The term suggests a vehicle with higher quality equipment, better performance, more precise construction, comfort, higher design, technologically innovative modern, or features that convey an image, brand, status, or prestige, or any other 'discretionary' feature or combination of them. The term is also broad, highly variable and relative. It is a perceptual, conditional and subjective attribute that may be comprehended differently by different people; "what may be luxury for one may be premium for another."
In contemporary usage, the term may be applied to any vehicle type— including sedan, coupe, hatchback, station wagon, and convertible body styles, as well as to minivans, crossovers, or sport utility vehicles and to any size vehicle, from small to large—in any price range. Moreover, there is a convergence in the markets and a resulting confusion of luxury with high price: where there may have been a clear difference in price between luxury and others, there is no longer an absolute separation between premium and luxury, with what may be premium brands now more expensive than the equivalent so-called luxury ones.
Automobile manufacturers market specific makes and models that are targeted at particular socio-economic classes, and thus "social status came to be associated more with a particular vehicle than ownership of a car per se."Therefore, automakers differentiate among their product lines in "collusion" with the car-buying public. While a high price is the most frequent factor, it is "styling, engineering, and even public opinion which cars had the highest and lowest status associated with them."
Every era in automobile history has had "a group of car marques and models that have been expensive to purchase, due to their alleged superiority of their design and engineering".Aimed at wealthy buyers, such automobiles might be generically termed luxury cars. This term is also used for unique vehicles produced during "an era when luxury was individualistic consideration, and coachwork could be tailored to an owner like a bespoke suit." Although there is considerable literature about specific marques, there is a lack of systematic and scholarly work that "analyzes the luxury car phenomenon itself."
The premium compact class is relatively new, having been initiated by several European brands in the mid-2000s, and have displaced their compact executive cars to constitute the least expensive offerings in their lineups. The classification varies, for instance Consumer Guide Automotive in the U.S. considers the Audi A3 and Mercedes-Benz CLA-Class as part of the premium compact segment due to similar size and MSRP, though these are known in Europe as a small family car and a compact executive car, respectively. Adding to some confusion, General Motors has positioned Buick as a "premium" nameplate to compete with Lincoln (whereas it formerly competed with Mercury) and front-wheel drive Acura and Lexus models, while Cadillac is aimed at the "luxury" segment which generally encompasses the performance-oriented BMW and Mercedes-Benz marques.
Also known as full-size luxury cars, grand saloons, flagship car, or premium large cars, while "Oberklasse" is used in Germany. Many of these are the marque's showcases for the newest automotive technology. Several nameplates also offer long-wheelbase versions that offer additional rear legroom and amenities. Full-size luxury cars sold in Canada and the U.S. typically have mid-displacement V8 engines, though recently some marques have offered six cylinder powerplants but without much success.
Vehicles in this category include some of the models from the flagship lines of luxury car brands. In Europe, this includes the Audi A8, BMW 7 Series, Porsche Panamera, Volkswagen Phaeton, Maserati Quattroporte, Mercedes-Benz S-Class, and the Jaguar XJ. In Japan: Acura RLX, Lexus LS, and the Infiniti Q70. In Australia: HSV Grange / Holden Caprice. In South Korea: Hyundai Equus, Genesis G90, Kia K900, in the US: Lincoln MKS, Chrysler 300, Tesla Model S, Cadillac XTS, and the Cadillac CT6. In the United States in 2004, the bestselling full-size luxury nameplates were the Lexus LS, Mercedes-Benz S-Class, and BMW 7 Series. There were also full-size luxury cars in the Soviet Union since 1930s until the 1990s, from the GAZ and ZiL (before 1956 - ZiS) factories, such as ZIS-101, ZIS-110, GAZ 12, GAZ 13 Gull, ZIL-114, ZIL-117, ZIL-4104, ZIL-41047
The Late-2000s recession was the first time since the Great Depression of the 1930s that the luxury car market suffered considerably, something not seen in previous economic downturns. Many such customers saw their net worth decline following the collapse in financial markets and real-estate values. For example, some of the steepest dropoffs came at the high end, including the BMW 7 Series and Rolls-Royce Phantom, and Mercedes-Benz unexpectedly dropped the starting price of its all-new 2010 E-Class. The unusually sharp decline in luxury car sales have led observers to believe that there is a fundamental shift and reshaping of the luxury automotive market, with one industry official suggesting that the marques no longer command the premiums that they used to, and another saying that conspicuous consumption was no longer attractive in poor economic conditions. Additionally, mainstream brands have been able to offer amenities and devices such as leather, wood, and anti-lock brakes, previously found only on luxury cars, as the costs decline.
However, luxury vehicle sales have not collapsed as much as their non-luxury counterparts. Luxury vehicle marques generally benefited from financially healthier dealerships, better leasing and certified pre-owned programs and loyal customers, so sales are expected to rebound more quickly than mass market cars. Others note that there is growing interest in luxury vehicles from emerging markets such as China and Russia.
The entry-level luxury segment has been very competitive, and there has been price-overlapping with well-equipped non-luxury cars. For example, in Canada, several luxury manufacturers set sales records in August 2009, due mostly to aggressive incentives on entry-level luxury vehicles. In September 2009, BMW, Mercedes-Benz, Lexus and Audi all saw their Canadian sales increase by more than 10 per cent compared to a year earlier, despite overall Canadian auto sales being down 3.5 per cent compared to September 2008. The head of Mercedes-Benz Canada suggested that the brand "has been able to attract 'middle-class' consumers even during the recession because of the sense that owning a Mercedes-Benz comes with 'membership in a club'." BMW Canada's chief said luxury cars continued to be attractive, "I think due to new product offensives and due to new design and due to the fact that we are the benchmark in all areas when it comes to fuel efficiency... that together stimulates a lot of the market". BMW has managed to remain profitable in 2009 while other competitors were posting losses, by scaling down production quickly to avoid cash burn through bloated inventories.
In 2010, BMW was the best-selling luxury vehicle manufacturer by sales, ahead of rivals Audi AG and Daimler AG's Mercedes-Benz marque.
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