Luxury car prices keep climbing
WHEN LAST we saw the Hummer brand, it was in the form of the 2010 H3, carrying a starting price of less than $34,000.
Soon thereafter, General Motors discontinued the gas-guzzling, money-losing brand, as it pursued financial sustainability after its 2009 bankruptcy.
A decade later, the Hummer is making a comeback as an electric pickup – and the initial version will cost more than triple the price of its H3 ancestor.
With a starting price of $112,595, the 2022 GMC Hummer EV Edition 1 will become the latest in a growing line-up of new vehicles that cost more than $100,000.
Excluding ultra-luxury automakers like Rolls-Royce and Ferrari, luxury and mainstream automotive brands are selling 16
$100,000 vehicles hitting the road in droves
vehicles with a starting price of at least $100,000 in the 2020 model year, up from six in 2010, according to car-research site Edmunds.
Eight are from BMW, two from Audi, two from Mercedes-Benz, one from Porsche, one from Nissan, one from Acura and one from Volvo’s new Polestar brand. They range from $102,700 for the BMW M5 to $173,000 for the Mercedes-Benz Maybach.
SUPER HIGH
“That $100,000 mark is no longer reserved for the super high-end luxury vehicles,” said Rebecca Lindland, an auto analyst and reviewer at
RebeccaDrives.com.
Longer-term car loans and cheap interest rates are likely aiding the trend to some extent.
Analysts also say new-car buyers are simply less willing than ever to compromise. Paired with automakers that are eager to bolster profits, it’s a recipe for pricey rides.
“People just want more and more, and you think that they’re not going to pay for it, but they find a way,” Edmunds analyst Jessica Caldwell said.
In the past, many buyers were “looking for economy packages – roll-up windows, no air conditioning, or no radio,” she added.