You may able to find your dream luxury SUV on autorader and other vehicle sellers because of a softening economy and the crypto crash. As the world economy continues to struggle and the prices of cryptocurrencies keeps falling, the blue book values of luxury SUVs have followed suit.
Luxury SUVs are typically seen as a status symbol and are often bought as a sign of wealth and success. However, with the economic downturn and the falling prices of cryptocurrencies, the prices of these high-end vehicles have also dropped significantly.
Crypto winter and Recession: the perfect storm
The bad economy has had an impact on the luxury car market, as fewer people are willing or able to purchase these expensive vehicles. With fewer people buying, the prices of these vehicles have dropped significantly.
This has been especially true for those in the cryptocurrency market, as prices of digital currencies have dropped significantly since the height of their popularity in late 2019. Do you remember when the price if Bitcoin was a mind boggling $61,000 USD?
Who gains or loose from falling prices?
The decrease in prices of luxury SUVs has been a boon for those looking to purchase one on the cheap. Many people have taken advantage of the lower prices and have been able to purchase vehicles that were previously out of reach.
On the other hand, those who already own a luxury SUVs have seen the values of their vehicles decrease. If these people try sell, they will end up with a far lower price than what they paid for it.
Dealerships are the winners here
The falling prices of luxury SUVs have also been beneficial for car dealerships. With the decrease in prices, car dealerships have been able to offer more competitive prices and have been able to attract more customers.
As a result, dealerships have been able to increase their sales and profits, despite the challenging economic environment.
Overall, the falling prices of luxury SUVs have been a positive for buyers, and not sellers. For buyers, it has allowed them to purchase a vehicle that was previously out of their reach. With the economy continuing to struggle and the prices of cryptocurrencies continuing to fall, it is likely that the prices of luxury SUVs will remain low in the near future.
