remember how luxury crossovers were "The Next Big Thing?" Yeah, not so much. — Autoblog
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