Luxury cars registered current value decline with the number of new cars sold remaining fairly stagnant in 2018. The Swiss have some of the highest living costs in the world, which make them shrewd consumers who are willing to search for the best deals; hence, new luxury cars are being purchased in neighbouring countries to evade high prices in Switzerland.
In 2018, fewer diesel cars were sold compared with 2017 and their share dropped considerably in 2018. However, the number of diesel cars sold remained much higher than other car types.
The leading three luxury car manufacturers, Daimler, Volkswagen and Bayerische Motoren Werke, dominated value sales of luxury cars in 2017 due to the popularity of German cars in Switzerland. However, their sales dropped as fewer luxury cars were bought in 2017 due to cautious spending patterns among consumers arising from high living costs in Switzerland.
In 2018, sales of cars with alternative engines including hybrid and electric increased in double-digit value terms, although they accounted for low share of overall new cars. The demand for green technology grows as the health hazards from CO2 emissions become public knowledge.
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This report originates from Passport, our Luxury Cars research and analysis database.
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