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:
|Model||2009 vs. 2007||2009 vs. 2008|
|Land Rover LR2||-40.8||%||-21.1||%|
|Lexus RX 350||-12.8||%||8.9||%|